FUEL FEUD: Threat of energy shortages mount as Russia halts gas supply to Europe for 3 days
Russian President Vladimir Putin attends a meeting on economic issues via videoconference at the Novo-Ogaryovo residence outside Moscow, Russia, on Tuesday, June 7.
Natural gas prices, which have skyrocketed in 2022, rose again on Friday making the price for the energy commodity twice as high as one year ago. Countries in the European Union have not only seen widespread inflation and the looming threat of a recession, but officials are concerned how the natural gas shortages will impact Europeans in the coming winter months. Germany’s Economy Ministry said it was "monitoring the situation in close cooperation with the Federal Network Agency," which regulates the gas market. "Gas flows through Nord Stream 1 are currently unchanged at 20%.
Gazprom said the planned maintenance on a key compressor station along the Nord Stream 1 pipeline will be conducted in coordination with its German partner Siemens Energy.
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