However, the UK’s trade balance is still in trouble as foreign gas prices rise.

However, the UK’s trade balance is still in trouble as foreign gas prices rise.
The invasion of Ukraine by President Vladimir Putin set Russia’s economy back for four years, even though it was less severe than originally feared.
Gazprom, a Russian gas producer, said Saturday that it had stopped supplying Latvian gas to its neighbours. It accused Latvia of violating gas withdrawal conditions.
Experts say that Western sanctions are “catastrophically” affecting Russia’s economy, despite Vladimir Putin’s attempts to conceal the damage.
As Russia tightens its grip on Europe’s gas supplies, the UK is set to experience record-breaking energy prices this winter. This will only add to Britain’s current cost-of-living crisis.
Russia’s gas cut could fracture the unity of Europe’s Union this winter, as tight budgets and supply issues limit the bloc’s ability to deal with an unexpected, severe energy shortage.
Nord Stream 1 gas flows fell to a fifth of their capacity Wednesday. This prompted Germany’s network regulator, to appeal to the industry and households to conserve gas and avoid
Putin cut off gas supplies to Europe via the Nord Stream pipeline, just days after resuming flows. This is a sign of Europe’s growing energy crisis.
Gazprom, Russia’s largest gas company, stated Wednesday that it still has not received the documentation from Siemens required for reinstalling a turbine in Nord Stream 1 for its gas pipeline.
On Wednesday, the European Union will present emergency plans to reduce gas demand in three months.
According to the Wall Street Journal, European Budget Commissioner Johannes Hahn stated that the European Commission doesn’t expect Nord Stream 1 to resume normal operations after the annual 10-day maintenance.