EU confirms gas rationing as Putin makes further cuts to Nord Stream 1

Voluntary 15% reduction

clock • 1 min read

The European Commission has agreed to reduce its consumption of natural gas this winter to protect the bloc from further supply constraints by Russia, as Kremlin-owned gas giant Gazprom announced there would be further cuts through the Nord Stream 1 pipeline.

Ministers from 27 member states excluding Hungary backed a voluntary 15% reduction in the use gas over the winter months. The commitment could become mandatory if Russia announced it was shutting down its supply to Europe. The move came after a more stringent rationing regime received opposition from certain member states, including Spain, Portugal and France, who argued rations for economies less reliant on Russian gas were illogical and that Germany should house the greatest burden as it championed reliance on Russia's supply for so many years. Some island nations will remain exempt...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Economics

Partner Insight: Deglobalisation and tariffs are transforming US dollar dynamics

Partner Insight: Deglobalisation and tariffs are transforming US dollar dynamics

Mike Riddell, portfolio manager of Fidelity Strategic Bond Fund, provides an overview of the macroeconomic environment and outlines his views across the strategy’s main alpha sources.

Mike Riddell, portfolio manager of Fidelity Strategic Bond Fund
clock 05 June 2025 • 9 min read
FIF25: RLAM's Mike Fox lambasts anti-US exceptionalism narrative

FIF25: RLAM's Mike Fox lambasts anti-US exceptionalism narrative

AI also not going away

Linus Uhlig
clock 04 June 2025 • 2 min read
OECD tells Reeves that efforts to cement her 'thin' fiscal buffers should be 'stepped up'

OECD tells Reeves that efforts to cement her 'thin' fiscal buffers should be 'stepped up'

UK GDP forecasts also lowered

Linus Uhlig
clock 04 June 2025 • 1 min read
Trustpilot