Russia threatens to slash gas supplies through Nord Stream pipeline by 80%

Gazprom, Russia’s largest gas company, stated Wednesday that it still has not received the documentation from Siemens required for reinstalling a turbine in Nord Stream 1 for its gas pipeline. This is despite sanctions from Canada as well as the European Union.

Gazprom stated that the safe operation of Nord Stream 1 had been affected by the return of the turbine. It had been sent to Gazprom for maintenance.

Putin threatened to cut gas supplies to Europe via a key pipeline as high as 80% in an attempt to deepen Europe’s energy crisis before winter.

According to the Kremlin, flows will resume through the Nord Stream link after maintenance work is complete tomorrow, avoiding fears of a total cut-off.

Putin stated that flows could fall to 20% next week if sanctions are not lifted.

Moscow had already cut supply through the pipeline to 40% capacity before the work began. Moscow cited a turbine that was stuck in Canada due to sanctions after repairs.

The turbine is currently being returned from Canada. However, another one is expected to be sent for maintenance on July 26.

European officials are still unsure if Russia will reopen its taps. They also accuse the Kremlin, who using the turbine to cause havoc on Europe’s energy markets.

Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

Weekly Newsletter

Sign up to receive exclusive stock market content in your inbox, once a week.

We don’t spam! Read our privacy policy for more info.