Latest news with #Gazprom
Reuters
a day ago
- Business
- Reuters
Germany considers law reform to block Russian-owned Nord Stream takeover
BERLIN, June 27 (Reuters) - Germany is considering changing its foreign trade law to prevent the company running the Nord Stream 2 pipelines from being taken over, a document showed on Friday, as part of Berlin's efforts to prevent any resumption of Russian gas imports. For decades Germany relied on cheap Russian gas, but since the outbreak of the conflict in Ukraine, it has sought alternatives. German Chancellor Friedrich Merz has said he will ensure Nord Stream 2, which the country once backed, would not go into operation, but for now the country has no legal means to prevent a sale of the assets, owned by Russian giant Gazprom ( opens new tab. The Nord Stream pipeline system comprises two double pipelines across the Baltic Sea to Germany and was the biggest route for Russian gas to enter Europe, capable of delivering 110 billion cubic metres of gas a year. The second link Nord Stream 2 was completed in 2021. It never became operational due to deteriorating relations between Russia and the West and was hit by unexplained explosions in 2022 that left one of its two lines intact. Swiss-based Nord Stream 2 has been going through insolvency procedures that could lead to asset sales. In November, The Wall Street Journal reported that U.S. investor Stephen P. Lynch was attempting to acquire Nord Stream 2, a report the Russian government denied. In a parliamentary response dated June 24, the German Economy Ministry said the government was discussing a possible amendment during this legislative period to the foreign trade law as it does not currently provide for any investment review in the event of a takeover. Der Spiegel magazine first reported the news. Former economy ministry state secretary and Green lawmaker Michael Kellner said the government must close this loophole. "Pipelines in Germany or Europe do not belong in the hands of Russian or American companies," he told Reuters. Gazprom did not reply to a request for comment.
Reuters
a day ago
- Business
- Reuters
US postpones sanctions against Serbia's NIS oil company for fourth time, Tanjug agency reports
June 27 (Reuters) - The United States has postponed sanctions against the Russian-owned Serbian oil company NIS ( opens new tab for a fourth time, Tanjug news agency reported on Friday. NIS has so far secured three waivers, the last of which was due to expire later on Friday. NIS, which is majority-owned by Russia's Gazprom Neft ( opens new tab and Gazprom ( opens new tab, operates Serbia's only oil refinery in the town of Pancevo, just outside the capital, Belgrade. The facility has an annual capacity of 4.8 million tons and covers most of the Balkan country's needs. Sanctions could jeopardise its supplies of crude. The U.S. Treasury's Office of Foreign Assets Control initially placed sanctions on Russia's oil sector on January 10, and gave Gazprom Neft 45 days to exit ownership of NIS. On February 26, Gazprom Neft transferred a stake of around 5.15% in NIS to Gazprom in an attempt to ward off sanctions. Gazprom Neft now owns 44.85% of NIS, while Gazprom has 11.3%. The Serbian government owns 29.87%, with the remaining shares held by small shareholders. NIS imports about 80% of its oil needs through Croatia's pipeline operator Janaf. The remainder is covered by its own crude oil production in Serbia.
