Ukraine and Russia: what you need to know now


Content of the article

Ukrainian President Volodymyr Zelenskiy has told Europeans to expect a tough winter as Russia’s assault on his country leads to reduced oil and gas exports from Moscow.

ENERGY

Content of the article

* European gas buyers already struggling with record prices face further difficulties when markets reopen on Monday after Russia said one of its main supply pipelines to Europe would remain closed indefinitely, prompting fears about energy rationing.

* The European Union expects Russia to honor existing energy contracts but is ready to rise to the challenge if it does not, Economy Commissioner Paolo Gentiloni said on Saturday.

Content of the article

* The German government will use revenue from windfall taxes to drive down end-user prices for gas, oil and coal, German Chancellor Olaf Scholz said, announcing measures to mitigate the impact of the rise energy prices on its population.

* Gas ​​storage facilities in Germany met the October target of 85% despite the prolonged shutdown of the Nord Stream 1 gas pipeline bringing gas from Russia, data from European operator group GIE showed on Saturday.

* Sweden aims to offer 250 billion Swedish krona ($23.23 billion) in liquidity guarantees to energy companies to help avoid a financial crisis, Finance Minister Mikael Damberg said on Sunday.

* Russia does not support an oil production cut at this time and OPEC+ is likely to keep output steady when it meets on Monday, The Wall Street Journal reported on Sunday, citing people familiar with the matter. (https://on.wsj.com/3cLUws9)

Content of the article

DIPLOMACY

* China’s top lawmaker Li Zhanshu will attend the seventh Eastern Economic Forum in Vladivostok this week, state news agency Xinhua reported, becoming the highest-ranking Chinese official to visit Russia since the war began in Ukraine.

* Giorgia Meloni, set to lead a new Italian government with two parties once close to Moscow, has warned of the risk posed to Western nations by Russia’s invasion of Ukraine, calling it “the cutting edge of the iceberg” in a struggle for influence.

ZAPORIZHZHIA PLANT

* The Zaporizhzhia power plant continues to supply electricity to the grid through a reserve line despite losing connection to the last remaining main external power line, the International Atomic Energy Agency said on Saturday.

* An official of the Russian-installed administration in Zaporizhzhia told a radio station that the situation around the nuclear plant was calm so far on Sunday after accusing Ukrainian forces of trying to attack the plant two days in a row. Ukraine says Russia attacked the plant itself.

* Turkish President Tayyip Erdogan told Russian President Vladimir Putin in a phone call that his country could play a facilitating role regarding the plant, his office said on Saturday.

(Compiled by William Mallard, Frances Kerry and Philippa Fletcher)

financialpost

Back to top button