RUSSIA has fallen victim to its own monopolistic policies as state-controlled producer Gazprom fails to respond to urgent calls from European customers to boost pipeline gas deliveries.Natural gas spot prices in Europe recently hit record highs on the back of growing demand and low storage.But Gazprom has refused to deliver more pipeline gas to continental Europe. Some critics have suggested it is retaliating against opposition to its controversial Nord Stream 2 subsea gas pipeline project.There is also a view that the gas giant has exhausted its spare production capacity after years of underinvestment in greenfield projects, with last year's shut-ins of wells due to the Covid-19 pandemic requiring longer and more expensive efforts to rectify.The company has been reducing gas exports to Europe this summer, with the latest cut reportedly last weekend on the Yamal pipeline.
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