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Tommy Sotomayor Interview On DJ STAR BucWild Live Direct
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By: sotomayortv5
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Tommy Sotomayor Interview On DJ STAR & BucWild Live & Direct - Video
Be more strategic
The Pacific Islands have been advised to be more strategic in their dealings with developement partners such as the European Union. - Ambassador of the Republic of Vanuatu to the European Union.
By: WIBDI Samoa
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Be more strategic - Video
Ukraine crisis: #39;We may reach the point of no return #39;
European Union foreign ministers have expressed concern at Russia #39;s aggression against Ukraine. European Commission President Jose Manuel Barroso called for a political solution before the...
By: Black White
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Ukraine crisis: 'We may reach the point of no return' - Video
EU Ultimatum to Russia: Moscow given a one-week deadline to stop its intervention in Ukraine
The European Union has given Russia a one-week deadline to stop its military intervention in Ukraine or face tough new EU sanctions. The international community has already sanctioned Russia...
By: UKRAINE TODAY
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EU Ultimatum to Russia: Moscow given a one-week deadline to stop its intervention in Ukraine - Video
Read MoreUkraine's Poroshenko talks tough ahead of meetings with Merkel, Putin
European Union Regulation number 994/2010, passed in 2010 to safeguard gas supplies, could include banning gas companies from selling LNG tankers outside of Europe, keeping more gas in reserve, and ordering industry to stop using gas.
European Energy Commissioner Guenther Oettinger said last week during negotiations with Ukraine and Russia that the bloc was preparing a "Plan B" to protect gas supplies in the worst case scenario.
Hungary, likely to be among the countries most affected by a cut in supplies, said it was monitoring the need for further increases in strategic reserves. The Development Ministry told Reuters it was also looking at "potential regulatory methods that would prompt market players to build reserves beyond the regulatory minimum."
Cutting industrial consumption would hurt an already shaky European economy, while banning utilities from selling liquefied natural gas (LNG) tanker cargoes overseas would hurt their revenues.
Read MoreRussia has 'well over 1,000 troops' in Ukraine, Nato warns
European utilities have been preparing for a supply cut by injecting as much gas as possible into storage and as a result, the region's storage facilities are filled to 90 percent, or 70 billion cubic meters (bcm), equivalent to 15 percent of Europe's annual demand.
Whatever the bloc does, it will struggle to compensate fully if Russian gas stops coming to Europe, political and industry sources say. Gas prices have risen 35 percent since July due to this threat.
Limited alternatives
Russia meets around a third of EU demand for oil, coal and natural gas, according to EU data. In return it receives some $250 billion a year, or around two-thirds of government revenue.
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Europe drafts emergency energy plan