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The Kremlin said Monday that gas supplies to Europe will not be resumed until the sanctions against Russia are lifted.
Russia has stopped the supply of natural gas through theNord Stream 1 line.
The main gas line connecting Russia and western Europe has been closed in recent weeks due to maintenance issues.
When asked if the gas supplies would resume if the sanctions were lifted, Peskov claimed that the curbs havebrought the situation to what we see today.
The current shutdown was caused by the malfunctioning of the last operational unit, as all the others had stopped working because of maintenance problems.
According to unnamed sources, the delivery of gas through the key line is not expected to resume soon.
Russian gas accounted for 40% of all gas imports into Europe.
The rate was 81.5%. The European Union has a target to have 80% of its gas reserves available by November 1st. It is unclear if the EU will have to tap into these reserves immediately or if they will have to wait until November 1st.
The Euro fell below $0.99 for the first time in 20 years on Monday due to concerns about energy supply. Analysts warn that European gas prices could hit record highs later this week.
On Friday, the Russian state-run energy company said that the gas supply via the Nord Stream 1 would not resume on Saturday as planned. The company blamed the shut down on an oil leak that could not be fixed with the help of German technology. The turbine can be sealed on site and leaks do not normally affect the operation of a turbine, according to the turbine's owner. The EU depends on Russian gas for both power generation and industrial operations. Several European countries may have to implement gas rationing if the supply crunch continues. Many European countries have announced measures to prevent a cascading effect on household energy prices.
The production of crude oil will be slashed by about 100,000 barrels per day by the group of oil- producing nations. The move could increase the price of energy. The announcement has caused the global benchmark crude oil futures index to rise by more than 3%, but is still below the record high of $120 per barrel seen earlier this year.
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