which has already helped send inflation surging in the region and raised the risk of rationing and recession.
“We are monitoring the situation closely with the Federal Network Agency,” a spokesperson for Germany’s economy ministry said. The Biden administration did not immediate respond to requests for comment. Germany has had to give Uniper – its largest importer of Russian gas and the highest-profile corporate victim of Europe’s energy crisis so far – a 15 billion euro bailout after Russia drastically cut flows, forcing it to buy gas elsewhere at much higher prices.Article content
Before Gazprom announced the shutdown, gas prices in Europe remained close to five-month highs, while U.S. gas prices reversed course and settled up 1.2% following the news.Germany has made targeted efforts to fill up its storage facilities to prepare for winter with levels standing at 78% as of Aug. 17, slightly more than the about 76% for the European Union as a whole.Article content