Since the West hit Russia with bruising sanctions following its invasion of Ukraine, a frightening question has loomed: What if Russia turns off natural gas to Europe?
It's a nightmare scenario that would plunge the region's economy into a deep recession. That possibility is the subject of fresh hand-wringing as maintenance of the Nord Stream 1 pipeline from Russia to Germany begins on Monday. Officials have expressed concerns about whether gas flows will restart once the repair period concludes in 10 days.
Nord Stream 1, which went live in 2011, transports 55 billion cubic meters of gas per year to Europe through the Baltic Sea. Typically, Gazprom has dealt with the maintenance period by increasing supplies traveling to Europe through other pipelines or tapping storage. This time, the company has said that's not an option, according to S&P Global Commodity Insights.
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