Russia's energy company Gazprom has invoked force majeure for its failure to deliver contractually agreed natural-gas shipments in recent weeks. This is raising concerns that it could use the same argument to turn off the tap to Europe later this week instead of resuming gas flows to the continent this Friday as previously scheduled. Gazprom stopped deliveries last week via the Nord Stream 1, as the pipeline is undergoing annual maintenance, a routine procedure.

For more on energy conflict, we had Craig Erlam, who is OANDA’s senior market analyst in London.

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