USOIL 5th SEPTEMBER 2022
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The standoff over Russia's gas and oil exports escalated on Friday after Moscow promised to close its main gas supply pipeline to Germany and G7 countries announced plans for price caps on Russian oil exports aimed at squeezing Russia's war chest in Ukraine. This latest closure of the Nord Stream pipeline, which Russia says will last as long as it takes to make repairs, adds to concerns over winter gas shortages that could pull major economies into recession and lead to energy rationing. Europe accuses Russia of weaponizing energy supplies in what Moscow calls an "economic war" with the West following Russia's invasion of Ukraine. Moscow blames Western sanctions and technical problems for supply disruptions.
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