Gazprom freeze the flow through the Nord Stream pipeline and shut it indefinitely, citing maintenance requirements.
TTF natural gas futures, the European benchmark jumped almost 30% to approach €280 per megawatt hour after touching a three-week low of €203 on Friday.
The Nord Stream pipeline was already running at just 20% of capacity before flows were halted last week for a three-day maintenance period.
Gazprom’s decision is set to deepen an ongoing energy crisis in Europe, with countries trying to find alternatives to Russian gas supply, including liquefied natural gas from the US.
European Union ministers will have an emergency energy meeting this week to discuss the energy crisis and define special measures to fight rising costs, which could include gas prices caps.
