Benchmark European gas prices jumped 15% this week after a major pipeline bringing gas from Russia began sending flows eastwards. But why do Russian exports have such an impact on Europe’s gas markets, even in countries that Russia doesn’t directly supply? HOW MUCH GAS DOES RUSSIA SUPPLY? Europe relies on Russia for around 35% of its natural gas. The bulk comes through pipelines including Yamal, which goes through Belarus and Poland to Germany, Nord Stream, which goes directly to Germany, and pipelines going through Ukraine. Europe’s internal gas markets are linked through a network of interconnecting pipelines. Not all countries get supply directly from Russia, but if countries such as Germany, the […]