Russia Suspends Natural Gas Exports To Europe Via Nord Stream Indefinitely

He did not give a timetable for when exports might resume. “Until the issues related to the operation of the equipment are resolved, the supply of natural gas to the Nord Stream gas pipeline has been completely interrupted,” Gazprom said in a statement. The Nord Stream 1 pipeline is a key artery carrying Russia’s vast natural gas supplies to Europe, accounting for around 35% of total Russian gas imports to Europe last year. It flows directly into Germany, the bloc’s biggest economy, which is highly dependent on Moscow gas to power its homes and heavy industry. But Russia has been locked in an energy standoff with Europe since it invaded Ukraine in late February. News of the prolonged shutdown comes on the same day that the West’s biggest economies agreed to impose a price cap on Russian oil in a bid to limit Moscow’s ability to finance its war while keeping a lid on global inflation. This could result in countries blocking insurance coverage or financing for oil shipments. Russia had already threatened to retaliate by banning oil exports to countries that implement a price cap. The Nord Stream 1 pipeline has also been central to the ongoing economic conflict between Russia and the West. Since June, Gazprom has reduced flows through Nord Stream 1 to just 20% of capacity, citing maintenance issues and a dispute over a wind turbine missing from Western export sanctions. It has also cut off supplies to several “unfriendly” European countries and energy companies because of their refusal to pay for gas in rubles, as the Kremlin insists, instead of euros or dollars specified in the contracts. European leaders described the demands as blackmail. Earlier this week, Gazprom said it would suspend all shipments to France’s Engie ( EGIEY ) from Thursday, claiming it had not received full payment from the company for gas it supplied in July. Engie said the outage was the result of “a dispute between the parties regarding the implementation of the contracts”. Another cut in its natural gas supply is the last thing Europe needs as it heads into winter, when energy demand rises.
The bloc may have increased imports from alternative suppliers and already exceeded its storage target, but a further drop in supply could push wholesale gas prices, which feed into retail prices, even higher. Consumer price inflation in the nine countries that use the euro reached 9.1% last month – its highest level in 25 years – according to initial estimates from the EU statistics office. Energy prices were the single biggest driver of inflation, rising 38% in the year to August. But German Chancellor Olaf Scholz said earlier this week that his country is “much better prepared” to secure enough natural gas for the winter than could have been imagined a few months ago. “We can deal pretty well with the threats coming from Russia,” he said. — Alex Stambaugh, Julia Horowitz, Michelle Toh, Eyad Kourdi, Rob North and Inke Kappeler contributed to this report.

title: “Russia Suspends Natural Gas Exports To Europe Via Nord Stream Indefinitely Klmat” ShowToc: true date: “2022-11-30” author: “Karen Hinton”

He did not give a timetable for when exports might resume. “Until the issues related to the operation of the equipment are resolved, the supply of natural gas to the Nord Stream gas pipeline has been completely interrupted,” Gazprom said in a statement. The Nord Stream 1 pipeline is a key artery carrying Russia’s vast natural gas supplies to Europe, accounting for around 35% of total Russian gas imports to Europe last year. It flows directly into Germany, the bloc’s biggest economy, which is highly dependent on Moscow gas to power its homes and heavy industry. But Russia has been locked in an energy standoff with Europe since it invaded Ukraine in late February. News of the prolonged shutdown comes on the same day that the West’s biggest economies agreed to impose a price cap on Russian oil in a bid to limit Moscow’s ability to finance its war while keeping a lid on global inflation. This could result in countries blocking insurance coverage or financing for oil shipments. Russia had already threatened to retaliate by banning oil exports to countries that implement a price cap. The Nord Stream 1 pipeline has also been central to the ongoing economic conflict between Russia and the West. Since June, Gazprom has reduced flows through Nord Stream 1 to just 20% of capacity, citing maintenance issues and a dispute over a wind turbine missing from Western export sanctions. It has also cut off supplies to several “unfriendly” European countries and energy companies because of their refusal to pay for gas in rubles, as the Kremlin insists, instead of euros or dollars specified in the contracts. European leaders described the demands as blackmail. Earlier this week, Gazprom said it would suspend all shipments to France’s Engie ( EGIEY ) from Thursday, claiming it had not received full payment from the company for gas it supplied in July. Engie said the outage was the result of “a dispute between the parties regarding the implementation of the contracts”. Another cut in its natural gas supply is the last thing Europe needs as it heads into winter, when energy demand rises.
The bloc may have increased imports from alternative suppliers and already exceeded its storage target, but a further drop in supply could push wholesale gas prices, which feed into retail prices, even higher. Consumer price inflation in the nine countries that use the euro reached 9.1% last month – its highest level in 25 years – according to initial estimates from the EU statistics office. Energy prices were the single biggest driver of inflation, rising 38% in the year to August. But German Chancellor Olaf Scholz said earlier this week that his country is “much better prepared” to secure enough natural gas for the winter than could have been imagined a few months ago. “We can deal pretty well with the threats coming from Russia,” he said. — Alex Stambaugh, Julia Horowitz, Michelle Toh, Eyad Kourdi, Rob North and Inke Kappeler contributed to this report.

