European Natural gas prices jumped more than 10% on Friday, hitting $2100 per thousand cubic meters, as word spread the TurkStream pipeline’s operator lost its license to operate due to the latest European sanctions on Russia.

At the TTF hub in the Netherlands, gas futures for November delivery were trading at $2,087 per thousand cubic meters, or €205.995 per megawatt hour.

On Thursday, the operator of the TurkStream pipeline, Russia-owned South Stream Transport, said that the Netherlands had withdrawn its export license, sending prices jumping and the market into disarray as traders saw still more potential supplies being removed from the market.

In addition, media reports are now claiming that if there were to be some damage to the TurkStream pipeline, the sanctions will also preclude the operator from repairing the damage. However South Stream has said it will continue to transport gas, and is applying for the license to be resumed.

The TurkStream pipeline supplies Russian natural gas to Turkey and Sothern Europe, with an annual capacity of 33 billion cubic meters. Since it was launched in 2020, it has transported over 18 billion cubic meters of natural gas to Turkey, and 16.8 billion cubic meters to Europe.

Since the sabotage of the two Nord Stream pipelines, the TurkStream pipeline is the only remaining gas pipeline supplying Europe with natural gas outside of pipelines that pass through Ukraine.