The price of gas rose after Lukashenko threatened to block the gas pipeline to the EU

Gas prices in Europe rose by almost 2% after the words of President of Belarus Alexander Lukashenko on the possibility of stopping the transit of gas pipeline “Yamal-Europe” in case of new sanctions by the European Union. This was reported on Thursday, November 11, according to the ICE exchange.

The price of the nearest December futures on the Dutch TTF index, the most liquid European hub, increased by 1.821% – up to €71.4 per 1 MWh (ICE prices are in euros per MWh).

Earlier in the day, Lukashenko announced the possibility of cutting off gas supplies to Europe via the transnational Yamal-Europe gas export pipeline. He called this step a response to the fifth package of sanctions, which the European Union may adopt against Minsk.

The day before, the cost of European gas dropped to $791.6 per thousand cubic meters, or €66 per MWh in anticipation of increased supplies of fuel from Russia.

On the same day, Poland sent a warning to Belarus about a possible complete closure of the border if Minsk did not stop the “hybrid war on the border.

November 10, Prime Minister of Poland Mateusz Morawiecki said that the European Union should discuss the blockade of flights to Belarus from the Middle East. He added that Poland insisted on sanctions against airlines, including Belarusian ones, which Warsaw considers involved in the transportation of migrants.

It also became known on Wednesday that Brussels is discussing the possibility of imposing sanctions against Aeroflot in a new package of restrictive measures against Belarus. The measures may also affect the Turkish national carrier Turkish Airlines.