Natural gas shipments to Europe via Nord Stream 1 have been completely halted due to an alleged leak found in the pipeline on Friday.
Even before flows were temporarily stopped for three days of scheduled maintenance, Nord Stream 1 capacity stood at a paltry 20%, with Russia citing sanctions as the culprit behind the disruption in routine operations. But, it appears that the shipments which were expected to resume on Saturday have now been halted indefinitely.
To the horror of Germany and the rest of Europe, Gazprom on Friday announced it found a leakage in the pipeline, making the gas turbine in-operational until the damage is repaired. According to a statement from the Russian-owned company seen by Reuters, all gas supplies at its Portovaya pumping unit have been stopped, and it now remains unknown when shipments through the pipeline will restart.
Europe has been anxiously awaiting the resumption of gas deliveries as bloc nations attempt to fill their reserves ahead of the winter season, prompting some governments to invoke emergency measures that could result in rationing. EU Commission chief Ursula von der Leyen even went as far as to suggest the bloc impose price caps on Russian gas, to which former Russian president Dmitry Medvedev warned that all supplies would be shut off in such an event.
Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
