European gas prices rise with SWIFT ban on Russia

- Natural gas prices for April futures contracts opens at €125, with 32% rise compared to previous session

Natural gas trading on the TTF - the Netherlands-based virtual natural gas trading point, saw a 23.4% increase to €115 at 0840 GMT on Monday amid international action to remove certain Russian banks from the SWIFT banking system

In retaliation for the bombing of Ukraine by Russia, the EU, US, UK, Canada and the EU Commission agreed on Sunday to ban several Russian banks from the Society for Worldwide Interbank Financial Telecommunication, known as SWIFT, a global financial transactions and payments system used between banks worldwide.

The move aims to limit the ability of Russia to conduct international foreign trade through the global financial system.

Natural gas prices for April futures contracts on the TTF started the day at €125, posting a 32% rise compared to the previous trading session.

Europe imports approximately 40% of its natural gas needs from Russia, equivalent to 175 billion cubic meters.

International benchmark Brent similarly increased ahead of Russia-Ukraine high-level negotiations that are due to start at the Ukraine-Belarus border at noon Moscow time (0900 GMT).

Brent crude reached $101.2 a barrel on Monday's trade for a 3.41% gain at 0839 GMT.

Meanwhile, Russia's Central Bank on Monday increased the key interest rate from 9.5% to 20% in a dramatic move amid sanctions.

€1 equals 15.36 Turkish liras

By Zeynep Beyza Kilic

Anadolu Agency

energy@aa.com.tr