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| Picture credit: turkeymacedonia.wordpress.com |
Gazprom the Russian gas export monopoly will not reduce supplies due to the launch of a European Union competition investigation into its sales of gas.
Gazprom which is by more than 50% owned by Russia is been investigated by the European Commission which started on Tuesday into suspicion that it is hindering the free flow of gas across EU and thereby imposing unfair prices on its customers by linking the cost of gas to oil prices.
Gazprom however responded that it was armed with both legal and political reasons to respond to the investigation, this monopoly however has a track record of punishing its customer through supply disruptions in what is been termed "gas wars".
Gazprom's pricing disputes with neighboring Ukraine led to supply cuts to European cutomers in the winter of 2006 and 2009 (Reuters)
It supplies more than a quarter of Europe's gas, and several European states depend on it for their needs and are therefore locked into contracts which covers a long-term, 30 years in some cases.
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