The European Union will set out emergency plans on Wednesday to reduce gas demand within months, warning countries that without deep cuts now they could struggle for fuel during winter if Russia cuts off deliveries. Europe is racing to fill its gas storage ahead of winter and build a supply …
Read More »EU Signs Deal with Azerbaijan to Double Gas Imports amid Energy Crisis
The European Commission has signed a memorandum of understanding with Azerbaijan to double imports of Azeri natural gas to at least 20 billion cubic metres a year by 2027. European Commission President Ursula von der Leyen and Azerbaijan’s President Ilham Aliyev signed a memorandum of understanding (MoU) on a strategic …
Read More »The EU has Frozen $13 Billion in Russian Assets
European Union member states have so far frozen Russian assets worth $13.8 billion since Russia began its invasion of Ukraine, EU Justice Commissioner Didier Reynders has said. “For the moment, we have frozen — coming from oligarchs and other entities — 13.8 billion euros [$13.8 billion], so it’s quite huge,” …
Read More »EU Plans Investment in World’s Tallest Dam to Dent Russia’s Energy Clout
The European Union plans to become the top investor in the world’s tallest dam in Tajikistan, EU officials told Reuters, in a move aimed at helping Central Asia cut its reliance on Russian energy and part of EU’s answer to China’s Belt and Road Initiative. Tajikistan began in 2016 the …
Read More »EU Chief Says Bloc must Prepare for Complete Cut-Off of Russian Gas
European Commission chief Ursula von der Leyen has said the European Union needs to make emergency plans to prepare for a complete cut-off of Russian gas in the wake of the Kremlin’s war in Ukraine. The EU has already imposed sanctions on Russia, including on some energy supplies, and is …
Read More »EU Prepares Emergency Plan to do without Russian Energy
The European Union’s executive arm on Friday pledged to draft an emergency plan this month aimed at helping member countries do without Russian energy in the wake of the Kremlin’s war in Ukraine. European Commission President Ursula von der Leyen said the initiative would build on EU moves to ditch …
Read More »EU Gas Swings as Russia-Turkey Flows Resume while Risks Loom
European natural gas prices fluctuated, with traders weighing the return of flows via Turkey against the risk of a further deterioration in supplies to the continent. Gas shipments via the TurkStream pipeline resumed after maintenance ended on Monday, Russia’s Gazprom said on Telegram. The link, which has an annual transport …
Read More »EU Confronts Risks of Low Gas Storage in Test of Unity on Russia
European Union governments are confronting the risk of a splintering energy market as Russian cuts in natural-gas supplies test EU unity in response to the war on Ukraine. An increase in gas supply disruptions following EU sanctions on Russia is prompting member countries to step up winter preparations as they …
Read More »EU Plans for Life without Russian Gas amid Inflation Spike
European Union leaders on Friday, June 24, warned that “cheap energy is gone” and agreed to boost preparations for further cuts in Russian gas, accusing Moscow of “weaponizing” energy via a supply squeeze which Germany warned could partly shut its industry. A day after celebrations over setting Kyiv on the …
Read More »EU Countries Use Strategies to Tackle Rising Petrol Pump Prices
The main factor driving up prices is the supply problems associated with the conflict between Russia and Ukraine. The average price of petrol rose momentarily to more than € 2 per liter as the conflict escalated in February, but the latest rise is part of a steady rise in prices …
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