Stories
Slash Boxes
Comments

SoylentNews is people

SoylentNews is powered by your submissions, so send in your scoop. Only 14 submissions in the queue.
Politics
posted by janrinok on Thursday July 21 2022, @02:24PM   Printer-friendly

Arthur T Knackerbracket has processed the following story:

Russia’s Gazprom has told customers in Europe that it cannot guarantee gas supplies because of “extraordinary” circumstances, according to a letter seen by the Reuters news agency, upping the ante in an economic tit-for-tat with the West over Moscow’s invasion of Ukraine.

The Russian state gas monopoly said in a letter dated July 14 that it was retroactively declaring force majeure on supplies from June 14. The news comes as Nord Stream 1 (NS1), the key pipeline delivering Russian gas to Germany and beyond, is undergoing 10 days of annual maintenance scheduled to conclude on Thursday.

The letter added to fears in Europe that Moscow may not restart the pipeline at the end of the maintenance period in retaliation for sanctions imposed on Russia over the war in Ukraine, heightening an energy crisis that risks tipping the region into recession.

Known as an “act of God” clause, force majeure is standard in business contracts and defines extreme circumstances that release a party from their legal obligations. The declaration does not necessarily mean that Gazprom will stop deliveries, rather that it should not be held responsible if it fails to meet contract terms.

[...] Russian gas supplies have been declining via major routes for some months, including via Ukraine and Belarus as well as through the Nord Stream 1 pipeline under the Baltic Sea.

[...] The grace period for payments on two of Gazprom’s international bonds expires on July 19, and if foreign creditors are not paid by then the company will be technically in default.


Original Submission

 
This discussion was created by janrinok (52) for logged-in users only, but now has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 1) by khallow on Saturday July 23 2022, @11:20PM

    by khallow (3766) Subscriber Badge on Saturday July 23 2022, @11:20PM (#1262562) Journal

    This is why ruble goes up

    I thin that assumption is completely broken. Sure, if you're able to get rubles at the above official exchange rate and buy dollars or something else valuable with them, then go crazy with that. But it sounds like there's a black market with vastly weaker deals for those rubles when people aren't so well connected.