30 Aug, 2022 18:38

Russia cuts off gas supply to French energy giant

Gazprom has announced it will halt supplies to Engie following theFrench company’s failure to pay for gas deliveries in July

gy giant Gazprom confirmed on Tuesday it had cut off off gas supplies to French utilities company Engie. The Paris-based firm has failed to pay for July gas deliveries in full, the St. Petersburg major explained.

Gazprom informed Engie that it would cease the gas deliveries starting September 1 until the moment it gets the payment for the already supplied gas in full, the energy giant said in a statement. It also noted that the French side had failed to make the payment by Tuesday evening, making any further gas deliveries impossible under Russian law.

Earlier in the day, Engie warned that Gazprom had informed it “of a reduction in gas deliveries” and cited “a disagreement between the parties on the application of some contracts,” according to Bloomberg. It did not provide any details about the nature of the disagreements and did not specify the level of delivery restrictions.

French Energy Minister Agnes Pannier-Runacher accused Moscow of using its gas exports as a weapon on Tuesday. She also said that France “must prepare for the worst-case scenario of a complete interruption of supplies.” Her statement was made before the Gazprom announcement.

Engie maintained it “had already secured the volumes necessary to meet its commitments towards its customers and its own requirements,” adding that it would take measures to “significantly reduce any direct financial and physical impacts” of the potential supply interruption by Gazprom.

The developments come as the EU governments are trying to fill up their gas storages in the face of the approaching heating season and reduced supply from Russia – one of the continent’s major gas suppliers. Earlier on Tuesday, Gazprom also said that Nord Stream 1 would be completely stopped from August 31 to September 2 for maintenance since it only has one operational compressor.

On Monday, Engie Executive Vice President Claire Waysand said that France had its storages filled up by 90%, adding that it should be enough to get through the winter.

https://www.rt.com/business/561840-gazprom-engie-gas-cut/

30 Aug, 2022 12:26

US firms seek to bypass anti-Russia sanctions – media

American businesses reportedly want to resume trade with Moscow via Turkey

US companies that have pulled out of Russia due to Western sanctions pressure are now looking for a way to trade secretly with Moscow via Turkey, the newspaper Yeni Safak reported on Tuesday.

The article highlighted that a number of firms want to circumvent the economic restrictions against Russia and are soliciting Turkish companies to conduct joint business for a “certain commission.” The number of such proposals from US companies has increased in recent months, people familiar with the matter told the daily.

American firms are reportedly seeking to import an array of Russian goods, including petrochemical products, mineral fuels, precious metals and stones, grains, iron and steel, fertilizers and inorganic chemicals, aquaculture and alcoholic beverages.

“US companies trying to benefit from Turkey’s warm relations with Russia also want to benefit from the effective logistics opportunities of Turkish companies in the region,” Yeni Safak wrote.

According to the report, many international companies headquartered in the US have mobilized their subsidiaries in Dubai free-trade zones for such business.

American businesses have suffered great losses by withdrawing from the large Russian market, the newspaper wrote, noting that Washington ran a $23.3 billion trade deficit with Moscow in 2021.

https://www.rt.com/business/561797-us-firms-bypass-russia-sanctions/