For decades, European industry relied on Russia to supply low-cost oil and natural gas that kept the continent’s factories humming. Now Europe’s industrial energy costs are soaring in the wake Continue Reading
Following a record month for physical LNG imports in April due to historic price spikes, monthly European receipts decreased in May as limitations in downstream transport pressured local hub prices, Continue Reading
European Parliament lawmakers on Wednesday voted to support an effective EU ban on the sale of new petrol and diesel cars from 2035, rejecting attempts to weaken the proposal to Continue Reading
IEA: Europe could be forced to start rationing energy this winter. Birol: The world faces a “much bigger” energy crisis than the one of the 1970s. On Wednesday, Birol called Continue Reading
Fed Beige Book Shows Growth Slowing in Some Areas Record inflation in the euro zone is seen fueling the European Central Bank’s tightening debate at this coming week’s policy meeting, Continue Reading
European Union’s embargo on oil imports from Russia may result in significant shortages of oil and oil products in Europe, Russian Deputy Prime Minister Alexander Novak said on Thursday, also Continue Reading
European Union ambassadors approved on Thursday the proposed partial ban on Russian oil imports into the EU as part of a sanctions package that also aims to cut Russia off Continue Reading
Italy’s prime minister has hatched a radical plan to contain the oil price rally, a plan that involved creating a cartel of oil consumers to increase their bargaining power. The Continue Reading
Northern European countries are discussing plans to create a common power grid under the North Sea to connect future offshore wind farms as they seek to strengthen energy security, but Continue Reading
Embargo aims to hit Russian ability to finance war Ban gives carveout to European Union leaders handed Hungary concessions to agree an oil embargo on Russia over its invasion of Continue Reading
Europe’s phased-in rather than an immediate embargo on Russian oil gives Moscow time to re-route volumes to new customers in Asia in the next six months, Russian analysts and traders Continue Reading
The European Union has agreed to ban the bulk of imports of Russian crude and oil products in its latest round of sanctions following Moscow’s invasion of Ukraine. The ban Continue Reading
Russia widened its gas cuts to Europe on Tuesday with energy giant Gazprom (GAZP.MM) turning off supplies to top Dutch trader GasTerra escalating the economic battle between Moscow and Brussels. Continue Reading
The European Union is set to impose its toughest sanctions yet on Russia, banning imports of its oil and blocking insurers from covering its cargoes of crude, officials and diplomats Continue Reading
Inflation in the eurozone reached an annual 8.1% in May, underlining the growing cost to households of Russia’s invasion of Ukraine and of the sanctions European governments have imposed in Continue Reading
The European Union’s partial embargo on Russian oil sounds impressive, but it is the bloc’s insurance ban on crude shipments that packs the most punch. After weeks of political wrangling Continue Reading
The UK and EU have agreed a coordinated ban on insuring ships carrying Russian oil, shutting Moscow out of the vital Lloyd’s of London insurance market and sharply curbing its Continue Reading
European natural gas prices declined, with Russia unlikely to cut flows to additional buyers after a dispute over payment terms demanded by Moscow. Benchmark futures dropped as much as 8.9%. Continue Reading
The UK and EU have agreed a co-ordinated ban on insuring ships carrying Russian oil, shutting Moscow out of the vital Lloyd’s of London insurance market and sharply curbing its Continue Reading
European Union leaders agreed to pursue a partial ban on Russian oil, paving the way for a sixth package of sanctions to punish Russia and its president, Vladimir Putin, for Continue Reading
European Union leaders handed Hungary concessions to agree an oil embargo on Russia over its invasion of Ukraine, sealing a deal in the wee hours on Tuesday that aims to Continue Reading
Europe’s race to replace Russian gas supply has threatened Australia’s plans for five gas import terminals as they compete for key infrastructure, raising the risk of a supply shortfall in Continue Reading
The European Union’s decision to cut 90% of its oil imports from Russia will accelerate a move already underway – that is Moscow trying to sell as much crude as Continue Reading
European leaders, who will convene in Brussels on Monday and Tuesday for an EU summit, will not decide on imposing a cap on gas prices but could mandate the Commission Continue Reading
Eurozone inflation rose faster than expected in the year to May, setting a new record for the single currency bloc of 8.1 percent and piling pressure on the European Central Continue Reading
