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Germany braces for ‘more turbulent days’ on gas markets amid rising Russia tensions
(EurActiv, 24 Feb 2022) With geopolitical tensions at their highest, German Vice-Chancellor Robert Habeck said he expects “more turbulent days” ahead on gas markets, and echoed calls from other politicians to establish a “national gas reserve” ahead of the next winter season.
“When you have a situation that is unstable in terms of foreign policy, big traders start to stock up on goods,” Habeck explained on Wednesday (23 February) in an interview with German radio DLF.
Stockpiling of commodities like “gas, oil and maybe coal means demand goes up, and then the prices go up” Habeck explained.
However, the market could quickly relax as well, because “winter is slowly coming to an end,” he added.
Earlier this week, Russia officially recognised Ukraine’s two breakaway regions in the eastern Donbas, triggering a wave of sanctions by Western countries and prompting Berlin to halt the certification process of the Nord Stream 2 pipeline bringing Russian gas directly to Germany.
On Thursday (23 February), Russian President Vladimir Putin ordered a “military operation” in Ukraine, with the country’s foreign minister warning that a “full-scale invasion” was underway.
EurActiv, 24 Feb 2022: Germany braces for ‘more turbulent days’ on gas markets amid rising Russia tensions
