In December 2021, German chancellor Olaf Scholz warned of "consequences" for the Nord Stream 2 pipeline, a Russian natural gas pipeline project operated by Gazprom, Russia's state-owned energy company, which delivers natural gas to Germany.[157][158] In January 2022, German Foreign Minister Annalena Baerbock warned that "any further escalation would carry a high price for the Russian regime — economic, political and strategic".[159]