Until recently, Russia has supplied Europe with an average of over 150 billion cubic meters (BCM) of Natural Gas annually, a volume not easily replaced through alternative means. However, Russia’s invasion of Ukraine has forced global energy suppliers to seek alternative energy sources resulting in a scramble to secure supplies both in the short and long term.
On February 22, 2022, German Chancellor Olaf Scholz announced his government’s decision to halt the certification of the $11 billion Russian-owned Nord Stream 2. The project was established to provide Russia’s main gas pipeline to Europe, most notably to supply Germany, which consumes 102 billion cubic meters of Natural Gas annually and is the largest buyer of Natural Gas in Europe.
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