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☆ Russia is flooding Europe with discounted gas to win back Western buyers
▼ + stars: | 2024-06-27 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Discounted Russian gas is hitting European markets, the Center for European Policy Analysis said. AdvertisementRussia has unleashed discounted gas onto European markets, working to keep countries hooked on its energy supply, the Center for European Policy Analysis said. Although the Ukrainian route has continued supplying Western markets through the war, its January expiration would likely be enough to risk a Gazprom bankruptcy. Slovakia, Hungary, and Austria are among examples CEPA cited as customers for Russian gas. AdvertisementAlready, Southern European traders are profiting by buying cheap Russian gas pumped through a Turkish pipeline and then selling it at a premium in Western European markets, she suggested.

Persons: —, It's, Aura Sabadus, CEPA, Sabadus Organizations: Center for, Kremlin, Service, Ukraine —, Moscow, Gazprom Locations: Ukraine, Russia, Ukrainian, Eastern, Slovakia, Hungary, Austria, Gazprom's, Southern, Turkish, Poland

☆ Russia's biggest energy company says it'll take it at least 10 years to recover gas sales lost because of the Ukraine war
▼ + stars: | 2024-06-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russia's gas giant Gazprom won't recover gas sales lost to the Ukraine war for at least a decade. Gazprom will likely lose its leading role in Russia's energy sector over time. AdvertisementGazprom, Russia's state-owned energy giant, likely won't recoup pre-war gas sales for a decade, research commissioned by the company said. By that year, gas exports to Europe will barely average a third of the volumes sold before 2022, when Moscow invaded Ukraine. Although Europe has long been the primary hub for Russia's gas, the war triggered a wave of retaliatory sanctions, upending trade with the West.

Persons: —, that's Organizations: Gazprom, Financial Times, Service, Financial, West Locations: Ukraine, Russia's, Europe, Moscow, Siberia, Russia, Beijing, China

☆ Ukrainian attacks on Russian oil refineries may be proving the Biden Administration wrong, experts say
▼ + stars: | 2024-05-11 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +4 min

Ukraine has been targeting Russian oil refineries in recent months. The Biden Administration has criticized the strikes, warning of global energy price rises. AdvertisementUkraine has been ramping up attacks on Russian oil refineries in recent months as it seeks to hamper Russian export revenues and curtail fuel supplies to Russian President Vladimir Putin's forces. Advertisement"Those attacks could have a knock-on effect in terms of the global energy situation," Austin said. Related storiesThe experts said that Ukrainian attacks on oil refineries would only hinder Russia's ability to turn its oil into refined products such as gasoline and would not impact the volume of oil it can extract or export.

Persons: Biden, —, Vladimir Putin's, Radiy Khabirov, Lloyd Austin, Austin, Michael Liebreich, Lauri Myllyvirta, Sam Winter, Levy, Alexander Novak Organizations: Biden Administration, Service, Reuters, Russia's, Defense, Foreign Affairs, Bloomberg New Energy Finance, Centre for Research, Energy, Clean, Princeton University, Bloomberg Locations: Ukraine, Russia's Kaluga, Russia's Republic, Bashkortostan, Russia, China, India

☆ Gazprom plunges to first annual loss in 20 years as trade with Europe hit
▼ + stars: | 2024-05-02 | by ( ) www.cnbc.com time to read: +2 min

Kremlin-owned gas giant Gazprom said on Thursday it plunged to a net loss of 629 billion rubles ($6.9 billion) in 2023, its first annual loss in more than 20 years, amid dwindling gas trade with Europe, once its main sales market. Analysts had expected net income of 447 billion rubles, according to Interfax news agency. Gazprom's 2023 loss followed a net profit of 1.2 trillion roubles in 2022. It said on Thursday it made a net loss of 364 billion roubles from sales in 2023, in contrast to a profit of 1.9 trillion roubles in 2022. Its total revenue fell to 8.5 trillion rubles last year from 11.7 trillion in 2022.

