Russia cuts gas flows further

FRANKFURT:

Russia delivered less gas to Europe on Wednesday in a further escalation of an energy standoff between Moscow and the European Union that will make it harder, and costlier, for the bloc to fill up storage ahead of the winter heating season. The cut in supplies, flagged by Gazprom earlier this week, has reduced the capacity of Nord Stream 1 pipeline – the major delivery route to Europe for Russian gas – to a mere fifth of its total capacity. Nord Stream 1 accounts for around a third of all Russian gas exports to Europe. On Tuesday, EU countries approved a weakened emergency plan to curb gas demand after striking compromise deals to limit cuts for some countries, hoping lower consumption will ease the impact in case Moscow stops supplies altogether. 

Published in The Express Tribune, July 28^th, 2022.

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