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24 Dec, 2021 16:44

Nord Stream 2 could solve Europe’s energy crisis, says Putin

Nord Stream 2 could solve Europe’s energy crisis, says Putin

The launch of supplies via the newly constructed Nord Stream 2 pipeline would help to reduce gas prices for European consumers, Russian President Vladimir Putin said on Friday.

“The additional gas supplies on the European gas market would surely reduce the price on the spot (market),” Putin said as quoted by RIA.

His comments come as the Yamal-Europe pipeline that sends Russian gas to western Europe operated in reverse mode for a fourth day on Friday, data from German network operator Gascade showed, shipping fuel from Germany to Poland.

Putin said that Poland has sidelined Russia from managing the Yamal-Europe gas pipeline, which has resulted in the surge in gas prices.

Europe has been struggling with gas shortages and skyrocketing prices for months now; the situation led to prices on the spot market hitting $2,150 per 1,000 cubic meters of gas this week.

READ MORE: ‘Vladimir Putin’s pipeline weapon’: What’s really going on with Nord Stream 2?

Construction on the Nord Stream 2 gas pipeline, which was designed to deliver Russian natural gas to Germany under the Baltic Sea, was completed in September. However, it is still awaiting regulatory approval from Berlin and the European Union. The certification has now been stopped, as the operator Nord Stream 2 AG, headquartered in Switzerland, needs to register a subsidiary in Germany.

This week, the Federal Network Agency of Germany announced that a decision on the certification of the Nord Stream 2 operator would not be made in the first half of 2022.

For more stories on economy & finance visit RT's business section

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