• 16 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 18 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 20 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 21 hours Schlumberger Warns Of Moderating Investment In North America
  • 22 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 23 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 1 day Mexico Says OPEC Has Not Approached It For Deal Extension
  • 1 day New Video Game Targets Oil Infrastructure
  • 1 day Shell Restarts Bonny Light Exports
  • 1 day Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 1 day Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 2 days British Utility Companies Brace For Major Reforms
  • 2 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 3 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 3 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 5 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
Alt Text

Russia And China Continue To Boost Oil Ties

The Russia-China alliance is strengthening…

Alt Text

The Geopolitical Consequences Of U.S. Oil Exports

The United States has ramped…

Alt Text

Iran Ready For OPEC Oil Deal Extension

Iran is ready to take…

Germany, Austria Slam U.S. Sanctions Against Russia

stock exchange frankfurt

Less than a day after the Senate overwhelmingly voted to impose new sanctions against the Kremlin, on Thursday Germany and Austria - two of Russia's biggest energy clients in Europe - slammed the latest U.S. sanctions against Moscow, saying they could affect European businesses involved in piping in Russian natural gas.

Shortly after the Senate voted Wednesday to slap new sanctions on key sectors of Russia's economy over "interference in the 2016 U.S. elections" and aggression in Syria and Ukraine, in a joint statement Austria's Chancellor Christian Kern and Germany's Foreign Minister Sigmar Gabriel said it appeared that the Senate bill was aimed at securing US energy jobs and pushing out Russian gas deliveries to Europe.

Gabriel and Kern also accused the U.S. of having ulterior motives in seeking to enforce the energy blockade, which they said is trying to help American natural gas suppliers at the expense of their Russian rivals. And they warned the threat of fining European companies participating in the Nord Stream 2 project "introduces a completely new, very negative dimension into European-American relations."

In their forceful appeal, the two officials urged the United States to back off from linking the situation in Ukraine to the question of who can sell gas to Europe. "Europe's energy supply is a matter for Europe, and not for the United States of America," Kern and Gabriel said. The reason why Europe is angry Some Eastern European countries, including Poland and Ukraine, fear the loss of transit revenue if Russian gas supplies don't pass through their territory anymore once the new pipeline is built.

While the diplomats said that it was important for Europe and the US to form a united front on the issue of Ukraine, "we can't accept the threat of illegal and extraterritorial sanctions against European companies," the two officials warned citing a section of the bill that calls for the United States to continue to oppose the Nord Stream 2 pipeline that would pump Russian gas to Germany beneath the Baltic Sea. According to AP, half of the cost of the new pipeline is being paid for by Russian gas giant Gazprom, while the other half is being shouldered by a group including Anglo-Dutch group Royal Dutch Shell, French provider Engie, OMV of Austria and Germany's Uniper and Wintershall. Related: Is China Inflating Its EV Sales?

Their concern was echoed by Russia's energy giant Gazprom, whose Deputy CEO Alexander Medvedev said that Senate’s plan for extended sanctions to cover Nord Stream 2 gas pipeline project is a way to secure U.S. LNG in Europe. He also said that the project is proceeding in line with plan and that it has already received more than €1BN from Nord Stream 2 partners, chief among which Germany and Austria.

In light of recent media frenzy in the U.S., we are skeptical the Senate will undo its decision, lest it too be accused of being infiltrated by KGB spies and colluding with Putin.

By Zero Hedge

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News