Russia's Gazprom says gas flow to Europe will remain shut, sparking fears over massive shortages | The Sun
RUSSIA has vowed to keep natural gas supplies to Europe via the Nord Stream 1 pipeline shut off.
Industry leaders Gazprom announced the news in wake of G7 finance ministers agreeing to impose a price cap on the nation's oil exports.
The proposal by the UK, US, France, Germany, Italy, Japan and Canada was made in a bid to stop pumping money into crazed Vladimir Putin's war fund.
Gazprom revealed it would not reinstate supplies to Europe as the main gas turbine at Portovaya compressor station near St Petersburg needs repairs.
They said it could not operate safely until the leak was fixed, without mentioning when the crucial supply would return.
It was scheduled to reopen on Saturday after maintenance before the last minute U-turn just 24 hours before the deadline.
Read more on Russia
Cost of fixing potholes soars since Ukraine invasion & problem likely to deepen
Moment Russian troops ‘flee frontline’ as Ukraine vows to drive them back
Experts fear the move could spark mass shortages across the continent.
European nations have been scrambling to create a steady supply of gas ahead of the winter months as Russia makes the most of its upper hand.
The reliance on Russian gas has left the West in a precarious position while defiantly supporting Ukraine in the bloody conflict.
Around half of EU member states have already been impacted by the disruption to the key gas supply.
Most read in The Sun
Full list of key dates when cost of living payments will hit bank accounts
Britney Spears' son Jayden lifts lid on their toxic family split
Barcelona axe Braithwaite hours before deadline with striker joining Espanyol
Amy Childs shares very rare photo of son as he turns 4 years old
They accused Moscow of using energy as a "weapon" and believe they are using the energy crisis as a cruel political move to sow uncertainty.
In 2020, 167.7 billion cubic metres of natural gas in Europe was imported from Russia, according to EU statistical office Eurostat.
The UK’s reliance on Russian gas is far less significant to its neighbours, sourcing an estimated three per cent.
Of the 167.7 billion cubic metres of natural gas Europe imported in 2020, Germany bought the most – 56.3 billion cubic metres.
The country's Economy Minister Robert Habeck said this week they can no longer rely on Russia for gas at all.
The government was already bracing for further halts in flow for more maintenance, he said.
Germany – which is heavily reliant on Russia's gas supply – previously banned hot water and heating in Hanover after Moscow stopped sending its gas supplies.
'REDUCE RUSSIAN REVENUES'
The new price cap put forward by G7 finance ministers has not yet been determined.
In a statement, the seven nations said the cap was "specifically designed to reduce Russian revenues and Russia´s ability to fund its war of aggression whilst limiting the impact of Russia´s war on global energy prices".
Chancellor Nadhim Zahawi said of the news: "We will curtail Putin's capacity to fund his war from oil exports by banning services, such as insurance and the provision of finance, to vessels carrying Russian oil above an agreed price cap."
The Kremlin hit back on Friday, saying Russia would stop selling oil to countries that impose price caps on their energy resources.
Despite their deals being disrupted by invading Ukraine, Russia has made £600million more from oil sales in June compared to May.
Soaring prices – which continue to climb due to the war – have allowed the totalitarian state to make a hefty profit.
It comes after satellite pictures revealed Vladimir Putin is burning £8.4million of unused gas every day – while families face crippling energy bill hikes.
Massive orange flames are seen shooting into the sky at a natural gas plant after the Nord Stream 1 pipeline was shut.
Read More on The Sun
Full list of key dates when cost of living payments will hit bank accounts
My son, 8, is too big for school uniform – shopping for adult kit is traumatising
International gas prices rocketed after Russia invaded Ukraine, and spiked again after it shut off the undersea pipeline.
Households across Europe face potential blackouts and energy rationing, while the UK price cap almost doubled.
Source: Read Full Article