It took place late on Wednesday and was overshadowed by the Swiss National Bank market turmoil yesterday.

Russia has shut off gas supplies through Ukraine to six EU states, ostensibly due to Ukraine's alleged illegal siphoning gas from the pipeline. The European Union warned that the sudden cut-off to some of its member countries was 'completely unacceptable'. The move comes just as winter begins to bite across Europe.

The pipeline crossing Ukraine supplies over 60% of the entire EU's natural gas. Six countries – Greece, Bulgaria, Macedonia, Croatia, Romania and Turkey – report a complete halt of gas coming in from Russia.

Yesterday, Ukraine confirmed that Russia had completely cut off their supply. Croatia said it was temporarily reducing supplies to industrial customers while Bulgaria said it had enough gas only 'for a few days' and was already in a 'crisis situation'.

There is the risk of an energy crisis and it is worrying that the move comes about at a time of increased maneuverings and posturing by NATO and the Russian army and deepening conflict in Ukraine.