Germany Sees Catastrophic Energy Crisis after Russia Cuts Gas Deliveries to Only 20%

Russia’s state-owned gas company Gazprom said that it would halt another turbine in the Nord Stream 1 pipeline to Germany from Wednesday, which would reduce gas flows to only 20% from the current 40% of its max capacity.

Gazprom stated on Monday that it would slash half the flow of gas deliveries to Germany through its North Sea pipeline to just 20% of capacity from Wednesday moving onward. The move by the Russian government came just as the European Union is expected to hold an emergency meeting on Tuesday to discuss a cut of natural gas consumption by 15%.

The Kremlin claimed that a gas turbine that was supposed to be shipped from Canada was blocked due to the sanction, causing lower gas flows through the pipe. In the latest report, the turbine was shipped to Russia last week, but there was no report on delivery completion.

Earlier, the Russian President Vladimir Putin had warned the West that prolonged sanctions against the Kremlin risked triggering catastrophe in the energy market for consumers around the world.

European gas futures extended gains on Monday by more than 10% after the report of slashing gas deliveries came out.