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☆ The US is quietly asking major banks like JPMorgan and Citi to keep doing business with some Russian firms, report says
▼ + stars: | 2022-11-08 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +3 min

US officials asked major banks to maintain ties with Russian companies, Bloomberg reportedIts report said banks were asked to keep dealing with firms that are partly exempt from sanctions. The Russian firms included state-run gas giant Gazprom and fertilizer producer Uralkali PJSC, sources told Bloomberg. In a congressional hearing on September 21, CEOs of major US banks came under scrutiny for their dealings in Russia. Leaders of major Western banks have been condemned by Ukrainian officials, who said in July that they would pursue war-crimes charges against them. "In our logic, everybody who is financing these war criminals who are doing these terrible things in Ukraine are also committing war crimes," he added.

☆ German government says in talks with Wintershall Dea about Russia production
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Nov 7 (Reuters) - The German government is in talks with oil and gas producer Wintershall Dea (WINT.UL)(BASFn.DE) after a media report that the company's Russian gas condensate production helps support the Russian war effort against Ukraine, a spokesperson said. Asked for a comment, Wintershall Dea has pointed to its statement on Friday saying it rejected the accusations and reserved the right to consider legal action. German magazine Spiegel and public broadcaster ZDF had reported on Friday that their investigations had shown that gas condensate produced in Russia by joint ventures between Wintershall Dea and Gazprom (GAZP.MM) was processed into jet fuel, among other uses. Citing a military expert, the outlets said the jet fuel delivered by Wintershall Dea to Gazprom could be used for military purposes. Wintershall Dea had no influence over gas and condensate deliveries from two joint ventures, Achimgaz and Achim Development, to Gazprom, but they were marketed mostly for petrochemical applications, it said.

☆ Ukraine conflict, sanctions set to blow hole in Russia's finances
▼ + stars: | 2022-11-02 | by ( Darya Korsunskaya | ) www.reuters.com time to read: +6 min

While Russia's economy initially held up relatively well to the waves of Western sanctions imposed on it, the impact is beginning to show - in analysts' assessments, if not in those of the government. Analysts at state bank VTB (VTBR.MM) forecast the gap at an even wider 4-4.5 trillion roubles. The finance ministry sees non-energy revenue, or that related to economic activity, at 11.5% of GDP in 2023, around 7% higher than this year and on par with pre-pandemic levels. The finance ministry did not reply to a Reuters request for a comment. "I very much hope that the finance ministry will avoid outright money printing."

☆ Germany could seize property to speed LNG build-out -Handelsblatt
▼ + stars: | 2022-11-01 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +1 min

BERLIN, Nov 1 (Reuters) - Germany, racing to end its reliance on Russian gas, plans to introduce new regulation that will make it possible to expropriate property to link offshore liquid natural gas terminals to the grid, Handeslblatt reported. Until earlier this year, some 55 billion cubic metres of gas were pumped to Germany each year through Nord Stream 1. Nord Stream 2 never went into operation. Germany, which has for decades fuelled its vast industrial sector with copious supplies of Russian gas, pledged after Russia's invasion of Ukraine to cut its imports from Russia to zero by 2024. Four planned floating LNG terminals, including one at Lubmin where the sub-Baltic gas pipelines land, are key to that ambition.

☆ Head of state-run Ukrainian energy company Naftogaz quits
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

KYIV, Nov 1 (Reuters) - The Ukrainian government accepted the resignation of Yuriy Vitrenko as chief executive of state energy company Naftogaz on Tuesday. In a statement on the Telegram messaging app, Naftogaz said Vitrenko would remain in the role until Nov. 3, but gave no further details. Asked by Reuters about the reason behind his resignation, Vitrenko declined to comment. Vitrenko's departure follows a series of Russian missile strikes on Ukrainian energy facilities in recent weeks as the war in Ukraine drags on. Naftogaz is also locked in a legal dispute with Russia's state energy company Gazprom over the transit of Russian gas.

Putin proposed Turkey as a base for gas supplies earlier this month after the Nord Stream pipelines under the Baltic Sea were damaged in September by blasts. Putin also said Russia's Gazprom had been allowed to inspect the damage done when blasts hit the Nord Stream gas pipelines. Sweden and Denmark have both concluded that four leaks on Nord Stream 1 and 2 were caused by explosions. Putin said the blasts had torn a 40-metre length of pipe out of Nord Stream 1 and hurled it into Nord Stream 2, causing damage. In total there was a 259-metre break in Nord Stream 1, he said.

