European natural gas prices have surged by 9%, nearing the historic highs recorded earlier this year, after Russia followed through on threats to further restrict energy supplies.
The Russian state energy firm, Gazprom, has reduced flows through the Nord Stream 1 pipeline, the primary artery for gas into Germany, to less than 20% of its total capacity.
While Moscow attributed the reduction to technical maintenance of a turbine, German officials and European leaders have dismissed this claim as a pretext for “energy blackmail,” accusing the Kremlin of weaponizing fuel in response to Western sanctions.
For Germany, which traditionally relies on Russia for 55% of its gas, the cuts pose a severe threat to its ability to stockpile fuel ahead of the winter heating season.
This supply crunch has reverberated across the continent, prompting the European Union to agree on a voluntary 15% reduction in gas consumption. In the UK, while direct reliance on Russian gas is low (less than 5%), wholesale prices have still risen by 7%, nearly six times higher than they were a year ago.
