[ad_1]
Russian President Vladimir Putin sent another shockwave through Europe after a state-owned gas supplier said its key gas pipeline to the region wouldn’t reopen as planned.
What Happened: Russia’s Gazprom OGZPY announced an indefinite shutdown of the Nord Stream 1 pipeline to Europe, which was earlier expected to reopen on September 2 if no anomalies were found.
The company, late Friday, said it discovered a technical issue, and the pipeline can’t operate again until it’s fixed. The move came as a blow to Europe, which is eyeing to cut down its dependency on Russian gas. The supply cut potentially pushes the region a step closer to blackouts, rationing, and a severe recession.
See Also: Russia Is Burning Off Huge Amount Of Gas Every Day While Cutting Supplies To Europe
Simone Tagliapietra at think-tank Bruegel in Brussels told Bloomberg, “Putin seeks to hit Europe where it hurts the most.”
“This announcement is just another indication that between ‘technical issues’ and ‘contract disagreements,’ a winter with zero Russian gas is the central scenario for Europe,” he added.
Meanwhile, European Commission chief spokesperson Eric Mamer said Gazprom was acting on “fallacious pretenses.”
“Gazprom’s announcement this afternoon that it is once again shutting down NorthStream1 under fallacious pretenses is another confirmation of its unreliability as a supplier,” Mamer said.
“It’s also proof of Russia’s cynicism, as it prefers to flare gas instead of honoring contracts,” he added, signaling toward recent media reports that said Russia is burning large volumes of natural gas in a huge orange flare near the Finnish border while cutting supplies to the European Union.
Check out more of Benzinga’s Europe and Asia coverage by following this link.
Photo: Courtesy of ΝΕΑ ΔΗΜΟΚΡΑΤΙΑ on flickr
[ad_2]
Image and article originally from www.benzinga.com. Read the original article here.