What is the cost of the energy war between Russia and Europe? | Business and Economy

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Russia closed gas exploration to two European countries, while the EU proposed a ban on Russian oil imports.

Russian President Vladimir Putin is making good on his threat to cut off natural gas supplies to Europe.

Supplies to Bulgaria and Poland were halted after the two countries refused to pay for gas in rubles. Other European countries could also have their contracts cut within weeks if they refuse Russia’s request.

The European Union has dismissed the move as “blackmail” and is under pressure to sever Russia’s energy tie. The bloc has proposed a complete ban on Russian oil imports by the end of the year.

Meanwhile, the ruble hit a two-year high despite Western sanctions.

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