Part 3/9:
Compounding this issue are the sanctions imposed by the US on Russian entities, specifically Gazprom Bank, which is responsible for managing transactions tied to gas sales. As a result of these sanctions, European countries now find themselves in a precarious position concerning their gas supply and pricing.
With gas prices in Europe already at an elevated level compared to previous years, the inability to efficiently conduct transactions with Gazprom Bank will exacerbate these costs. European nations, especially Germany, now face the prospect of potentially skyrocketing gas prices in a market already strained and marked by high summer gas prices.