According to a letter from Russia’s oil and gas giant Gazprom, the company has declared force majeure on gas supply to Europe for at least one large customer, adding to European fears of fuel shortages. The legal force of the letter, dated July 14 and reviewed by Reuters on Monday, is to insulate Gazprom from compensation payments for…
The Japanese government has asked residents of Tokyo and its surrounding areas to consume less power on Monday, warning that supply will be limited due to the country’s heatwave. The Ministry of Economy, Trade, and Industry anticipates “extreme” electricity demand this afternoon local time. It advised people to turn off superfluous lights while still using…
Soon after the world’s largest trading bloc agreed to put a partial embargo on Russian crude, Moscow committed to find new importers. The European Union resolved on Monday to restrict most Russian oil imports by the end of the year as part of fresh sanctions aimed at punishing Russia for its unjustified invasion of Ukraine.…
After a price drop destroyed the country’s fundraising efforts in May, Ukraine, which has been pummelling by three months of war, expects to continue to harness crypto investors to help collect finances. Following Russia’s invasion of Ukraine on February 24, the Ukrainian government requested cryptocurrency donations on social media. At the World Economic Forum in…
In the face of rising inflation, Dutch Prime Minister Mark Rutte warned on Wednesday that there is a “limit to what a government can do.” Rutte told CNBC at the World Economic Forum in Davos, Switzerland, that the Dutch government would assist people on lower and lower-middle incomes with growing energy expenses. “You can’t help…
Kristalina Georgieva, the Managing Director of the International Monetary Fund, said on Thursday that global finance executives may need to get used to dealing with multiple bouts of inflationary pressures. Due to mounting pressures on energy and food prices from Russia’s war in Ukraine, China’s zero-COVID policies, which have slashed manufacturing with lockdowns, and the…
Renault is reportedly selling its majority ownership in Avtovaz (AVAZI p.MM) to a Russian science institute for one rouble, with a six-year option to buy it back, leaving the door open for the French automaker to return. To save thousands of jobs, Moscow Mayor Sergei Sobyanin announced that Renault’s plant in the city would be…
Tesla Inc has put plans to sell electric vehicles in India on hold, abandoned a search for showroom space, and transferred some of its domestic staff after failing to achieve reduced import duties, according to a report published by Reuters based on sources familiar with the matter. The decision comes after more than a year of impasse…
Russia appeared to be on the verge of avoiding a sovereign default after overdue payments on two of its sovereign Eurobonds were paid to some of its creditors, according to reports quoting sources with knowledge of the matter. The finance ministry stated on Friday that it had paid roughly $650 million in coupons and principal…
Kremlin-controlled According to economists, Gazprom’s gas supplies to Europe could drop by a third this year as a result of the Ukraine situation, competition from liquefied natural gas, and plans to switch to rouble payments. Russia supplies over 40 per cent of European gas, but the West has been attempting to wean itself off Russian energy…
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