title: “Russia Suspends Natural Gas Exports To Europe Via Nord Stream Indefinitely Klmat” ShowToc: true date: “2022-12-17” author: “Margaret Beard”

He did not give a timetable for when exports might resume. “Until the issues related to the operation of the equipment are resolved, the supply of natural gas to the Nord Stream gas pipeline has been completely interrupted,” Gazprom said in a statement. The Nord Stream 1 pipeline is a key artery carrying Russia’s vast natural gas supplies to Europe, accounting for around 35% of total Russian gas imports to Europe last year. It flows directly into Germany, the bloc’s biggest economy, which is highly dependent on Moscow gas to power its homes and heavy industry. But Russia has been locked in an energy standoff with Europe since it invaded Ukraine in late February. News of the prolonged shutdown comes on the same day that the West’s biggest economies agreed to impose a price cap on Russian oil in a bid to limit Moscow’s ability to finance its war while keeping a lid on global inflation. This could result in countries blocking insurance coverage or financing for oil shipments. Russia had already threatened to retaliate by banning oil exports to countries that implement a price cap. The Nord Stream 1 pipeline has also been central to the ongoing economic conflict between Russia and the West. Since June, Gazprom has reduced flows through Nord Stream 1 to just 20% of capacity, citing maintenance issues and a dispute over a wind turbine missing from Western export sanctions. It has also cut off supplies to several “unfriendly” European countries and energy companies because of their refusal to pay for gas in rubles, as the Kremlin insists, instead of euros or dollars specified in the contracts. European leaders described the demands as blackmail. Earlier this week, Gazprom said it would suspend all shipments to France’s Engie ( EGIEY ) from Thursday, claiming it had not received full payment from the company for gas it supplied in July. Engie said the outage was the result of “a dispute between the parties regarding the implementation of the contracts”. Another cut in its natural gas supply is the last thing Europe needs as it heads into winter, when energy demand rises.
The bloc may have increased imports from alternative suppliers and already exceeded its storage target, but a further drop in supply could push wholesale gas prices, which feed into retail prices, even higher. Consumer price inflation in the nine countries that use the euro reached 9.1% last month – its highest level in 25 years – according to initial estimates from the EU statistics office. Energy prices were the single biggest driver of inflation, rising 38% in the year to August. But German Chancellor Olaf Scholz said earlier this week that his country is “much better prepared” to secure enough natural gas for the winter than could have been imagined a few months ago. “We can deal pretty well with the threats coming from Russia,” he said. — Alex Stambaugh, Julia Horowitz, Michelle Toh, Eyad Kourdi, Rob North and Inke Kappeler contributed to this report.

title: “Russia Suspends Natural Gas Exports To Europe Via Nord Stream Indefinitely Klmat” ShowToc: true date: “2022-11-27” author: “William Hartmann”

He did not give a timetable for when exports might resume. “Until the issues related to the operation of the equipment are resolved, the supply of natural gas to the Nord Stream gas pipeline has been completely interrupted,” Gazprom said in a statement. The Nord Stream 1 pipeline is a key artery carrying Russia’s vast natural gas supplies to Europe, accounting for around 35% of total Russian gas imports to Europe last year. It flows directly into Germany, the bloc’s biggest economy, which is highly dependent on Moscow gas to power its homes and heavy industry. But Russia has been locked in an energy standoff with Europe since it invaded Ukraine in late February. News of the prolonged shutdown comes on the same day that the West’s biggest economies agreed to impose a price cap on Russian oil in a bid to limit Moscow’s ability to finance its war while keeping a lid on global inflation. This could result in countries blocking insurance coverage or financing for oil shipments. Russia had already threatened to retaliate by banning oil exports to countries that implement a price cap. The Nord Stream 1 pipeline has also been central to the ongoing economic conflict between Russia and the West. Since June, Gazprom has reduced flows through Nord Stream 1 to just 20% of capacity, citing maintenance issues and a dispute over a wind turbine missing from Western export sanctions. It has also cut off supplies to several “unfriendly” European countries and energy companies because of their refusal to pay for gas in rubles, as the Kremlin insists, instead of euros or dollars specified in the contracts. European leaders described the demands as blackmail. Earlier this week, Gazprom said it would suspend all shipments to France’s Engie ( EGIEY ) from Thursday, claiming it had not received full payment from the company for gas it supplied in July. Engie said the outage was the result of “a dispute between the parties regarding the implementation of the contracts”. Another cut in its natural gas supply is the last thing Europe needs as it heads into winter, when energy demand rises.
The bloc may have increased imports from alternative suppliers and already exceeded its storage target, but a further drop in supply could push wholesale gas prices, which feed into retail prices, even higher. Consumer price inflation in the nine countries that use the euro reached 9.1% last month – its highest level in 25 years – according to initial estimates from the EU statistics office. Energy prices were the single biggest driver of inflation, rising 38% in the year to August. But German Chancellor Olaf Scholz said earlier this week that his country is “much better prepared” to secure enough natural gas for the winter than could have been imagined a few months ago. “We can deal pretty well with the threats coming from Russia,” he said. — Alex Stambaugh, Julia Horowitz, Michelle Toh, Eyad Kourdi, Rob North and Inke Kappeler contributed to this report.