Gas prices in Ireland will likely further increase due to tensions between Russia and Ukraine.
The Taoiseach says the suspension of the planned Nordstream 2 pipeline between Germany and Russia will increase inflation on fuel prices.
Taoiseach says Russia is "casting a very significant cloud" over Europe. He adds dialogue is the way forward
— Seán Defoe (@SeanDefoe) February 22, 2022
What's The NordStream 2?
Until recently few people may have heard of the Nordstream 2 pipeline.
It was being built to almost double the amount of gas Germany can take in from Russia - after Berlin decided to move away from nuclear power.
Its last plant is due to close this year.
Today, at a joint press conference with the Taoiseach, Chancellor Olaf Scholz announced the suspension of that project as part of sanctions against Russia for moving troops into part of Ukraine.
The moves by the EU, UK and US against the finances of oligarchs and the banks they use were foreseen by Russian President Vladimir Putin:
"We foresaw tribulations on this matter ... and talks that Russia is trying to recreate an empire - that is not true at all."
Taoiseach Micheál Martin saying he had a fruitful meeting with the German Chancellor on both Irish-German issues and Ukraine pic.twitter.com/eovSNqLrKP
— Seán Defoe (@SeanDefoe) February 22, 2022
Irish Impact
But what does it mean for us in Ireland?
Micheál Martin gave strong words earlier saying it was like Russia was trying to de-legitimise smaller countries.
But he admitted the international sanctions and Nordstream's shelving will have a further impact on fuel prices in Ireland.
"The crisis will have a negative impact on oil prices."
"A number of factors have come into play here, of course the geo-political crisis is one."
It comes as the Dáil will debate a motion later on deferring planned carbon tax increases, something the Government doesn't plan to do.
