Europe urged to stockpile gas

European countries were urged to start stockpiling gas reserves for the winter as another gas crisis involving Russia and Ukraine is looming.

The European Commission said a repeat of January’s energy shortfall was likely if Ukraine failed to raise

Millions of European consumers were left without gas for the first two weeks of this year, threatening a blackout across several countries, after Moscow cut pipelines following an alleged non-payment by Naftogaz to Gazprom.

The commission is currently locked in talks with Ukraine on a possible loan to allow the nation to buy 20 billion cubic metres of gas from Gazprom needed to fuel Europe.

Ukraine is also in negotiations with other international lenders, including the IMF, which has already given the country