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Gas prices soar as Russia cuts German supply

Gas prices have soared after Russia further cut gas supplies to Germany and other central European countries after threatening to earlier this week.

European gas prices rose 9%, trading close to its earlier all-time high after Russia invaded Ukraine.

Critics accuse the Russian government of using gas as a political weapon.

Russia has been cutting flows through the Nord Stream 1 pipeline to Germany, with it now operating at less than a fifth of its normal capacity.

Germany imports 55% of its gas from Russia and most of it comes through Nord Stream 1 – with the rest coming from land-based pipelines.

Russian energy firm Gazprom has sought to justify the latest cut by saying it was needed to allow maintenance work on a turbine.

The German government, however, said there was no technical reason for it to limit the supply.

Ukraine has accused Moscow of waging a “gas war” against Europe and cutting supplies to inflict “terror” on people.

Editing by Omotola Oguneye