The flow of natural gas from Russia to Germany via a crucial undersea pipeline stopped on Monday, as the link went offline for a 10-day scheduled maintenance period, testing Europe’s resolve to wean itself off abundant Russian fuel supplies.Despite sanctions aimed at punishing Moscow for invading Ukraine, Germany still draws 30 percent of its natural gas from Russia, much of it used to power its economically important industrial sector. Other European Union countries, including Austria, Italy and the Czech Republic, also receive gas via the Nord Stream 1 pipeline.The pipeline’s majority owner, the Russian energy giant Gazprom, cut the flow of gas by 60 percent last month, driving energy prices to record levels. The move has forced Germany to raise its gas emergency alert level to the second of three stages — the third and final stage would permit the government to begin gas rationing — and pass a law to bail out utilit …
Browse
Business Central
Accelerate growth with 1BusinessWorld's Global Business Profile
Sign up for free or use coupon code 1BW50 for 50% discount on your subscription
Sign up nowLatest Business News
- Precision Medicine in Women’s Health: Beyond Traditional Boundaries (12/4/2024) - Power Players in Precision Medicine At the forefront of a… Read more...
- Democratizing Commerce: A Powerful Vision for Shared Prosperity (12/3/2024) - Empowering Small Businesses, Driving Wealth Creation, and Building a Collaborative… Read more...
- Safeguarding the Future: How AI is Transforming Homeland Security and Redefining Resilience (12/2/2024) - AI and Homeland Security: Navigating the Intersection of Opportunity and… Read more...
- Global Tourism Reimagined: Building Bridges for a Brighter Future (12/1/2024) - Building Bridges in the New Era: Annette Cardenas Advances Global… Read more...
- Leadership at Sea: The Art of Curating Unforgettable Journeys (11/24/2024) - Lisa Bauer Redefines Excellence Through a People-Driven Vision for Cruise… Read more...
- The Critical Role of Psychological Safety in Business Success (11/21/2024) - How Creating Cultures of Rewarded Vulnerability Unlocks Innovation, Engagement, and… Read more...