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That's oversimplifying. While Europe needs Russian gas, Gazprom also relies on the European market for sales to support Russian government budgets. And the European Union has been able to force Gazprom to comply with many of its anti-monopoly rules in recent years.

That interdependence is why many think Russia won't cut off gas to Europe even if the conflict over Ukraine escalates, and Russian officials have underlined they have no intention to do that.

About the photo: Russian President Vladimir Putin reacts during a joint press conference with French President Emmanuel Macron after their talks Monday, Feb. 7, 2022 in Moscow. 

Not immediately or directly. Since regulators won't approve it for months, the pipeline cannot help meet heating and electricity needs this winter as the continent faces a gas shortage. Gazprom could, if it chose, send more gas through existing pipelines.

The winter crunch has continued to feed concerns about Russia and gas. Russian President Vladimir Putin has said the shortage underlines the need for quick Nord Stream 2 approval. Russia held back from short-term gas sales — even though it fulfilled long-term contracts with European customers — and failed to fill its underground storage in Europe.

Some analysts say Russia had to fill its own winter reserves first, and Gazprom has stressed its role as a reliable long-term supplier. Whatever the motivation, Putin's comments did little to relieve concerns that Russia is inclined to use gas for political leverage.

About the photo: A Russian construction worker speaks on a mobile phone during a ceremony marking the start of Nord Stream pipeline construction in Portovaya Bay some 170 kms (106 miles) north-west from St. Petersburg, Russia on April 9, 2010.

The U.S. could impose heavy financial sanctions — penalizing anyone or any company that does business involving the pipeline, effectively scaring away banks and businesses and making it impossible for the pipeline to operate.

Biden hasn’t said if that’s the route he might pursue. Asked Monday how the U.S. would stop something that’s under German control, Biden only said, “I promise you, we’ll be able to do it.” Scholz added, “You can be sure that there won’t be any measures in which we have a differing approach. We will act together jointly.”

In Congress, Republicans and Democrats — in a rare bit of agreement — have long objected to Nord Stream for the leverage it gives Russia over Europe. They have been split for months on whether to impose sanctions on Nord Stream 2 now or only if Russia invades. Bill backers have refused to say what compromise they might be working on.

In Germany, the approval process has been presented as strictly a legal decision, not a political one, raising questions about what mechanism could be used if there’s a Russian attack. In Europe, sanctions against Russia over its seizure of Ukraine’s Crimea peninsula in 2014 were agreed at the European Union level.

About the photo: President Joe Biden departs, followed by German Chancellor Olaf Scholz after a news conference in the East Room of the White House, Monday, Feb. 7, 2022, in Washington.

The U.S., European NATO allies such as Poland, and Ukraine have opposed the project going back before the Biden administration. They said it gives Russia the possibility of using gas as a geopolitical weapon.

Biden waived sanctions against the pipeline's operator when it was almost complete in return for an agreement from Germany to take action against Russia if it used gas as a weapon or attacks Ukraine. But the U.S. still thinks Nord Stream 2 is a bad idea.

Meanwhile, Scholz, who took the helm in Germany in December, backed the project as Angela Merkel’s finance minister, and his Social Democratic Party supported it.

While he has avoided referring to Nord Stream 2 specifically, Scholz says Russia would face “severe consequences” and that sanctions must be ready ahead of time.

State-owned producer Gazprom says it will meet Europe's growing need for affordable natural gas and complement existing pipelines through Belarus and Ukraine.

Europe imports most of its gas and gets around 40% from Russia. Nord Stream 2 would offer an alternative to Ukraine's aging system, lower costs by saving transit fees paid to Ukraine and Poland, and avoid episodes like brief 2006 and 2009 gas cutoffs over price and payment disputes between Russia and Ukraine.

About the photo: A sign reading "Nord Stream 2 Committed. Reliable. Safe." hangs above a painted map of the Nord Stream 2 pipeline from Russia to Germany at the natural gas receiving station in the Lubmin industrial estate in Lubmin, Germany, Nov 16, 2021.

A 764-mile-long natural gas pipeline under the Baltic Sea, running from Russia to Germany's Baltic coast.

It would double the capacity of an earlier Nord Stream pipeline to 110 billion cubic meters of gas a year and sidesteps Ukraine and Poland, which would lose transit fees. They also said the project would increase Russia's leverage over Europe.

The pipeline has been filled with gas but is not operating yet pending approval by Germany's utility regulators and the European Commission.

About the photo: File photo shows tugboats get into position on the Russian pipe-laying vessel "Fortuna" in the port of Wismar, Germany, Jan.14, 2021. The special vessel is being used for construction work on the German-Russian Nord Stream 2 gas pipeline in the Baltic Sea.

A Ukrainian serviceman stands at his position at the line of separation between Ukraine-held territory and rebel-held territory near Svitlodarsk, eastern Ukraine, Wednesday, Feb. 23, 2022. U.S. President Joe Biden announced the U.S. was ordering heavy financial sanctions against Russia, declaring that Moscow had flagrantly violated international law in what he called the "beginning of a Russian invasion of Ukraine." (AP Photo/Evgeniy Maloletka)

FILE - Pipes at the landfall facilities of the 'Nord Stream 2' gas pipline are pictured in Lubmin, northern Germany, Feb. 15, 2022. The White House is expected to announce Wednesday that President Joe Biden is allowing sanctions to move forward against the company that built the Russia-to-Germany Nord Stream 2 gas pipeline and against the company’s CEO. (AP Photo/Michael Sohn, File)

Russian armored vehicles are loaded onto railway platforms at a railway station in region not far from Russia-Ukraine border, in the Rostov-on-Don region, Russia, Wednesday, Feb. 23, 2022. U.S. President Joe Biden announced the U.S. was ordering heavy financial sanctions against Russia, declaring that Moscow had flagrantly violated international law in what he called the "beginning of a Russian invasion of Ukraine." (AP Photo)

Cyclists ride past an installation of crosses on which is written "Russian occupier", in front of the Russian Embassy in Kyiv, Ukraine, Wednesday, Feb. 23, 2022. Ukraine urged its citizens to leave Russia as Europe braced for further confrontation Wednesday after Russia's leader received authorization to use military force outside his country and the West responded with a raft of sanctions. (AP Photo/Emilio Morenatti)