European Union members should be able to reach an agreement on a new sanctions package against Russia, including imposing restrictions on Russian oil imports, during talks being held by officials, Continue Reading
European Union leaders are due to agree at a summit later in the day that the sanctions package under preparation should include an embargo on Russian oil imports as punishemnt Continue Reading
Europe’s unity on sanctions against Russia is “starting to crumble”, Germany’s economy minister has warned as diplomats highlight continued divisions over a package of sanctions set to be discussed by Continue Reading
As the European Union’s impasse over its supposedly imminent Russian oil embargo stretched into days and then weeks, one ambassador quoted Samuel Beckett’s play “Waiting for Godot” to his colleagues: Continue Reading
EU countries scrambled on Friday to reach a deal that would embargo seaborne deliveries of Russian oil but still allow deliveries by pipeline, a compromise to win over Hungary and Continue Reading
Equinor’s Hammerfest LNG unit in Norway has been restarted after a September 2020 fire took it offline, the company reported on Friday. The unit is capable of producing 4.65 million Continue Reading
The European Union is drafting contingency plans in case of natural gas supply interruptions, the Financial Times has reported , citing the European Commissioner for Energy, Kadri Simson. According to Continue Reading
Russia’s invasion of Ukraine has triggered a shift in European power production sources and forced the governments to rethink their long-term energy policies. The European Union is now on track Continue Reading
The European Union can still strike a deal on a Russian oil embargo in the coming days or look to “other instruments” if no agreement is reached, Germany’s economy minister Continue Reading
The European Union is working on a deal to import Israeli gas through Egypt as the bloc rushes to reduce its reliance on Russian supplies. The fuel would be converted Continue Reading
The EU’s ambitious plan to reduce its dependency on Russian fossil fuels is going to require at least €1 trillion in investment. In order to achieve the goals they have Continue Reading
The European Union is considering the idea of a construction of an offshore gas pipeline between Spain and the Italian coast in Tuscany to reduce the EU’s reliance on Russian Continue Reading
The European Union plans to start jointly buying gas before winter, the bloc’s energy policy chief said on Monday, as it seeks to cut reliance on Russian fossil fuels and Continue Reading
The European Union will likely agree an embargo on Russian oil imports “within days,” Germany’s economy minister said on Monday, but making a dent in Russia’s war chest may require Continue Reading
The European Commission has given more details on how it plans to end Europe’s dependence on Russian fossil fuels. Russia supplies 40% of the EU’s natural gas and 27% of Continue Reading
The European Commission unveiled a more detailed plan May 18 to diversify its energy supplies away from Russia and to accelerate the expansion of clean energy with key focus on Continue Reading
Days after taking office as Germany’s vice-chancellor and economy minister in December, Robert Habeck asked his most senior officials for a detailed assessment of his country’s dependence on Russian energy. Continue Reading
The European Commission will on Wednesday unveil a 210 billion euro plan for how Europe can end its reliance on Russian fossil fuels by 2027, and use the pivot away Continue Reading
Germany, Belgium, the Netherlands and Denmark will on Wednesday announce a joint pledge to build at least 150 gigawatts (GW) of offshore wind in the North Sea by 2050, Danish Continue Reading
Natural gas prices in Europe rose as buyers try to unravel mixed signals from Brussels about how they can keep paying for Russian supplies just days before bills come due. Continue Reading
While Europeans bask in the warmth of spring, governments are in a race against winter. Europe is trying to cut use of Russian natural gas because of the war in Continue Reading
The European Commission has confirmed how European Union companies can pay for Russian gas without breaching the bloc’s sanctions against Russia, in updated guidance on the issue seen by Reuters. Continue Reading
EU foreign ministers failed on Monday in their effort to pressure Hungary to lift its veto of a proposed oil embargo on Russia, with Lithuania saying the bloc was being Continue Reading
Russia’s invasion of Ukraine has sparked an economic crisis throughout Europe. Supply chain concerns and a surge in energy prices have led to rampant inflation across the continent. Despite historic Continue Reading
The European Union is gearing up to release emergency measures for a full-scale gas supply shock on Wednesday, with a leaked memo calling for a range of potential actions, from Continue Reading
