In a move aimed at reducing dependence on Russian gas, reports claim Berlin will keep its swimming pools at least two degrees cooler this summer.

Berlin's pool operators reportedly said the move is a "political statement" and not a cost-cutting move. Ukrainians have been allowed free access to pools in the German capital, reports claim.

<a href="https://www.wionews.com/world/russias-response-to-outside-intervention-will-be-lightning-fast-putin-on-ukraine-war-474481">Also Read:&nbsp;Russia's response to outside intervention will be lightning-fast, says&nbsp;Putin</a>

The development comes as Russia's energy giant Gazprom switched off gas supply to Poland and Bulgaria due to their refusal to payin roubles as the EU declared it was "blackmail".

President of the European Commission Ursula von der Leyen said that Russia's decision to stop gas supply to the two European countries amounted to "provocation" from the Kremlin as she promised an "immediate, united and coordinated" response.

Watch:&nbsp;Ex-US marine and Russian pilot freed in prisoner swap

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The European Commission chief in a defiant mood said, "the era of Russian fossil fuels in Europe will come to an end."

President Putin has insisted Russia will accept payment for gas supplies in roubles only even as the EU and the West imposed large scale sanctions against the country. Gazprom declared that it hadn't received payment in roubles from Poland and Bulgaria while closing the gas supply tap.

Von der Leyen asserted that it would be a "breach of the sanctions" since the contracts with Russia stated payments would be made in Euros or dollars.

President Zelensky waded into the debate saying Russia was "trying to provoke a global price crisis".&nbsp;

(With inputs from Agencies) 
&nbsp;

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In a move aimed at reducing dependence on Russian gas, reports claim Berlin will keep its swimming pools at least two degrees cooler this summer. Berlin's pool operators reportedly said the move is a "political statement" and not a cost-cutting move.

In a move aimed at reducing dependence on Russian gas, reports claim Berlin will keep its swimming pools at least two degrees cooler this summer. Berlin's pool operators reportedly said the move is a "political statement" and not a cost-cutting move. Ukrainians have been allowed free access to pools in the German capital, reports claim. Also Read: Russia's response to outside intervention will be lightning-fast, says Putin The development comes as Russia's energy giant Gazprom switched off gas supply to Poland and Bulgaria due to their refusal to payin roubles as the EU declared it was "blackmail". President of the European Commission Ursula von der Leyen said that Russia's decision to stop gas supply to the two European countries amounted to "provocation" from the Kremlin as she promised an "immediate, united and coordinated" response. Watch: Ex-US marine and Russian pilot freed in prisoner swap The European Commission chief in a defiant mood said, "the era of Russian fossil fuels in Europe will come to an end." President Putin has insisted Russia will accept payment for gas supplies in roubles only even as the EU and the West imposed large scale sanctions against the country. Gazprom declared that it hadn't received payment in roubles from Poland and Bulgaria while closing the gas supply tap. Von der Leyen asserted that it would be a "breach of the sanctions" since the contracts with Russia stated payments would be made in Euros or dollars. President Zelensky waded into the debate saying Russia was "trying to provoke a global price crisis". (With inputs from Agencies) Watch WION LIVE Here

Russian gas row: Now, Berlin to reduce temperature in pools

Breaking ranks with the European Union the newly re-elected Hungarian Prime Minister Viktor Orban has said that the country is actually ready to pay Russia in rubles for gas. Hungary which is highly dependent on Russian energy imports is the first European Union to make this move after Vladimir Putin had warned the European members will need have ruble accounts to pay for Russian gas that they import.

Hungary: Ready to pay for gas in rubles

Just months ago, Germany’s plans to build a terminal for receiving shiploads of liquefied natural gas were in disarray. Would-be developers were not convinced that customers would make enough use of a facility that can cost billions of dollars. And concerns about climate change undermined the future of a fossil fuel like natural gas.

Perceptions have changed. After Russia’s invasion of Ukraine and the Kremlin’s threats to sever fuel supplies, the government in Berlin has decided it needs these massive facilities — as many as four of them — to wean the country off Russian gas and act as a lifeline in case Moscow turns off the taps. The cost to the taxpayer now seems to be a secondary consideration.

