Europe Agrees Compromise Gas Curbs As Russia Squeezes Supply

European Union countries approved a weakened emergency plan to curb their gas demand on Tuesday, after striking compromise deals to limit the cuts for some countries, as they brace for further Russian reductions in supply.

Europe faces an increased gas squeeze from Wednesday, when Russian’s Gazprom (GAZP.MM) has said it would cut flows through the Nord Stream 1 pipeline to Germany to a fifth of capacity.

With a dozen EU countries already facing reduced Russian supplies, Brussels is urging member states to save gas and store it for winter for fear Russia will completely cut off flows in retaliation for Western sanctions over its war with Ukraine.

Energy ministers approved a proposal for all EU countries to voluntarily cut gas use by 15% from August to March.

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Source: https://www.reuters.com/business/energy/eu-countries-seek-deal-weakened-plan-cut-winter-gas-use-2022-07-26/

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