Why in the News?
The Wall Street Journal has reported that a group of Ukrainian patriots carried out the sabotage of the undersea pipelines(Nord Stream pipelines) in sep,2022 that supplied gas from Russia to Europe.
About Nord Stream Pipeline:
| Details | |
| Overview |
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| Purpose | Built to transport natural gas from Russia to Europe, bypassing traditional transit countries like Ukraine. |
| Completion |
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Significance of the Pipelines
(A) For Europe:
- Provides a steady and cost-effective supply of natural gas, essential for heating, power, and industry which ensures stable gas prices. If reduced supply from Russia could lead to price hikes and domestic unrest in europe.
(B) For Russia:
- Revenue: Critical for Russia, with around 40% of its budget coming from gas and oil sales.
- Geopolitical Influence: Strengthens Russia’s influence over Europe’s energy markets by securing its position as a major gas supplier.
