Global RiskNews Briefs

Key Russian pipeline resumes pumping gas to Europe

Despite warnings that Russia would curb or halt supplies all together, the country has resumed pumping gas to Europe through the Nord Stream 1 pipeline. The pipeline restarted after a 10 day maintenance break, although it is flowing at a reduced level. The European Commission urged European countries to cut gas use by 15% over the next few months to prepare if Russia decides to switch off Europe’s supply. 

Last year, Russia had provided Europe with 40% of its natural gas. Germany was the largest importer of Russian gas in 2020, however, it has reduced its dependence from 55% to 35% and wants to stop using gas from Russia altogether. Russia’s invasion of Ukraine sent gas prices souring in Europe and impacted consumer energy bills which rose 44% in EU capitals. The pipeline is only delivering 40% of its capacity and the resumption of gas flow is not a guarantee that tensions between the EU and Russia are easing. 

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