Russia suspending natural gas supplies, says Finland

Copenhagen (Denmark): Russia will cut off natural gas to Finland after the Nordic country that applied for NATO membership this week refused President Vladimir Putin's demand to pay in rubles, the Finnish state-owned energy company said on Friday, the latest escalation over European energy amid the war in Ukraine.

Finland is the latest country to be cut off from an energy supply that is used to generate electricity and power industry after refusing Russia's decree.

Poland and Bulgaria were cut off late last month but had prepared for the loss of gas or are getting supplies from other countries. Putin has declared that unfriendly foreign buyers open two accounts in state-owned Gazprombank, one to pay in euros and dollars as specified in contracts and another in rubles. Italian energy company Eni said this week that it was starting procedures to open a euro and a ruble account. The European Commission, the European Union's executive arm, has said countries making a payment in the currency listed in their contracts and formally signalling that the payment process is concluded is acceptable under EU sanctions.

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