Gas prices have doubled since invasion as Putin threatens to turn off taps Business

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It’s the specter that has haunted the energy markets for days, but now the threat is finally over.

Russia’s top energy official said the country could cut off gas flows to Europe through the existing Nord Stream gas pipeline – a move that would drastically reduce supply to the continent.

Alexander Novak, Russia’s deputy prime minister, said the Kremlin had “every right” to do so in response to Germany’s shutdown of the Nord Stream 2 gas link.

The move sent European gas prices up by around a third, before they fell slightly to gains of 18%.

Gas markets have seen some of the most volatile trading in history in recent days, with prices more than doubling since the start of the invasion.

5 things to start your day

1) Inside the West’s battle to wean itself off Russian oil and gas Governments scramble to find alternatives to supplies from Moscow as prices continue to soar

2) Food prices set to jump as cost crisis hits farmers Soaring fertilizer prices will spill over to supermarket shelves, insider warns

3) Petrol suppliers rush to ditch Russian fuel as prices hit record highs at the pump 13% of UK oil imports came from the country in 2020

4) Rolls-Royce’s plans for mini nuclear power plants take a big step forward Regulators to review small modular reactor designs as Britain tries to end its dependence on fossil fuels

5) Crispin Odey takes advantage of soaring oil and gas prices, but warns stagflation is on the way Hedge fund manager warns we’re still in the ‘early days’ of the energy crisis

What happened overnight

Asian markets fell again on Tuesday as investors worried about the economic impact of the war in Ukraine. Tokyo, Hong Kong, Shanghai, Sydney, Seoul, Singapore, Wellington, Taipei and Manila were all down, although Jakarta made small gains.

coming today

• Business : Capricorn Energy, ConvaTec Group, Direct Line, Dominos Pizza, Fresnillo, Greggs, IWG, M&G (annual results); Ashtead Group (temporary)
• Economy: BRC retail sales (UK)GDP (EU)trade balance of goods and services (WE)