Gas prices in Europe are expected to soar tomorrow if crucial talks in Moscow between Russian giant Gazprom and the Belarus government collapse. There are fears that soaring energy prices across Europe could have a knock-on effect on domestic fuel costs in Britain. Russia has told Belarus that unless it pays another 123% for gas by tomorrow, supplies to its hardline Communist neighbour will be cut. However, Belarus has warned that such a move would force it to close Russian gas pipelines running through its territory to the West 20% of western Europe’s gas supplies pass through Belarus. Gas supplies to the UK are plentiful at the moment, but a sharp rise in European prices would affect the future cost of gas and this could mean planned price cuts in Britain would have to be postponed.
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