German Economy Minister Robert Habeck said on Monday it was difficult to say whether Nord Stream 1 gas pipeline would come back online after the maintenance, as reported by Reuters.

Additional takeaways

"Germany has become too dependent on Russia."

"Two floating terminals could be completed by the end of the year."

"Germany is aware gas needs to be distributed among others."

"We have to be prepared for various outcomes, including shipments not renewed after maintenance."

"We will help each other with gas supplies."

"People in Europe know that large savings in gas usage are possible."

"Winter will be critical and we need to prepare as well as possible."

Market reaction

EUR/USD pair showed no immediate reaction to these comments and was last seen losing 0.8% on a daily basis at 1.0100.