Gas prices soar as Germany suspends approval for Nord Stream 2 pipeline

London (CNN Business)Natural gas prices in Europe soared on Tuesday after Germany confirmed that it has suspended the process of certifying a new Russian gas pipeline called Nord Stream 2.

The German energy market regulator said in a statement that it could not certify Nord Stream 2 as an independent operator because the company was based in Switzerland, not Germany.
European gas futures prices gained 10%, piling on the pain for businesses and households already paying much higher bills. Leading energy traders have warned of the risk of rolling blackouts in Europe in the event of a colder than average winter.
    The German decision comes at a time of rising tension between the European Union and Russia over Ukraine and a migrant crisis on the Belarus-Poland border.
      –This is a developing story and will be updated.

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