Germany activates emergency fuel plan amid fears of Russian gas supply cuts

Germany activates emergency fuel plan amid fears of Russian gas supply cuts

European sanctions on Russia amid its invasion of Ukraine have caused harm to the Russian economy, but in return, Russian gas prices have soared across the world.

Europe is very much dependent on Russian gas, especially Germany, which will be impacted by any supply cut after Russia demanded payments for its gas be in rubles.

Thus, German economy minister Robert Habeck issued a warning to his country, a first step before an emergency that could cause rationing for homes and businesses. Eric Sorensen explains how disrupting gas supply in Europe could impact interest rates in Canada.