EU sanctions phasing out all Russian pipeline gas imports by late 2027, combined with the unresolved Russia-Ukraine conflict and 2022 pipeline damage, anchor trader consensus against any restart before 2027. Europe has diversified supplies through LNG terminals and alternative contracts, while Germany shows no regulatory or political movement toward recertification or repairs despite occasional Russian offers. Recent developments include an EU court challenge by Nord Stream 2’s owner and public statements from Russian leadership highlighting intact capacity, yet these have produced no operational shifts. The 97.5% implied probability for “No” reflects these entrenched barriers and the timeline required for any reversal. Plausible but low-probability catalysts include a comprehensive peace agreement lifting sanctions or an acute European supply crisis prompting emergency policy changes.