European gas prices jumped higher on Wednesday after Russia followed through on its threat to further reduce supplies to the region, increasing the risk the continent could face shortages in the winter months.
Gas prices rose as much as 13 per cent on Wednesday as flows on the Nord Stream 1 pipeline were cut to just a fifth of normal capacity.
European politicians have accused Russia of weaponising gas supplies in retaliation for sanctions imposed following the invasion of Ukraine. The key Nord Stream 1 pipeline, which connects Russia with Germany, was first cut to 40 per cent of capacity in June, before Moscow threatened to make further cuts this week.
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