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Russian President Vladimir Putin
Russian President Vladimir Putin.Alexey Nikolsky/Getty Images
  • According to the data from the grid operator of Ukraine, Russian gas exports to Europe spiked nearly 38% Thursday.

  • Natural gas prices in Europe soared on the same day.

  • Germany pulled out of the project with Russia.

Natural gas exports from Russia to Europe through Ukraine jumped by nearly 38% on Thursday, according to data from a day earlier.

According to the grid operator in Ukraine, these flows were expected to rise by around 25% on Friday.

Western Europe is heavily reliant on Russian gas supplies and the increased flow Thursday underscored that dependency. According to the most recent EU data, Russia is the second-largest supplier of gas to the EU.

The gas flows from Russia to Europe went up on Thursday after Putin ordered troops into Ukraine. The US defended its decision not to include the energy sector in its sanctions against Russia.

Russian state-owned energy giant Gazprom said Thursday that gas flows to Europe via Ukraine were as expected.

The largest increase in European gas prices since 2005 took place on Thursday.

The US is the world's largest producer of natural gas, according to the Energy Information Administration.

Germany halted the deal with Moscow for the Nord Stream 2 gas line after Russian forces entered two eastern Ukrainian regions. The gas supplies were unaffected by the suspension of Nord Stream 2.

Europe should reduce its reliance on Russian gas exports and the US should help the continent meet its energy needs by increasing oil production according to a letter written by the CEO of Citadel.

The original article is on Business Insider.

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