Amidst the current ongoing dispute between Russia and Ukraine, Russia’s biggest gasoline corporation Gazprom has cut off natural gas circulation in Bulgaria and Poland by Putin's order. The decision was publicly made on the 27th of April after the two countries refused to pay the payments using the Russian currency Rubles and in doing so gave Russia political leverage by having such a huge monopoly in Europe.
What does this mean for Poland and Bulgaria? Rising costs in the future and overall try and find new means in gas providers. In Europe, gas prices rose 23 percent in a couple of hours just after Gazprom announced that they were parting ways with Poland and Bulgaria. Russia however may have underestimated the two countries having a dependency on Russian oil and failed to realize that they have the power to draw from their oil reserves or look into other countries such as China and India. However there are still many other European countries that still depend on the sale of Russian oil and that includes Russia itself as well. So for decades numerous countries have decided to take steps in fighting the reliance for Russian oil.
Russia’s gas profits make up to 40 percent of Russia’s entire economy and in using it to retaliate sanctions from the west and NATO members would hinder them more than help Russia. With their current failing stock market and now dismissing clients would not mean good in the long run for the entirety of Europe. Experts suggest that if Russia continues to stay on its course, it would lead Europe into a recession. For both side’s own good we can only hope that there comes a professional acknowledgement that provides only the best for all of Europe.