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Ukraine crisis: could the gas be cut off?

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As Ukrainian forces retake territory occupied by pro-Russian militias, the crisis is heating up. Russia could retaliate by cutting off gas supplies to Ukraine and Europe. Around a third of Europe's gas comes from Russia with forty percent pumped through Ukraine. 

Saxo Bank's Head of Commodity Strategy, Ole Hansen, has been analysing the situation and says that, unusually for this time of year, Europe has around 60 days of gas supply stockpiled; largely due to a mild winter. So far the price of natural gas has risen by around ten percent but this isn't an unusual increase. 

Russia and the Ukraine have a long running dispute over gas supplies. In 2006 Russia did cut off supplies, for a few days, until an agreement was reached.