Free Republic

... The stand-off with Russia has forced countries like Germany to find supplies elsewhere, and its stores have increased from less than half full in June to 84% full today. German Chancellor Olaf Scholz told journalists Germany would get through the winter, adding that Russia was "no longer a reliable energy partner". He said the government would make one-off payments to pensioners, people on benefits and students. There would also be caps on energy bills. Some 9,000 energy-intensive businesses would receive tax breaks to the tune of €1.7bn. A windfall tax on energy company profits would also be used to...

China's economic slowdown has left it with a surplus of natural gas that it is re-selling to energy-strapped Europe, according to a report. Boosted by cargoes from China, Europe's imports of liquefied natural gas jumped 60% year-on-year in the first half of 2002, according to a Nikkei report citing data from research firm Kpler. China's economy has slowed sharply in 2022 as Beijing implemented a strict zero-COVID policy and as a crisis grips the country's highly indebted property sector. Economists think it is likely to fall well short of the government's aim of 5.5% growth. The economic slowdown has left...

President Emmanuel Macron warned the French on Wednesday of tough months ahead as the world faces "a big shift", with government spokesman Olivier Veran adding that the cap on energy prices will have to end. The billion euro energy price cap, which has helped households cope with soaring inflation, looks set to expire this winter, the government said. Gas prices in France are currently frozen and there is currently a cap on power price hikes. Both have helped keep French inflation lower than many of its EU peers but are weighing heavily on the public purse. Furthermore, pension and unemployment...

Putin dies and goes to hell, but after a while, he is given a day off for good behavior. So he goes to Moscow, enters a bar, orders a drink, and asks the bartender: -Is Crimea ours? -Yes, it is. -And the Donbas? -Also ours. -And Kyiv? -We got that too. Satisfied, Putin drinks, and asks: -Thanks, how much do I owe you? -5 euros.

Inflation rates in Germany could hit double digits in the autumn months, according to estimates by the head of Germany's central bank, Joachim Nagel. As government measures to curb inflation like substantial cuts in the taxes imposed on petrol and diesel and a standard ticket price of €9 ($9.50) for most rail travel are running out, Germany's inflation rate is set to rise by a good percentage point, Nagel told the Rheinische Post newspaper's Saturday edition. However, the government is planning to lower value-added tax (VAT) on gas from 19% to 7% in order to aid consumers, to mitigate the...

Russian gas producer Gazprom said on Saturday it had stopped supplying gas to EU member state Latvia, accusing it of violating conditions for gas withdrawal. "Today, Gazprom suspended its gas supplies to Latvia... due to violations of the conditions" of purchase, the company said on Telegram. It was not specified which withdrawal condition had been violated. The move comes a day after Latvian energy firm Latvijas Gaze said it was buying gas from Russia and paying in euros rather than in rubles. In March Russian President Vladimir Putin said countries deemed unfriendly to Moscow would have to pay for gas...

Germany could be forced to scrap Oktoberfest celebrations and its famous Christmas markets as officials desperately search for ways to save energy after Russia began throttling gas supplies to Europe. Hanover yesterday became the first major city on the continent to announce it will turn off all hot water in public buildings to conserve energy, while Berlin has begun dimming streetlights and Augsburg has turned off public water fountains.

Germany's leading energy expert says she's living in a nightmare. What's worse, she saw it coming. Germany had vowed to ditch coal but is now restarting mothballed, coal-fired power stations For 15 years Claudia Kemfert says she tried to warn politicians and the public that the country was too reliant on Russian energy. Until recently Germany bought more than half of its gas from Russia. She advised Berlin to find other sources and focus more on renewables. And she warned against the construction of the Nord Stream 1 pipeline through which Germany receives much of its gas. "That's what I...

MOSCOW (Reuters) -Russia tightened its gas squeeze on Europe on Monday as Gazprom said supplies through the Nord Stream 1 pipeline to Germany would drop to just 20% of capacity. Gazprom said flows would fall to 33 million cubic metres per day from 0400 GMT on Wednesday - a halving of the current, already reduced level - because it needed to halt the operation of a Siemens gas turbine at a compressor station on instructions from an industry watchdog. Germany said it saw no technical reason for the latest reduction, which comes as Russia and the West exchange economic blows...

Russian President Vladimir Putin can afford to cut off natural-gas exports to Europe thanks to ample revenues from other commodities, but such a move would come with longer-term risks for Russia’s sanctions-stricken economy and its prolific energy industry. Earlier this week, Moscow resumed gas supplies via the Nord Stream pipeline after annual maintenance ended, easing worries in Europe that Mr. Putin would further crimp exports at a time when the continent is filling up its storage ahead of winter. The restarted pipeline, however, is pumping at just 40% capacity, after a separate, still-unresolved technical issue that Moscow blames on Western...

