• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 18 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 21 hours Wind droughts
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 10 days How Far Have We Really Gotten With Alternative Energy
  • 4 hours Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 11 hours Oil Prices Fall After Fed Raises Rates
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 4 hours 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
  • 5 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 8 days The Federal Reserve and Money...Aspects which are not widely known

Russia Sanctions European Gazprom Units In Retaliation

As the European Union hits a wall with its Russian oil embargo and backtracks on some sanctions, Russia has imposed its own sanctions on EuRoPol Gaz S.A., which owns the Polish portion of the Yamal-Europe natural gas pipeline. 

The 2,000+ kilometer Yamal-Europe pipeline runs from Torzhok in Russia to Frankfurt, Germany, with the Polish section accounting for over 680 kilometers and housing five compressor stations. 

In an official sanctions resolution published on Wednesday, the Russian government has now blocked any transactions with Polish EuRoPol Gaz or Gaz System, the Polish gas transmission system operator, in retaliation for Polish sanctions on Gazprom, Interfax reports

Russia has also imposed sanctions on units of Gazprom Germania, Reuters reported

The retaliatory move comes as Poland announces it will not renew its 10 bcm Yamal natural gas contract with Gazprom, which expires at the end of this year. 

It also comes as Poland’s PGNiG Upstream Norway AS announces plans to produce an extra 0.5 billion cubic meters of natural gas from Norway operations in 2022 to make up for Yamal contract shortfalls after Russia cut off gas to Poland over refusal to pay in rubles. 

This natural gas will be delivered through the Baltic Pipe, which is scheduled to come online in October this year. 

Europe is growing increasingly uneasy over natural gas supplies, with Ukraine on Wednesday halting the flow of Russian gas through its transmission system, citing disruption from Russia’s occupying forces. 

Russia’s new sanctions, which include a total of 30 entities, have increased momentum as the European Union stalls over plans for a Russian oil ban. 

A vote on the embargo requires unanimous support, which is so far not forthcoming, with Hungary, in particular, maintaining staunch opposition. Hungary is now holding out for a hand-out in the form of hundreds of millions of dollars, which is said will be necessary to realize a full ban on Russian oil without economic devastation. 

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