Any optimism on Russia is quickly eroding in the markets with recent comments now casting plenty of doubt on their full intentions. While Putin says Russia is ready to meet Europe’s needs, Russia will not supply extra gas to Europe if they do not sign more long term contracts and “remove administrative barriers”. Clearly referring to the Nord Stream 2 pipeline. This change of tone from Russia, which you could argue was very foreseeable in reality, has sent gas and power prices shooting up once more. Until talk turns into action and we see an actual increase in delivery from Russia, markets are going to remain volatile.
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