Gas supply to Europe via Nord Stream 1 cut off: Interfax

European gas prices spiked on Monday, after Russian energy giant Gazprom said it will halt all gas supplies via the Nord Stream 1 pipeline from August 31st to September 2nd.

The announcement by Gazprom comes after the Group of Seven (G7) nations agreed to impose a price cap on Russian oil. Russia has said it will not supply oil to countries that implement the price cap.

The Nord Stream 1 pipeline is a major route for Russian gas to Europe, and the shutdown will likely lead to further increases in gas prices and could have a significant impact on the European economy.

European countries have been trying to reduce their dependence on Russian gas since the start of the war in Ukraine, but they have not yet been able to fully replace Russian supplies. The shutdown of the Nord Stream 1 pipeline will make it even more difficult for Europe to secure its energy supplies, and could lead to further economic problems.

The G7 nations have said that they will continue to provide financial and military support to Ukraine, and that they will not rest until Ukraine has won the war and regained its full sovereignty.