The Japan Times - Europe on tenterhooks over return of Russian gas to Germany

EUR -
AED 3.795051
AFN 76.905252
ALL 98.798207
AMD 414.66656
ANG 1.870598
AOA 943.848309
ARS 1093.833705
AUD 1.647875
AWG 1.862375
AZN 1.760572
BAM 1.955171
BBD 2.095626
BDT 126.56927
BGN 1.952062
BHD 0.391274
BIF 3072.711203
BMD 1.033218
BND 1.401749
BOB 7.171692
BRL 5.999382
BSD 1.037866
BTN 90.790784
BWP 14.35638
BYN 3.396707
BYR 20251.063216
BZD 2.084829
CAD 1.47714
CDF 2949.836368
CHF 0.940122
CLF 0.025884
CLP 993.29036
CNY 7.529887
CNH 7.546363
COP 4291.818894
CRC 529.029758
CUC 1.033218
CUP 27.380264
CVE 110.229528
CZK 25.131677
DJF 184.830522
DKK 7.463912
DOP 64.399276
DZD 139.539096
EGP 51.929289
ERN 15.498263
ETB 132.81586
FJD 2.390146
FKP 0.850945
GBP 0.833072
GEL 2.872748
GGP 0.850945
GHS 16.03584
GIP 0.850945
GMD 74.392028
GNF 8973.112456
GTQ 8.025417
GYD 217.579983
HKD 8.049023
HNL 26.452488
HRK 7.624678
HTG 135.756314
HUF 405.372959
IDR 16888.198522
ILS 3.675413
IMP 0.850945
INR 90.705391
IQD 1359.662461
IRR 43498.457578
ISK 146.696621
JEP 0.850945
JMD 163.997226
JOD 0.732969
JPY 156.425519
KES 133.99688
KGS 90.355268
KHR 4169.658206
KMF 492.332064
KPW 929.895875
KRW 1507.764378
KWD 0.31882
KYD 0.864922
KZT 529.259684
LAK 22549.743502
LBP 92945.390211
LKR 308.520718
LRD 206.543534
LSL 19.131843
LTL 3.050823
LVL 0.624983
LYD 5.09636
MAD 10.384558
MDL 19.460738
MGA 4890.426263
MKD 61.515204
MMK 3355.850172
MNT 3510.873213
MOP 8.32712
MRU 41.568623
MUR 48.255123
MVR 15.922273
MWK 1799.720851
MXN 21.254735
MYR 4.588006
MZN 66.033321
NAD 19.131843
NGN 1548.493805
NIO 38.197708
NOK 11.617812
NPR 145.265254
NZD 1.826603
OMR 0.397482
PAB 1.037866
PEN 3.857159
PGK 4.168659
PHP 59.988996
PKR 289.630497
PLN 4.22532
PYG 8186.365631
QAR 3.784182
RON 4.972053
RSD 117.022342
RUB 100.717589
RWF 1463.429069
SAR 3.87506
SBD 8.727396
SCR 15.595425
SDG 620.964075
SEK 11.304643
SGD 1.398257
SHP 0.850945
SLE 23.495749
SLL 21666.054515
SOS 593.209106
SRD 36.27114
STD 21385.51642
SVC 9.082077
SYP 13433.894063
SZL 19.125845
THB 35.020947
TJS 11.359944
TMT 3.626593
TND 3.314633
TOP 2.419903
TRY 37.075775
TTD 7.041734
TWD 33.933863
TZS 2667.441618
UAH 43.017857
UGX 3811.773373
USD 1.033218
UYU 45.145472
UZS 13448.672223
VES 62.441248
VND 26150.735204
VUV 122.665658
WST 2.893863
XAF 655.745981
XAG 0.032472
XAU 0.000361
XCD 2.792322
XDR 0.796044
XOF 655.745981
XPF 119.331742
YER 257.323196
ZAR 19.020815
ZMK 9300.201166
ZMW 29.035656
ZWL 332.695617
  • SCS

