Germany starts filling its biggest gas storage site
Germany will not be led by Russia when it comes to energy supplies. The country is bent on resisting Russia’s “gas blackmail” and preparing to introduce a ban on its gas supplies.
The European Union realized a long time ago that gas supplies from Russia are anything but a commercial project. Moscow has used gas as a political tool to threaten Europe with cold winters and the lack of heat and electricity for years. Russia’s demand for gas payments in rubles became a wake-up call for Germany. The country understood it was time to end this toxic relationship. Germany has no intention to pay for gas in rubles whatsoever. Instead, it contemplates abandoning Russian gas entirely. The government has introduced a set of measures aimed at providing loans and support for energy companies and taking over vital firms, like oil refineries, including foreign ones, even to point of their nationalization. Of course, it is about Russian companies only.
At the same time, Germany is now actively expanding its gas reserves. Rehden, the largest underground gas storage facility in Western Europe, can hold about 4 billion cubic meters of gas. It is now being filled at an accelerated pace. The facility is currently 0.6% full, which is far below the 36% average for Germany's gas storage sites.
More sanctions on Kremlin to follow?
The White House pins hope on its policy of sanctions to cripple the Russian economy. Washington has already imposed a vast array of severe economic restrictions. Currently, the US administration voices concerns about the overuse of this lever which seems to be the only option for stepping up pressure on the Kremlin.
10:52 2022-07-06 UTC+00
Germany to last 2.5 months without Russian gas
Despite possible headwinds in the future, Germany remains faithful to its beliefs and principles. The common position of the European Union, the United States, and the vast majority of the world's countries on Russia is unwavering, even taking into account energy shortages.The German authorities are well aware of the complexity of the situation amid an impending cold winter.
10:31 2022-07-06 UTC+00
Angela Merkel: gas is not weapon
Former German chancellor Angela Merkel has refuted all claims that Russia is using the Nord Stream 2 as a weapon and instrument to affect other countries from a political point of view.The former chancellor stated that Russia had no intention to use the Nord Stream 2 as a weapon.
14:09 2022-07-05 UTC+00
Germany to ditch Russian energy imports, albeit at high cost
For Germany, the core of the current energy policy is phasing out its dependence on Russian oil and gas. At the recent EU summit in Brussels, German Chancellor Olaf Scholz reported on the state of affairs in cutting ties with Russian energy suppliers.
12:24 2022-07-05 UTC+00
Turkey’s credit default swaps jump to 19-year high
Turkey continues to struggle with a severe economic crisis. Reportedly, the Turkish economy is on the verge of default amid the country’s credit default swaps (CDS) hike. A credit default swap is insurance against a debt default. The buyer compensates the seller in the event of insolvency of the borrower, and the buyer can expect the debt to be repaid.
12:10 2022-07-05 UTC+00
Countries face food shortages
Food shortages in developed and developing countries differ significantly. Advanced economies ring the alarm bell when shops run out of lettuce or salami, while poor countries are struggling with a lack of basic food and hygiene products, as well as clean water. Nevertheless, given the logistics problems and economic headwinds, almost all countries will face a food crisis.
12:05 2022-07-05 UTC+00