European Union (EU) Energy Policy Chief Kadri Simson said on Tuesday, there is no technical reason for Russia to further cut Nord Stream 1 gas flows.

Additional quotes

“We have to be ready for supply cuts from Russia at any moment.”

“Expect to have deal on EU regulation to curb gas demand.”

This comes after Russia’s Gazprom announced on Monday it will slow flows on its Nord Stream 1 pipeline. The company will halt another turbine in the pipeline to Germany, which will reduce the flow to just 20% of capacity (currently at 40%) from July 27.

Market reaction

EUR/USD is keeping its range around 1.0220, holding the lower ground on the above comments. The spot is adding 0.05% on the day.