On Wednesday, the European Union’s executive presented plans to raise more than 140 billion euros (£121bn) in order to address an energy crisis. This has raised the possibility of winter
EU backs off Russian gas price cap after Putin threat
Ministers from the EU agree to raid energy giants in an effort to ease household financial losses.
Europe is facing a potential “Lehman Brothers” event with energy margin calls of $1.5 trillion
European energy companies face margin calls totalling $1.5 trillion in the derivatives market. Many would need to support policy to cover them amid wild swings, and skyrocketing power and gas
Oil supported by supply threats yet still set for a second weekly drop
Friday’s oil price rise was supported by supply cuts and real threats. However, crude saw the second week of declines as China’s COVID-19 curbs and aggressive interest rate increases weighed
China Is Aggressively Buying Up Cheap Russian LNG at a 50% discount
Bloomberg reported that Russia is still selling liquefied natural gases from Sakhalin-2 in the Far East to China at half the price and still making profits, citing unnamed traders.
Gazprom declares force majeure over some gas supplies to Europe
According to Gazprom’s July 14 letter, Reuters saw Monday and found that Gazprom had declared force majeure over gas supplies to Europe to at most one major customer.
Gazprom anticipates Siemens to continue servicing Nord Stream 1 turbines
Gazprom, Russia’s largest gas exporter, said Saturday that it expects Siemens to fulfil its obligations when servicing gas turbines required for reliable operation of Nord Stream 1 and energy shipments
Gazprom cancels dividends for the first time since 1998. Shares dive
Gazprom, Russia’s largest gas company, has decided to not pay dividends on its last year’s results. This is the first time that it has not paid out dividends since 1998.
UK will provide additional military support to Ukraine in the amount of 1.3 billion pounds
Britain pledged to provide additional 1.3 billion pounds ($1.60billion) in military support and assistance to Ukraine ahead of a scheduled video call by Group of Seven leaders with Volodymyr Zelenskiy,
G7 rejects Putin’s demand for rouble payment for Russian gas
After talks with Energy ministers on Monday, Robert Habeck from Germany said that energy ministers of the Group of Seven industrialized countries reject President Vladimir Putin’s demand that “unfriendly” countries
UK economy will outpace the rest of G7 and cast off omicron’s shadow
The UK’s economy will outpace all other nations in the G7 in 2022, for the second year in a row. It is roaring back after a deep recession than many