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Putin appears to successfully divide Europe on gas payments

Close price: Strong rises yesterday in the markets as it absorbs the news that Russia is not bluffing with its threat to cut nations off who don’t comply to rouble payments.

Opening price: Prices have come off throughout the day, particularly front months May and June. Whilst Poland and Bulgaria have refused to pay in roubles, 4 European buyers have now paid in roubles and 10 have opened accounts at Russia’s Gazprombank, according to reports. This has dramatically reduced supply fears near term.

It appears the stance Europe held collectively against Russia’s demands is showing signs of folding, and dividing Europe.