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Russia Waging a Gas War with Europe | World In :60 | GZERO Media

Russia cutting Nord Stream 1 gas to undermine European leaders

Ian Bremmer shares his insights on global politics this week on World In :60:

Is Russia waging a gas war with Europe?

They certainly are. You have Nord Stream 1 back online after scheduled maintenance, and first was 40%, now 20% of normal volumes. Technical problem, that's what the Russians say. But of course, in reality it is because they know that the Europeans are moving to diversify away from Russian energy as fast as possible and the Russians are not letting them do it on their timeframe. Winter's coming and Russia's best opportunity to undermine European leaders and get a whole bunch of Europeans saying, "What are you doing? Why are you sanctioning the Russians, you're hurting us. We are the ones that are facing the economic pain as a consequence. We don't want you to." A bigger peace movement is if they make life impossible for the Europeans during winter this year. So, I mean, frankly, I'd be surprised if you have any Russian gas go into Germany, come winter this year. The Germans are aware of that possibility and they are very concerned about it. By the way, if the worse comes to worst you're talking about a 2a to 3% contraction of the EU economy. It's a big deal, but it's not a disaster. Next year will be easier for the Europeans.

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The stovetop.

Reuters

The tentacles of a global energy crisis

The global energy market has been volatile for months, but things got particularly dicey this week after Russia slashed natural gas supplies to Europe via the undersea Nord Stream pipeline. Moscow cut gas supplies to Germany by a whopping 60%, to Slovakia by 30%, and to Italy by 15%.

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