EU Agrees to Modified Gas Restrictions Amid Ongoing Russian Supply Limitations

EU Compromises , Gas Curbs as Russia , Continues to Limit Supply.<br />On July 26, European Union countries <br />approved a watered down emergency <br />plan to curb the bloc's gas demand.<br />Reuters reports that the compromised deal <br />limit the cuts for some countries amid fear <br />of further reductions in the Russian supply.<br />Reuters reports that the compromised deal <br />limit the cuts for some countries amid fear <br />of further reductions in the Russian supply.<br />Russia's Gazprom said it would cut flows <br />through the Nord Stream 1 pipeline <br />to Germany to a fifth of capacity.<br />According to Reuters, <br />a dozen E.U. countries already <br />face reduced Russian supplies.<br />Brussels has now urged member states to <br />save gas for fear that Russia could completely <br />cut off flows in retaliation for Western sanctions.<br />Brussels has now urged member states to <br />save gas for fear that Russia could completely <br />cut off flows in retaliation for Western sanctions.<br />EU energy ministers approved<br />a proposal to voluntarily cut gas <br />use by 15% from August to March.<br />In response to resistance against the cuts, <br />a number of countries agreed to make <br />exceptions for certain countries and industries.<br />In response to resistance against the cuts, <br />a number of countries agreed to make <br />exceptions for certain countries and industries.<br />Countries like Ireland and Malta, who are not connected to other EU gas networks, would be exempt from the 15% gas cut other countries face.<br />Critical industries, such as steelmaking, <br />are also exempt from the targeted cuts.<br />German Economy Minister Robert Habeck said <br />the agreement was meant to show European <br />solidarity in the face of Russia's latest gas cuts.<br />Prior to the invasion of Ukraine, <br />40% of EU gas came from Russia