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European gas prices surge as Russian pipeline maintenance fuels fears of a total shutdown

  • The unscheduled maintenance works on the Nord Stream 1 pipeline, which runs from Russia to Germany via the Baltic Sea, deepens a gas dispute between Russia and the European Union.
  • Gas flows via the Nord Stream 1 pipeline will be suspended for the three-day period from Aug. 31 to Sept. 2.
  • Holger Schmieding, chief economist at Berenberg Bank, said Gazprom’s announcement was an apparent attempt to exploit Europe’s dependence on Russian gas.