Europe’s best defense against Russia’s gas squeeze is looking vulnerable
Summer months are, of course, the slow season for natural gas demand in Europe, so when Russia shut down Nord Stream 1, the continent’s biggest gas pipeline, for scheduled maintenance today (July 11), it seemed like welcome timing. Europe’s gas outlook got another boost when Canada said it could return a key part for Nord Stream 1 that had been held up due to sanctions on Russia, so when the pipeline is reopened, it should be able to carry more gas than before.
The key question now is when that reopening will happen, if it happens at all.
Officially, the repair should take about ten days. And Russian president Vladimir Putin has an interest in maintaining the flow of gas, which is a vital source of income. But some German officials fear that politics could win out over profit, and prompt Putin to drag his feet on the pipeline repairs, which could cause short-term scarcity and more price spikes, wreaking further havoc on Europe’s economy.
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