[Bloomberg] Europe Risks Rationing If Putin Cuts Off Russian Gas Supply. Spat over payment terms could lead to supply cut next month.

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  • The prospect of Europe getting cut off from Russian gas supplies is starting to get real. The clock is ticking in a standoff over the Kremlin’s demand that its customers in Europe pay in rubles for the fuel, which the region depends on for a fifth of its power generation.
  • Payments come due in May, and that’s when the moment of truth arrives
  • The fallout would ripple across the continent and beyond.
  • Such a surge would put governments and central banks under pressure as they seek to control soaring inflation. The risk is that the mounting cost-of-living crisis intensifies and spills over into wider unrest and a deeper crisis.
  • Chancellor Olaf Scholz has said a halt to gas flows from Russia would trigger a serious economic crisis in Europe, leading to the loss of millions of jobs.
  • Emerging nations would get squeezed by Europe’s thirst for energy, especially liquefied natural gas, as they would struggle to compete on price.
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h/t  mark000

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