Russia to halt gas supply to Finland from Saturday

• Finland had recently formally applied to join NATO

Russia said on Friday it will shut off gas supplies to Finland, just two days after the European country formally applied to join NATO.

Russian gas giant Gazprom informed Finland that it will halt natural gas supplies from Saturday morning, after the country did not pay for the gas delivered in April in rubles as demanded by Moscow.

Oil contracts are mostly denominated in dollars and euros, but with sanctions imposed on Russia by the West and the Europe, Moscow has demanded payment in its own currency, ruble.

Finnish state-owned gas wholesaler Gasum said in a statement, “On the afternoon of Friday May 20, Gazprom Export informed Gasum that natural gas supplies to Finland under Gasum’s supply contract will be cut on Saturday May 21, 2022 at 07.00.”

Finland is mostly dependent on Russia for its oil needs but gas only accounts for about 5% of its annual energy consumption.

“We have been carefully preparing for this situation and provided that there will be no disruptions in the gas transmission network, we will be able to supply all our customers with gas in the coming months,” said Gasum’s CEO Mika Wiljanen.

Picture Credits: Reuters

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