March 26, 2023

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Putin maintains tensions with Europe: 400% increase in gas prices over sanctions against North Stream 2

Russian President Vladimir Putin (Photo: REUTERS)

Only the European Union (EU) can set its own policies on which gas prices will be affected., While some of its members are resale Russian gas at very high prices at affordable prices, the President of Russia said, Vladimir Putin.

In this context, Putin reiterated his call to the European Union Approve the Nord Stream 2 pipeline, a new route for Russian gas, to facilitate price increases. In an intimidating tonePutin said The operation of the gas pipeline can “increase the additional supply of gas volumes to the European market and reduce its price in the stock market to the spot market”.

Major gas prices in Europe hit a new record on Tuesday, With approx 800% Since the beginning of the year. Prices fell on Friday, but still accumulated more than 400%.

North Stream 2 is facing opposition from many states in the United States and especially in Eastern Europe, Who claim that the gas pipeline will be set up The EU is even more dependent on Russian gas, Which already supplies 35% of the block’s gas needs.

Logo of the North Stream 2 gas pipeline project (Photo: Reuters)
Logo of the North Stream 2 gas pipeline project (Photo: Reuters)

The gas pipeline from Russia to Germany was built in September and is still awaiting regulatory approval from Berlin and Brussels. However, according to the German Federal Network Agency, The The gas pipeline certification process has been suspended until all procedures required by German law are completed..

Once all requirements have been met, the agency will be available Four months to make a decision, According to social law it will be transferred to the European Commission to take a position.

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“Supply of additional gas to the European market They will definitely lower the price in an exchange, (in the market) place “Putin quoted the news agency as saying RIA In a joint meeting with the State Council and the Science and Education Council.

The situation worsened on Friday The Yamal-Europe gas pipeline, which normally sends Russian gas to Western Europe, has flown upside down for the fourth day in a row., According to data from the German network operator Cascade, transports fuel from Germany to Poland.

Archive of Gazprom facilities on the Bovanenkovo ​​gas field in Russia's Arctic Yamal Peninsula (photo: Reuters)
Archive of Gazprom facilities on the Bovanenkovo ​​gas field in Russia’s Arctic Yamal Peninsula (Photo: Reuters)

Russian gas company Gasprom does not exclude transport capacity for export via Yamal-Europe By December 25, the auction results were shown. After last year Poland and Russia decided not to extend the long-term transport agreement, Gosprom typically has the potential of this route on a short-term basis.

Putin said Poland had “excluded” Russia from the Yamal-European administration, Which operated in reverse and sent gas eastward. The gas pipeline runs from Russia to Belarus and to Poland and Germany.

“It does not increase the volume of Russian gas in the European market The price is going upPutin was quoted as saying by the news agency Interfox, In reverse flows.

In Ukraine, Russian gas is another transport route to Europe, said the head of the state gas exchange director. Gazprom reduced the daily flow from 109 lcm to 87.7 million cubic meters (lcm).

Ukraine prepares borders for Russia's ultimate offensive (Photo: EFE)
Ukraine prepares border for Russia’s end attack (Photo: EFE)

“Gas supplies to the European Union have been cut for a while Prices above $ 2,000 say these are not economic decisions but purely political, Aims to increase pressure on the EU to launch Nord Stream 2 under the terms of the Russian Federation, ”he wrote. Sergei Mahogan On Facebook.

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Major gas prices in Europe rose by 2,200 euros ($ 2,495) per 1,000 cubic meters on Tuesday.

Deputy Prime Minister of Russia, Alexander Novak said Europe was losing more Russian goods due to the Nord Stream 2 delay. It still needs German approval to go.

(With information from Reuters and EFE)

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