Cold War Relic Threatens Europe’s Plans to Ditch Russian Oil
Berlin risks running out of fuel unless German officials can find a way to keep a Cold War relic from falling victim to geopolitics. A refinery on the Polish border, Continue Reading
EU to map out escape route from Russian fossil fuels
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
Four EU countries to increase offshore wind power capacity tenfold
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
Hungary needs EU cash to diversify energy supply, Poland says
Hungary needs European Union funds to be unlocked to diversify its energy supplies, Poland’s president said on Tuesday, offering some support to a country that has blocked a proposed EU Continue Reading
European Gas Rises With Buyers Still Unsure About Ruble Payments
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
Britain’s Inflation Rate Surges to a 40-Year High of 9%
Is the UK’s Leveling Up Plan Just a Slogan? Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast . UK inflation rose to Continue Reading
Europe’s push to cut Russian gas faces a race against winter
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
Russia jumps to 4th position as oil supplier to India – tanker data
Russia became the fourth-largest oil supplier to India in April, with volumes set to rise further in coming months as low prices spur demand from the world’s No. 3 oil Continue Reading
EU clarifies how companies can legally pay for Russian gas
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
Russia’s Inter RAO to halt power exports to Finland due lack of payment
Russian state-owned utility Inter RAO will stop exporting electricity to Finland from Saturday because it has not been paid, the company’s Finnish subsidiary said on Friday. Inter RAO has not Continue Reading
Rouble reverses rally as Russia eases capital controls
The Russian rouble weakened on Tuesday, stepping away from near five-year highs against the euro, after the central bank eased some capital controls that were the main driver of its Continue Reading
EU ministers fail to persuade Hungary to sign up to Russian oil embargo
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
Sweden’s plans for NATO membership hit snag as Turkey says no
Sweden will formally apply for NATO membership in the next few days, Prime Minister Magdalena Andersson said on Monday, but its accession process, and that of Finland, hit a snag Continue Reading
Russian rouble near 5-year highs versus euro, stocks up
The Russian rouble firmed past 64 per dollar on Monday, briefly jumping to 62.71 to the greenback, and climbed towards its highest in nearly five years against the euro, supported Continue Reading
UK Diesel Prices at the Pump Hit Record High, RAC Says
The price for Britain’s motorists to fill up their cars with diesel reached a fresh high, in another blow to consumers grappling with the nation’s cost-of-living crisis. The average UK Continue Reading
Europe’s Economic Outlook Is Looking Bleaker By The Day
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
Germany to End Russian Oil Imports Whatever EU Decides
Germany to end Russian oil imports by the end of the year. Germany had signaled before that it was ready to ditch Russian oil as well as Russian gas. Hungary Continue Reading
Leaked EU Memo Details Emergency Gas Supply Shock Measures
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
New Oil Traders Fill Void as Top Names Abandon Moscow Ties
With the world’s largest oil traders scaling back Russian crude exports, the market is trying to figure out who is going to fill the void. The answers include a medium-sized Continue Reading
Ukraine restarts gas distribution stations, supplies in Kharkiv
Ukraine’s gas transit system operator said over the weekend that it had resumed operations at two distribution stations in the Kharkiv region and restarted gas supply to more than 3,000 Continue Reading
Euro Area Would Barely Grow If Russian Gas Cut Off, EU Says
The euro area’s pandemic recovery would almost grind to a halt, while prices would surge even more quickly if there are serious disruptions to natural-gas supplies from Russia, according to Continue Reading
Renault Sells Russia Business to State-Backed Entity for One Ruble
French auto maker Renault RNO -0.30%▼ SA has reached a deal to cede its 68% stake in Russia’s biggest car maker to a state-backed entity for one ruble and a Continue Reading
Missing Billions Threaten to Break Britain’s Energy Market
The war in Ukraine has exposed the vulnerability of the energy industry across Europe, but the UK market is looking increasingly perilous for suppliers and consumers for reasons closer to Continue Reading
Russia Cuts Gas Supply To Seized German Gazprom Unit
Germany says Russia is using energy as a weapon after Moscow cut gas supply to a seized Gazprom unit. Moscow responded by stating that its actions are a natural and Continue Reading
France’s Power Sector Further Strained By Extended Outages And Repairs
France’s nuclear power plants are undergoing repairs and extended outages, leading to a 25% decrease in nuclear power plant output this winter, an analysis from Baringa Partners LLP said, according Continue Reading
The UK’s Nuclear Ambitions Could Cause More Pain For Consumers
The UK is racing to reduce its reliance on Russian oil and gas. Part of its strategy is to ramp up nuclear power production. The government’s ambitious plans may be Continue Reading
G7 backs more aid, weapons to Ukraine in show of unity against Russia
Foreign ministers from the G7 group of rich nations backed giving more aid and weapons to Ukraine as they met on Friday in what Germany called a “powerful sign of Continue Reading
Analysis: Europe in high-cost race to replenish gas stocks
Europe has begun refilling depleted gas stores to shore up supply for the winter and guard against possible disruptions inflows from Russia, but a sky-high market means the move could Continue Reading
