Despite the completion of Nord Stream 2, Europe should not expect the Russian pipeline to start deliveries this year due to bureaucracy within the EU, Russian Foreign Minister Sergey Lavrov warned on Wednesday.
“Now the process of obtaining the necessary permits from the German regulator is underway. The process is not fast. The beginning of 2022 has been indicated,” Lavrov told the press.
Experts say this could be the reason behind the current surge in gas prices, which have been smashing records for several days now. According to the press secretary of the German Federal Network Agency (BNetzA), Fita Wolf, Nord Stream 2’s certification may take several months, a prospect which practically forces market participants to raise prices.
To add to the problem, the pipeline’s main adversaries, Ukraine and the United States, have both vowed to complicate the certification procedure.
According to Lavrov, there will be many roadblocks before certification is finally granted.
“I have no doubt that attempts to attack this gas pipeline will continue,” the Russian foreign minister said.
Gas prices in Europe have risen 20% since the start of trading on Wednesday. The price of October futures on the Dutch TTF exchange exceeded $964 per 1,000 cubic meters by 11am GMT, ICE data shows.
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