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AP National Business

Europe gas prices drop on Putin’s order to fill EU storages

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Published 5:45 AM

By VLADIMIR ISACHENKOV
Associated Press

MOSCOW (AP) — European gas prices have dropped after Russian President Vladimir Putin instructed the country’s major natural gas company to pump more gas into EU storages. During a call with officials late Wednesday, Putin told the head of state-controlled gas giant Gazprom, to start pumping gas into the company’s storage facilities in Austria and Germany after it fills domestic depots by Nov. 8. The Russian leader’s direction immediately drove European gas prices down on Thursday. Europe’s gas prices soared in recent weeks amid strong demand in Asia driven by the economic recovery from the pandemic and due to depleted European Union stocks.The 27-country European Union depends on Russia for more than 40% of its gas imports.

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