Ukraine has shut off a third of the gas supplies to the EU, according to Gazprom, the Russian gas conglomerate. Ukraine claims it is impossible to continue the transit of gas through the Lugansk due to “Russian occupiers.”
Gazprom claims Ukraine is refusing to accept the gas and Russia is not standing in the way.
RUSSIAN OCCUPIERS
Ukraine’s operator OGTSU announced it would halt further deliveries starting May 11. They blame “Russian occupiers.” OGTSU said they can no longer control the infrastructure in occupied territory.
The company’s press service said “the occupying forces” interfered in the technological processes, jeopardizing the security of the country’s entire gas transportation system. The company said it views the situation as a force majeure. It is unable to provide deliveries to Europe for reasons beyond its control.
Russian gas conglomerate Gazprom has received no confirmation of force majeure or any obstacles to continued transit of gas through a junction in the Lugansk Region, the company said on Tuesday, after Ukraine’s operator OGTSU announced it would halt further deliveries starting May 11, due to the presence of “Russian occupiers.”
Ukrainian President Zelenskyy has roundly condemned Europeans who buy gas from Russia.
Meanwhile, the sanctions against Russia are hitting the EU hard.
GREECE
Greece is the latest EU country to be hit with double-digit inflation, reaching the highest level since 1994.
Inflation in the country surged to 10.2% year-on-year in April from 8.9% the previous month, according to the Hellenic Statistical Authority (ELSTAT).
The largest increases were registered in the cost of natural gas (122.6%), electricity (88.8%), diesel fuel for heating (65.1%), fuel lubricants (29%), and solid fuels (5.3%).
FOOD BASKET
‘Food basket’ products have also risen in price. In particular, prices for oils and fats surged 22%, meat products – 14.1%, and vegetables – 13.8%. Dairy products and eggs jumped in price by 11.7%, while the costs of bread and cereals grew 10%. Prices for fresh fruit, and even coffee, cocoa, and tea increased 7.1%.
Apart from this, transportation, accommodation, restaurants, automobiles, restaurants, and even cinema tickets also showed price increases of various degrees.
UK
Scottish Power CEO Keith Anderson told the Daily Mail on Monday that with gas prices skyrocketing in the wake of the conflict in Ukraine and Western sanctions on Russia, household energy bills could rise to £2,900 ($3,576) by October. With some 10 million UK homes potentially unable to afford heating, Anderson called on the government to set up a support scheme.
British households have already seen their energy costs – including electricity and heating – rise by £700 between October and April, and that increase is expected to accelerate, Anderson warned.
“It will hit incredibly hard and immediately,” said Anderson, whose company supplies electricity to parts of Scotland, England, and Wales. “If nothing else happens by October, I think we will see a huge increase in pre-payment customers in effect self disconnecting – not reloading their pre-payment meter because they can’t afford to do it.”
US
US inflation soars at 8.3% with food and durable goods increasing 0.3%. Energy went down very slightly, but it’s on the rise again this month.
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