Poland And Bulgaria Gas Cutoff: ‘Closing Time’ For Gazprom’s Eurozone Cash Flows

Poland And Bulgaria Gas Cutoff: ‘Closing Time’ For Gazprom’s Eurozone Cash Flows

The U. S. national flag and Poland's national flag fly as liquefied natural gas (LNG) tanker Oak ... [+] Spirit, operated by Teekay Corp., sits docked with Poland's first import of U. S. LNG at the Gazoport terminal, operated by Polskie LNG SA, in Swinoujscie, Poland, on Friday, July 26, 2019. More "freedom gas" from U. S. shale basins is earmarked for Europe after the company behind a Louisiana export project expanded a deal with Poland. Photographer: Bartek Sadowski/Bloomberg By Anna Mikulska and Kamila Pronińska Even before Russian invasion on Ukraine, many have wondered what would happen if Russian gas stopped flowing to Europe either due to sanctions or due to Russia's using natural gas supplies as energy weapon. The latter possibility was confirmed in late March when Vladimir Putin announced that payments for gas from "unfriendly" countries should be made in roubles or gas will stop flowing. He delivered on the promise when last week Poland and Bulgaria refused to pay in roubles for their contracted Russian supplies. But the circumstances of the gas cutoff to Poland and Bulgaria indicate that it may not necessarily become a typical occurrence for all Gazprom's customers in Europe. Russian supplies have accounted