• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

3

Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

3

Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants
Europe
Europe

Russia’s Gazprom indefinitely shuts down gas pipeline to Europe, compounding an energy crisis that has already sent prices soaring

By
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Bloomberg
Bloomberg
Down Arrow Button Icon
September 2, 2022, 2:40 PM ET
Gazprom has cut off a key gas pipeline that supplies Europe.
Gazprom has cut off a key gas pipeline that supplies Europe. Rafael Henrique/SOPA Images/LightRocket via Getty Images
Add Fortune on Google for similar content.

Russia’s Gazprom said its key gas pipeline to Europe won’t reopen as planned, moving the region a step closer to blackouts, rationing and a severe recession.

The pipeline was due to reopen on Saturday after maintenance. But in a last-minute statement late on Friday, the company said a technical issue had been found and the pipe can’t operate again until it’s fixed. The European Union said Gazprom was acting on “fallacious pretenses.”

It’s a massive blow to Europe, which is scrambling to cut its dependency on Russian gas before winter and has been waiting for Moscow’s next steps in the energy war. As the continent tries to implement measures to get through the winter, the indefinite closure of the pipeline is an escalation that threatens more economic turmoil. 

“This announcement is just another indication that between ‘technical issues’ and ‘contract disagreements’, a winter with zero Russian gas is the central scenario for Europe,” said Simone Tagliapietra at think-tank Bruegel in Brussels. “Putin seeks to hit Europe where it hurts the most.” 

With prices four times higher than a year ago, the gas crisis is already forcing shutdowns in European industry and undermining the euro.

A leak of oil was detected at a gas turbine that helps pump gas into the link, Gazprom said. There’s no indication how long fixing it may take. Similar oil leaks were previously detected at some other turbines, which are out of action now, and “complete elimination of oil leakage on these turbines is possible only in the conditions of a specialized repair company,” Gazprom said. 

There was no immediate comment from the Kremlin. Gazprom said Siemens — which makes the turbines — had confirmed the leak and needed to make repairs away from the site. Siemens declined to comment.

The dramatic escalation in Europe’s energy crisis comes just as prices were easing. If the shutdown persists, it puts households, factories and economies at risk, weakening Europe’s hand as it backs Ukraine in the war against Russia.

The Kremlin has already drastically reduced gas deliveries over the course of several months. Kremlin insiders have said Moscow is using the supply cuts to raise the political heat on European leaders in an effort to force them to reconsider their support for Kyiv.

Europe has been building up its storage, adapting to the reality of low Russian flows. Yet the situation could get much worse when stockpiles decrease, especially closer to the end of the heating season — or if Europe has a severe cold snap.

“A cold winter in Europe and Asia could draw inventories down from 31% to 4% by the end of winter,” Wood Mackenzie Ltd. said in a note on Friday. “In case of further disruption of Russian flows, inventories risk running out by end-March.”

Germany, which for decades has built up a dependency on cheap Russian gas, is now trying to retool its energy policy in just weeks to protect its powerhouse economy. Economy Minister Robert Habeck said this week the country can’t rely on Russia for gas at all.

The complete halt of Nord Stream, which runs under the Baltic Sea to Germany, would leave only two major routes supplying gas to the European Union: one via Ukraine and TurkStream through the Black Sea. Flows through Ukraine have also been curbed, while TurkStream to the south of Europe is operating without disruptions.

The EU is considering unprecedented interventions in the energy market, including price caps, reducing power demand and windfall taxes on profits. That helped push down prices this week.

It’s also been seeking to prepare for the risk of a Russian gas cutoff by replenishing reserves and securing alternative supplies such as liquefied natural gas from the US. That’s still a work in progress. 

“Supply is hard to come by, and it becomes harder and harder to replace every bit of gas that doesn’t come from Russia. When weather turns cold and demand starts to pick up in the winter in Europe and Asia, there’s only so much LNG out there that Europe can import to replace Russian gas.” Jacob Mandel, Senior Associate for Commodities at Aurora Energy Research.

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.

About the Author
By Bloomberg
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

lbh
North Americanative americans
‘Today I am celebrating the victory of our people’: Native Americans ring in the anniversary of the Battle of Little Bighorn
By Matthew Brown, Jack Dura and The Associated PressJune 25, 2026
5 hours ago
gas
LawAntitrust
Gas station owners have found a use case for AI, lawsuit says: colluding to fix prices
By R.J. Rico and The Associated PressJune 25, 2026
5 hours ago
g
AIunemployment
One of the Democratic Party’s brightest stars is co-founding a group to help with the coming AI jobs earthquake
By Josh Boak and The Associated PressJune 25, 2026
5 hours ago
apes
HealthAnimals
Scientists tickled monkeys to find if they have the same giggles as humans — and they do
By Adithi Ramakrishnan and The Associated PressJune 25, 2026
5 hours ago
t
Real EstateHousing
Congress just passed the most significant housing bill in decades, so why won’t Trump sign it?
By Alex Veiga and The Associated PressJune 25, 2026
5 hours ago
merlin
North AmericaWorld Cup
Merlin the Duck was allowed inside Mexico City’s Azteca Stadium, but only to film a commercial
By Nayara Batschke and The Associated PressJune 25, 2026
5 hours ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
20 hours ago
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
Success
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
By Orianna Rosa RoyleJune 24, 2026
2 days ago
Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants
Success
Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants
By Orianna Rosa RoyleJune 25, 2026
20 hours ago
After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
Success
After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
By Orianna Rosa RoyleJune 23, 2026
3 days ago
Ray Dalio just finished a 10-day trip to China. He says global leaders know America ‘doesn’t have what it takes to fight to maintain its empire’
Asia
Ray Dalio just finished a 10-day trip to China. He says global leaders know America ‘doesn’t have what it takes to fight to maintain its empire’
By Nick LichtenbergJune 24, 2026
2 days ago
Current price of silver as of Thursday, June 25, 2026
Personal Finance
Current price of silver as of Thursday, June 25, 2026
By Joseph HostetlerJune 25, 2026
14 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.