• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 55 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 31 mins Hopes Are Dashed For International Oil Companies In North Iraq
  • 52 mins "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 1 day 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 days Changing Gazprom ADRs to Russian shares
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Europe's Energy Crisis Spills Over Into Food

Europe's Energy Crisis Spills Over Into Food

Excessively high energy prices in…

Denmark Fully Prepared To Be Cut Off From Russian Gas

Denmark has joined the list of countries refusing to pay for Russian gas using a ruble conversion scheme, prompting the country’s state-run gas company on Monday to warn that Gazprom could cut off gas exports in retaliation. 

Denmark is the latest country to refuse the Kremlin’s demands for opening Western currency accounts alongside a ruble account to allow for payments for gas that are essentially made in rubles. Poland and Bulgaria were the first countries to refuse the scheme, resulting in a Gazprom move to cut off supplies, followed by Finland. 

“Gazprom Export continues to demand that Orsted pays for gas supplies in rubles,” Danish state-run gas corporation Orsted said in a Monday statement. “We have no legal obligation under the contract to do so, and we have repeatedly informed Gazprom Export that we will not do so.”

Orsted said that while the Kremlin threat to cut off gas loomed, the company expected to be able to secure what it referred to as an alternative source on the European wholesale market. Orsted emphasized that it has storage capacity in both Denmark and Germany and is “currently filling up these storage facilities to secure gas supplies to our customers and contribute to the market’s security of supply”.  

If Gazprom were to halt gas supply to Orsted, there would not be any immediate supply consequences, according to the company, nor would it change the company’s 2022 financial outlook. 

Furthermore, according to Orsted, the Kremlin does not have immediate recourse to halt the supply of natural gas to Denmark due to the fact that there is no direct gas pipeline to the country. 

Denmarks’ energy authority, Energistyrelsen, echoed Orsted’s sentiments, saying that even if Russia halted gas supplies, Denmark had enough gas and consumers should be assured it will be delivered. 

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News