Russian President Putin: We can launch Nord Stream 2 gas pipeline if necessary

Dhwani Mehta FXStreet

Russian President Vladimir Putin said on Wednesday that “Nord stream 1 is practically shut down,” adding that “we can launch Nord Stream 2 gas pipeline if necessary.”

Additional comments

“Proposed caps on Russian gas prices are stupid, will lead to price increases.”

“Gazprom is interested in long-term gas sales contracts.”

“The last operational Nord Stream 1 turbine is out of order.”

“We will resume Nord Stream 1 flows if they return the turbine.”

“We are working on the construction of new pipelines to transport gas, some of which pass through Mongolia to China.”

Meanwhile, German Chancellor Olaf Scholz was reported, as saying that “Russia doesn't want to deliver gas, the leak is just an excuse.”

He added that “the winter will be challenging but we will manage to get through it.”

The Financial Times (FT) is carrying a story, citing that the European Union (EU) is planning a €200/MWh price cap on non-gas generated electricity.

Market reaction

EUR/USD Is holding the recovery gains above 0.9900, trading at 0.9915, up 0.16% on the day, at the time of writing.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD keeps the bid bias just over 1.1800

EUR/USD has started the week on a positive foot, hovering around the 1.1800 region in the latter part of Monday’s session. The pair’s recovery comes on the back of a decent decline in the US Dollar, as investors keep their attention on the evolving US–EU trade relationship after President Trump’s announcement of sweeping global tariff hikes.

GBP/USD looks stuck around 1.3500 amid firm gains

GBP/USD is pushing further north on Monday, revisiting the 1.3500 hurdle and beyond. Cable’s uptick is largely being fuelled by the broader softness in the Greenback, amid lingering uncertainty around tariffs.

Gold pops above $5,200, four-week highs

Gold is holding onto its bullish tone on Monday, reaching new multi-week highs just past the $5,200 mark per troy ounce. Fresh trade-war concerns, coupled with rising geopolitical tensions in the Middle East, are keeping demand for the yellow metal well on the rise.

Crypto Today: Bitcoin, Ethereum, XRP intensify sell-off as tariff uncertainty weighs

Bitcoin, Ethereum and Ripple are trading amid increasing selling pressure at the time of writing on Monday, as investors react to fresh trade uncertainty over US President Donald Trump’s push for more tariffs.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.