Is Britain set for gas bill CRISIS after Putin puts military on WAR FOOTING over Ukraine?

BRITISH households face possible power shortages and soaring energy bills as a result of Russia’s decision to place its military on a war footing over the situation in Ukraine, it is feared.

Clashes outside the Crimean parliament today Clashes outside the Crimean parliament today [REUTERS]

Experts say that Russia, which supports the deposed leader Viktor Yanukovich, could try and exert political leverage over the country's new leaders by ramping up gas prices and calling in debts.

This could have a knock-on effect on British consumers, as much of Europe's supply of gas flows through Ukraine.

The concerns come as armed men stormed government buildings including parliament in the capital of the Ukraine's Crimea region today and hoisted a Russian flag.

Yesterday, Putin ordered 150,000 troops to be put on high alert to prepare for a "possible conflict" in regions bordering Ukraine.

However, analysts say that Russia is most likely to put economic pressure on the country.

Experts are concerned that the Russian state gas exporter Gazprom might try to influence new leaders seeking to follow a pro-EU course by ramping up gas prices.

Similar disputes in 2006 and 2009 led to stoppages in exports to Europe, which gets around a third of its gas from Russia.

 A man raises a Crimean flag over an old Soviet tank [REUTERS]

Last December, Russia promised to bail out the Ukraine with a £9bn bond-buying scheme and a 30 per cent cut in the gas price. 

In exchange, Yanukovych dropped plans to enter into a trade association with the EU - a move which sparked the protests that led to his overthrow.

Only £1.8bn of the loan was delivered, and Moscow will not pay the rest. 

Ukraine's acting president Oleksander Turchinov has said that the country needs £35bn over the next two years to avoid running out of money.

Andrew Wilson of the European Council of Foreign Relations said: "Ukraine is now broke and Russia can hit it hard.

"In the new situation, with Russian leaders already questioning the legitimacy of the new authorities, the most likely levers of Russian economic pressure – higher gas prices, reduced lending, call-back of loans and export restrictions – can cause immense damage. 

"At this stage, Russia is weighing which options to use, but the pressure will undoubtedly be felt soon."

The last energy war in 2009 choked off supplies to much of Europe during the winter, leading to severe shortages.

The Ukraine already owes Russia a £1bn debt for gas and has slashed imports this month in a bid to save money.

However, Russia could argue that this goes against a 2009 deal in which the country agreed to pay a high price for Russian gas and import quantities that exceeded the country's requirements.

Sergey Beiden, an analyst for OtKritie Securities, said: "We think that the market is concerned about whether the debt to Gazprom will be paid and also about how the current events in Ukraine could influence gas transit to Europe and Ukrainian consumption." 

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