EU hopeful for Russian oil embargo deal in May, diplomats say
The European Union still aims to agree a phased embargo on Russia oil this month despite concerns about supply in eastern Europe, four diplomats and officials said on Friday, rejecting Continue Reading
Kremlin says report of possible gas cuts for Finland most likely a ‘hoax’
A report in a Finnish newspaper that Russia may cut gas supplies to Finland as soon as Friday seems to be fake, Kremlin spokesman Dmitry Peskov said. “Most likely, this Continue Reading
Russian Shipping Traffic Remains Strong as Sanctions Take Time to Bite
Shipping traffic in and out of Russia has remained relatively strong in the past few months as companies have raced to fulfill contracts for purchases of energy and other goods Continue Reading
European Drivers Face Further Gasoline Squeeze
Very tight Naphta market could increase pain at the pump in Europe. Exports of naphtha from Russia to Europe have shrunk considerably since the start of the year. Rising demand Continue Reading
Russia To Halt Electricity Exports To Finland On Saturday
Following Thursday’s report that Russia threatened to cut the flow of gas to Finland, Russia—through its entity RAO, will suspend imports of electricity to Finland as of 1:00 a.m. on Continue Reading
Russia Diesel Exports Drop Sharply In April
Russian diesel fuel exports last month fell by 14 percent, or 500,000 tons, last month as buyers shunned the product amid Western sanctions on Moscow for its invasion of Ukraine. Continue Reading
Russia talks of record wheat crop while world mulls output fall
Putin says Russia’s wheat crop could exceed 2020’s record Russian yield boosted by lower winterkill USDA sees Ukraine’s wheat output down 35% Russia could be on course for a record Continue Reading
Cheap Food in Britain Is About to Become a Thing of the Past
The decades-long era of cheap food in Britain may be coming to an abrupt end. With the U.K. wilting under the fastest inflation in three decades, supermarkets are raising prices Continue Reading
European Gas Surges as Germany Clashes With Russia Over Supply
European natural gas prices jumped as some shipments from Russia were disrupted, and Germany said Moscow was using energy as a weapon in an escalating clash over supply. The benchmark Continue Reading
German lawmakers approve possible expropriation of energy companies
Germany’s lower house of parliament on Thursday approved a new version of a bill to secure energy supply, including possible expropriation of critical energy infrastructure and assets in the event Continue Reading
EU readies 195 billion euro plan to quit Russian fossil fuels
The European Commission plans to unveil a 195 billion euro plan to stop importing Russian fossil fuels by 2027, combining a faster rollout of renewable energy and energy savings with Continue Reading
Poland says further oil help for Germany depends on ending Russian ownership
Poland will only help Germany to seek further alternatives to Russian oil if it ends the Russian ownership of the PCK Schwedt refinery, Poland’s climate minister said on Thursday. The Continue Reading
Russia could cut gas supply to Finland on Friday -newspaper
Key Finnish politicians have been warned that Russia could halt its gas supplies to neighbouring Finland on Friday, local newspaper Iltalehti reported on Thursday, citing unnamed sources. The paper did Continue Reading
Europe’s gas supply crisis grows after Russia imposes sanctions
Pressure on Europe to secure alternative gas supplies increased on Thursday as Moscow imposed sanctions on European subsidiaries of state-owned Gazprom a day after Ukraine stopped a major gas transit Continue Reading
European gas prices soar after Moscow imposes sanctions on EU energy companies
Russia’s state-owned gas supplier has said it will cut shipments to Europe through a major pipeline, sending prices surging and reinforcing President Vladimir Putin’s willingness to use energy as a Continue Reading
Russia seizes more than 500,000 mt of grain from Ukraine: ministry
Grain consumed in occupied Ukraine, exported from Crimea: sources Agricultural equipment also said taken by Russians Russia has taken more than 500,000 mt of grain, worth more than $100 million, Continue Reading
Historic price spikes lead to record LNG imports into Europe
Diversification in action amid pivot away from Russian pipelines Collapse in UK, French, Spanish front-month prices for May Highest-ever receipts for France, Spain, Netherlands Record-breaking price spikes in Europe’s wholesale Continue Reading
In U-turn, IEA sees world weathering lost Russian oil supply
The world will not be left short of oil even with lower output from sanctions-hit Russia, the International Energy Agency (IEA) said on Thursday, in a U-turn after it predicted Continue Reading
Japan, EU to cooperate to ensure LNG supply, reduce reliance on Russian energy
Japan and the EU agreed on May 12 to cooperate and help each other’s security of LNG supply, and work together to reduce Europe’s dependency on Russian energy supply by Continue Reading
Requests for Russian gas via key Ukraine transit point fall to zero, data shows
Nominations for Russian gas transit via Ukraine at the Sokhranovka entry point for May 11 fell to zero, data from Ukraine’s gas pipeline operator showed on Wednesday, following Kyiv’s warning Continue Reading
Russian occupying forces have siphoned EU-bound gas via Ukraine, Kyiv says
The flow of Russian gas in a key pipeline to Europe through Ukraine has been disrupted due to illegal siphoning by Russian occupying forces, according to Ukraine’s gas grid operator. Continue Reading
Where is Russia’s oil going?
Despite the European Union’s drastic measures to wind down imports of Russian oil, Moscow still has plenty of buyers — and at prices steep enough to keep government revenue high Continue Reading