Gas prices in Europe hit new records on Monday following Gazprom's decision to ship very little additional gas through Ukraine.
According to Russian agencies, Russia has decided to acquire only 4% of the additional gas transit capacity offered by Ukraine for September.
As a result, the price of gas in Europe has reached its all-time high, surpassing the $ 585 per cubic meter mark.
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Under the current contract, Gazprom is to ensure the transit of 40 billion cubic meters annually through Ukraine.
The Russian group then purchases additional capacity, if necessary.
Usually, Russia buys a significant amount of additional transit capacity, when its pipelines bypassing Ukraine pump gas to Europe at full capacity.
But one of the main Russian gas pipelines joining Germany, the Yamal-Europe, is currently only operating at very reduced capacity after a fire in a gas processing plant in early August.
A very tense situation
On Monday, at the point of arrival in Mallnow, less than half the volume was arriving compared to before the incident.
Prices are soaring because the situation was already very tense.
European stocks are lower than usual due to increased demand last winter and a drop in sources of supply other than Russia, such as cargoes of liquefied natural gas that are sent from producing countries (Gulf countries and United States) primarily to Asia.
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"Russia is now the only country that could have excess production, but to increase its exports it would have to reserve additional capacity via Ukraine,"
say specialists from S&P Global Platts. Some observers accuse Moscow of stepping up the pressure and of remaining deaf to European demands to increase deliveries pending the commissioning of the controversial Nord Stream 2 gas pipeline.