Germany has suspended Russia’s approval of the Nord Stream 2 pipeline and gas prices are set to soar.
The German energy market regulator said they cannot certify the company as an independent operator because the firm is based in Switzerland.
Boris Johnson said that the EU faces a choice between approving the controversial Russian pipeline and the standing with the Ukraine because it bypasses the Ukraine to bring gas direct to Germany.
Johnson said this week, “We hope that our European friends may recognise that a choice is shortly coming between mainlining ever more Russian hydrocarbons in giant new pipelines, and sticking up for Ukraine and championing the cause of peace and stability.”
The regulator released a statement saying, “Following a thorough examination of the documentation, the regulator concluded that it would only be possible to certify an operator of the Nord Stream 2 pipeline if that operator was organised in a legal form under German law.”
Jeremy Weir, CEO of energy trading company Trafigura, told a Financial Times conference that, “we haven’t got enough gas at the moment, quite frankly.
“We’re not storing for the winter period.
“So hence there is a real concern that if we have a cold winter that we could have rolling blackouts in Europe.”
The Russian Deputy Prime Minister Alexander Novak said the “early completion of the certification” of the pipeline would “cool off the current situation.”