Throughout 2022, Russia progressively reduces gas supplies to Europe, using energy as a political pressure tool in response to sanctions for the invasion of Ukraine.
The weaponization of gas
Gazprom reduces supplies citing technical pretexts:
- June 2022: flows through Nord Stream 1 reduced to 40% for "turbine maintenance"
- July 2022: further reduction to 20%
- September 2022: total shutdown of Nord Stream 1 due to "oil leaks"
Gas prices in Europe reach historic peaks, with TTF hitting €350/MWh (compared to a pre-crisis average of €20-30/MWh).
Nord Stream sabotage
On September 26, 2022, underwater explosions damage three of the four lines of the Nord Stream 1 and 2 pipelines in the Baltic Sea. Investigations by Sweden, Denmark, and Germany confirm it was sabotage.
Attribution
At the time of writing, no official attribution has been made. Investigations are still ongoing. Various theories have been advanced (Russia, Ukraine, third-party actors), but none has been confirmed by investigating authorities.
Consequences
Europe accelerates energy diversification. Italy, which in 2021 imported 40% of its gas from Russia, reduces dependence below 5% by the end of 2024 thanks to new agreements with Algeria, Azerbaijan, and increased LNG.