Gas prices surge after suspected Russian sabotage to Finland-Estonia pipeline
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Gas prices surged after Russia was suspected of sabotaging an undersea gas pipeline between Finland and Estonia.
Article originally published by The Telegraph. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.
Published by
11 Oct 2023
Gas prices surged after Russia was suspected of sabotaging an undersea gas pipeline between Finland and Estonia.
On Tuesday, Sauli Niinistö, the president of Findland, said that the 48 mile-long Balticconnector link between the two Nato allies has been extensively damaged by “external activity”.
“It is likely that damage to both the gas pipeline and the communication cable is the result of external activity,” he said in a statement.
The pipe’s shutdown prompted international gas prices to surge to their highest level since June, as Israel also shut a key production field.
Wholesale UK gas prices jumped by as much as 14 per cent on Tuesday, to more than 125 pence per therm, after having dropped as low 88p on Friday.
Simple malfunction being ruled out
The damage fuelled speculation that Russia was behind an attack on the connector, with Moscow previously threatening repercussions for Finland’s decision to join the Nato military
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