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Russia Steps Up Energy Wars With Gas Cuts to Europe’s Top Buyers

  • Gazprom is curbing shipments via Nord Stream pipeline by 60%
  • German Economy Minster says cut is politically motivated
Flows of gas into Nord Stream will drop to as much as 67 million cubic meters per day.

Flows of gas into Nord Stream will drop to as much as 67 million cubic meters per day.

Source: Bloomberg

Updated on

Russia stepped up the use of energy as a weapon by further cutting natural gas shipments via its biggest pipeline to Europe, prompting Germany to accuse the Kremlin of trying to drive up prices.

Gazprom PJSC is curbing gas supplies via its Nord Stream pipeline to Germany by 60%, increasing an initial cut to Europe’s top buyer announced on Tuesday. The move adds to a 15% reduction in flows to Italy, the continet’s second-largest customer of Russian gas, putting more pressure on already tight European energy markets and sending gas prices surging more than 25%.