Page 124 - RusRPTAug22

14. A trading source said the letter concerned supplies through the Nord Stream 1 pipeline, a major supply route to Germany and beyond. Gazprom had no immediate comment. The measure will likely escalate tensions between Russia and the West over the Russian invasion of Ukraine, action Moscow calls a “special military operation”. The European Union, which has imposed sanctions on Moscow, aims to stop using Russian fossil fuels by 2027 but wants to supplies to continue for now as it shifts away from Russian supplies. Russian gas supplies have dropped via major routes, including via Ukraine and Belarus and through Nord Stream 1 under the Baltic Sea. Nord Stream 1 is currently undergoing maintenance.
EU gas prices have reached $1,800 per thousand cubic metres. Gas prices in Europe's central hub have crossed the $1,800 per thousand cubic meters mark as worker strikes in Norway threaten supplies from the country, reported the London ICE exchange. The last time such quotations were observed was almost four months ago. On Monday, quotes for August contracts reached €160 per MWh or $1,771.2 per thousand cubic meters. Bloomberg reported the increases result from the planned strikes in Norway, due to which it is planned to close three fields, and actions planned for the next
124 RUSSIA Country Report October 2020 www.intellinews.com