For more reporting from the Associated Press, see below.
European gas prices plummeted Thursday after Russian President Vladimir Putin called on his country’s major natural gas company to supply more gas to storage facilities in Austria and Germany. Above, Putin chairs a meeting on development of the resource potential on the Yamal peninsula at the Novo-Ogaryovo residence outside Moscow on October 27, 2021.
Putin noted last week one of the two links of the new pipeline under the Baltic Sea already has been filled with gas as part of preparations for its launch, adding that supplies could start"the day after" after regulators give their approval. Nord Stream 2, with an annual capacity of 55 billion cubic meters of gas, is designed to deliver gas directly to Germany, bypassing Poland and Ukraine, which have vehemently opposed the project along with the U.S.
Ukrainian authorities fear the pipeline will deprive the country of $2 billion in annual gas transit fees and erode its international standing amid a tug-of-war with Russia following its 2014 annexation of Ukraine's Crimean Peninsula and support for separatists insurgents in eastern Ukraine.
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