Europe’s reliance on Russian gas has been a source of concern for years, but it was heightened with the invasion of Ukraine in February, as fears mounted that Russia would retaliate and cut off gas supplies. Robert Habeck, Germany’s economics minister, has admitted Germany’s dependence on Russia, calling it “a serious political mistake… which we are trying to rectify as soon as possible”.
The Nord Stream 1 pipeline undergoes annual maintenance, which happens in the summer, when there is less demand for gas.
The maintenance will last 10 days, but officials are increasingly concerned that Russia will cut off gas altogether after tough EU sanctions.
The pipeline is responsible for transporting 55 billion cubic meters of gas per year via the Baltic Sea to Europe.
In a letter to customers, Commerzbank analysts said: “While this used to be a routine procedure that attracted scant attention, there are fears that Russia will not resume gas shipments this time around.”
Russia has already stopped gas supplies to the Netherlands, Poland, Bulgaria, Denmark and Finland after refusing to join the new payment plan.
Meanwhile, deliveries to Italy and Austria have been cut by as much as 70 percent and countries like Germany are worried about getting through the winter.
Germany announced a “gas crisis” last month after Russian state gas company Gazprom cut exports through Nord Stream 1 by 60 percent.
Mr Habeck said in a radio interview on Sunday: “Anything can happen.
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Mr Habeck also visited Prague, where he signed an agreement with the Czech Republic on mutual support in the event of a reduction in Russian gas supplies.
Concerns aren’t just about heating homes and businesses for the winter, but for Germany, if Russia refuses to turn the taps back on, it could plunge them into a severe recession, with entire industries dependent on gas.
According to Eurasia Group’s leading energy market analyst Henning Gloystein, “If Nord Stream 1 doesn’t come back at all, say in early August, we think the German government will have to raise its gas alarm to the third level, which is the maximum level.”