The Commissioner for Budget and Administration of the European Union (EU), Johannes Hahn, said on Tuesday that The European Commission does not expect gas supplies to Europe from Russia via the Nord Stream pipeline to resume from this Thursdayaccording to the Wall Street Journal (WSJ).
Hahn has said: “We work with the hypothesis that it will not work again“.
The reopening of the Russian gas pipeline Nord Stream 1 is essential for the euro to maintain its recovery momentum. The Nord Stream 1 pipeline, the main source of Russian gas for Germany, is scheduled to be out of service until July 21 for routine work that, according to the operator, includes “testing of mechanical elements and automation systems.”
But markets remain wary of Russia’s intentionsespecially after Russia’s Gazprom cut gas flow through Nord Stream 1 by 60% last month.
If Russia delays the reopening of the gas pipeline, as a response to the Ukrainian crisis, it could aggravate the serious gas situation in Europereigniting bearish interest in the common currency.
Source: Fx Street
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