Russian President Vladimir Putin said on Wednesday that “Nord stream 1 is practically shut down,” adding that “we can launch Nord Stream 2 gas pipeline if necessary.”

Additional comments

“Proposed caps on Russian gas prices are stupid, will lead to price increases.”

“Gazprom is interested in long-term gas sales contracts.”

“The last operational Nord Stream 1 turbine is out of order.”

“We will resume Nord Stream 1 flows if they return the turbine.”

“We are working on the construction of new pipelines to transport gas, some of which pass through Mongolia to China.”

Meanwhile, German Chancellor Olaf Scholz was reported, as saying that “Russia doesn't want to deliver gas, the leak is just an excuse.”

He added that “the winter will be challenging but we will manage to get through it.”

Market reaction

EUR/USD Is holding the recovery gains above 0.9900, trading at 0.9915, up 0.16% on the day, at the time of writing.