(Reuters.) European shares began the second quarter in a subdued manner. The reason? Investors were heavily concerned about economic growth. Europe also faces a deadline when it will begin paying in roubles for Russian gas.

Russian President Vladimir Putin has threatened to stop gas supplies until payments in local currency are made by April 1, a move which could worsen an energy crisis in Europe, as Russian gas imports represent about 40% of Europe’s gas consumption.

At 0708 GMT, the pan-European index was flat. Sector gains such as banking, healthcare, and consumer staples were countered by declines in technology stocks and oil stocks.

The United States made the announcement of the greatest ever strategic reserve release and called upon oil companies to continue drilling to lower prices. This was in the hope that prices would stabilize, which had risen to more than 40% from $139 per barrel when Russia launched an attack against Ukraine. [O/R]

Negotiations to close the five-week war were scheduled for a reprise, as Ukraine feared further incursions in the southeast and the south.

The stock of French catering and food service group Sodexo fell 5.5% after it reduced its full year organic revenue forecast. This was due to uncertainty caused by COVID-19’s war in Ukraine.