    -0.2200

    11.36

    -1.94%

  • NGG

    -0.1300

    61.54

    -0.21%

  • RIO

    -0.2400

    61.95

    -0.39%

  • GSK

    -0.3400

    36.04

    -0.94%

  • RBGPF

    67.2100

    67.21

    +100%

  • BTI

    0.1400

    41.76

    +0.34%

  • CMSC

    -0.0700

    23.37

    -0.3%

  • CMSD

    -0.0800

    23.75

    -0.34%

  • RELX

    -0.4100

    49.99

    -0.82%

  • RYCEF

    -0.0300

    7.42

    -0.4%

  • BP

    0.3100

    32.27

    +0.96%

  • AZN

    -0.3700

    71.99

    -0.51%

  • BCC

    -1.8300

    123.28

    -1.48%

  • VOD

    0.1300

    8.57

    +1.52%

  • BCE

    -1.3800

    22.14

    -6.23%

  • JRI

    -0.0200

    12.81

    -0.16%

Europe on tenterhooks over return of Russian gas to Germany
Europe on tenterhooks over return of Russian gas to Germany / Photo: John MACDOUGALL - AFP/File

Europe on tenterhooks over return of Russian gas to Germany

Europe anxiously awaits the return of Russian gas supplies on Thursday at the end of scheduled work on a crucial pipeline, as heavily dependent Germany accuses the Kremlin of using energy as a "weapon".

Text size:

The Nord Stream 1 pipeline is due to reopen at 0400 GMT after 10 days of annual repairs, but Germany fears Russia will seize the opportunity to simply keep the taps entirely or nearly shut, plunging the continent into an energy crisis.

The showdown comes amid the worst tensions between Russia and the West in several years over the invasion of Ukraine.

"Moscow is not shying away from using grain and energy deliveries as a weapon," German Chancellor Olaf Scholz told reporters this week, referring to allegations Moscow was also deliberately blocking food exports from Ukraine.

"We have to be resolute in protecting ourselves."

However, enduring German reliance on Russian gas coupled with distinctly negative signals from Moscow looked set to ratchet up the pressure on Europe's top economy.

The IMF warned on Wednesday that a halt in supplies could slash 2022 GDP by 1.5 percent.

- 'Will fulfil' -

Russia's state-owned energy giant Gazprom cut flows to Germany via the Nord Stream 1 pipeline under the Baltic Sea to some 40 percent of capacity in recent weeks, blaming the absence of a Siemens gas turbine that was undergoing repairs in Canada.

The repaired turbine is reportedly en route to Russia and expected to arrive on Sunday at the earliest.

Russian President Vladimir Putin insisted this week that Gazprom would meet all its delivery obligations.

"Gazprom has fulfilled, is fulfilling and will fulfil its obligations in full," Putin told reporters in Tehran after holding talks with the leaders of Iran and Turkey.

However, he warned that as another gas turbine was due to be sent for maintenance at the end of this month, energy flows could fall to 20 percent of capacity from next week.

Since Putin sent troops to Ukraine on February 24 and the West responded with sanctions against Moscow, Russia has begun reducing its gas deliveries to prevent EU countries from replenishing reserves.

Gazprom has already blamed cuts in gas deliveries to Europe on "force majeure", two major German customers said this week, adding to fears about further disruptions.

Force majeure is a legal measure allowing companies to free themselves from contractual obligations in light of circumstances beyond their control.

- 'Blackmail' -

The German government has rejected Gazprom's turbine explanation as an "excuse". However, Berlin acknowledges it would be largely powerless to dispute the force majeure claim and expect to be awarded damages from Russia.

As of Wednesday, German gas reserves were about 65 percent according to official estimates. Experts say that would leave Germany critically exposed if supplies via Nord Stream 1 didn't resume before cold weather returns.

The European Commission on Wednesday urged EU countries to reduce their demand for natural gas by 15 percent over the coming winter months, and to give it special powers to force through needed demand cuts if Russia severs the gas lifeline.

"Russia is blackmailing us," Commission president Ursula von der Leyen, a former German defence minister, told reporters.

"Russia is using energy as a weapon and therefore, in any event, whether it's a partial major cut off of Russian gas or total cut off... Europe needs to be ready."

German Economy Minister Robert Habeck, who has said he's started taking shorter showers to save energy, stressed that industry - but also consumers -- would have to do their part to reduce Russia's power in the current standoff.

"A decisive bit of leverage is reducing gas use," he said in a statement. "We have to do everything in our power to work on that."

T.Sato--JT