Germany puts hold on North Stream 2

For weeks the German government was reluctant to commit to including stopping North Stream 2 as a key element in sanctiones against Russia should it invade Ukraine.

BERLIN, Feb 22 (Reuters) – Germany on Tuesday halted the Nord Stream 2 Baltic Sea gas pipeline project, designed to double the flow of Russian gas direct to Germany, after Russia formally recognised two breakaway regions in eastern Ukraine.

Europe’s most divisive energy project, worth $11 billion, was finished in September, but has stood idle pending certification by Germany and the European Union.

The pipeline had been set to ease the pressure on European consumers facing record energy prices amid a wider post-pandemic cost of living crisis, and on governments that have already forked out billions to try to cushion the impact on consumers.

Risk too high

February 2022. Politicians and business leaders call for alternatives to Putin’s pipelines.

The country gets a whopping 55 percent of its gas imports from Russia. With the crisis triggered by Vladimir Putin’s belligerence toward Ukraine prompting renewed questions about the reliability of that supply, politicians and business leaders have begun calling for the country to urgently find ways to diversify its energy mix.

“Well. Welcome to the brave new world where Europeans are very soon going to pay €2.000 for 1.000 cubic meters of natural gas!” Dmitry Medvedev, the former Russian president and prime minister who is now deputy chair of the country’s Security Council, tweeted in reaction to Scholz’s move. Just to make sure the message got tweeted in German, too.

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