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Russia is the leading natural gas exporter in the world. With the Russian invasion of Ukraine, crude oil has already reached a 7-year high, and with more sanctions expected soon, natural gas prices have also started to rise sharply.

Nearly 40% of Europe's gas is imported from Russia via pipelines that pass through Ukraine. Many major countries like Germany (65% of total gas imports) and Italy (43%) are heavily dependent on Russian gas.

Germany recently withheld the approval of the Nord Stream 2. Any similar blockages could cause a shortage of natural gas in the continent in the coming day. Gas prices in the EU have already risen by more than 40% since Monday.

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