European Energy Prices Soar — Putin Holds Back Supplies

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The consequences of European — and thereby the UK too — dependency on Russia for energy are once again written in plain sight as gas prices soared on Monday after promised supply boosts failed to materialize.

Russia, which is the largest supplier of energy to Europe, had said that it would be rising gas flows to the continent on Monday. However, orders from a key Russian pipeline have shown that supplies will likely remain at their current level, prompting massive spikes in energy costs.

The Netherlands, which is used as a benchmark for European Union’s energy prices, saw increases of up to 9.7 percent on Monday. The UK has also been impacted by the energy crunch, with British prices up by over 9 percent, The Telegraph reported, given it imports energy from Europe.

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