European countries are preparing for Gazprom PJSC’s next move as a 10-day maintenance period on the Nord Stream 1 (NS1) natural gas pipeline is scheduled to end July 21. 

Whether the pipeline returns to full capacity, reduced capacity or in a worst case scenario, no deliveries at all, has left Europe readying for the worst.

“Based on the pattern we’ve seen, it would not be very surprising if some small, technical detail is ‘found’ and Gazprom officials “could say ‘now we can’t turn it on any more’,” German Economy Minister Robert Habeck said late last month.

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“We’re all wondering what might happen after maintenance ends,” said senior...