Most of the gas that Europe buys from Russia to power its electrical utilities is delivered through pipelines, over land or under the sea. Liquefied natural gas provides another way to move gas great distances when pipelines are not an option. Natural gas is chilled to a liquid and loaded on special tankers. It then can be transported to any port with equipment to turn it back into a gas and pump it into the power grid.

“We are aiming to build LNG terminals in Germany,” Robert Habeck, the country’s economy minister, recently said before talks with potential gas suppliers.

Habeck is a politician from the environmentalist Greens but is finding, somewhat to his dismay, that Germany needs the fossil fuel.

On Saturday, Lithuania said it had stopped buying natural gas from Russia. The cutoff won’t cause much pain to the Russian budget because Lithuania is a tiny country. But, as a member of the European Union, its decision held symbolic geopolitical importance. Europe’s energy transition took on new urgency Monday in the wake of global horror at images of bodies lying in the streets in areas of Ukraine from which Russian troops have withdrawn. Leaders debated how to punish Russia without putting Europe at risk of losing critical fuel supplies too quickly.

Much as it is changing attitudes across Europe and in Germany, the continent’s largest economy, Russia’s invasion into Ukraine is reshaping energy markets globally. For years, Europe has imported enormous volumes of gas from Russia to heat homes and power industry, but now that practice, which depends on billions of dollars’ worth of pipelines, faces severe curtailment.

The EU wants to end what is now deemed an unhealthy entanglement by 2030. Within a year, it wants to slash dependence on Russia, which supplied 40% of European gas last year, by two-thirds.

How will these huge volumes of Russian gas be replaced? The EU is betting on liquefied natural gas.

Europe’s leaders want to round up 50 billion cubic meters of additional LNG cargoes over the next year, which amounts to about half of the Russian gas it wants to ditch. That’s not all Europe is doing. Officials could get more gas via a pipeline from Norway and Azerbaijan. They also want to reduce gas consumption by ramping up wind and solar power projects, and are calling on citizens to turn down thermostats. But analysts say that Europe would struggle to swiftly replace so much gas. That is one reason that Germany is preparing for rationing.

These higher volumes of LNG, which would most likely need to continue for years, could cost around $50 billion at current prices, but much less if bought on long-term contracts from the United States, where prices are a fraction of those in Europe and Asia.

Europe’s scramble raises the prospect of a global battle over supplies in a market that analysts say has little slack. Asia, not Europe, is usually the prime destination for LNG. China, Japan and South Korea were the leading buyers last year.

The additional gas that Europe is targeting would add around 10% to global demand, creating a tug of war with other countries for fuel. That prospect could mean that gas prices that have touched record levels in recent months will remain high, prolonging misery for consumers and squeezing industry.

On Friday, for instance, home energy bills for millions of British consumers rose by 54%, largely because of soaring wholesale gas costs. Futures prices don’t offer any sign of relief.

“Over the next three years, competition for LNG is going to be extremely fierce,” said Massimo Di Odoardo, vice president for gas at Wood Mackenzie, a market research firm. “Europe and Asia are going to be pulling the blanket” to cover their needs, he added.

In theory, high prices should spur investment in more gas fields. But it is far from certain how much new production today’s high prices in Europe will encourage.

“Clearly in the short term you can’t replace that amount of gas,” said James Henderson, chair of the gas program at the Oxford Institute for Energy Studies, a research institution.

But, Henderson added, Europe is also likely to spend money accelerating its shift to cleaner energy, reducing demand for fossil fuels.

That potential damper isn’t stopping Germany from building what would be its first liquefied natural gas terminal and a flurry of new and expansion projects elsewhere in Europe. Berlin seems to have settled on a permanent terminal for a port called Brunsbüttel near Hamburg and also has options on three floating structures, which are cheaper. One could be ready in a matter of months.

