Russia’s Gazprom says gas flows to Europe will remain closed, sparking fears of massive shortages

Russia has pledged to shut off natural gas supplies to Europe via the Nord Stream 1 pipeline.

Industry leader Gazprom announced the news after G7 finance ministers agreed to impose a price cap on the country’s oil exports.

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The proposal by the UK, US, France, Germany, Italy, Japan and Canada was made to stop pumping money into mad Vladimir Putin’s war fund.

Gazprom announced that it will not resume deliveries to Europe due to repairs to the main gas turbine at the Portovaya compressor station near St. Petersburg.

They said it couldn’t safely function until the leak was fixed, without mentioning when supply would return.

Experts fear the move could trigger mass shortages across the continent.

According to the EU statistics office Eurostat, 167.7 billion cubic meters of natural gas were imported into Europe from Russia in 2020.

Of the 167.7 billion cubic meters of natural gas Europe imported in 2020, Germany bought the most – 56.3 billion cubic meters.

The new upper price limit has not yet been determined.

Chancellor Nadhim Zahawi told the news: “We will limit Putin’s ability to fund his war from oil exports by banning services such as insurance and the provision of finance to ships carrying Russian oil above an agreed price cap.”