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Showing posts from June 19, 2022

Is European winter of discontent in the offing with gas shortages?

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On a determined mission to turn their back on Russian oil and gas, the European countries are simply staring into an abyss of uncertainty in the absence of reliable substitutes for the shortfall.  Before the war broke out, the EU relied on Russia for over 40% of its gas supply; in Germany, the figure is said to be around 55%. Having a good sense of vulnerability of the European Union over its reliance on Russian gas, the world's largest country knows exactly what it is supposed to do in order to safeguard its own interests. Russia, for instance,  has already reduced supply of its gas  to Europe by 60%, citing 'maintenance ' issues, dealing a hammer blow to the need of the fuel in the major economies in the EU, particularly Germany. The growth forecast for Germany, the largest economy in the EU,  has been reduced from 3.5% to 1.5%, raising the spectre of recession; if it reaches the dreaded finale, the cascading effect will be extensive, analysts warn. In response, the EU, a