A three-day halt of the Nord Stream pipeline -- a key source of natural gas for the European Union -- starts on Wednesday, and concerns are widespread that Moscow will find another excuse to clamp down on supplies, putting the region at the mercy of the weather.

European natural gas prices on Monday plunged the most since March after Germany said its gas stores are filling up faster than planned.

Bern has been working to build up Switzerland's energy production and storage systems, but even the grand opening next month of a new, powerful pumped-storage hydroelectric plant is unlikely to help avoid problems this winter.

Benchmark Dutch front-month futures fell as much as 16%, partly reversing last week’s jump of almost 40%.

While some countries like Germany, where nearly half the homes rely on gas for heating, are more exposed than others, the European Union is seeking to band together.

The EU’s sixth round of sanctions over the invasion of Ukraine includes a ban on Russian oil, as well as the use by third countries of the bloc’s companies for insurance and financial services.

Russia's crude exports rose by 140,000 b/d on the month to average 3.36 million b/d from Aug 1-16 to remain above pre-war levels for the fifth month in a row,

When Russia invaded Ukraine in March, things went from tightness of supply to impending disaster. Russia, through a complex network of pipelines, is the principal supplier of natural gas to Europe and all petroleum products to Germany. Now it has curtailed normal flows.

Berlin is already under serious pressure after Russia cut flows through Nord Stream 1, the key connector with Europe, which is currently running at just 20 per cent capacity.

"Russia needs official confirmation that this and other turbines, which require routine maintenance and repair, will not fall under the sanctions of the EU, Canada and the UK," it said.

Russia’s natural gas exports by pipeline to the European Union (EU) and the United Kingdom (UK) declined by almost 40% during the first seven months of 2022 compared with the same period in 2021 and by almost 50% compared with the previous five-year (2017–21) average,

Benchmark German power for next year rose as much as 4.5% to a record 446 euros a megawatt-hour on the European Energy Exchange.

With nearly half of German homes relying on gas for heating, the country faces potential rationing if it fails to secure sufficient reserves.

Russian oil production in July was only 310,000 b/d below prewar levels, a fall of less than 3 per cent, while total oil exports were down about 580,000 b/d, according to the IEA’s latest monthly oil report.

Much of the world isn’t ready to follow US and European efforts to isolate President Vladimir Putin’s Russia.