The day after the European Commission proposed an outright ban on Russian gas in the EU, a Swiss court threw a lifeline to Nord Stream 2.
The ruling opens the door to a potential revival of the defunct Russia-Germany gas pipeline that was half destroyed in a dramatic subsea explosion in 2022.
How should we square the circle of an EU ban on Russian gas with a possible revival of Nord Stream 2? How does the restructuring ruling affect the ownership of this contentious piece of infrastructure? Would any buyer really be interested in owning it?
This episode unpacks the legal ruling and weighs up the options in light of the EU’s push to outlaw Russian gas entirely, which I covered in last week’s Chart Deck.
I also discuss the historical purpose of Nord Stream 2, the role it played before and during the 2021-22 energy crisis, and how Gazprom’s actions have galvanised a European political consensus against a resumption of Russian gas dependency.
Thanks for listening,
— Seb
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