European gas prices rose by a fifth on Wednesday after Russia’s Gazprom suspended supplies to Poland and Bulgaria, saying they had failed to make rouble payments that were due a day earlier.
Futures contracts tracking Europe’s wholesale gas price advanced almost 20 per cent at €117 per megawatt hour in early trading. Prices are almost seven times higher than a year ago.
“Gazprom has completely suspended gas supplies to Bulgargaz (Bulgaria) and PGNiG (Poland) due to non-payment in roubles,” Gazprom said in a statement on Wednesday.
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