EGF Gazprom Monitor, Issue 131, April 2022

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A Snapshot of Key Developments in the External Relations of the Russian Gas Sector

By Dr Jack Sharples, EGF Associate Researcher on the External Dimensions of Russian Gas and Research Fellow on the Natural Gas Research Programme, Oxford Institute for Energy Studies

Key points:

  • Main story — Gazprom cuts off gas supplies to Poland and Bulgaria: Russian government demand for payment in Roubles for Russian gas supplies; Is this a breach of EU sanctions against Russia? Gazprom cuts off supply to Poland and Bulgaria; What happens next? What are the implications?
  • Europe: EU antitrust investigators raid Gazprom"s European offices; Gazprom terminates participation in subsidiary, Gazprom Germania, on 1 April, and German regulator takes over on 4 April
  • Nord Stream 2: ENGIE, last of the five European "financial investors" in the Nord Stream 2 project, announces intention to write off its loan to the project
  • Other: Russian Scheduled maintenance on Power of Siberia suspends exports to China between 29 March and 4 April; Gazprom earns record profits in 2021 on back of high prices, despite lower export sales volumes
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