[jcranmer]

> Who would profit the most from physically cutting out Europe from Russian gas?

Ooh, ooh, I know, I know! Australia! Unless you were going for Qatar? I think Qatar is making the most buck right now by diverting its sales of LNG from Asia to Europe instead, but I don't have the exact statistics in front of me.

Although actually the best answer is probably Russia. The fact that the pipeline is no longer operational means that Russia no longer has to pay contract penalties for failing to deliver the gas it was contractually obligated to deliver. (Natural gas is usually delivered via long-term fixed-price contracts).