Russia’s Medvedev on Nord Stream 2 suspension: Welcome to new world of 2000-euro gas

“Welcome to the new world, where Europeans will pay 2000 euros for gas,” Russia’s Medvedev said after reports that Germany would put certification of Nord Stream 2 on hold.

“We must reassess the situation, in particular regarding Nord Stream 2,” Germany’s Scholz told a news conference. The pipe through the Baltic sea is completed but not yet certified.

Note that Scholz didn’t say it was canceled. I suspect that in time — and provided there’s no wider invasion of Ukraine — it will go into service. Europe needs that gas much more than Russia needs to sell it.