• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

1

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
Environment
Europe

Vladimir Putin ‘most likely’ to permanently cut off Europe’s gas

Sophie Mellor
By
Sophie Mellor
Sophie Mellor
Down Arrow Button Icon
Sophie Mellor
By
Sophie Mellor
Sophie Mellor
Down Arrow Button Icon
July 11, 2022, 11:59 AM ET
Nord stream 1
Routine maintenance work is underway on the Nord Stream 1 pipeline running from Russia to Germany—but Europe fears that Russia has no intention of turning is back on when maintenance is finished.Photo by Jens Büttner—picture alliance/Getty Images
Add Fortune on Google for similar content.

The biggest pipeline flowing gas from Russia to Germany started annual maintenance on Monday with Russia curbing flows to the bloc for 10 days.

While this would normally be routine practice, in a time of war, many governments and analysts are bracing for Russia to cut off the gas permanently.   

Maintenance on the Nord Stream 1 pipeline, which is already running at a 40% capacity due to previous cuts made by Russia, normally transports 55 billion cubic meters of gas each year.

Russia previously cut the capacity claiming it was missing a key gas compressor unit for its turbine which was stuck abroad due to sanctions imposed by Canada.

While Russia promises to have the pipeline back up and running by Jul. 21, Germany and France are wary.

German Economy Minister Robert Habeck warned the country on Saturday, it should face the possibility that Russia will stop all gas flows through Nord Stream 1 after the scheduled maintenance period ends.

“Everything is possible, everything can happen,” Habeck told Deutschlandfunk radio on Saturday. “It could be that the gas flows again, maybe more than before. It can also be the case that nothing comes.”

This comes after previous comments made by Habeck at the end of June, where he said: “Based on the pattern we’ve seen, it would not be very surprising now if some small, technical detail is found and then they could say ‘now we can’t turn it on anymore.”

Habeck calls Russia turning off Nord Stream 1 a “nightmare scenario,” which Germans must prepare for, but France’s Finance Minister Bruno Le Maire called it something far more terrifying: “the most likely scenario today.”

“Let’s prepare ourselves for a total cut-off of Russian gas,” Le Maire said at an economic conference in Aix-en-Provence, southern France, on Sunday.

More capacity

The Kremlin last Friday said it would increase gas supplies to Europe if a turbine for the Nord Stream 1 pipeline currently being serviced in Canada was returned. Canada reluctantly agreed, issuing a “time-limited and revocable permit” to exempt the return of turbines from its Russian sanctions, while also adding more sanctions to Russia’s energy sector.  

At the time of the announcement, Kremlin spokesperson Dmitry Peskov dismissed all claims that Russia was using oil and gas to exert political pressure. He told Reuters the maintenance shutdown was a regular, scheduled event, and that no one was “inventing” any repairs.

But Russia has been weaning Europe off its gas supplies since the EU first placed sanctions on Russia’s energy sector—sending the price of gas skyrocketing at a time when many European countries need to fill their storage ahead of the winter season.

Pipelines running from Russia to Europe have seen their flows gradually decline, Bloomberg reports, and Ukraine halted one gas transit route in May, blaming interference by occupying Russian forces.

Russia has also cut gas supplies off to Poland, Bulgaria, Finland, and others after they refused to comply with Russia’s demand for payment in roubles.

Wholesale Dutch gas prices, the European benchmark for gas, have risen 400% since last July, with the European Union holding an emergency meeting on Jul. 26 to look for other sources of energy.

What would happen if Russia cuts off gas to Europe?

If Russia cuts off gas to Europe completely, countries could start running out of energy and face dangerous consequences.

“If Nord Stream gets cut off, or if Germany loses all its Russian imports, then the effect will be felt on the whole of north-western Europe,” Dutch energy minister Rob Jetten told Reuters.

Germany is already rationing its hot water, dimming its street lights, and is considering limiting the shower times of its people, the Financial Times reported, as it looks at more ways to reduce its gas usage.

And if Putin’s previous behavior is any indication, a total cut-off is likely.

Timm Kehler, managing director of German industry association Zukunft Gas, told Reuters: “The last few months have shown one thing: Putin knows no taboos. A complete halt to gas supplies through the Nord Stream pipeline cannot, therefore, be ruled out.”

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.
About the Author
Sophie Mellor
By Sophie Mellor
LinkedIn iconTwitter icon
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Environment

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Environment

g
EuropeGermany
It’s so hot in Germany the Autobahn literally burst open at the seams and had to be closed down
By Kirsten Grieshaber, Sylvia Hui, John Leicester and The Associated PressJune 27, 2026
5 hours ago
templet
Commentary250 Years of Innovation
This rural Maine factory made 100 million COVID swabs a month. Its CEO says manufacturing’s best days are ahead
By Timothy Templet and Virginia TempletJune 27, 2026
9 hours ago
p
EnvironmentParis
The most coveted accessory at Paris Fashion Week was an ice pack
By Thomas Adamson and The Associated PressJune 26, 2026
1 day ago
fire
Europeclimate change
Greece tackles climate change wildfire risk with satellite network that can spot a blaze the size of a parking space
By Derek Gatopoulos and The Associated PressJune 26, 2026
1 day ago
Are Europe’s heat waves deadlier than American gun violence? Kind of—and one of the hottest summers on record is making it worse
EnvironmentEurope
Are Europe’s heat waves deadlier than American gun violence? Kind of—and one of the hottest summers on record is making it worse
By Catherina GioinoJune 26, 2026
1 day ago
fr
Environmentclimate change
Europe is warming twice as fast as the rest of the planet — and it would be impossible without climate change, study says
By Alexa St. John and The Associated PressJune 26, 2026
1 day ago

Most Popular

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
10 hours ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
3 days ago
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
Success
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
By Orianna Rosa RoyleJune 24, 2026
4 days ago
Ray Dalio just finished a 10-day trip to China. He says global leaders know America ‘doesn’t have what it takes to fight to maintain its empire’
Asia
Ray Dalio just finished a 10-day trip to China. He says global leaders know America ‘doesn’t have what it takes to fight to maintain its empire’
By Nick LichtenbergJune 24, 2026
3 days ago
Current price of silver as of Friday, June 26, 2026
Personal Finance
Current price of silver as of Friday, June 26, 2026
By Joseph HostetlerJune 26, 2026
1 day ago
The 33-year-old executive Satya Nadella is trusting to fix Microsoft’s Copilot AI assistant
AI
The 33-year-old executive Satya Nadella is trusting to fix Microsoft’s Copilot AI assistant
By Sebastian HerreraJune 27, 2026
11 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.