☆ How Russia Pays for War
▼ + stars: | 2022-10-30 | by ( Lazaro Gamio | Ana Swanson | ) www.nytimes.com time to read: +17 min

Invasion –84% Imports from Russia –20% Germany Current total trade $4.8 billion Since invasion –3% Exports to Russia Avg. Invasion –51% Imports from Russia +38% The Netherlands Current total trade $2 billion Since invasion +32% Exports to Russia Avg. Invasion –52% Imports from Russia +74% China Current total trade $15 billion Since invasion +64% Exports to Russia Avg. Invasion +24% Imports from Russia +98% India Current total trade $3.3 billion Since invasion +310% Exports to Russia Avg. Invasion –19% Imports from Russia +430% Turkey Current total trade $6.2 billion Since invasion +198% Exports to Russia Avg.

Equinor's previous earnings record amounted to a profit before tax of $18 billion and was set in the first quarter. Equinor has said it sells most of its gas output on a day-ahead or month-ahead price basis. "Of course, the (gas) prices in Europe are very high. The European Union has said it plans to coordinate some of its gas purchases in the hope of bringing down prices. "We will cooperate with those buying institutions planned in the EU and negotiate gas prices in the future," Opedal said.

☆ European gas prices to remain high for years, says Equinor CEO
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

OSLO, Oct 28 (Reuters) - The price of gas in Europe will remain high for years to come following the cuts in deliveries from Russia, the chief executive of Norway's Equinor (EQNR.OL) said on Friday. The company, which has this year overtaken Russia's Gazprom (GAZP.MM) as the biggest supplier of gas to Europe, early on Friday posted record third-quarter profits thanks to the spike in energy costs. "The fundamental problem in Europe is a shortage of gas and there will be a shortage over time, and if Europe is to attract that gas it should expect to pay a high price in the coming years," Chief Executive Anders Opedal told a news conference. "Our contribution will be to produce as much as possible and our gas will remain valuable in the years ahead," he said. Reporting by Nerijus Adomaitis, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Gas business helps Italy's Eni to beat expectations
▼ + stars: | 2022-10-28 | by ( Francesca Landini | ) www.reuters.com time to read: +3 min

Adjusted net profit in the period came in at 3.73 billion euros ($3.72 billion), soaring from 1.43 billion euros a year ago, and beating a 3.21 billion euro consensus. The state-controlled group raised its full-year expectations for the gas & LNG division and for the downstream business. "Eni has reported strong numbers this morning, with adjusted EBIT and net income coming in ahead of consensus," analysts from RBC Europe said. REPLACING RUSSIAEni will replace at least 50% of its Russian gas supply this winter, leveraging its broad and diversified reserve base, its long-standing relationships with producing countries and a growing presence in liquefied natural gas (LNG), it said. Looking at the different businesses of the group, the gas and LNG division stands out.

WINNIPEG, Oct 28 (Reuters) - Canada will sell a government-backed, 5-year bond to raise money for Ukraine and it will impose new sanctions on 35 Russian individuals, including Gazprom (GAZP.MM) executives, Prime Minister Justin Trudeau said on Friday. "These funds will go to support the Government of Ukraine so they can continue to support the Ukrainian people," he said. Canada has one of the world's biggest Ukrainian diasporas outside of countries that border Ukraine, and the community has lobbied Ottawa to impose increasingly strict sanctions against Russia since it invaded Ukraine in February. Trudeau did not say when the bonds would go on sale. The equivalent of the income raised will be channeled "directly to Ukraine" through an International Monetary Fund administered account, the statement said.

☆ Nord Stream operator surveys pipeline leak site
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

COPENHAGEN/BERLIN, Oct 27 (Reuters) - Nord Stream AG, the operator of the leaking Nord Stream 1 gas pipeline, has sent a chartered ship to waters off the coast of Sweden to survey the damage for the first time, the company said on Thursday. Sweden and Denmark have concluded that four Nord Stream leaks identified last month were caused by explosions, but have not said who might be responsible. Nord Stream AG, which is majority-owned by Russia's Gazprom (GAZP.MM), said a specially equipped vessel had arrived in the exclusive economic zone off Sweden, confirming earlier comments by the Swedish Navy. Nord Stream AG said it was still awaiting a permit to assess damage to the pipeline section in the Danish economic zone. Norway, now Europe's biggest supplier of natural gas, has increased its pipeline inspections in the wake of the suspected blasts on the Nord Stream system last month, the head of the country's gas supply infrastructure told Reuters.

