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Vladimir Putin-led Russia is likely to resume gas supplies via its Nord Stream pipeline to Europe with grid data indicating flows will resume at 20% of capacity on Saturday as planned, reported Bloomberg.
Worry For Europe: Russia shutting down its Nord Stream pipeline citing maintenance has become a cause of concern for European policymakers who fear it may not commence again. Germany has already stated it isn’t counting on Nord Stream this winter at all, according to Bloomberg.
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European policymakers are anticipating the maintenance and checks would continue throughout the winter, which will keep the markets on edge and could be used as a way to squeeze the bloc on sanctions, the report said.
According to the report, Gazprom PJSC OGZPY stated the only functioning gas turbine at the link’s entry point must go through technical maintenance every 1,000 hours.
Russian Deputy Prime Minister Alexander Novak indicated on Thursday the country is sticking to the schedule it outlined, Bloomberg reported, citing the Tass news service.
Expert Take: Fitch Ratings said in a note that recession in the eurozone now appears likely as a result of the deepening gas crisis. “A eurozone recession starting in 2H22 would be likely, with Germany and Italy experiencing annual declines in GDP in 2023,” it said.
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Image and article originally from www.benzinga.com. Read the original article here.