European gas prices jump 5% on Russian supply fears

Gas for delivery through the summer was already trading 550% higher than prices of a year ago

Gas prices surged as Russia cut off supplies to Poland and Bulgaria. File picture

European gas prices for delivery this autumn jumped 5% and the euro fell sharply as the economic war between the West and Russia escalated over energy supplies.

Russia halted gas flows to Poland and Bulgaria as it followed through on a threat to stop supplying any buyers that refuse Vladimir Putin’s demand to pay for the fuel in roubles rather than euro.