Even before the latest announcements, LNG volumes for Europe were outpacing Russian pipeline gas. Tankers carrying gas were attracted by the high prices in Europe, which were stoked by tensions over Ukraine; they are now about seven times what they were a year ago. Those prices are a boon to the world’s major liquefied natural gas exporters: Qatar, Australia and, above all, the United States, whose shipments of the fuel, a product of shale drilling, increased by 50% in 2021 over the year before.

These energy riches bring political clout. Washington has been offering LNG to help Europe break its Russian energy links, a longstanding goal of some U.S. politicians.

On March 25, the Biden administration and the EU agreed that the United States would “strive to ensure” that at least 15 billion cubic meters in additional LNG this year reaches Europe, an amount comparable to around 10% of the gas that Europe imports from Russia.

Analysts say that this commitment is achievable, but mainly because of market dynamics rather than government policies. In the first three months of 2022, at least 115 cargoes of chilled gas left the facilities of Cheniere Energy, the largest U.S. supplier of LNG, and headed to Europe, more than double the total in the same period in 2021, according to the company.

Di Odoardo figures that LNG flows from the United States to Europe have already reached two-thirds of the bilateral target for this year, and so reaching it should be “easy.”

Washington has also leaned on other countries, including Japan, to give up some of their cargoes, and this has led to a substantial drop in shipments heading to Asia from the United States, according to analysts. Over time, though, such generosity may be a harder sell, especially if the war in Ukraine continues indefinitely and markets tighten further.

“Under the current conditions, I don’t think that Japan has the room to commit to long-term, continuous LNG shipments,” said Michitaka Hattori, a director at the Japan Institute for Russian &amp; NIS Economic Studies.

The surest way to bring prices down is to add more supply. High prices will encourage marginal increases in exports, but it usually takes more than two years to build new facilities for processing gas such as the terminal that Germany wants to build. Of course, LNG demand, which grew 6% in 2021, will most likely continue to grow as China and other countries shift to gas from pollution-spewing coal.

“I think the winter market for gas is going to remain very tight because of Asia’s shift from coal to gas,” said Marco Alverà, CEO of Snam, a large Italian energy company.

Cheniere Energy is moving ahead with a large expansion of its export facility at Corpus Christi, Texas. Qatar also says it is working on adding an enormous slug of LNG in the next five years.

Developers, though, will be wary of whether the current boom in Europe might fade well before the expiration of the new LNG projects, which are generally expected to operate for 20 years or more. And European leaders insist they still view gas as a temporary fix before renewable energy sources like wind, solar and hydrogen take over.

“There is a question mark there about how much new gas will be needed,” Henderson said.

Just months ago, Germany’s plans to build a terminal for receiving shiploads of liquefied natural gas were in disarray. Would-be developers were not convinced that customers would make enough use of a facility that can cost billions of dollars.

