European Natural Gas Prices Soar 60% to Record High Amid Russia Sanctions

Photo of the 'Nord Stream 2' gas pipeline located in Chelyabinsk, Russia. [Image source=Yonhap News]

[Asia Economy Reporter Song Seung-seop] Due to the comprehensive sanctions imposed by the international community on Russia, natural gas prices in Europe have reached an all-time high.

According to Bloomberg on the 2nd (local time), the Dutch TTF natural gas futures price surged about 60% intraday, surpassing 194 euros (approximately 260,000 won). TTF is a benchmark representing natural gas prices in the European market.

Natural gas prices in Europe have more than doubled in just two weeks. Since one-third of the natural gas supplied to European countries comes from Russia, significant impact is inevitable.

Russian natural gas itself is not subject to international sanctions. The supply of natural gas to the European market remains relatively stable. However, concerns that Russia might reduce natural gas supply in retaliation against the sanctions appear to have influenced the market.

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