One day after the United States and other Western allies vowed to speed more and better military supplies to Ukraine, the Kremlin upped the ante, using its most essential export as leverage. European gas prices shot up on the news, which European leaders denounced as"blackmail."
On the ground too, the geopolitical fight intensified, with the Russian military claiming Wednesday that its missiles hit a batch of weapons that the U.S. and European nations delivered to Ukraine. Gazprom's decision to cut gas to two European countries was another dark turn in the war, which has revived the geopolitical rifts of the Cold War, and it had an immediate impact. European gas prices spiked 25%, with benchmark Dutch futures jumping from around 100 euros per megawatt hour to around 125 euros.
Bulgarian Prime Minister Kiril Petkov also called the suspension of gas deliveries blackmail and said it was"a gross violation of their contract."The stoppage marked"an historical turning point in the bilateral energy relationship" between Russia and Europe, said Simone Tagliapietra, senior fellow at the Bruegel think tank in Brussels.
Bulgaria gets over 90% of its gas from Russia, and officials said they were working to find other sources, such as from Azerbaijan.
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