European Stock Markets Tumble As Russia Cuts Gas Supplies To Poland And Bulgaria
On Wednesday, European stock markets fell into the red as Russia shut off gas supplies to Poland and Bulgaria over the countries’ refusal to pay for its supplies in roubles. Russia says supplies will be halted until the payments have been made.
President Putin’s demand for so-called “unfriendly” nations to pay for gas in Russia’s home currency came as a response to sanctions imposed against the nation by several countries. The EU has resisted Putin’s demand as meeting them would breach sanctions.
"Europeans can trust that we stand united and in full solidarity with the member states impacted in the face of this new challenge. Europeans can count on our full support," European Commission President Ursula von der Leyen said in a statement.
Following Russia’s actions, the FTSE 100 fell 0.4% after opening. Meanwhile, the CAC was down 0.5%, and the DAX dropped 0.6%.
In response to its Russian gas supply being cut off, Poland has said it will accelerate the construction of its new floating liquefied natural gas terminal.
