Dmitry Medvedev, Deputy Chair of the Security Council of the Russian Federation, has threatened repercussions for European sanctions including rocketing gas prices. Responding to German Chancellor Olaf Scholz‘s earlier threat to freeze the certification of Nord Stream 2, Mr Medvedev said: “German Chancellor Olaf Scholz has issued an order to halt the process of certifying the Nord Stream 2 gas pipeline. Well. Welcome to the brave new world where Europeans are very soon going to pay €2.000 for 1.000 cubic meters of natural gas!”
This tweet suggests prices could double if Europe follows through with tough sanctions.
The threat comes hours after Germany announced it has halted the Nord Stream 2 Baltic Sea gas pipeline project.
The €9.5billion (£8billion) project is designed to double the amount of Russian gas direct to Germany.
The controversial project has been completed since September but has not been used pending certification by Germany and the European Union.
The pipeline had been set to ease pressure on consumers facing an out-of-control cost of living crisis propelled by record energy prices and post-pandemic debts.
The pipeline has faced consistent opposition within the European Union and from the United States because it would make Europe more dependent on Russia.
It would also cut Ukraine out of the current gas supply arrangement, thus denying them the transit fees which they rely on and making it more vulnerable to Russian invasion.
Ukrainian Foreign Minister Dmytro Kuleba tweeted his approval of Germany’s support.
He said: “This is a morally, politically and practically correct step in the current circumstances.
“True leadership means tough decisions in difficult times. Germany’s move proves just that.”
The UK has joined Europe in announcing a series of serious sanctions against Russia.
Five banks have had their assets frozen, along with three Russian billionaires who have also been banned from entering the UK.
The Western condemnation and retaliation comes after President Putin ordered troops into the Ukrainian regions of Donetsk and Luhansk on Monday.
In a chilling press conference, he declared that Russia now formally recognised them as independent.
Prime Minister Boris Johnson accused the Russian President of denying Ukraine’s statehood, and “establishing the pretext for a full-scale offensive”.
He said Russian tanks had already been spotted in the breakaway regions, amounting to a “renewed invasion” which Western leaders fear could escalate.
These fears rocketed on Tuesday after the Russian Parliament approved Mr Putin’s request to use armed forces abroad.
Invasion threats are already having an impact on markets, with Brent Crude oil surging to its highest price since 2014.
Mike Owens, UK Sales Trader at Saxo Markets, explained that this would soon have an impact on Britons.
He said: “Stocks are lower this morning after more worrying signs have emerged that a Russian invasion of Ukraine is ever closer.
“As tensions deepen, Brent Crude oil has surged to its highest price since 2014, above $97 a barrel, with this 2 percent increase impacting record-petrol prices across the UK at a time when expensive fuel and energy is already driving the cost of living higher for consumers and heaping pressure on businesses.
“Russia is the world’s second-largest oil exporter and if the conflict escalates causing major disruption to supplies, the UK public will pay for it at the petrol pumps.”
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