☆ Rouble edges lower ahead of three OFZ treasury bond auctions
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

At 0802 GMT, the rouble was 0.1% weaker against the dollar at 61.52 and had lost 0.5% to trade at 61.80 versus the euro . The rouble has been buttressed in recent sessions by a month-end tax period when export-focused firms convert foreign exchange revenues into roubles to pay domestic tax liabilities. Russian stock indexes gained. The rouble-based MOEX Russian index (.IMOEX) was 0.1% higher at 2,133.6 points, its highest point since Sept. 23. For Russian equities guide seeFor Russian treasury bonds see($1 = 61.6000 roubles)Reporting by Alexander Marrow; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ China could be set for even more Russian gas as Gazprom begins testing a key supply hub to reroute energy from Europe
▼ + stars: | 2022-10-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Russia's state-run Gazprom said Tuesday it is testing gas supplies in Kovykta, a key hub in east Siberia, per Reuters. According to the report, Gazprom said Kovykta and new gas transport operations are set to come online in December. Those flows would head to China via the Power of Siberia pipeline and continue Moscow's efforts to reroute natural gas away from Europe. At the end of 2019, Gazprom begin delivering gas to China out of the Chanayda field, which also uses the Power of Siberia. In 2020, the state-run energy giant sent 4.1 billion cubic meters of gas to China, then 11 billion in 2021.

☆ Gazprom starts testing gas supplies from Kovykta field to China's pipeline
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

Gazprom started delivering gas from the Chanayda field to China at the end of 2019. Both Chanayda and Kovykta feed the Power of Siberia pipeline which has a nameplate capacity of 38 billion cubic metres (bcm) per year. Register now for FREE unlimited access to Reuters.com RegisterGazprom said Kovykta and new gas transportation facilities are expected to come onstream in December. Gazprom exported 4.1 bcm of gas to China in 2020, rising to around 11 bcm in 2021 and expected to reach 22 bcm in 2023. Earlier this month Russian Deputy Prime Minister Alexander Novak said the Power of Siberia will reach full capacity in 2027, two years later than planned.

☆ Rouble steadies near 61 vs dollar with upcoming rate decision in focus
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

At 0806 GMT, the rouble was unchanged against the dollar at 61.29 . It had gained 0.1% to trade at 60.17 versus the euro and shed 0.5% against the yuan to 8.35 . The rouble is buttressed by a month-end tax period that usually sees export-focused firms convert foreign exchange revenues into roubles to pay domestic tax liabilities. Last month the bank cut rates to 7.5%, but omitted guidance about studying the need for future reductions. Brent crude oil , a global benchmark for Russia's main export, was down 1.3% at $92.3 a barrel.

☆ Factbox: How is Germany replacing Russian gas?
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 24 (Reuters) - Germany, Europe's biggest economy and historically a major importer of Russian gas, is scrambling to secure alternative supplies following a plunge in flows from Russia since its invasion of Ukraine. Germany is sourcing more gas from Benelux countries, Norway, and France. IMPORTERS' STRATEGIESStricken importer Uniper (UN01.DE) has said it is sourcing Norwegian, Dutch and Azeri gas via pipelines and using its global role as a trader of liquefied natural gas (LNG) to procure more of the super-cooled gas into north western Europe. LNG TERMINALSIn the absence of LNG reception terminals, Germany is building floating LNG terminals (FSRUs), of which two will be ready at the turn of the year, in Brunsbuettel and Wilhelmshaven. In the long term, fixed onshore terminals will be built with a view to receiving gas, carbon-free hydrogen, and ammonia.

Register now for FREE unlimited access to Reuters.com RegisterEven before leaks were found, supplies via Nord Stream 1 had been halted as a result of a dispute over Western sanctions on Russia, while the newly-built Nord Stream 2 pipeline had not started commercial deliveries. An E.ON spokesperson said Nord Stream 1's operating company was responsible for operational issues, including insurance. "Nord Stream AG remains in close contact with relevant authorities about the recent incident. U.S. President Joe Biden has said damage to Nord Stream was a deliberate act of sabotage. If there was any Russian involvement it could also mean the Nord Stream 1 damage being designated as an act of war, something that is typically excluded by insurance policies.

"SAP is fully committed to winding down our business in Russia as quickly as possible," a SAP spokesperson said. Russia's parliament has been discussing draft legislation that would allow Moscow to seize Western companies' assets and possibly prosecute executives involved in implementing sanctions against Russia. While Gazprom and Sberbank were hit by Western sanctions, Nornickel was not. The SAP case sheds light on the complications Western companies face leaving Russia. While some departing companies have fired local staff, SAP gave them the option to relocate from Russia.

