Oil surged to its highest since 2014 this morning after Russia ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices to near $100 a barrel.
The US, UK and European allies are poised to announce new sanctions against Russia after President Vladimir Putin formally recognized the two regions in eastern Ukraine – Donetsk and Luhansk – escalating a security crisis on the continent.
But Russia is a major exporter of oil to the US, while roughly a third of Europe’s supply of gas comes from Russian pipelines – some of which run through Ukraine itself.
German Chancellor Olaf Scholz announced this morning that he had asked the regulator of the Nord Stream 2 pipeline – which would provide a direct supply of Russian gas to Germany – to…
Read the Full Article Here dailymail