Gas Prices In Ireland Likely To Rise As Tensions Increase Between Russia And Ukraine

Tuesday, 22 February 2022 09:41

By Caoimhe Harney

Planned Nordstream 2 pipeline between Germany and Russia suspended.

Gas prices in Ireland will likely further increase due to tensions between Russia and Ukraine.

The Taoiseach has said the suspension of the planned Nordstream 2 pipeline between Germany and Russia will increase inflation on fuel prices.

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 - the necessity being bourne of the decision from Berlin to move away from nuclear power, with its last plant 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:

Micheál Martin gave strong words earlier saying it was like Russia was trying to delegitimise smaller countries.

But he admitted the international sanctions and Nordstreams shelving will have a further impact on fuel prices in Ireland.

It comes as the Dáil will debate a motion later on deferring planned carbon tax increases, something the Government doesn't plan to do.

Professor John O' Brennan, Jean Monnet Professor of European Integration and Director of the Maynooth Centre for European and Eurasian Studies, Maynooth University, spoke about the worsening situation in Ukraine with Clem Ryan on Tuesday morning's Kildare Today: