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Free AccessEcon Min: Russian Justification For Reducing NS Gas Supply A Pretext
German Economy Minister and Vice-Chancellor Robert Habeck has stated to Der Spiegelthat Russia's justification for cutting gas supplies through the Nord Stream pipeline are 'a pretext'. Gazprom alleges that maintenance issues caused by German firm Siemens is resulting in the 40% reduction in supply through the pipeline.
- Habeck says that 'It is a strategy to sow uncertainty and raise prices'. Also states that incidents such as these are likely to occur in the future, adding that "It's not over yet,"
- From Der Spiegel: "Habeck now emphasized that the maintenance of the [Nord Stream] compression systems manufactured by Siemens is not subject to the European sanctions against Russia. The maintenance runs through Canada - his ministry is "with the Canadians" in discussion about the subject. According to the federal government's knowledge, the first relevant "maintenance tranche" for the compressors will actually only be in the autumn. Nor would it lead to a 40 percent reduction in the amount of gas passed through. It can therefore be assumed that the decision was politically motivated."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.