Putin Says Russia Will Honor Gas Commitment But Flows Could Drop To Just 20% Of Capacity

With Europe still on edge over the risk of an extended Nord Stream shutdown in 24 hours, moments ago Russian President Vladimir Putin eased tensions when he said that Russia would fulfill its commitments to supply natural gas to Europe, but he warned that flows via the Nord Stream pipeline could be curbed soon if sanctions prevent additional maintenance on its components.

Translation: as we predicted, Putin will resume NS1 flows, but at levels at or below the pre-repair “new normal” of 40%.