Persons: Alexei Miller, Vladimir Putin, Ronald Smith Organizations: Gazprom, Saint Petersburg, Soviet, Analysts, BCS Global Locations: Saint Petersburg, Russia, Europe, Soviet Union, Ukraine, Moldova, St . Petersburg, Moscow

☆ Russian energy giant Gazprom reported its first annual loss in 24 years amid Western sanctions
▼ + stars: | 2024-05-02 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Russian energy giant Gazprom posted its first annual loss since 1999. AdvertisementRussian energy producer Gazprom Group reported its first annual loss in 24 years, with restricted energy flows to Europe a leading factor in dragging down earnings. International Energy Agency data indicates that gas flows to Europe hit their lowest levels since the early 1970s. Meanwhile, Gazprom has outlined investments totaling 2.57 trillion rubles for this year, indicating a reduction of nearly 16% compared to its projections for 2023. Russia has managed to reroute much of its energy flows to other countries such as China and India.

Persons: — Organizations: Gazprom, Service, Gazprom Group, Bloomberg, Ukraine, International Energy Agency, Reuters Locations: Europe, Russian, Ukraine, Russia, China, India

☆ Russia's weaker hand undermines case for Power of Siberia 2 gas link to China
▼ + stars: | 2023-10-30 | by ( Vladimir Soldatkin | ) www.reuters.com time to read: +6 min

Russia currently exports gas to China through the Power of Siberia 1 pipeline, which began operating in 2019 and runs through eastern Siberia into China's northeastern Heilongjiang province. Moscow has not said how much the 2,600 km (1,616 miles) Power of Siberia-2 would cost or how it would be financed. Russia aims to increase supplies via Power of Siberia 1 to 38 bcm annually by 2025. If the plans for Power of Siberia 2 and another link from Russia's far eastern island of Sakhalin come to fruition, Russia's pipeline gas exports to China would rise to almost 100 bcm per year by 2030. "This fact will require CNPC to build on its own all the necessary gas transportation infrastructure in China," Kondratov wrote.

Persons: Maxim, Xi Jinping, Vladimir Putin, Dmitry Kondratov, Kondratov, Sergey Vakulenko, Vakulenko, Viktoria Abramchenko, Andrew Hayley, Chen Aizhu, Oksana Kobzeva, Mark Trevelyan, Susan Fenton Organizations: REUTERS, Russia, East, Power, Gazprom, Economics, Russian Academy of Science, Carnegie Endowment, International, Soyuz, Thomson Locations: Siberia, Svobodny, Amur, Russia, East Power, Turkmenistan, MOSCOW, China, Europe, Yamal, Mongolia, Baltic, Moscow, Ukraine, Beijing, China's, Heilongjiang, Russian, Power, Russia's, Sakhalin, That's, Nord, Turkey, Japan, United States, Qatar, Australia, Singapore

☆ Russia's Gazprom to supply extra gas to Hungary and China this year
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +2 min

Companies Gazprom PAO FollowOct 22 (Reuters) - Russia's Gazprom (GAZP.MM) will supply extra gas to Hungary through the coming winter and will also provide China with an additional 600 million cubic metres this year on top of contractual obligations, TASS news agency quoted its boss Alexei Miller as saying. Orban told Putin when they met in Beijing on Tuesday that Hungary never wanted to oppose Russia and was trying to salvage bilateral contacts. "And we have an agreement that we will supply additional volumes on an ongoing basis in the coming winter", he said. "We regularly supply additional volumes to the Chinese market. This year, I think (the extra amount) will be 600 million cubic meters of gas," he was quoted as saying.

Persons: Alexei Miller, Vladimir Putin, Miller, Viktor Orban, Orban, Putin, Gazprom's Miller, Mark Trevelyan, David Holmes Organizations: Gazprom PAO, Gazprom, Investigations, European Union, Putin, NATO, Ukraine, EU, Thomson Locations: Hungary, China, Russian, Europe, Ukraine, Baltic, Beijing, Russia, U.S

☆ Russia-China energy cooperation in focus as Putin visits Xi
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +4 min

It insists the ties do not flout international norms, and China has the prerogative to collaborate with whichever country it chooses. According to China's customs data, the growth of China's exports and imports with Russia on a year-on-year basis quickened in September from August. China is Russia's second-largest buyer of Russian oil after India. Russia's main gas export route is a 4,000-km (2,500-mile) pipeline Power of Siberia that links East Siberian fields to northeast China. Russia aims to build a second gas pipeline to China, Power of Siberia 2, with capacity for 50 bcm a year to run via Mongolia.

