Ukraine Cuts Off Gas to Europe and the Inflation Double Whammy

Ukraine Cuts Off Gas to Europe and the Inflation Double Whammy


 

You read that right. Ukraine announced today that it is cutting off a third of the natural gas flow to Europe:

Gas Transit Services of Ukraine (OGTSU) declared force majeure on Tuesday, saying that it was impossible to continue the transit of gas through a connection point and compressor station located in the Lugansk area. As OGTSU personnel “cannot carry out operational and technological control” over the Sokhranovka connector point and Novopskov compressor station, the company cannot continue to fulfill its contract obligations, it said. Gas from this connection will not be accepted into the transit system of Ukraine starting at 7 am on Wednesday, OGTSU said.

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The motive behind this move is irrelevant. The “why” does not matter. It is the negative

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