Gas prices in Europe continue to increase; figuratively speaking, they are already 'flying into space'. Why? Demand has increased, supply has decreased, and Gazprom has refused to increase supplies through Ukraine and Poland.

Russia’s plans involve using Nord Stream 2 for gas supplies to Europe as soon as possible, while closing the significantly more expensive transit routes through Ukraine and Poland. These plans are also driving up gas prices because demand is growing, storage facilities in European countries are emptying, and reserves are dwindling, reports Schneider Electric.

Gazprom is trying to dictate terms to European clients while awaiting a significant decision in the Nord Stream 2 case; currently, this pipeline is effectively half-empty because European Union regulations prevent a single company from being both the gas supplier and the pipeline owner simultaneously. The first attempt by Gazprom to have Nord Stream 2 recognised as an independent operator has failed, and Germany has rejected the application.