Persons: Maxim Shemetov, Wang Wentao, Vladimir Putin's, Russia's Novatek, Vladimir Soldatkin, Guy Faulconbridge, Alison Williams Organizations: REUTERS, Rights, Commerce, Vortexa, Russia's, Reuters, European, VEB, Supplies, CNPC, Thomson Locations: Siberia, Svobodny, Amur, Russia, China, United States, Beijing, Moscow, Ukraine, Russian, India, Kpler, Kozmino, Baltic, Brazil, Urals, Oman, European Union, That's, Europe, Power, Mongolia, Sakhalin, Qatar

☆ Moldova Could Buy Russian Gas if Conditions Are Right -Officials
▼ + stars: | 2023-10-03 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +3 min

By Alexander TanasCHISINAU (Reuters) - Moldova has not used Russian gas since late last year, but it is keeping open the option of buying supply from Gazprom if conditions are right, the head of the Russian gas giant's local subsidiary said on Tuesday. Moldova, one of Europe's poorest countries, has denounced Russia's war in neighbouring Ukraine and has been beset by years of disputes that pre-date the war over payment for Russian gas. The rest of Moldova has been using gas from European suppliers bought through the state-owned gas and power company Energocom. Vadim Ceban, head of Gazprom subsidiary Moldovagaz, said purchases of Russian gas for the bulk of Moldova's territory are possible if the right conditions are met. But on Tuesday, he acknowledged that purchases of Russian gas were possible, subject to strict conditions.

Persons: Alexander Tanas CHISINAU, Vadim Ceban, Ceban, Victor Parlicov, Parlicov, Transdniestria, Alexander Tanas, Ron Popeski, Tom Hogue Organizations: Gazprom, Moldovagaz, Energocom, Reuters, Moldovan Energy, Moldova, European Bank for Reconstruction Locations: Moldova, Gazprom, Soviet Union, Ukraine, Transdniestria, Moldovagaz, Energocom, Bucharest, Russia, Moscow

☆ Moldova puts its debt to Gazprom at $8.6 mln, Russian firm disagrees
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

The former Soviet republic, nestled between Ukraine and European Union member Romania, used to buy Russian natural gas. But Gazprom and its Moldovan subsidiary said in late 2021 it had accumulated hundreds of millions of dollars in debt. Prime Minister Dorin Recean added: "After clarifications regarding the debt for natural gas, Moldova and citizens are not obliged to pay the corresponding bills." Parlicov said the auditors had not received documents from Moldovagaz and Gazprom to cover $276 million of the alleged debt. She has previously said that Moldova has no debts to Gazprom for natural gas.

Persons: Victor Parlicov, Dorin Recean, Maria Zakharov, Parlicov, Maia Sandu, Alexander Tanas, Vladimir Soldatkin, Anna Pruchnicka, Alexander Smith, Kevin Liffey, Ron Popeski, David Gregorio Our Organizations: Gazprom PAO, Gazprom, European Union, Romania, Moldovan, Moldova Energy, Foreign Ministry, Moldovagaz, Thomson Locations: CHISINAU, Moldova, Russian, Soviet, Ukraine, Chisinau, Moldovagaz, Moscow

☆ Moldovan president says audit disproves $800 million Gazprom debt claim: report
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: +1 min

Moldovan President Maia Sandu attends a press conference during a meeting of the European Political Community at Mimi Castle in Bulboaca, Moldova June 1, 2023. REUTERS/Vladislav Culiomza/File Photo Acquire Licensing RightsSept 3 (Reuters) - An audit carried out by an international firm has disproved Russian gas giant Gazprom's claim that the Moldovan government owes it $800 million, Moldovan President Maia Sandu was quoted as saying on Sunday. The former Soviet republic, situated between Ukraine and EU member Romania, used to buy Russian natural gas. But in late 2021 Gazprom and its Moldovan subsidiary said it had accumulated hundreds of millions of dollars in debt which had to be repaid to ensure further stable supplies. Gazprom put the debt at $709 million a year ago, although the sum might have increased with the addition of interest.