Just months ago, Germany’s plans to build a terminal for receiving shiploads of liquefied natural gas were in disarray. Would-be developers were not convinced that customers would make enough use of a facility that can cost billions of dollars. And concerns about climate change undermined the future of a fossil fuel like natural gas. Perceptions have changed. After Russia’s invasion of Ukraine and the Kremlin’s threats to sever fuel supplies, the government in Berlin has decided it needs these massive facilities — as many as four of them — to wean the country off Russian gas and act as a lifeline in case Moscow turns off the taps. The cost to the taxpayer now seems to be a secondary consideration. Most of the gas that Europe buys from Russia to power its electrical utilities is delivered through pipelines, over land or under the sea. Liquefied natural gas provides another way to move gas great distances when pipelines are not an option. Natural gas is chilled to a liquid and loaded on special tankers. It then can be transported to any port with equipment to turn it back into a gas and pump it into the power grid. “We are aiming to build LNG terminals in Germany,” Robert Habeck, the country’s economy minister, recently said before talks with potential gas suppliers. Habeck is a politician from the environmentalist Greens but is finding, somewhat to his dismay, that Germany needs the fossil fuel. On Saturday, Lithuania said it had stopped buying natural gas from Russia. The cutoff won’t cause much pain to the Russian budget because Lithuania is a tiny country. But, as a member of the European Union, its decision held symbolic geopolitical importance. Europe’s energy transition took on new urgency Monday in the wake of global horror at images of bodies lying in the streets in areas of Ukraine from which Russian troops have withdrawn. Leaders debated how to punish Russia without putting Europe at risk of losing critical fuel supplies too quickly. Much as it is changing attitudes across Europe and in Germany, the continent’s largest economy, Russia’s invasion into Ukraine is reshaping energy markets globally. For years, Europe has imported enormous volumes of gas from Russia to heat homes and power industry, but now that practice, which depends on billions of dollars’ worth of pipelines, faces severe curtailment. The EU wants to end what is now deemed an unhealthy entanglement by 2030. Within a year, it wants to slash dependence on Russia, which supplied 40% of European gas last year, by two-thirds. How will these huge volumes of Russian gas be replaced? The EU is betting on liquefied natural gas. Europe’s leaders want to round up 50 billion cubic meters of additional LNG cargoes over the next year, which amounts to about half of the Russian gas it wants to ditch. That’s not all Europe is doing. Officials could get more gas via a pipeline from Norway and Azerbaijan. They also want to reduce gas consumption by ramping up wind and solar power projects, and are calling on citizens to turn down thermostats. But analysts say that Europe would struggle to swiftly replace so much gas. That is one reason that Germany is preparing for rationing. These higher volumes of LNG, which would most likely need to continue for years, could cost around $50 billion at current prices, but much less if bought on long-term contracts from the United States, where prices are a fraction of those in Europe and Asia. Europe’s scramble raises the prospect of a global battle over supplies in a market that analysts say has little slack. Asia, not Europe, is usually the prime destination for LNG. China, Japan and South Korea were the leading buyers last year. The additional gas that Europe is targeting would add around 10% to global demand, creating a tug of war with other countries for fuel. That prospect could mean that gas prices that have touched record levels in recent months will remain high, prolonging misery for consumers and squeezing industry. On Friday, for instance, home energy bills for millions of British consumers rose by 54%, largely because of soaring wholesale gas costs. Futures prices don’t offer any sign of relief. “Over the next three years, competition for LNG is going to be extremely fierce,” said Massimo Di Odoardo, vice president for gas at Wood Mackenzie, a market research firm. “Europe and Asia are going to be pulling the blanket” to cover their needs, he added. In theory, high prices should spur investment in more gas fields. But it is far from certain how much new production today’s high prices in Europe will encourage. “Clearly in the short term you can’t replace that amount of gas,” said James Henderson, chair of the gas program at the Oxford Institute for Energy Studies, a research institution. But, Henderson added, Europe is also likely to spend money accelerating its shift to cleaner energy, reducing demand for fossil fuels. That potential damper isn’t stopping Germany from building what would be its first liquefied natural gas terminal and a flurry of new and expansion projects elsewhere in Europe. Berlin seems to have settled on a permanent terminal for a port called Brunsbüttel near Hamburg and also has options on three floating structures, which are cheaper. One could be ready in a matter of months. Even before the latest announcements, LNG volumes for Europe were outpacing Russian pipeline gas. Tankers carrying gas were attracted by the high prices in Europe, which were stoked by tensions over Ukraine; they are now about seven times what they were a year ago. Those prices are a boon to the world’s major liquefied natural gas exporters: Qatar, Australia and, above all, the United States, whose shipments of the fuel, a product of shale drilling, increased by 50% in 2021 over the year before. These energy riches bring political clout. Washington has been offering LNG to help Europe break its Russian energy links, a longstanding goal of some U.S. politicians. On March 25, the Biden administration and the EU agreed that the United States would “strive to ensure” that at least 15 billion cubic meters in additional LNG this year reaches Europe, an amount comparable to around 10% of the gas that Europe imports from Russia. Analysts say that this commitment is achievable, but mainly because of market dynamics rather than government policies. In the first three months of 2022, at least 115 cargoes of chilled gas left the facilities of Cheniere Energy, the largest U.S. supplier of LNG, and headed to Europe, more than double the total in the same period in 2021, according to the company. Di Odoardo figures that LNG flows from the United States to Europe have already reached two-thirds of the bilateral target for this year, and so reaching it should be “easy.” Washington has also leaned on other countries, including Japan, to give up some of their cargoes, and this has led to a substantial drop in shipments heading to Asia from the United States, according to analysts. Over time, though, such generosity may be a harder sell, especially if the war in Ukraine continues indefinitely and markets tighten further. “Under the current conditions, I don’t think that Japan has the room to commit to long-term, continuous LNG shipments,” said Michitaka Hattori, a director at the Japan Institute for Russian & NIS Economic Studies. The surest way to bring prices down is to add more supply. High prices will encourage marginal increases in exports, but it usually takes more than two years to build new facilities for processing gas such as the terminal that Germany wants to build. Of course, LNG demand, which grew 6% in 2021, will most likely continue to grow as China and other countries shift to gas from pollution-spewing coal. “I think the winter market for gas is going to remain very tight because of Asia’s shift from coal to gas,” said Marco Alverà, CEO of Snam, a large Italian energy company. Cheniere Energy is moving ahead with a large expansion of its export facility at Corpus Christi, Texas. Qatar also says it is working on adding an enormous slug of LNG in the next five years. Developers, though, will be wary of whether the current boom in Europe might fade well before the expiration of the new LNG projects, which are generally expected to operate for 20 years or more. And European leaders insist they still view gas as a temporary fix before renewable energy sources like wind, solar and hydrogen take over. “There is a question mark there about how much new gas will be needed,” Henderson said.

