Russia Set to Keep Europe Under Supply Pressure on Gas

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The planned annual shutdown of Gazprom’s Nord Stream gas pipeline from Russia to Germany from Jul. 11-21 promises to keep Europe guessing whether Moscow will restore supply volumes afterward. Fears of a cutoff stem from the sharp drop in Nord Stream flows to 40% of technical capacity in mid-June, which Gazprom said was down to a Siemens turbine stuck in Canada due to Ottawa’s sanctions against Moscow. Many observers, however, saw political motives behind the tactic of restricted supply. Canada has now issued a “time-limited and revocable” waiver, which, post-maintenance, should result in at least partial increase in flows over those premaintenance levels — unless Moscow opts to keep more pressure on the European market.

Sanctions, Gas Supply, Ukraine Crisis
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