Russia has said that Nord Stream 2 is ready to begin commercial operations pending regulatory approval and that gas flows through the pipeline would help ease the current high European gas prices, which remain at sustained highs on winter supply concerns.

Gas prices in Ukraine began to climb in April this year, and in August and September they soared to record levels

The UK does not support Russia's Nord Stream 2 gas pipeline project to Germany

On Sept. 6, Gazprom said that pipelaying work on the project had been completed and commercial operations are expected to begin before the end of 2021. Nord Stream 2 includes two strings of 27.5 Bcm.

"This means that the Nord Stream 2 gas connection pipeline is subject to German regulation by the Federal Network Agency

Germany and the US agreed on July 21 a number of measures to protect Ukraine's energy security and block any attempts by Russia to use energy as a "weapon" once the Nord Stream 2 gas pipeline starts up.

Naftogaz also wants to force Russia to allow other Russian producers to be able to export pipeline gas via Ukraine to Europe.

US President Joe Biden entered the White House with the pipeline already nearly finished, leaving him with the decision of upsetting Germany or giving a win to Russian President Vladimir Putin.

Russian oil imports as a share of US total oil imports hit a record high of 8% in January 2021, according to data from the US Energy Information Administration, up from 4% during 2018.

On March 18, US Secretary of State Antony Blinken issued a warning to entities involved in the Nord Stream 2 project that they risk "US sanctions and should immediately abandon work on the pipeline."

"We will continue to register any organization that may be involved in any sanctioned activity, and have made it clear that any company risks being penalized for participating in Nord Stream 2," Giordono-Scholz said.

The number of cases of low-flying "foreign planes" over the Nord Stream 2's vessels has increased in the second half of March.

However, Russian gas remains competitive for European buyers given its low-cost production base and long-term reliability.

Between 2015 and 2020, U.S. gas production grew roughly twice as fast (4.3% per year on average) as consumption (2.3% per year), according to data from the U.S. Energy Information Administration.

“It has the potential to undermine the interests of Ukraine, Poland and a number of close partners and allies,” Blinken added, saying that a U.S. law required Washington to impose sanctions on companies participating in the Nord Stream 2 project.