Gazprom has said the Nord Stream 1 pipeline, conveying natural gas to Europe, will shut down for three days, from August 31 to September 2 for maintenance to undergo “routine maintenance.”

The pipeline closed down for 10 days last month as part of its scheduled annual maintenance. 

The halt of gas supply due to maintenance is a new blow for Europe, after earlier supply disruptions by Gazprom to EU-based clients sent gas prices skyrocketing.

Europe's benchmark gas prices at the Dutch TTF hub rallied 14% between Monday and Wednesday, jumping by 6% on Wednesday at a new record of $240 (236 euro) per megawatt-hour. Gas prices have already doubled since June, when Russia first reduced supply via Nord Stream, the key pipeline carrying gas to Europe's biggest economy, Germany. 

The European gas benchmark now trades at what would be an equivalent of $410 per barrel of crude oil, which highlights "the debilitating economic impact on the region," Ole Hansen, Head of Commodity Strategy at Saxo Bank, said this week.  

KeyFacts Energy: Gazprom Russia country profile