Nord Stream AG confirms shutdown

Nord Stream AG confirmed that the shutdown began as planned at 0600 CET (9:30 am IST) and that gas flows would cease a few hours later.

The Nord Stream 1 pipeline transports 55 billion cubic metres (bcm) of gas per year from Russia to Germany through the Baltic Sea. Maintenance will take place from July 11 to July 21.

Europe is concerned that Russia will extend scheduled maintenance to further restrict European gas supply.

Russia reduced flows to 40% of total capacity, citing equipment return delays. Germany has advanced to the second stage of a three-tiered emergency gas plan.

In the second half of this year, the economic blow could be 193 billion euros ($195 billion).