Economy of Europe

Russia has stopped the supply of natural gas through the Nord Stream pipeline, Russian and Western news agencies reported.

The Russian invasion of Ukraine more than 6 months ago has caused a dramatic spike in natural gas prices and caused repeated energy shocks in Europe. The EU has accused Moscow of using energy as a weapon, while Russia denies this and blames western sanctions for the drop in exports.

Ukraine has offered to provide its gas transmission network for the delivery of Russian gas to Europe after Nord Stream 1 has been failing so much lately and constantly having to shut down the gas on it.

"Gazprom" announced that it will stop the gas on this pipeline again for a technical inspection from August 31 to September 2.

A worker works at the construction site of the Balkan Stream gas pipeline near the village of Kamenovo, Bulgaria, 01 June 2020. Photo: EPA-EFE/VASSIL DONEV

"This is inevitable and these negotiations will be hard," Hristov told local media, saying that Bulgaria will have no gas resources after September.

Russian gas deliveries to Europe through the Nord Stream pipeline will cease from August 31 to September 2 for "maintenance", Russian energy giant Gazprom has said, raising the prospect of energy shortages in Europe.

European gas prices soared to a new record high at the close of trading on Aug. 19 after Gazprom's announcement. 

The Czech government hopes to have a windfall profit tax ready to roll out at the start of 2023, a senior official suggested this week.

A decision on whether Bulgaria will negotiate with the Russian monopoly "Gazprom" can be expected in a week at the earliest.

Such negotiations will only take place if it turns out that Bulgaria will not be able to secure all the necessary quantities of gas for the winter, confirmed Energy Minister Rosen Hristov:

According to him, he has not yet decided whether he will go to the summit, and before making a decision, he will talk with the leaders of the Open Balkans, as well as with members of the Serbian Government.

The Open Balkans initiative members held another meeting last week in Ohrid, North Macedonia.

Representatives of Albania, North Macedonia and Serbia signed another set of documents - an agreement on recognition of diplomas and three memoranda of understanding on various topics.

The summit is attended by Serbian President Aleksandar Vucic, prime ministers of North Macedonia and Albania, Dimitar Kovacevski and Edi Rama, as well as officials from Montenegro and Bosnia-Herzegovina.
President Vucic said that he had meetings with representatives of countries that are not yet official members of the Open Balkans.