Russia temporarily cuts European gas

State-owned energy giant Gazprom said Russia will suspend natural gas supplies to Europe via a major pipeline to Europe later this month for three days, putting pressure on regions trying to refuel for the winter. there is

An unscheduled maintenance order for the Nordstream 1 pipeline, which runs under the Baltic Sea to Germany, has deepened the energy conflict between Moscow and Brussels, already fueling inflation in the region, increasing rationing and the risk of recession. increase.

Gazprom said on Friday that the three-day closure was due to the pipeline’s only remaining gas compressor requiring maintenance, a move that would cause further turmoil, especially for Germany.

A spokesman for Germany’s economy ministry said it was “closely monitoring the situation with the Federal Network Agency”.

The shutdown, which will run from 31 August to 2 September, has raised concerns about whether Russia will resume supplies that have been cut since mid-June, following a 10-day scheduled maintenance in July. I got

Germany is already telling Uniper, the biggest importer of Russian gas and so far the biggest victim of Europe’s energy crisis, that Russia will cut flows sharply and buy gas elsewhere. It had to give €15 billion ($22 billion) in bailouts after being forced to do so. at a much higher price.

Friday’s producer price data highlighted the broader impact on Germany’s economy. July saw record year-over-year and month-to-month increases as energy costs soared.

The Nord Stream pipeline is already running at one-fifth of its capacity, so it shouldn’t be more difficult for Russia to completely shut off the flow and fill up its storage facilities for the winter heating season. There is growing concern that

European gas prices were hovering near five-month highs before Gazprom announced its shutdown, but after the news, US gas prices reversed course, rising 1.2%.

Russia temporarily cuts European gas

Source link Russia temporarily cuts European gas

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