Kremlin: Russia has little ability to change situation with Nord Stream 1 equipment

The Kremlin is out with a statement on Monday, saying that Russia has little ability to change the situation with Nord Stream 1 equipment.

Last week, Russia cut Nord Stream 1 gas supply to 20% of its capacity amid escalating energy tensions over the Ukraine war. The European Union (EU) accused Russia of resorting to energy blackmail but the Kremlin defended that the Gazprom disruption has been caused by maintenance issues.

On Tuesday, a gas turbine for Nord Stream 1, Russia's biggest gas pipeline to Europe, had not yet arrived after maintenance in Canada and a second turbine was showing defects, according to the company’s spokesperson.

Market reaction

The shared currency pays little heed to the Kremlin’s remarks, with EUR/USD extending the advance above 1.0250.

The main currency pair is up 0.44% on the day at 1.0260, at the press time.