☆ Thousands in new Moldova anti-government protest
▼ + stars: | 2022-10-23 | by ( Alexander Tanas | ) www.reuters.com time to read: +2 min

About 7,000 demonstrators decried steep price increases, particularly for gas bought from Russia. Demonstrators converged on Chisinau's central square in four columns but police kept them well away from the parliament and the president's residence. Three smaller parties, including Moldova's Communists, joined in the protest for the first time. Gazprom has already cut October supplies by 30% and insists Moldova settle outstanding debts totalling $709 million. Register now for FREE unlimited access to Reuters.com RegisterEditing by Ron Popeski and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ CEZ seeks higher capacity at Dutch LNG terminal, wants damages from Gazprom
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +1 min

PRAGUE, Oct 23 (Reuters) - Czech power utility CEZ is in talks to raise the capacity it has booked at a new Dutch liquefied natural gas (LNG) terminal, Chief Executive Daniel Benes said on Czech Television on Sunday. Benes said CEZ would also seek damages from Russia's Gazprom for failing to meet its contract obligations in gas supplies. CEZ has booked 3 billion cubic metres per year in LNG import capacity - about a third of Czech annual consumption -- at the new Dutch LNG terminal at Eemshaven, and has started receiving first shipments through there. Register now for FREE unlimited access to Reuters.com Register"We are in talks on an increase in the Netherlands," Benes said. He said CEZ would seek damages, which he said in the order of hundreds of millions to low single billions of crowns, through arbitration.

☆ Hungary gets exemption from planned EU gas price cap, PM Orban says
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: 1 min

BUDAPEST, Oct 21 (Reuters) - Hungary's prime minister said on Friday that an agreement had been reached at the EU summit in Brussels that any future EU gas price cap will not apply to long-term gas supply deals like the 15-year deal that Hungary has with Russia's Gazprom. Prime Minister Viktor Orban said on his Facebook page that "We got an exemption from the gas price cap so that will not jeopardize Hungary's security of gas supply." He also said that even if there is a joint gas procurement in Europe "that will not be mandatory for Hungary." Register now for FREE unlimited access to Reuters.com RegisterReporting by Krisztina Than; editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Eastward gas flows via Yamal-Europe pipeline rise; flows via Ukraine steady
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Companies Gazprom PAO FollowLONDON, Oct 19 (Reuters) - Eastbound gas flows via the Yamal-Europe pipeline from Germany to Poland rose on Wednesday while Russian supplies to Europe via Ukraine remained stable. Nominations for Russian gas into Slovakia from Ukraine via the Velke Kapusany border point stood at 36.7 million cubic metres (mcm), almost unchanged from the previous day, Ukrainian transmission system data showed. Gas flows via the Nord Stream 1 pipeline, which crosses the Baltic Sea from Russia to Germany, were flowing at 102 kWh/h on Wednesday between 0700 and 0800 CET. Russia said it was unable to restart the pipeline but since then the pipeline has also been damaged by suspected sabotage. Register now for FREE unlimited access to Reuters.com RegisterReporting by Marwa Rashad; Editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

☆ A Europe with zero Russian gas flows is unimaginable as Asian competition for supplies heats up, Qatar's energy minister says
▼ + stars: | 2022-10-19 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +4 min

Qatar's energy minister told the FT he can't envisage a future with zero Russian gas flows to Europe. State energy giant recently Gazprom threatened to cut more supplies to Europe if Western price caps on Russian gas and oil are imposed. The Qatari energy minister said he couldn't envisage a future with zero flows of Russian gas to Europe. According to Kaabi, Europe's rush to secure long-term supplies of natural gas has put the region in "huge competition" with Asian importers. At last check Wednesday, European natural gas prices were up 3.33% at 117 euros ($114) per megawatt hour.

☆ Russia's Gazprom threatens to cut off natural-gas supplies to Europe if price caps are imposed
▼ + stars: | 2022-10-17 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The G7 and the EU are in discussions to impose price caps on Russian oil and natural gas. Russia's Gazprom threatened to stop gas supplies to Europe if the price caps are imposed, per Reuters. President Putin last month also threatened to cut off energy supplies if these price caps were imposed. He also threatened to cut off all energy supplies if price caps were imposed. Russian gas deliveries to Europe have fallen by about half this year so far, Gazprom said on September 8.

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