EU told to prepare for Russian gas shut-off Latest Updates:
Amid concerns that Russia could cut off supplies, the European Commission has advised nations within the bloc to reduce their gas use by 15% from August to March.
It states that although the goal is voluntary, it will become a requirement if Moscow shuts off the water supply this summer.
The crucial Nord Stream 1 pipeline, which runs from Russia to Germany, has been out of service for 10 days for repair; it is scheduled to reopen on Thursday. However, there are worries that Moscow won’t keep its word.
Vladimir Putin stated on Wednesday that it was unclear whether or in what condition a turbine from the pipeline would be returned after repairs in Canada, which added to the ambiguity.
The equipment might need to be turned off “some time” and Nord Stream 1 might have to be stopped, according to the Russian president.
In 2017, 40% of Europe’s natural gas came from Russia; in 2020, Germany and Italy will be the continent’s two biggest importers. A Europe-wide cutoff is now a “likely possibility,” according to President of the European Commission Ursula von der Leyen.
More About EU told to prepare for Russian gas shut-off
Therefore, Europe needs to be prepared for any situation, whether it’s a partial, significant, or whole cutoff of Russian gas. Since its invasion of Ukraine, Russia has cut off supplies to a number of nations, including Poland, Bulgaria, the Netherlands, Denmark, and Finland, which have refused to pay for their gas in roubles.
Additionally, it has been charged with cutting back on supply to make it harder for EU nations to stockpile ahead of the winter. Less than 5% of the gas used in the UK comes from Russia, but market movements around the world have an impact on gas prices.
“Using energy as a weapon”:
According to the Commission, a complete cutoff over the winter may have a significant effect on EU economies, slowing GDP by up to 1.5%.
Last week, the International Monetary Fund issued a warning that it might cause countries to enter a recession and exacerbate an energy crisis that has driven up consumer costs.
Ahead of the winter, European countries have been attempting to increase their gas reserves in case Moscow tightens the supply even further. The anticipated reduction of 15% is measured against the average consumption for the same period between 2016 and 2021.
Ms. von der Leyen tweeted that the gas that is conserved would be put into storage. World news update today.