Falling European stocks with Nord Stream 1 closed

According to the report of the International Economic Group of Fars News Agency, quoted by Elium voteEuropean stocks fell on Monday after Russia halted the flow of gas to Europe through the Nord Stream 1 pipeline, raising concerns about energy prices and growth and prompting governments to announce emergency measures.

Europe’s Stoxx 600 was down 1.6 percent by 0713 GMT, while Germany’s DAX was down 2.8 percent.

Shares of German power companies Uniper, RWE and E. ON and BNE fell between 3.5% and 11%.

The Kremlin on Sunday blamed European politicians for the closure of the main gas pipeline and said that their economic sanctions prevented the pipeline from being repaired.

European Union energy ministers are set to discuss options to curb high energy prices, including gas price caps and emergency credit lines for energy market partners, at a meeting on September 9, Reuters reported.

Investors are also looking ahead to this week’s meeting of the European Central Bank, which is expected to raise interest rates by 75 basis points to curb inflation, which has reached record levels. Shares of energy companies in Europe rose 1 percent amid higher oil prices.

Gazprom announced on Friday that the supply of gas through Nord Stream, which was supposed to resume on Saturday after maintenance operations, will be completely suspended until a turbine on the main European gas supply pipeline is repaired.

Siemens Energy Company, which is the manufacturer of these turbines, considered the stoppage of gas exports from Nord Stream technically unjustified.

Russia has said that it is not clear when the operation of Nord Stream 1 will resume due to the discovery of gas leaks in this pipeline.

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