Russia ‘lies’ about gas cuts to Europe, Italy’s Draghi says (NYSE:E) – Seeking Alpha

Logo of the Gazprom headquarters for Serbia. Gazprom is one of the main power and energy companies of Russia, with offices worldwide.

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Russia is lying when it claims the recent decline in gas exports to Europe are due to technical reasons, Italian Prime Minister said Thursday on a visit to Ukraine.

“We have been told the reason for gas cuts across Europe is technical, but both Germany, and us, and others, believe these are lies,” Draghi said, according to Bloomberg. “There is a political use of gas, as there is a political use of wheat.”

Italy’s (NYSE:E) said it received only 65% of requested volumes from Gazprom (OTCPK:OGZPY) on Thursday, and several other European companies including Engie (OTCPK:ENGIY), Uniper (OTC:UNPPY), RWE (OTCPK:RWEOY) and OMV (OTCPK:OMVJF) said their gas supplies were cut, as tensions rise between Russia and Europe.

Gazprom (OTCPK:OGZPY) has cited issues with repairs of turbines produced by Siemens (OTCPK:SIEGY) to explain the reduction in gas flows.

Separately, Enel (OTCPK:ENLAY) said it sold all its Russian power generation assets, marking a reversal for the Italian utility which had been betting heavily on Russia before the invasion of Ukraine.

The Kremlin’s clampdown on gas deliveries have sent natural gas prices surging 75% during the past three days.

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