Russia Cuts Gas Exports to Poland by 45%

Russia’s gas supplies to Poland have dropped by 45%, Poland’s state gas firm PGNiG says, amid tensions over Ukraine.

The news came just hours after Poland stopped providing gas to Ukraine through “reverse-flow” pipelines.

The Russian gas volumes were 24% lower on Tuesday and 20% lower on Monday, according to PGNiG. That shortfall prompted Poland to halt reverse-flow.

Poland and Ukraine rely heavily on Russian natural gas. Russia is in a pricing dispute over gas with Ukraine.

Some analysts believe Russia, which stopped gas supplies to Ukraine in June over the pricing dispute, is punishing Poland for sending gas to Ukraine.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza