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Putin directs Gazprom to fill its gas storage units inside EU once Russian ones are full Amid gas supply shortages & surging prices, Putin directs Gazprom to fill EU storage units once Russian domestic demand satisfied
(33 minutes later)
To secure gas supply for Europe, Russia's Gazprom is to start increasing the volume of gas in its EU storage units, once it finishes filling those on home soil, Russian President Vladimir Putin told the head of the energy giant. To secure sufficient winter gas supplies for all of Europe, Russian energy giant Gazprom must start increasing volumes in its EU storage units, once it satisfies domestic demand, President Vladimir Putin ordered on Wednesday.
"That would allow you to fulfill your contract commitments in a secure, stable and regular manner [and] supply the European partners with gas during the autumn and winter periods," Putin said on Wednesday, during a meeting with the Gazprom CEO Aleksey Miller. Russia's own gas reserves have been under pressure this autumn, due to a perfect storm of negative conditions: an abnormally cold winter last year, and a frosty fall, combined with increased demand as the country's economy recovered from the effects of the Covid-19 pandemic. 
Putin specifically ordered the Gazprom head to increase the amount of gas in the company's storage facilities in Germany and Austria, both EU member states, "on a scheduled basis," starting on November 8. By that time, Russia's own gas storage units are expected to be full. According to the president, such actions would help "create a more favorable situation on the European energy market." "[Pumping more gas to Western Europe] would allow you to fulfill your contract commitments in a secure, stable and regular manner [and] supply our European partners with gas during the autumn and winter periods," Putin said, during a meeting with the long-time Gazprom CEO Aleksey Miller.
As of mid-October, the EU's underground gas storage facilities were only 71% full. The fears sparked by the fact that the storage spaces were underfilled were among the reasons for soaring spot gas prices that, in turn, led to a crisis in the EU gas industry. Earlier in October, gas prices almost breached the threshold of $2,000 per thousand cubic meters. The prices went down after Russia vowed to sell more gas to Europe. Putin specifically ordered the executive to increase the amount of gas in the company's storage facilities in Germany and Austria, both EU member states, "on a scheduled basis," starting on November 8. By that time, Russia's own gas storage units are expected to be full. According to the president, such actions would help "create a more favorable situation on the European energy market."
Although Russia's Gazprom has fully met its contractual obligations, some European nations chose to put the blame for the crisis on Moscow. This is despite the fact the Nord Stream 2 pipeline, which has recently been completed and could have been used to reduce the gas shortages in Europe, is still stuck in limbo awaiting certification, following years of pressure coming from the US and some of its allies in Europe to thwart it. As of mid-October, the EU's underground gas storage facilities were only 71% full. Fears sparked by the fact that the storage spaces were under-filled have been among the reasons for soaring spot gas prices that, in turn, led to a crisis in the EU gas industry. Earlier in October, gas prices almost breached the threshold of $2,000 per thousand cubic meters. Prices went down after Russia vowed to sell more gas to the rest of Europe.
On Tuesday, the German Ministry of Economics said it completed an analysis of gas-supply security in case the pipeline is eventually greenlighted. "Issuing a certification does not endanger the security of the gas supply of the Federal Republic of Germany and the European Union," it said in a statement to Germany's energy regulator, which has been handed the study's results. Although Gazprom has fully met its contractual obligations, some European nations have chosen to put the blame for the crisis on Moscow. This is despite the fact the Nord Stream 2 pipeline, which has recently been completed and could have been used to reduce some of the gas shortages, is still stuck in limbo awaiting certification, following years of pressure coming from the US and some of its allies in Europe to thwart it.
On Tuesday, the German Ministry of Economics said it had completed an analysis of gas-supply security if the pipeline is eventually approved. "Issuing a certification does not endanger the security of the gas supply of the Federal Republic of Germany and the European Union," it said in a statement to Germany's energy regulator, which has been handed the study's results.
"The analysis of the security of supply by the Federal Ministry of Economics was preceded by consultations with EU neighboring countries," the statement said."The analysis of the security of supply by the Federal Ministry of Economics was preceded by consultations with EU neighboring countries," the statement said.
The German regulator will now continue the certification process of the Nord Stream 2. Berlin will now continue the certification process of the Nord Stream 2.
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