Germany Says Expects No Energy Market Collapse Despite 'Homeopathic Doses' Of Russian Gas

(@FahadShabbir)

Germany Says Expects No Energy Market Collapse Despite 'Homeopathic Doses' of Russian Gas

Germany is almost not receiving Russian gas, except for "homeopathic doses" coming from southern Europe, but the energy market is still unlikely to collapse, German Minister for Economic Affairs and Climate Action Robert Habeck said on Friday

BRUSSELS (UrduPoint News / Sputnik - 09th September, 2022) Germany is almost not receiving Russian gas, except for "homeopathic doses" coming from southern Europe, but the energy market is still unlikely to collapse, German Minister for Economic Affairs and Climate Action Robert Habeck said on Friday.

"Germany is no longer receiving gas from Russia, but we are still managing to accumulate (it). Prices are still too high, but only more by 200 Euros ($200). This means that the market no longer expects us to face a collapse without Russian gas. This is an incredible progress and a big political step," Habeck said ahead of an emergency meeting of the EU energy council.

Meanwhile, southern Europe is still receiving small amounts of Russian gas, which is reaching Germany "in homeopathic doses," the German economy minister added.

According to Habeck, withdrawing super profits from energy companies remains a fallback, but Berlin has been trying to lower energy prices.

On February 24, Russia began a military operation in Ukraine, responding to calls for help from the breakaway republics of Donetsk and Luhansk.

The West has responded by imposing comprehensive sanctions against Russia, with the EU pledging to end its dependence on Russian energy supplies. The bloc has already approved seven packages of sanctions against Moscow, including a gradual phase-out of Russian oil. The Ukraine crisis and sanctions have led to disruptions of supply chains and a spike in energy prices worldwide.

Nord Stream 1, the main pipeline supplying Europe with Russian natural gas, had been operating at 20% of capacity since late July. Russian energy giant Gazprom explained lower volumes by the development of the overhaul cycle of gas compressor units (GCU), delays in the operation of Germany's Siemens corporation, which failed to return GCUs from repair from a Canadian plant due to Ottawa's sanctions against Russia, and technical malfunctions of engines. Last Friday, Gazprom shut down the Nord Stream pipeline for an indefinite period citing a malfunction of the only remaining working engine and a warning from the Russian technical watchdog.