EU sanctions adopted in July 2025 explicitly ban transactions, maintenance, operation, and any future use of the Nord Stream pipelines, while U.S. sanctions remain in place on the Nord Stream 2 operator. German Chancellor Friedrich Merz has publicly committed to blocking reactivation as leverage in the Russia-Ukraine conflict, aligning with broader EU efforts to phase out Russian pipeline gas. The 2022 explosions left three of four lines damaged, with repairs estimated to require years, substantial funding, and regulatory approvals that current sanctions preclude. Although one Nord Stream 2 line remains physically intact and some German opposition parties advocate reopening for energy-cost reasons, mainstream policy and legal barriers show no signs of lifting before 2027 amid the ongoing war. These factors underpin traders’ strong consensus against any restart in the near term.