Russia has ended its natural gas trade with Europe, leaving the region without a key source of gas supply due to the end of the Russia-Ukraine pipeline transit deal. This has caused a gas crisis in Transnistria, a region heavily dependent on Russian gas, resulting in no heat or hot water for residents, factory shutdowns, and power grid issues. Ukraine had allowed the gas transit through its territory, but the deal was terminated on January 1, impacting both Russia’s economy and its war efforts.
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UK economy shrank unexpectedly in January
The UK economy unexpectedly shrank by 0.1% in January, attributed to a slowdown in manufacturing, following a 0.4% growth in December. This weak performance may impact government plans to boost economic growth, with the upcoming Spring Statement expected to include spending cuts. Despite some sectors like retail showing growth, overall economic growth remains weak, leading to concerns about vulnerability and possible downward revisions in growth predictions. Full Article
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