Russia suffocates gas flow, Germans fear ‘Lehman Moment’

Written by Javed Iqbal

Russia has cut off the flow of gas via the Nord Stream 1 pipeline to 40% of capacity, triggering a warning of a “Lehman moment” in the European energy market – a reference to the September 2008 bankruptcy that triggered a global financial crisis.

Russia’s action on June 22 came two days after Lithuania blocked rail supplies of sanctioned goods to Russia’s Baltic Sea enclave of Kaliningrad, citing European sanctions against the transhipment of Russian shipments of coal, metals, electronics, building materials and other goods.

Lithuania claims that it has not restricted the shipment of food and medicine.

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Javed Iqbal

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