Europe Is Scrambling to Turn Its Back on Russian Oil and Gas

Feb 25, 2022 7:00 AMThe Nord Stream 2 pipeline from Russia to the EU has been scrapped. It is far from clear what will replace it.

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The $11 billion Nord Stream 2 project promised a brave new energy future for Europe. It assured Germany and the European energy market that natural gas supplies can cross borders with ease. In order to add economic pressure on the country following a partial invasion in the east, Russia built the Nord Stream 2. Russia's gas supply contracts through Ukraine are up for renewal in 2024, and Russia seems to be planning to ditch them. Russia has used its position as the world's energy supplier to threaten other countries before.