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Explained: What is Gazprom and what makes it so powerful?

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By Euronews
The Lakhta Centre tower, the tallest building in Russia, hosts Gazprom's headquarters in St. Petersburg, Russia.
The Lakhta Centre tower, the tallest building in Russia, hosts Gazprom's headquarters in St. Petersburg, Russia.   -   Copyright  Dmitri Lovetsky/Copyright 2022 The Associated Press. All rights reserved

Europe is on edge, following Gazprom's energy move.

The energy giant has already reduced gas flows to 12 EU countries, either partially or completely. Dwindling supplies are sending prices soaring and pushing the economy closer to a recession.

Gazprom's moves, usually justified under questionable technical considerations, has raised accusations the company is directly following the Kremlin's lead and serving as a retaliatory tool to make the EU pay the price for the sanctions imposed on Russia since the onset of the Ukraine war.

While the bloc is going to great lengths to move away from Russian fossil fuels, global markets are too tight and Gazprom's grip is still too strong.

Governments are already preparing its companies and citizens for a worst-case scenario where Russian gas vanishes overnight and rationing is introduced.

So, what makes Gazprom so powerful?

Watch the video above to find out.