The EU is close to restricting the Nord Stream 2 pipeline in a new round of sanctions as Russia refuses a ceasefire in its war against Ukraine, Bloomberg reported.
The Russian government is slashing budgets for major projects across a number of sectors amid an economic downturn and oil price collapse, the pro-Kremlin news outlet Kommersant reported.
Russia's economy is experiencing a sharp slowdown in growth, according to a report released by the governmental statistics agency Rosstat on May 16. GDP only grew by 1.4% in the first quarter of 2025 – a notable decline from 4.5% growth in the previous quarter and 5.4% in the same period last year.
Moscow and Washington discuss the potential resumption of Russian gas supplies to Europe, among other issues related to the peaceful settlement of Russia's war in Ukraine, Russian presidential aide Yuri Ushakov confirmed to the Russian state-run Interfax news agency.
Washington’s involvement may also help mitigate political opposition in Europe, while giving the U.S. strategic visibility over future Russian energy flows, sources told Reuters.
Construction of the pipeline was scheduled to begin in 2024, but has been plagued with construction issues and diplomatic tussles.
BRUSSELS — After years of reducing its reliance on Russian gas, the European Union is moving to turn off the taps completely within the next two years. The European Commission (EC) on May 6 presented a detailed roadmap to fully sever the European Union’s energy dependence on Russia by 2027.
European Commission President Von der Leyen emphasized that the roadmap, set to be announced in two weeks, will lay out concrete steps to eliminate the bloc’s reliance on energy supplies from Russia.
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.
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