European Union sanctions adopted in 2025 explicitly prohibit transactions involving the Nord Stream pipelines, aligning with the REPowerEU plan to phase out all Russian pipeline gas imports by late 2027. Three of the four lines suffered irreparable damage from the 2022 sabotage, with no repair or certification process underway and preservation work limited; the remaining intact Nord Stream 2 branch stays inactive under the transaction ban. Germany has maintained its policy against reactivation, including the transfer of related infrastructure to Ukraine, while Europe has diversified supplies through LNG and alternative routes. Occasional Russian statements and fringe German political calls for resumption have not altered the structural barriers of sanctions, physical condition, and policy consensus, sustaining trader expectations against commercial flows before the end of 2026. A rapid peace agreement lifting sanctions or an unforeseen energy shortage prompting policy reversal remain the primary low-probability paths that could still shift the outcome.