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Russia Forecasts Gas Prices of 2000 Euros for Europe

Germany has now halted certification of the controversial Nord Stream 2 gas pipeline for the time being. The reason for this is the conflict in Ukraine. The German Chancellor Scholz announced this yesterday (Tuesday).

” Today, I called on the Federal Ministry of Economics and Technology to withdraw the present report on the analysis of the security of supply at the Federal Network Agency. It sounds technical, but it is the necessary administrative-legal step so that now no certification of the pipeline can take place and without this certification Nord Stream 2 cannot go into operation. In this phase, it is now important, in addition to initial sanctions, to prevent further escalation and thus a catastrophe. All our diplomatic efforts are aimed at this. It is up to us to avert such a catastrophe, and I appeal once again to Russia to help.”

German Chancellor Olaf Scholz

It is now clear that the Nord Stream 2 pipeline remains a politicized issue. The only question is who will be hurt the most by stopping the pipeline, the Russians or the Europeans? Chairman of the Russian Security Council Dmitry Medvedev has commented on this,

“German Chancellor Olaf Scholz instructed to stop the certification of the Nord Stream 2 gas pipeline. Well, welcome to the new world, in which Europeans will soon pay €2,000 per thousand cubic meters of gas.”

Chairman of the Russian Security Council Dmitry Medvedev

He also added that the certification will take place in the future, as Europeans need the gas more than Russia needs to sell it.

The operator of the Nord Stream 2 pipeline, Nord Stream 2 AG, declined to comment on the announcement by German Chancellor Scholz.

“We cannot comment on this news report and will have to wait for corresponding information from the authorities.”

Nord Stream 2 AG

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