Hackers on Friday delayed the start of President Vladimir Putin's speech to Russia's flagship economic forum, shorn of strong Western participation as Russia adjusts to the "new reality" of life under Western sanctions. -snip- But the Western investors and investment bankers who had turned up in previous years were conspicuously absent. -snip- Kremlin spokesperson Dmitry Peskov said a denial of service attack, which works by flooding servers with bogus traffic, had struck the forum's accreditation and admission systems. -snip- Internet connectivity and speeds suffered at the forum, and Putin's speech, in which he accused the West of trying to crush...

The European Union has reached a deal to ban the import of Russian oil , EU council president Charles Michel said late on Tuesday. In a tweet, he said it would immediately covers more than two thirds of oil imports from Russia, “cutting a huge source of financing for its war machine”.A proposed exception for oil delivered by pipeline earlier edged the EU towards finalising the deal to sanction Russia and squeeze its financial ability to wage war in Ukraine.

Norway’s excess oil and gas profits will exceed one hundred billion euros. It is indirectly preying on Putin’s induced war. It is unfair, they should share, said Prime Minister Mateusz Morawiecki on Saturday at a meeting with young people. He called on young people to “write to their friends in Norway” about this. On Saturday, the head of government participated in a question and answer session during the National Youth Dialogue Congress. He said the surplus – in excess of the annual average of recent years – oil and gas profits from “a small country of five million like Norway...

Sanctions are hitting Russian families at the grocery store as food prices rise amid surging inflation, which is already running at double the rate of the West. Consumers are falling further behind as wages stagnate in a slowing economy. The situation is expected to get worse as inventories run down, sanctions take effect and buyers adopt strategies that could push inflation higher.

Days after taking office as Germany’s vice chancellor and economy minister in December, Robert Habeck asked his most senior officials for a detailed assessment of his country’s dependence on Russian energy. The result shocked him. The country heavily relied on Russian hydrocarbons to power vehicles and factories and heat homes, and there was no contingency plan to secure other supplies, Mr. Habeck said. The government had no viable alternative to Russian imports.

Ten more European gas buyers have opened accounts in Gazprombank JSC, doubling the total number of clients preparing to pay in rubles for Russian gas as President Vladimir Putin demanded.A total of twenty European companies have opened accounts, with another 14 clients asking for the paperwork needed to set them up, the person said, speaking on condition of anonymity to discuss confidential matters. He declined to identify the companies.

RIO DE JANEIRO (Reuters) - U.S. government officials in March asked Brazil's state-run oil company Petrobras whether it could increase crude output after Russia's invasion of Ukraine sent global prices soaring, three people with knowledge of the matter told Reuters. They came away empty-handed, the sources said. Officials at Petrobras, formally Petroleo Brasileiro SA, said output levels were a function of business strategy rather than diplomacy and also that a significant short-term production boost would not be logistically possible, the sources said. "We are ... doing everything possible with our allies and partners to mitigate the economic impacts of Russian...

Lyra makes a compelling case that European nations will collapse without food, oil, gas, and raw materials from Russia, while Russia is so close to self-sufficient that it can survive without anything from anybody. If he is right, then Germany, France, the UK, and others are basically committing suicide by toeing the deep-state line on Ukraine.

During an online meeting of the leaders of the Group of Seven countries earlier, Kishida had announced that Japan will ban Russian crude oil imports "in principle" as part of a G-7 campaign. "[For Japan] oil imports contribute to a long-term, inexpensive and stable energy supply," Kishida told reporters. "We will take steps to phase out imports in a way that minimizes the adverse impact on people's lives and business activities." "We will consider how to reduce oil imports and the timing of the suspension based on actual conditions," he added. Regarding alternative energy, the prime minister said that "we...

The Organization of the Petroleum Exporting Countries (OPEC), the powerful Middle Eastern oil cartel, stuck to its planned incremental production increase, shrugging off calls from the West for greater supply. Both the cartel and Russia, collectively known as OPEC+, will stick to their plan to raise production by a modest 432,000 barrels per day in June, multiple delegates told Reuters, despite pleas from the Biden administration. The White House has repeatedly called upon OPEC+ to boost its oil output over the last year as supply chains have been snarled amid the COVID-19 pandemic recovery. White House national security adviser Jake...