Persons: Maia Sandu, Mimi, Vladislav Culiomza, Sandu, Moldova's, Ros Russell Organizations: REUTERS, Moldovan, Gazprom, Reuters, Thomson Locations: Bulboaca, Moldova, Soviet, Ukraine, Romania, Chisinau

☆ Russia's Gazprom says it swings to Q2 net loss as exports to Europe slump
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

Companies Gazprom PAO FollowMOSCOW, Aug 29 (Reuters) - Russia's Gazprom (GAZP.MM) said on Tuesday it generated a net loss of 18.6 billion roubles ($197 million) in the second quarter of 2023 after a net profit of 1.03 trillion roubles a year earlier following the collapse of gas exports to Europe. Gazprom has suspended the disclosure of its exports data, but according to Reuters calculations, supplies to Europe, once its key source of earnings, were about 15 billion cubic metres (bcm) in January-July compared with 62 bcm for the whole 2022. The Kremlin-controlled company also said its net income for the first six months of the year fell to 296 billion roubles from 2.5 trillion roubles in January-June 2022, while its base for dividend payment reached 618 billion roubles for the period. The company usually pays dividend of 50% of its adjusted net income. ($1 = 94.4250 roubles)Reporting by Vladimir Soldatkin and Oksana Kobzeva Editing by Chris Reese and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Vladimir Soldatkin, Oksana Kobzeva, Chris Reese, Tomasz Janowski Organizations: Gazprom PAO, Gazprom, U.S, Thomson Locations: MOSCOW, Europe, China

Russia's gas, in contrast to its oil, is not subject to Western sanctions, although Brussels is considering extending its embargo on Russian fuel. Gazprom's gas exports, mainly to Europe, almost halved last year because of the political crisis over Ukraine and after undersea Nord Stream pipelines were damaged by unexplained blasts last September. Timchenko had long challenged Gazprom's monopoly on Russian gas exports, saying in 2012 that Europeans wanted to have an alternative to Gazprom. "I believe that Gazprom Export's marketing campaign led to its European share decrease ... Liquefied natural gas has already come to the market. In essence, a new, cheaper gas market is emerging; one has to see such things," Timchenko told the Forbes magazine in 2012.

Persons: Maxim Shemetov, Russia's, Ronald Smith of, Novatek, Vladimir Putin, Alexei Miller, Putin, Miller, Gennady Timchenko, Timchenko, Oksana Kobzeva, Vladimir Soldatkin, Barbara Lewis Organizations: Gazprom, REUTERS, Stream, EU, Kremlin, European Union, Novatek, BCS, Forbes, Thomson Locations: Russia, Europe, MOSCOW, Ukraine, Brussels, Siberia, LNG, Ronald Smith of Moscow, Germany, Italy, Soviet, St Petersburg, Moscow, Russian

☆ Weak gas prices worsen outlook for Gazprom's revenues from sales to Europe
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

Gazprom's gas sales to Europe, once its primary source of foreign currency revenues, have plummeted due to the crisis in relations between Moscow and the West. Gazprom has not provided forecasts for gas exports this year and has not replied to a request for comment. Ronald Smith, a seasoned analyst at Moscow-based BCS brokerage, expects Russian gas prices in Europe to average $445 per 1,000 cubic metres this year. He forecasts Russian gas exports to Europe and Turkey will reach 50 bcm this year. If Russia keeps its gas exports to Turkey steady, it might reach 22 bcm in 2023, then sales to Europe would total 28 bcm.

Persons: Ronald Smith, That's, Oksana Kobzeva, Vladimir Soldatkin, Christina Fincher Organizations: Gazprom PAO, Gazprom, Economy Ministry, Thomson Locations: MOSCOW, Europe, Ukraine, Moscow, Turkey, Russia

☆ Russia gas flows through Ukraine could stop next year - FT
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

