In late February, Russia announced that it would send troops into two regions of eastern Ukraine — a precursor to its full-scale invasion days later. Hours after Russia’s announcement, German Chancellor Olaf Scholz responded by declaring that his country was halting Nord Stream 2, a new pipeline that would have transported billions of cubic meters of natural gas from Russia into European markets each year.
Halting such a major gas pipeline was not an easy decision for Germany to make. Natural gas is Europe’s second biggest source of energy, topped only by oil and petroleum products. Furthermore, only 10% of the natural gas consumed in the EU is produced in the EU; the rest is imported. Russia is by far the biggest source of those gas imports at 41% of the volume.
But European sanctions on Russia have forced the continent to look for alternatives to Russian natural gas. …
