Russia threatens to shut down gas supply through Nord Stream 1 to Europe

In response to the Western sanctions, Russia has threatened to shut down the major gas supply through the Nord Stream 1 pipeline to Germany. On Monday night, the nation's deputy prime minister, Alexander Novak, made the announcement in retaliation to "calls to dump Russian oil and gas" from European leaders along with UK prime minister Boris Johnson.  

In a statement shared by Russia’s embassy in the UK, Russia Deputy FM said, “Given… the baseless accusations against Russia regarding the energy crisis in Europe and the ban on Nord Stream 2, we know we are fully entitled to take a ‘mirror’ decision and place an embargo on gas transit via Nord Stream 1 which is presently running at 100 percent capacity.” 

Novak went on to say that Europe utilises roughly 500 billion cubic metres of gas every year and Russia contributes 40% of that. He further warned that rejecting Russian oil would have ‘catastrophic consequences' for the world market and that the price of oil might increase to over $300 per barrel. 

According to the statement, he said that finding a rapid alternative for Russian oil on the European market would be impossible. Deputy FM claimed, “It will take years, and it will still be much more expensive for European consumers. Ultimately, they will be hurt the worst by this outcome.” 

Indicating the sanctions of the West to scrap Russian oil and gas, Russia Deputy FM asserted, “It will have no winners.” Novak further highlighted the fact that the nation has still not taken any decision.  

The action could also jeopardise the energy supply in Western Europe

The decision to shut down the Baltic Sea pipeline might be financially disastrous for Russia and national gas giant Gazprom, however, experts believe that the action could also jeopardise energy supply in Western Europe, which is highly reliant on Russian gas, according to international reports. While the United Kingdom only obtains around 4% of its gas from Russia, rising energy demand might push bills considerably higher than previously anticipated. 

In addition to this, Alexander Novak said while challenging the West, “If you want to cut off supplies of energy resources from Russia, go ahead, we are ready for that,” as per the statement. He further clarified that the nation does not want this to be happening.  

Meanwhile, as part of the package of penalties placed on Russia after it pushed soldiers into Ukraine, Germany has put on hold the plans to open the Nord Stream 2 pipeline delivering gas from Moscow to Berlin. Germany's decision to halt the construction of the pipeline will have significant implications for Europe's future gas supplies.    

(Image: AP)