Russia cuts off gas to two European countries. Who’s next?

NOT LONGEU ago it seemed that the game of energy poker being played by Europe and Russia, though dangerous, was under control. Oil and gas was one of the few sectors Europe had not targeted with sanctions. Russia had kept supplies flowing. Yes, Europe was mulling a ban on energy imports, and Russia demanded in late March that “unfriendly” countries pay for their next gas deliveries in roubles (rather than euros or dollars), or be cut off. But each side thought the other lacked the guts to go all in. After all, Europe imports 40% of its gas from Russia, which in turn makes about €400m ($422m) a day from its sales.On April 27th, however, Russia upped the ante. Gazprom, a state-owned energy giant, stopped sending gas to Bulgaria and Poland after they missed the deadlines that Russia had set for paying in roubles. The is scrambling to respond; European gas prices jumped by a fifth on the news (though they have since fallen a little).