Oil prices surge, markets shudder after Germany suspends Nord Stream 2 pipeline

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Oil prices surge, markets shudder after Germany suspends Nord Stream 2 pipeline
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German Chancellor Scholz takes the first steps to suspend the certification process of the Nord Stream 2 pipeline: “It is important to launch new sanctions now in order to prevent an escalation and a disaster.'

for the Nord Stream 2 pipeline, which would bring natural gas into Europe. It has been built but is not yet operational.

“It is important to launch new sanctions now in order to prevent an escalation and a disaster,” Scholz said at a news conference in Berlin. “These are difficult hours for Europe and almost 80 years after the end of the Second World War, we might see a new war in Eastern Europe.”formally recognized the independence of two Moscow-backed breakaway regions in the eastern part of the country on Monday, before ordering to send in troops. The moves were widely seen as a dramatic provocation after weeks of warnings from the U.S. that Russia was trying to create a pretext to invade its neighbor.

Germany relies on Russia for about a third of its natural gas. The 764-mile-long pipeline would double Russia’s gas exporting capacity to Europe via the Baltic Sea and allow Moscow to circumvent Ukraine.that the U.S. “will be following up with our own measures today.” Workers are seen at the construction site of the Nord Stream 2 gas pipeline, near Kingisepp, Leningrad region, Russia, June 5, 2019.“We have been in close consultations with Germany overnight and welcome their announcement,” she tweeted.

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