- Ukraine’s position has been endorsed by the US House of Representatives, it is now the turn of the Senate
- I would like to thank everyone who fights against NS 2 and the use of gas by the Putin regime as a weapon against Ukraine and Europe as a whole
- Let’s conntinue our common efforts to maintain the pressure
However, the same day, on the company's Russian-language website, Vitrenko also blamed Gazprom for blackmailing Europe by not flowing more gas westwards through Ukraine.
He said that the strategy would only worsen Europe's gas shortage, sending prices for spot gas spiralling upwards.
This could be a lever to encourage Europe to grant NS 2 whatever concessions were necessary to start gas flows.
- Gazprom could materially increase deliveries
- all it has to do was to offer gas for sale at the Ukraine-Russia border
- European companies could then book transit westwards
- But Gazprom preferred to exploit its dominant position as a seller
Gazprom is also free to decide whether to lower spot prices in Europe by selling more gas and so lower the price of those hub-indexed volumes; or to persuade buyers in the future to sign long-term contracts needed to underpin the costly front-loaded upstream investments.
Author: William Powell