- Germany’s Habeck: Will not accept any gas contract breaches by Russia
Market news
Germany’s Habeck: Will not accept any gas contract breaches by Russia
German Economy Minister Robert Habeck said on Wednesday, “Germany will not accept any gas contract breaches by Russia,” per Reuters.
He added that the German government will set up a crisis task force to monitor gas supplies.
Additional comments
Gas crisis measures are preventive.
Urges consumers and companies to reduce gas consumption.
Crisis measures were taken after Russia demanded rouble payments for gas.
German gas storage at about 25% capacity.
Key question is how full are gas storage facilities in autumn.
High gas prices are pushing down consumption.
EU countries must deal with any Russian gas supply stoppage together.
All gas delivery contracts are being honoured for the time being.
Market reaction
EUR/USD is defending bids above 1.1100 amid hopes for diplomacy in the Russia-Ukraine peace talks. The spot is up 0.23% on the day.
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