Natural gas prices surged 36% in Europe over the weekend after Russia announced it was halting the flow of natural gas through its Nord Stream gas pipeline. European natural gas pric🍎es are now up 400% from a year ago, though off their August highs.

Russia said its main gas supply pipelines would remain closed indefinitely, fueling fears of gas rationing in the 澳洲幸运5官方开奖结果体彩网:European Union this winter. Russia said the shutdown was due to “technical reasons,” but European officials accused Russia of weaponizing energy prices in retaliation for 澳洲幸运5官方开奖结果体彩网:sanctions against Russia fol𒐪lowing its invasion of Ukraine. The Nordstream pipeline has typically supplied Europe with about a third of the gas imported to Euroꦫpe from Russia.

Over the weekend, Germany unveiled its 🤡third energy relief pa⛦ckage this year, worth more than $70 billion to shield consumers. European energy ministers will meet Friday to discuss options for dealing with the skyrocketing prices for energy. 

Finland🃏 and Sweden also announced plans over the weekend 🐟to offer billions of dollars in liquidity guarantees to power companies in their countries. Finland is planning to offer about $10 billion, and Sweden plans to offer $250 billion in guarantees.

European countries have been boosting theirꦆ stockpiles of natural gas to prepare for the winter. Europe’s stocks aꦺre currently 81% full.

"The spike in natural gas prices across Europe may drive energy bills up as much as 200% for the average European family, to around 500 euros per month, on average, according to recent estimates. That would imply a $2 Trillion Euro surge in energy costs for Europe as a whole, which could steepen the downturn for the economies of the EU," said Caleb Silver, Editor-in-Chief of Investopedia.