Russia Shuts off Europe’s Main Gas Pipeline Until the West’s Sanctions Are Lifted, Iran Tempts EU With Similar Deal – Economics Bitcoin News

Russia has seemingly drawn a line in the sand and will not turn on Europe’s main gas pipeline until the “collective West” lifts the financial sanctions against the country. The move follows the Nord Stream 1 pipeline allegedly shutting down for “maintenance,” but reports from Interfax that followed five days later indicate Moscow will not be turning the gas back on until demands are met.

Putin’s Spokesperson Says Nord Stream 1 Pumping Problem Due to the Collective West’s Sanctions

While it was said Russia’s state-run Gazprom was having “technical difficulties” with the gas pipeline that connects Russian gas to Germany, and that the pipeline was under “maintenance,” president Vladimir Putin’s spokesman, Dmitry Peskov, claims the shutdown is due to Western sanctions against Moscow. Gazprom reported this past weekend that Nord Stream 1 pipeline would be shut down indefinitely because of “oil leaks.”

Gazprom claims that the technical issues stemmed from German-made turbines. Interfax quotes Peskov as saying that Gazprom believes the technical difficulties stem from the German-made turbines.

“The problems pumping gas came about because of the sanctions Western countries introduced against our country and several companies,” Peskov stressed. “There are no other reasons that could have caused this pumping problem,” Putin’s spokesman added. Peskov added:

Other reasons that would cause problems with the pumping don’t exist — It is these sanctions imposed by the Western states that have brought the situation to what we see now.

EU Accuses Russia of ‘Weaponizing’ Energy Supplies, Iran Offers Europe Cheap Gas in Exchange for Sanction Lifts and Nuclear Deal

Following Peskov’s statements, during the weekend, Europe’s gas futures markets had shown significant pain was due during Monday’s trading sessions. The max pain came to fruition on September 5, as Reuters reported that “European gas prices rocketed as much as 30% higher on Monday after Russia said one of its main gas supply pipelines to Europe would stay shut indefinitely.” While the Kremlin believes the “collective West” is at fault for the disturbances, Reuters reported that Europe “has accused Russia of weaponising energy supplies.”

Gazprom, the Russian giant of gas, announced that Engie, the French industrial energy company Engie would cease receiving gas from Russia. The EU claims it is able to withstand a winter without Russian gaz, but others fear that the winter will be extremely harsh. Volodymyr Zelenskyy, the Ukrainian president, recently stated that the EU might deal with an energy crises in the next months and advised Europeans to prepare for a hard winter.

Iran has offered cheap Iranian gas to Europe in return for a potential nuclear agreement. Reports show that Tehran “teased” Europe with cheap gas and the country’s leaders want financial sanctions lifted as well. While Nord Stream 1 is the largest pipeline for gas from Russia to Europe consisting of 100,000 pipes, Iran holds the world’s second-largest gas reserves, in terms of natural gas supplies. Iran’s state-operated Mehr news agency reported on the offer to Europe, and reportedly Tehran told Europe that “Winter is coming.”

Media’s Interpretation of the Nord Stream 1 Could Be Hyperbole

Gazprom informed the public that Siemens Energy will attempt to fix the oil leaks on Saturday. Siemens Energy claims that oil leaks like those found over the weekend would usually not prevent gas delivery.

“Such leaks do not normally affect the operation of a turbine and can be sealed on site. It is a routine procedure within the scope of maintenance work,” a TASS report quoting Siemens Energy explains.

Gazprom was there amid the speculation ExplainOn Monday, it announced that 42.4 million cubic meters of gas will be supplied to Europe. Furthermore, some people don’t believe the media’s interpretation of Russia’s gas shut-off. A single person crunched data. claims Russia’s gas halt only represents “3.1% of the EU’s daily [gas flows].” The individual continued by adding that some of the media’s reports are “sensationalism at its best.”

Another tweet the individual insisted that “high Russian flows helped a lot in early 2022,” but further noted that “this is a 2023-24 issue, and a big one.”

In this story, tags
cheap Tehran gas, Dmitry Peskov, economics, EU, European economy, Eurozone, Financial Sanctions, Gas, gas pipeline, Gazprom, inflation, Iran, iran sanctions, main gas pipeline, natural gas, Nord Stream 1, Nord Stream 1 pipeline, pipeline, Russia, russia sanctions, Sanctions, tehran, Ukrainian President, Vladimir Putin, Vladimir Putin’s spokesman, Volodymyr Zelenskyy, weaponising energy supplies

What do you think about Dmitry Peskov’s claims and Iran tempting Europe with cheap gas? Comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman is the News Lead for News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has been an active participant ever since. Since 2011, Redman has been an active member of the cryptocurrency community. Redman is a prolific writer for News, with over 5,700 articles on the most disruptive protocols currently in development.

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