Counting the Cost

What is the cost of the energy war between Russia and Europe?

Russia shuts the gas taps for two European nations, while the EU proposes a ban on Russian oil imports.

Russian President Vladimir Putin is making good on his threat to turn off the supply of natural gas to Europe.

Supplies to Bulgaria and Poland have been halted after the two countries refused to pay for gas in roubles. Other European countries may also be cut off within weeks if they reject Russia’s demand.

The European Union has dismissed the move as “blackmail” and is under pressure to cut the cord on Russian energy. The bloc has proposed a complete ban on Russian oil imports by the end of this year.

Meanwhile, the rouble hit a two-year high despite Western sanctions.