The Wall Street Journal reports that Russia will begin flowing gas, albeit in small quantities, through a Nordstream 1 pipeline that has undergone several days of maintenance. Nordstream 1 pipeline supplies a third of the amount of Russian gas in Europe and the resumption of gas flow through it is expected to alleviate the shortage felt in the EU countries. The report further states that Russia will do so because it wants to fulfill its obligations to supply natural gas to Europe through the pipeline but apparently by reducing capacity.
Putin, who is visiting Iran, said Europe would start accepting gas again but on conditions. He said that as long as the sanctions prevented pipeline maintenance work, the Russians would reduce the flow of gas through it to 20%. Russia is facing severe sanctions that have hurt the economy and currency following the invasion of Ukraine and the war that is still going on there.
With the Russian invasion of Ukraine, natural gas prices jumped by 50% to 89 euros per megawatt hour due to the dependence of many European countries on Russian gas. An explosion at a US LNG facility about a month ago also boosted natural gas prices in Europe by 15%, while in the UK alone it jumped by almost 40%. The energy on the continent.
As part of Europe’s attempt to deal with the gas shortage, the continent also approached Israel and Egypt with the aim of reaching a trilateral agreement before the summer for the supply of liquid gas. The EU is making efforts to end its dependence on Russian gas and is promoting a € 210 billion plan to find alternative sources by 2027.
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