Russia has been Europe's biggest energy supplier, but now that's on pause.
👉 Background: Before the war broke out, Europe was VERY reliant on Russia’s natural resources. In fact, Russia was Europe's largest energy supplier.
👉 What happened: In late August, Russia paused all exports to Europe via Nord Stream 1 for 'maintenance works'. Nord Stream 1 is a gas pipeline that runs from Russia to Germany.
👉 What else: But now, as Europe continues to support Ukraine in the war against Russia, Russia has pulled the plug on all gas flows to Europe indefinitely.
💡Move over nuclear energy, gas is proving to become a powerful weapon in economic warfare.
💡But this move isn't without its risks for Russia either. 43% of all government revenue between 2011 and 2020 was generated by the energy sector.
💡But it could be even more painful for a wintery Europe, without gas. So it’s no surprise that all European countries are now racing to secure gas supplies in underground facilities.
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