Warnings in Europe about the complete cessation of natural gas supplies from Russia led to a new sharp jump in gas prices, DW reports.

On Friday, August 26, the price of European futures for gas supplies in September immediately increased by 9 percentage points to a record 340 euros per megawatt/hour (in the measurement more familiar to Belarusians, it is 3,587 euros per thousand cubic meters).

Earlier, "Gazprom" announced the suspension of gas supplies through the "Northern Stream" pipeline for three days from August 31 due to repair works.

This only increased fears about the prospect of a complete stoppage of Russian gas supplies to Europe.

Prices will remain high for many years

Meanwhile, the head of the German Institute for Economic Research (DIW),

called to prepare for long-term maintenance of high natural gas prices.

"Energy prices will never return to pre-war levels," he said in an interview with the SWR radio station.

According to Fratzscher, energy prices due to Russia's war against Ukraine will remain at a high level for five to seven years, so people should adjust to a decrease in the standard of living.