Russia has threatened to withhold gas supplies until western sanctions are lifted.
Kremlin spokesman Dmitry Peskov, speaking to journalists on Monday, blamed the "collective West" for Russia's decision to shut down the crucial Nord Stream pipeline.
Russia had claimed the disruption to the Nord Stream pipeline was caused by technical faults, but the decision now appears to be politically motivated.On Friday 2nd September, Russian energy supplier Gazprom announced that gas supplies heading westwards would be suspended indefinitely, pointing to "malfunctions" on a turbine along the Nord stream pipeline.
"Even the most conservative estimates suggest Russia’s GDP will contract by 6 percent this year — a larger hit than the 1998 Russian financial crisis," he said.Mr Fishman said that the country’s inability to import goods "has led to shortages of foreign components and rapidly declining industrial production".
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