The European Commission is exploring options to legally prohibit EU companies from signing new contracts for the supply of Russian fossil fuels, Reuters reported on April 22, citing an unnamed senior EU official.
The EU has shelved the idea of banning Russian liquified natural gas (LNG) imports due to opposition from some members and uncertainty about alternative supplies, Reuters reported on April 16, citing undisclosed official sources.
The strategy, originally scheduled for release last month, was postponed amid growing uncertainty over U.S. President Donald Trump's new tariff policies, which could affect energy trade and strain transatlantic negotiations.
Following the outbreak of the full-scale war in 2022, the European Union has restricted energy imports from Russia, profits from which fuelled Moscow's ability to wage the war against Ukraine.
Russia's Finance Ministry said the government lost roughly 230 billion rubles ($2.7 billion) in tax income compared to March 2024, with oil and gas revenues accounting for one-third of the total state income.
The sharp decline is primarily attributed to Ukraine halting Russian gas transit through its territory on Jan. 1 after the expiration of a 2019 transit agreement.
"There is talk about Nord Stream. It will probably be interesting if the Americans use their influence on Europe and force it not to give up Russian gas," Russian Foreign Minister Sergei Lavrov said.
Russian media claimed that Ukrainian forces had struck the key gas transit facility, which plays a crucial role in Russian gas exports to Europe.
Explosions occurred at the Sudzha gas metering station in Russia's Kursk Oblast on the night of March 21, followed by a large fire, Russian media and Telegram channels reported.
Gazprom's losses averaged $251 million per week, $35 million per day, or $1.4 million per hour. While the company's total revenue increased by 11% and its gas revenue by 14%, it still ended the year with a sales loss of 192 billion rubles ($2.3 billion).
The claims stem from Gazprom's decision to drastically reduce gas deliveries to Europe in 2022 after Russian President Vladimir Putin demanded that payments be made in rubles.
Oil and gas revenues last month amounted to 771.3 billion rubles ($8.6 billion), a significant drop from 945.6 billion rubles ($10.5 billion) in February 2024 and a moderate decrease in comparison to 789.1 billion rubles ($8.8 billion) in January.
Matthias Warnig, who led Nord Stream 2’s parent company on behalf of Kremlin-controlled gas giant Gazprom until 2023, is reportedly trying to establish contact with U.S. President Donald Trump's team through American businessmen.
The EU paid 21.9 billion euros ($22.9 billion) for Russian fossil fuel imports in the third year of Moscow's invasion of Ukraine, exceeding the 18.8 billion euros ($19.6 billion) in financial aid sent to Ukraine that year, according to a new report by the Center for Research on Energy and Clean Air published on Feb. 24.
The EU is also looking to develop renewable energy faster to reduce its overall dependence on the fuel, EU Energy Commissioner Dan Jorgensen said.
Moldovan Prime Minister Dorin Recean said that Tiraspol rejected the EU's financial assistance allegedly due to conditions attached to the aid package. He attributed the decision to Russian influence.
Ukrainian drones attacked energy facilities in Russia's Astrakhan and Volgograd oblasts overnight on Feb. 3, causing a fire, according to local authorities.
Earlier the same day, the Financial Times (FT) reported that EU officials are discussing the possibility of resuming purchases of Russian gas as part of a potential settlement of Russia's war in Ukraine.
Ukraine's Foreign Ministry told media that the Ukrainian, born in 1966, is accused of "threatening the national security" of Slovakia.
The proposal's advocates, including Hungarian and German officials, argue that the move could give both Russia and Europe incentives to maintain a ceasefire while stabilizing the continent's energy market, the Financial Times wrote.
The European Commission will not propose implementing a ban on Russian liquified natural gas (LNG) imports in its upcoming sanctions package amid concern among member states about first securing an alternative from other countries, including the United States, EU diplomats told Reuters on Jan. 29.
Germany's imports of Russian liquified natural gas (LNG) via other EU countries continue to rise despite efforts to cut off direct shipments, the Financial Times wrote on Jan. 28, citing a report by Belgian, German, and Ukrainian NGOs.
"The (European) Commission is ready to continue discussions with Ukraine on the supply to Europe through the gas pipeline system in Ukraine," the statement said.
President Volodymyr Zelensky emphasized that Azerbaijan has significant export capacity, with the ability to send up to 25 billion cubic meters of gas, and that Ukraine can provide the necessary infrastructure to transport it.
Gas deliveries from Russia to Europe persist despite the EU's efforts, and Brussels is determined to halt this, Anna-Kaisa Itkonen, the EU’s spokesperson for energy and housing, said on Jan. 20.
"Our goal is clear — to reopen the door that Robert Fico slammed with his aggressive outbursts," pro-Western opposition leader Michal Simecka said on social media.
The following is the Jan. 15, 2025 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. Metinvest, Ukraine's largest steel producer, said on Jan. 14 that it had suspended operations at the Pokrovsk coking
Russia’s state-controlled energy giant Gazprom halted gas supplies to Moldova on Jan. 1, citing alleged unpaid debts by Moldovagaz.
The development is the latest in an escalating conflict between Ukraine and Slovakia over Kyiv's decision to stop Russian gas transit.
Slovak Prime Minister Robert Fico said he would like to hold a meeting with President Volodymyr Zelensky in Slovakia near the border with Ukraine "as soon as possible." "Okay. Come to Kyiv on Friday," Zelensky responded.
"We offered our assistance to the people of Slovakia during their adaptation to the absence of Russian gas transit, but Fico arrogantly refused," Zelensky said on Jan. 12.
Andrej Danko, co-leader of the delegation, claimed that Warsaw refused to allow their flight to enter Polish airspace and the plane had to be rerouted via Czechia and Germany.
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