The chances of Kyiv and Moscow agreeing to a renewal of the five-year transit contract first signed in 2019 were slim, even though the route through Ukraine accounts for almost 5% of Europe's total gas imports, the newspaper reported. Russian gas giant Gazprom (GAZP.MM) warned in April that Europe's ability to maintain ample gas stocks in the 2023/2024 winter hinges on Asia's demand given "critically low" supplies from Russia. European gas prices rose last year on Gazprom's threat to cut flows to Moldova, as the supply route, which goes through Ukraine, is the last functioning Russian gas corridor to Europe. The European Union last year invested heavily in LNG imports and adopted regulation to boost storage to fend off any shortage after Russian gas supplies to Europe shrank following Moscow's special military operation in Ukraine. Reporting by Baranjot Kaur in Bengaluru; Editing by Christopher Cushing and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Galushchenko, Baranjot Kaur, Christopher Cushing, Sonali Paul Organizations: Gazprom PAO, Gazprom, Financial Times, German, European Union, Thomson Locations: Russia, Europe, Ukraine, Kyiv, Moscow, Moldova, Bengaluru

☆ Russian energy giant Gazprom's private security force was deployed to fight in Ukraine, report says
▼ + stars: | 2023-05-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Gazprom's private security companies have forces fighting in the Ukraine war, the Wall Street Journal said. According to the Wall Street Journal, it is actively helping provide manpower to the frontlines of Russia's war on Ukraine. But interest in private security groups is growing in Russia, with other mercenary forces fighting in Ukraine. This includes recruits from former security contractor Redut, and from Patriot, an established private security force. Meanwhile, Gazprom has had a difficult year in energy markets, as the Ukraine war led to Western sanctions and restricted trade.

Persons: —, Vladimir Putin, That's Organizations: Wall Street Journal, Gazprom, Service, Wall Street, Kremlin, Defense Ministry, WSJ, Gazprom didn't, Wagner Locations: Ukraine, Bakhmut, Russia

May 1 (Reuters) - International Boxing Association (IBA) president Umar Kremlev blasted the national federations who broke away from the body to form a new world boxing federation, describing the officials as 'black sheep' and 'hyenas' who do not belong in sport. But Russian Kremlev, who is in Tashkent for the IBA men's world championships, said the IBA is the only international association that governs the sport. Someone tried to register an international association from their garage, why should we even consider them," Kremlev told a news conference. "We did not terminate the (Gazprom) contract as there were obligations to complete... Most federations were against Gazprom being sponsor, but at the (IBA) Congress there were no objections."

☆ Gazprom says Burmistrova steps down as Gazprom Export chief
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, March 10 (Reuters) - Kremlin-controlled energy giant Gazprom (GAZP.MM) said on Friday that Elena Burmistrova was stepping down as the head of Gazprom Export and was moving to Gazprombank as its first vice-president. It also said that Dmitry Khandoga, in charge of Gazprom's international business, would be acting director general of Gazprom Export. Gazprom's natural gas exports outside the former Soviet Union almost halved last year to around 101 billion cubic metres (bcm). Burmistrova had worked as Gazprom Export's director general since 2014. Gazprom also said on Friday that Vitaly Markelov, Gazprom's Deputy CEO, will take charge of the company's operations on the natural gas market.

[1/5] The logo of Nord Stream AG is seen at an office building in the town of Vyborg, Leningrad Region, Russia August 22, 2022. Nord Stream 1 and Nord Stream 2, each consisting of two pipes, were built by Russia's state-controlled Gazprom to pump 110 billion cubic metres (bcm) of natural gas a year to Germany under the Baltic Sea. Three of the pipes were ruptured by unexplained blasts in September, and one of the Nord Stream 2 pipes remains intact. Engie (ENGIE.PA), Gasunie (GSUNI.UL) and Wintershall DEA (WINT.UL) (BASFn.DE) - stakeholders in Nord Stream AG, the operator of Nord Stream 1 - declined to comment. The similar-sized Nord Stream 2 had been completed in September 2021 as tensions with Russia were growing and ran in trouble as Germany's regulators refused to certify it.

☆ Russia's war on Ukraine latest: Putin gives nuclear warning, Biden rallies allies
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +3 min

[1/7] Russia's President Vladimir Putin takes part in an event marking Gazprom's 30th anniversary, via video link at a residence outside Moscow, Russia February 17, 2023. Feb 21 (Reuters) - Russian President Vladimir Putin on Tuesday delivered a nuclear warning to the West over Ukraine, suspending a bilateral nuclear arms control treaty, announcing new strategic systems were on combat duty and warning that Moscow could resume nuclear tests. DIPLOMACY* "One year ago, the world was bracing for the fall of Kyiv," Biden said at Warsaw's Royal Castle. "I can report: Kyiv stands strong, Kyiv stands proud, it stands tall and, most important, it stands free." * A year on from Russia's invasion, Ukraine and its government have not just survived.

