The daily business briefing: July 26, 2022

Gazprom further cuts flow of Russian natural gas to Europe, the SEC charges former GOP Rep. Stephen Buyer with insider trading, and more

The Nord Stream 1 Baltic Sea pipeline near Lubmin, Germany
The Nord Stream 1 Baltic Sea pipeline near Lubmin, Germany
(Image credit: EDOUARD MERLO/AFP via Getty Images)

1. Gazprom further cuts gas flow to Europe

Russian energy company Gazprom said Monday it was shutting down another Nord Stream 1 pipeline turbine, further reducing the flow of natural gas to Germany. The gas flow through the pipeline, a key energy source for Europe, will be cut to 20 percent of its normal capacity. The European Union has accused the Kremlin of using gas supplies to blackmail Western nations for imposing sanctions over Russia's invasion of Ukraine. Russia has said the sanctions have made it harder to get parts and maintenance services necessary to keep the pipeline working properly. The latest cuts raise pressure on European nations to come up with alternative energy sources before winter.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.