Saudi Gazette
a day ago
- Politics
- Saudi Gazette
Slovaks veto Russia sanctions at EU Council
BRUSSELS — Thursday's EU Council summit suffered a huge setback after Robert Fico, Slovakia's prime minister, announced he would maintain his veto on the next round of sanctions against Russia, which diplomats hoped to approve on Friday. Fico's opposition involves a separate matter: the European Commission's proposed phase-out of Russian fossil fuels, including oil and gas, which Slovakia, as well as Hungary, continues to be dependent on. Fico met with Ursula von der Leyen on Thursday morning to discuss his reservations, including his fear that Gazprom, Russia's gas monopoly, would file a billion-euro lawsuit if his country breaks up its long-term gas contract. The Commission, however, says the proposed bans would act as "force majeure" to avoid damages in court. But Fico did not seem convinced. "Therefore, this issue must be resolved first: let's define the solution, and only then can we discuss further sanctions packages," Fico said in a video message posted on his Facebook account shortly after 18.00 CET. "If our proposal to postpone the vote is not accommodated, the Slovak ambassador will receive a clear instruction to veto the adoption of the 18th sanctions package." Meanwhile, the 27 leaders agreed to disagree on what to do next with the review of the EU-Israel Association Agreement, which found "indications" that Israel had breached its human rights obligations with its actions in Gaza and the West Bank. The highly anticipated review was requested in May by a group of 17 countries. Thursday's summit was the first time that leaders discussed the findings face-to-face. But sharp divisions in the room, from Spain to Germany, prevented any specific outcome. Instead, leaders asked their foreign ministers to continue the internal process "as appropriate" when they meet in Brussels on 15 July. During that meeting, High Representative Kaja Kallas is expected to present potential follow-up options, even if none of them are likely to gather the necessary qualified majority to move forward. Exasperation is growing: Slovenia's prime minister raised the prospect of forming a coalition of the willing to put "real pressure" on Israel if the bloc failed to act as one. — Euronews
Yahoo
2 days ago
- Business
- Yahoo
Naftogaz wins $1.3bn arbitration against Gazprom
The international arbitration tribunal in Zurich, Switzerland, has ordered Russia's Gazprom to pay $1.37bn (Rbs101.88bn) in unpaid gas transit organisation fees and interest to Ukraine's national oil and gas operator Naftogaz. The final award following international arbitration was received by Naftogaz on 20 June 2025. The international arbitration tribunal determined that Gazprom had breached its contractual obligations to Naftogaz since May 2022 by halting payments, in violation of the "take or pay" principle outlined in the transit agreement between the two parties. Naftogaz commenced the arbitration proceedings against Gazprom in September 2022. Gazprom sought to obstruct the process through the Russian courts but was unsuccessful. The total amount encompasses the principal debt for gas transit services as stipulated in the 2019 agreement, along with penalties, and complete reimbursement for legal expenses incurred by Naftogaz. If Gazprom does not voluntarily comply, Naftogaz intends to initiate asset recovery measures aimed at the Russian company's overseas holdings. Wikborg Rein served as legal advisors to Naftogaz for the arbritation. Naftogaz CEO Sergii Koretskyi stated on social media: 'This is an important victory. I sincerely thank the Naftogaz legal team and our legal advisors at Wikborg Rein for this result. 'Work is already under way to ensure full payment of the amounts due in a step by step manner.' Additionally, Naftogaz is continuing its efforts to enforce a separate $5bn arbitration award against the Russian Federation, which pertains to the unlawful expropriation of its assets in Crimea in 2014. The process is already under way across ten jurisdictions. Initial enforcement actions have produced results in Finland and France, where Russian assets have been confiscated. Proceedings are currently under way in other countries; however, additional details remain confidential due to legal strategy considerations. In April, Naftogaz obtained €410m ($466.4m) in funding for the immediate purchase of one billion cubic metres of natural gas. This financial arrangement, which will be facilitated through the European Bank for Reconstruction and Development (EBRD), includes a €270m loan from the EBRD and a €140m grant from the Norwegian Government via the NORAD fund. "Naftogaz wins $1.3bn arbitration against Gazprom" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
2 days ago
- Business
- Reuters
German utility VNG pauses arbitration claim against Gazprom, Bloomberg News reports
June 26 (Reuters) - Eastern German gas company VNG, majority-owned by utility EnBW ( opens new tab, has suspended its legal action against Russia's Gazprom ( opens new tab as the prospect of recovering funds dims, Bloomberg News reported on Thursday, citing people with knowledge of the matter. VNG, which previously sourced most of its gas from Gazprom, joins other firms putting legal actions on hold, the report said. High legal fees provide another reason for the suspension, the report added. Reuters could not immediately confirm the report. VNG declined to comment. Gazprom could not be immediately reached. Uniper ( opens new tab, which has been locked in a bitter legal tussle with former main gas supplier Gazprom, said last month it recouped additional claims during the first quarter. Uniper scored a major legal victory last year when an arbitration tribunal awarded the group more than 13 billion euros ($15.22 billion) in damages for the gas volumes not supplied by Gazprom since 2022. ($1 = 0.8543 euros)
