“German Chancellor Olaf Scholz has frozen the Nord Stream 2 gas pipeline linking Russia and Germany across the Baltic Sea.
This is a move that goes against German interests as Germany is “thirsty” for cheap gas.
Following Putin‘s decision to recognise the regions of Eastern Ukraine as independent republics and the deployment of Russian forces, it was expected that the Nord Stream II pipeline would not receive a permit to operate.
Besides, Solts had been pressured by the Americans to commit himself that the pipeline would be the first “victim” in case Russia proceeded with an action that the West would describe as “aggressive“.
According to international news agencies, Solts said, among other things:
“Russia‘s decision is a serious violation of international law. The certification of Nord Stream 2 cannot proceed. The international community must respond to Russia‘s unjustified reaction. “
— Traders Community (@TradersCom) February 22, 2022
#Germany today pulled the plug on the #NordStream 2 gas pipeline while Boris Johnson vowed to hit Russia with a 'first barrage' of sanctions as Vladimir Putin faced a backlash over his action in #Ukraine.
— IGC NEWS INTERNATIONL GH 🇬🇭🇬🇧🇺🇸 (@NewsIgc) February 22, 2022
Ukraine's President Zelenskyy demands an immediate halt to Nord Stream 2 project to pipe Russian natural gas to Germany via the Baltic Sea. He says Russia must be punished for its latest decisions pic.twitter.com/eoRwQRhGYm
— TRT World Now (@TRTWorldNow) February 22, 2022
At the same time, however, Qatar has officially admitted that no one can replace Russian gas supplies to the EU, following Putin‘s letter to Emir al-Thani:
“The volume of gas supplies from Russia to Europe at the moment cannot be replaced by any country,” Qatar‘s Energy Minister Saad Al-Kaabi said at a press conference after the Gas Exporting Countries Forum (GECF) summit, referring to the US request to supply Europe with gas from Qatar.
“In general, when we talk about the situation in Ukraine or in Europe, people often say that Qatar can replace Russian gas. I have already stated in this regard that 30-40% of supplies in Europe come from Russia.I think no one will be able to replace Russia in this respect. Unfortunately we do not yet have such volumes of LNG for which there are long-term contracts, so it is impossible,” the minister said, ending the imaginative scenarios and putting Germany “on ice”
Qatari Emir Sheikh Tamim bin Hamad bin Hamad al-Thani received a letter from Russian President Vladimir Putin on Tuesday on ways to support and strengthen bilateral relations between the two countries as well as issues of mutual interest, Qatar‘s state news agency reported.
Putin‘s letter was delivered to Al-Thani by Russian Energy Minister Nikolai Shulginov, who is currently in Doha to attend a gas exporters‘ conference.Crude oil is nearing $100 a barrel and European gas surged today Tuesday. Other commodities have also taken . . . up, with aluminium approaching a record high and wheat climbing to a one-month high.
Capital Economics said the biggest impact is likely to come through commodity prices and that a worst-case scenario could see oil reach $120 to $140 and gas jump higher, adding about 2 percentage points to headline inflation in advanced economies this year.