Russia Halts Gas Flows to Europe via Key Route, Germany Sees 'No Cause for Alarm'

Send To Pod

Content provided by SendToPod AI. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by SendToPod AI or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

2+ y ago

MP3•Episode home

Original Article: Russia Halts Gas Flows to Europe via Key Route, Germany Sees 'No Cause for Alarm'

Convert your long form article to podcast? Visit SendToPod

Follow me on Twitter to find out more.
----

Russia halted gas supplies via a key European supply route on Aug. 31 citing maintenance issues, in a move that some European countries see as retaliation for backing Ukraine in the war and that sent prices on a wild ride intraday.

Russian state energy giant Gazprom stated that Nord Stream 1, the biggest pipeline carrying gas to its top customer, Germany, will be out for maintenance until Sept. 3.

“Supply via Nord Stream has been completely stopped, today scheduled preventive work is starting at the gas pumping unit,” Gazprom said in an Aug. 31 statement cited by Russian state media outlet Tass.

The pipeline’s operator, Nord Stream AG, confirmed on the morning of Aug. 31 that no gas was flowing via the Nord Stream 1 route.

The supply cut sent the price of gas in Europe surging by more than 5 percent on the London ICE exchange, with prices later retreating to trade down at about 7 percent by 7:30 a.m. EDT.

European countries have been racing to fill up their gas storage facilities ahead of winter in order to blunt the impact of reduced flows from Russia, with some analysts crediting the growing reserves cushion for the gas price rally fizzle.

The European Union also plans to intervene in energy markets to keep costs stable, a move that has also put downward pressure on prices in recent days.

View toward Nord Stream 1 Baltic Sea pipeline and the transfer station of the Baltic Sea Pipeline Link in the industrial area of Lubmin, Germany, on Aug. 30, 2022. (Lisi Niesner/Reuters)

‘Weapon of War’ Versus ‘Technological Problems’

European gas prices have soared to record highs amid reduced supplies from Russia. Prior to the Aug. 31 shutdown, flows via Nord Stream 1 had been running at 20 percent capacity, with Moscow citing equipment problems.

But the EU has dismissed Russia’s justification for the reduced flows, instead accusing Moscow of weaponizing energy over the bloc’s support for Ukraine in the conflict that has now passed the six-month mark.

France alleged on Aug. 30 that Russia was using energy supply to Europe as a “weapon of war.”

Asked by reporters a day ahead of the planned Nord Stream 1 shutdown whether there were any guarantees the gas flows would resume, Kremlin spokesman Dmitry Peskov linked the shutdown to technical issues related to sanctions.

“There are guarantees that, apart from technological problems caused by sanctions, nothing hinders the supplies,” Peskov said.

Western countries have imposed sanctions on Russia over its invasion of Ukraine, with Moscow claiming that the move has hindered its ability to carry out pipeline maintenance.

“European countries, Canada, the USA, ...

190 episodes

#Tech #SendToPod AI