When Russian LNG stops flowing…

Vice Chair Petr Cingr of Agrofert said in HN in May that Russia is making a lot of money on the expensive food prices in the CR because a large quantity of LNG from Russia is being imported into Europe. Economist Michal Skořepa of Česká spořitelna told HN this month that the CR is surviving the energy shock in part because it has cut ties with Russia less than it appears. Some of the natural gas arriving in Europe, he said, is Russian but has been “purified” in the Far East or elsewhere. Yet Industry Min. Jozef Síkela (STAN) repeated his boast yesterday about how not a single cubic meter of gas has flowed from Russia to the CR since at least the start of this year. We first called Síkela on this in Nov. of last year, but the issue is more pressing now. The Czech cabinet is buying RWE Gas Storage CZ without telling the public the full truth about the origin and future availability of the gas that might be stored there. What happens if Russian LNG stops flowing to Europe? Has this been priced in?

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