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Monday, November 22, 2021

Germany escalates Europe's gas crisis: This step has been taken to teach a lesson to Russia

The whole of Europe is paying the price for a step taken in Germany. The gas crisis has continued in Europe since last month. Last month, European countries alleged that the Russian government was deliberately supplying less gas to pressurize the Nord Stream II for early approval. But Russia denied the allegation.
Germany escalates Europe's gas crisis
A step taken in Germany to teach a lesson to Russia is costing the whole of Europe. Germany's regulatory body has halted the certification process for the Nord Stream-2 pipeline. After this news, the price of gas in Europe has risen sharply. The Nord Stream-2 pipeline is built from Russia to Germany. It is said that due to the demand of Ukraine and the ongoing refugee crisis on the border of Belarus and Poland, Germany has hardened its stand. Poland has accused Russian President Vladimir Putin of helping Belarusian President Aleksandr Lukashenko to escalate the refugee crisis. Although formally, the German body has stopped the process of issuing the certificate citing technical reasons. It has said that the operator of Nord Stream-2 is headquartered in Switzerland. Therefore the German institution cannot issue him the certificate.

Gas prices up 10% in Europe

As soon as this news came, the price of gas in the futures trade in Europe rose 10 percent. Natural gas is already selling expensive in Europe. Meanwhile, the further increase in prices has added to the difficulties of businessmen and domestic consumers. Several major gas supply companies have warned that Europe could face a blackout going forward. Concerns in Europe also persist with the Meteorological Department forecasting colder than normal this year. In that case the demand for electricity and gas will increase significantly.

Russia gives 40 percent

According to observers, the European Union (EU) gets 40 percent of its gas consumption from Russia. The Nord Stream-2 pipeline runs directly from Russia to Germany without crossing the Ukrainian border. There has been tension between Ukraine and Russia over this issue. EU sympathies with Ukraine. Despite this, Germany had approved Nord Stream 2. The pipeline work has been completed. But due to the latest certification related problem, the possibility of gas supply through this has stopped for the time being.

Gas crisis continues in Europe since last month

British Prime Minister Boris Johnson said on Monday that the EU faces the challenge of choosing whether to support Ukraine or approve Nord Stream II. He appealed to the EU to support Ukraine and favor peace and stability. The gas crisis has continued in Europe since last month. Last month, European countries alleged that the Russian government was deliberately supplying less gas to pressurize the Nord Stream II for early approval. But Russia denied the allegation. Russian Deputy Prime Minister Aleksandr Novak did say that early certification of the Nord Stream-2 pipeline would help in resolving the current crisis. But now Germany has stopped the process of certification. Ukraine has welcomed this. Observers say the decision is in line with the EU's geopolitical goals. But this is beginning to indicate that Europe's gas crisis is taking a more serious form.