☆ Russia's war on Ukraine latest: Putin gives nuclear warning after Biden's Kyiv visit
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +4 min

[1/6] Russia's President Vladimir Putin takes part in an event marking Gazprom's 30th anniversary, via video link at a residence outside Moscow, Russia February 17, 2023. Feb 21 (Reuters) - Russian President Vladimir Putin on Tuesday delivered a nuclear warning to the West over Ukraine, suspending a bilateral nuclear arms control treaty, announcing new strategic systems were on combat duty and warning that Moscow could resume nuclear tests. U.S. President Joe Biden, fresh from pledging support for Ukraine on an unannounced visit to Kyiv, was due to rally NATO allies in Warsaw, making his case for a sustained Western effort to ensure Kyiv wins the war. * The United States and Ukraine's President Zelenskiy warned China against supporting Russia. * Financial leaders of the Group of Seven (G7) will meet on Thursday to discuss measures against Russia that will put pressure on it to end the Ukraine war, Japan's Finance Minister Shunichi Suzuki said.

☆ Analysis: Gazprom's export revenue may fall by 50% in 2023
▼ + stars: | 2023-02-14 | by ( Oksana Kobzeva | ) www.reuters.com time to read: +5 min

If the trend continues, Gazprom's export revenues for the whole year could be halved compared to 2022 when its export volumes also declined by nearly half. LOWER REVENUESIn 2022, Gazprom's export volumes fell by 46%, according to the company. Gazprom has not provided forecasts for gas exports for this year. Gazprom's exports outside ex-Soviet Union fell by more than 45% to 100.9 bcm in 2022 from 185.1 bcm in 2021. The Economy Ministry forecasts Gazprom's export price for 2023 at $700 per 1,000 cubic metres.

☆ Moscow's decades-old gas ties with Europe lie in ruins
▼ + stars: | 2023-02-14 | by ( Vladimir Soldatkin | ) www.reuters.com time to read: +10 min

Washington has long criticised Germany's policy of reliance on Russian energy, which until last year, Berlin had said was a means to improve relations. In October, he mooted an idea of a gas hub in Turkey to divert the Russian gas flows from the Baltic Sea and North-West Europe. The 20-year supply deal is worth about $30 billion in current gas prices. In Europe, gas prices hit record levels and international oil prices shortly after the special military operation began spiked close to their all-time high. Domestic gas prices are regulated by the government and there have been discussions about liberalising the gas market, a sensitive issue for Russian households.

☆ Ex-Gazprom official says decades of the Russian gas giant's work has been 'flushed down the toilet', with export revenues expected to halve this year
▼ + stars: | 2023-02-14 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Gazprom's years of work on exporting Russian gas have been "flushed down the toilet," an ex-official said. An ex-manager at the gas giant bemoaned the impact of the Ukraine war to Reuters after gas prices fell close to two-year lows. "The work of hundreds of people, who for decades built the exporting system, now has been flushed down the toilet," he told Reuters. Russia's gas exports to Europe have fallen significantly thanks in part to sanctions imposed on Moscow after President Vladimir Putin sent troops into Ukraine in late February last year. Energy prices are dipping after a milder winter than expected for Europe, which has successfully built up stocks of oil and gas.

☆ Russian state energy giant Gazprom is starting its own private security force, a move Ukraine fears will lead to a new Wagner-like mercenary army
▼ + stars: | 2023-02-08 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +4 min

Russia's government is allowing energy giant Gazprom to start a private security outfit. Ukraine's Ministry of Defence drew comparisons with the notorious private army the Wagner Group. Experts said it's plausible that another Russian mercenary army is in the works. Russia's government gave its go-ahead for the energy giant to create a private security organization on February 4, under the pretext of securing the country's energy sector. "Ukrainians are handling Wagner, they are handling the Russian army."

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