Europe is preparing for a Russian gas shutdown this winter

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“Social peace in Germany is being called into question,” German Deputy Chancellor Robert Habeck declared on July 7. The villain: Gas prices. Russia is cutting supplies to Europe in retaliation for its support of Ukraine. In Germany, which relies on Russia for about a third of its gas imports, energy bills are expected to soar. Higher gas prices can cost businesses big; finally, Harbeck worries, they could trigger a financial crisis. The final threat — a total shutdown of Russia — seems increasingly likely.