Vladimir Putin wants to keep Europe in 'perpetual panic' as Russia restarts Nord Stream gas flows, analyst says

• Russian President Vladimir Putin doesn't want Europe to build up its gas reserves ahead of winter, a top energy analyst said.
• "He wants to keep the continent in perpetual panic," Helima Croft, global head of commodity strategy at RBC, told CNBC.

Russia resumed natural gas deliveries through its Nord Stream 1 pipeline Thursday, but President Vladimir Putin doesn't want Europe to build up its energy reserves ahead of winter, a top energy analyst said.

While gas flows through the pipeline have resumed at 40% of capacity, the Kremlin could later cut it to 20% to turn the screws further on Europe, which has accused Russia of weaponizing energy in retaliation for its sanctions after Putin launched a war on Ukraine.

"He wants to keep the continent in perpetual panic," Helima Croft, global head of commodity strategy at RBC Capital Markets, told CNBC. "He wants to remain in the driver seat of this crisis."

She added that she expects Russia to make further cuts to European gas deliveries, calling Thursday's Nord Stream restart a temporary reprieve.

To be sure, Europe is preparing for reduced gas flows. On Wednesday, the European Commission proposed a 15% cut in EU gas consumption that could become mandatory if the energy situation worsens.

Croft added that Europe will have a difficult time maintaining unity as countries look to ration gas supplies.

She noted that Greece, Spain and Portugal have already raised concerns over the proposed 15% cut, with Spain suggesting it shouldn't bear as heavy a burden on rationing.

"Germany is going to bear the brunt of this — 50% of German consumers use gas to heat their homes, and so this is going to be a real challenge for Germany when they have to think about rationing," she said.