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Gas Prices Increased 30%, due to explosions at the Nord Stream pipeline

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Following reports of explosions in the Nord Stream pipeline beneath the Baltic Sea, gas prices have risen. The UK and Dutch standards have increased 33 and 19%, respectively, as the continent looks into the explosions and leaks amid worries about possible pipeline sabotage. Fears of probable supply shortages and an escalation in the economic confrontation between Russia and the West have been raised as a result of the pipelines’ inability to send gas into Europe for a number of weeks.

Related: Is Russia Behind the leakage of Nord Stream pipeline

Three independent Nord Stream pipeline leaks are leaking gas into the ocean; a Danish military flight over the leaks confirmed the ruptures. In case any restrictions on gas flows into the continent materialise, the European Union has increased supply to over 90% in advance of the winter. The damage to Nord Stream 1 and 2 has been referred to as “an act of aggression” and a “terrorist strike” by Russia against the EU by Ukraine’s presidential adviser.

Related: Another Leak Spotted in Nord Stream Pipeline

Mateusz Morawiecki, the prime minister, attributed the explosions to sabotage and claimed they were most likely related to the conflict in Ukraine. As a result of Western sanctions, the EU has already charged Russia with using restricted gas supply as an economic weapon.

Moscow has refuted this, claiming that it is now difficult to properly maintain the gas infrastructure due to the sanctions.

Related: Blasts Precede Baltic Pipeline Leaks, And Sabotage Is Suspected

Dmitry Peskov, a spokesman for the Kremlin, stated that he was “very concerned” about the reports of explosions on the pipeline and that it could not be ruled out that a deliberate attack was possible.

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