Russia will slash gas supplies through its largest pipeline to Germany to just a fifth of capacity later this week in a move that threatens to leave the continent short of critical supplies ahead of the winter.
State-owned energy group Gazprom said it would cut existing flows on the Nord Stream 1 pipeline in half to just 20 per cent of capacity from Wednesday, having already lowered them to 40 per cent last month. European politicians have decried Russia’s “weaponisation” of gas supplies.
The Gazprom move came as German business confidence fell to its lowest level for more than two years in the latest sign that Europe’s largest economy is teetering on the brink of recession.
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