{"id":256673,"date":"2022-07-28T07:04:37","date_gmt":"2022-07-28T07:04:37","guid":{"rendered":"https:\/\/www.thetruthseeker.co.uk\/?p=256673"},"modified":"2022-07-30T06:56:31","modified_gmt":"2022-07-30T06:56:31","slug":"putins-new-gas-squeeze-condemns-europe-to-recession-and-a-hard-winter-of-rationing","status":"publish","type":"post","link":"https:\/\/www.thetruthseeker.co.uk\/?p=256673","title":{"rendered":"Putin\u2019s new gas squeeze condemns Europe to recession and a hard winter of rationing"},"content":{"rendered":"<h1 style=\"text-align: center;\"><strong>Holly Ellyat \u2013 CNBC July 27, 2022<\/strong><\/h1>\n<ul>\n<li>Germany, the region\u2019s largest economy and traditional growth driver, has a particular reason to worry.<\/li>\n<li>It\u2019s largely reliant on Russian gas and is sliding toward a recession.<\/li>\n<li>The possibility of a recession in Europe now seems \u201cclear-cut,\u201d Citi economists and strategists said in a note Tuesday.<\/li>\n<\/ul>\n<p>Europe\u2019s descent into an economic contraction looks to have been confirmed with Russia squeezing natural gas supplies to the region and heavy industry facing tough rationing in the coming months.<\/p>\n<p>Just days after Europeans breathed a sigh of relief as Russian gas giant Gazprom announced it would resume supplies through the Nord Stream 1 pipeline, it then announced Monday that flows would be reduced yet again.<\/p>\n<p>The announcement, with Gazprom saying it would be for maintenance of a turbine along the pipeline, was greeted with incredulity and condemnation in Europe.<\/p>\n<p>Ukraine\u2019s president, Volodymyr Zelenskyy, said the move \u2014 which will see flows to Germany fall to 20% of its capacity from an already low level of 40% \u2014 was tantamount to a \u201cgas war\u201d with Europe. Germany\u2019s economy minister, Robert Habeck, said the excuse that maintenance was the reason for the supply cut was a \u201cfarce.\u201d<\/p>\n<p>It puts Europe in a tricky situation as it contends with rampant inflation, <a href=\"https:\/\/www.cnbc.com\/2022\/07\/27\/russia-ukraine-live-updates.html\">the war in Ukraine<\/a> and an already troubled supply chain following <a href=\"https:\/\/www.cnbc.com\/coronavirus\/\">the Covid-19 pandemic<\/a>.<\/p>\n<p>Germany, the region\u2019s largest economy and traditional growth driver, has a particular reason to worry. It\u2019s largely reliant on Russian gas and is sliding toward a recession. The government is particularly concerned about how it will keep the lights on over the winter: Habeck said Monday evening that \u201cwe have a serious situation. It is time for everyone to understand that,\u201d during an interview with broadcaster ARD.<\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/2022\/07\/27\/putins-new-gas-squeeze-condemns-europe-to-recession-and-winter-of-rationing.html\">Continues \u2026<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The EU fired the first shots in what was essentially an economic war with Russia. Now Moscow has hit back, hard, and Germany in particular now faces the prospect of a cold winter with energy rationing, high prices and recession <\/p>\n","protected":false},"author":39262,"featured_media":256675,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[66,91],"tags":[],"class_list":["post-256673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-Economics","category-russia"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/256673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/users\/39262"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=256673"}],"version-history":[{"count":2,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/256673\/revisions"}],"predecessor-version":[{"id":256676,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/256673\/revisions\/256676"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/media\/256675"}],"wp:attachment":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=256673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=256673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=256673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}