Could Russia’s gas shutdown hit British bank balances?

As Russian energy giant Gazprom suspends gas supplies to Poland and Bulgaria, the Standard’s Consumer Business Editor Jonathan Prynn discusses whether there will be knock-on effects for UK homes.

Also, how will Russia’s invasion of Ukraine impact the cost-of-living crisis and what’s the risk of a recession later in 2022?

While the UK relies on just four per cent of its liquefied natural gas from Russia, the interlinked complexities of Europe’s energy market means prices can be influenced by what happens on the Continent.

Gazprom halted gas supplies to Bulgaria and Poland after they failed to pay in roubles.

In a statement, the firm said it had “completely suspended gas supplies” to the countries, which both border Ukraine.

The decision followed Poland’s announcement that it was imposing sanctions on 50 individuals and companies, that included Gazprom.

Russian President Vladimir Putin last month warned the world’s largest natural gas producer would require what he called “unfriendly” countries to pay for fuel in roubles via special bank accounts.

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