An unprecedented supply glut of liquefied natural gas (LNG) has driven down wholesale gas prices in the United Kingdom to low levels, while across the English Channel, Europe struggles with high gas prices. Britain’s terminals are receiving LNG cargoes intended to be transported to Europe through subsea pipelines. However, “the rate of LNG imports has…
EU May Allow Gas Payments Under New Russian Ruble Exchange Decree Without Breaching Sanctions
April 23, 2022
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Business & EconomycommoditiesEuropeEuropean UnionMarketsRussia-Ukraine Warrussian gasRussian sanctionsWorld
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The European Commission sent new guidance to its member states on April 21, admitting that it “appears possible” for European buyers of Russian gas to pay according to the terms of Moscow’s decree on ruble conversion without violating international sanctions. Many European countries in the Euro bloc are heavily dependent on 40 percent of their…
Lithuania Ceases All Russian Gas Imports
April 3, 2022
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Business & Economyeconomic policieseconomyEuropeLithuaniaMarketsRublesRussia-Ukraine Warrussian gasWorld
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Lithuania has stopped all Russian gas imports, becoming the first country in the European Union to do so. The country’s gas transmission system has been operating without Russian gas imports since the start of the month, the Lithuanian Energy Ministry stated on April 2. Minister of Energy Dainius Kreivys said that Lithuania is the first EU…
Kremlin Says Britain Won’t Get Any Russian Gas Due to Sanctions
The Kremlin has said that London’s sanctions of Moscow’s Gazprombank, through which payments are to be made under Russian President Vladimir Putin’s rubles-for-gas scheme, mean that Great Britain won’t be able to buy Russian gas. Kremlin spokesperson Dmitry Peskov told Russian state-backed news agency Tass on Saturday that British sanctions against Gazprombank mean that the…
US and EU Strike Gas Deal to Reduce Reliance on Russian Energy
March 25, 2022
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Business & Economyeconomic policieseconomyEuropeEuropean UnionExecutive BranchInternationalLNGMarketsPolicies & ImpactsPoliticsRussia-Ukraine Warrussian gasUSUS NewsWorld
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The United States and the European Union have struck a deal to reduce Europe’s dependence on Russian fossil fuels, including a commitment for the United States to provide an additional 15 billion cubic meters of liquefied natural gas (LNG) to EU markets this year alone. President Joe Biden and European Commission President Ursula von der Leyen…
Buyers of Russian Gas Confused Over Putin’s Demand for Payment in Rubles
Asian and European importers of Russian gas remained puzzled on Thursday after Russian President Vladimir Putin said earlier that “unfriendly” countries must pay for Russian gas in roubles. There are over 45 countries on Russia’s “unfriendly” list, including Austria, Germany, and Japan, where politicians and gas buyers on Thursday expressed confusion about how to handle…
Putin Wants ‘Unfriendly’ Countries to Pay for Russian Energy in Rubles
March 23, 2022
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Business & Economycommoditieseconomic policieseconomyEuropeInvestmentMarketsrubleRussia-Ukraine Warrussian gasVladimir PutinWorld
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Russia’s President Vladimir Putin said Wednesday that he wants “unfriendly” countries to start paying for Russian energy using rubles, a move that could strengthen the value of the weakened Russian currency. Putin made the remarks at a meeting with members of his government, according to a video of his statement provided by state-backed media outlet RT. “We…
European Union States Push For Sanctions on Russian Energy
March 21, 2022
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Business & EconomyEuropeLithuaniaMarketsRussia-Ukraine WarRussian embargorussian gasrussian importsWorld
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Some members of the European Union are demanding sanctions to be imposed on energy imports from Russia on account of Moscow’s invasion of Ukraine while the price of oil rebounds amidst fears of new sanctions, the ongoing war, and supply issues. “Looking at the extent of the destruction in Ukraine right now, it’s very hard…
‘Uncomfortable Truth,’ European Union Cannot Cut Off Russian Energy Supplies: Dutch Prime Minister
March 10, 2022
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Business & Economycommoditieseconomyenergy independenceEuropeinflationInvestmentMarketsRussia-Ukraine Warrussian gasrussian importsRussian Oil TradeWorld
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Mark Rutte, the Dutch Prime Minister, has dismissed the possibility of the European Union (EU) banning energy supplies from Russia in the wake of Moscow’s invasion of Ukraine. “We have to discuss our vulnerabilities in terms of our dependency on Russian oil and Russian gas. I would not plead for cutting off our supply of…
Reality Comes to the Green Movement
Commentary One root cause of Russia’s attack of Ukraine involves national energy policies. The irony is rich. Reuters reported on Feb. 24 that “Swedish climate and environment activist Greta Thunberg said on Twitter she was taking part in a protest on Friday outside the Russian embassy in Stockholm against its invasion of Ukraine.” Does she…
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