Germany freeze on Tuesday Russia's Nord Stream 2 gas pipeline project on the Baltic Sea, after Russia recognized two breakaway regions in eastern Ukraine.
The project, which is worth $11 billion was concluded in September, yet, has stood pending by the EU.
The pipeline was set up to relieve pressure on EU consumers who face record energy prices amid a broader post-pandemic livelihood crisis.
The price of European benchmark gas, the Dutch contract for March, rose on Tuesday, 10% to €79.28 per megawatt-hour, much like the price of the fourth quarter.
Germany gets half of its gas from Russia and said Nord Stream 2 was primarily a commercial project to persify energy supplies to Europe.
Despite the potential benefits, the pipeline had faced opposition within the EU as Russia denied transit fees to Ukraine, making it more vulnerable to Russian invasion.
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