Europe may be hurtling toward a sudden halt of Russian gas, a scenario that would trigger energy rationing, higher inflation and a deep recession.
A showdown over payment terms has already led Moscow to turn off taps to Poland and Bulgaria. With supply already tight, it won’t take much more to send energy markets into shock.
Europe’s natural gas balance is “fragile and it remains just one supply disruption away from completely falling apart”, said Shikha Chaturvedi, an analyst at JPMorgan Chase.
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