Turkey dependent on Russian gas via Ukraine
On the morning of March 3, fallout from the Crimea crisis hit the European energy market. Over fears of a gas supply disruption similar to the 2006 and 2009 Russia-Ukraine gas crises, the benchmark oil price rose by 2%, gas futures climbed by 10% and Russian gas giant Gazprom's shares fell by 13%. However, not all consumers of Russian gas share the same level of risk. While EU members have developed some measures to reduce their energy security vulnerability, Turkey’s vulnerabilities have not changed since the 2009 crisis.
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