How the recoil from Russian gas is scrambling world markets

On Monday, German Finance Minister Christian Lindner stated that the European Union (EU) will "not be able" to function without Russian gas supplies.

The politician made this statement as the EU prepares to impose further sanctions against Russia in the aftermath of the events in Bucharest.

The question is whether the latest set of sanctions will have an impact on Russian gas, oil, and coal exports.

"Right now, it is not possible to cut off gas supplies. We need some time, so we need to differentiate between oil, coal, and gas right now, "Linder said upon arrival at the EU finance ministers' meeting held in Luxembourg.

The German minister also stated that the suspension of Russian oil and coal imports would be more detrimental to European countries than to Moscow.&nbsp;

Germany is particularly reliant on Russian gas, and the minister emphasised that his country wants to be less reliant on Russian energy supplies in the near future.

According to Georgia On Line, "Germany gets 55 percent of its natural gas from Russia, 35 percent of its crude oil from Russia, and 45 percent of its coal from Russia."

When asked if the current wave of sanctions being prepared by Brussels will include limits on Russian oil imports, Economic Vice President Valdis Dombrovskis of the European Commission (EC) responded, "nothing is off the table."

On Wednesday or Thursday, this fresh bundle of measures could be accepted.&nbsp;

Watch | Russia-Ukrainian Crisis: Kharkiv becomes the worst-affected city in the country

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(With inputs from agencies)

On Monday, German Finance Minister Christian Lindner stated that the European Union (EU) will "not be able" to function without Russian gas supplies. The politician made this statement as the EU prepares to impose further sanctions against Russia in the aftermath of the events in Bucharest.

On Monday, German Finance Minister Christian Lindner stated that the European Union (EU) will "not be able" to function without Russian gas supplies. The politician made this statement as the EU prepares to impose further sanctions against Russia in the aftermath of the events in Bucharest. The question is whether the latest set of sanctions will have an impact on Russian gas, oil, and coal exports. "Right now, it is not possible to cut off gas supplies. We need some time, so we need to differentiate between oil, coal, and gas right now, "Linder said upon arrival at the EU finance ministers' meeting held in Luxembourg. The German minister also stated that the suspension of Russian oil and coal imports would be more detrimental to European countries than to Moscow. Germany is particularly reliant on Russian gas, and the minister emphasised that his country wants to be less reliant on Russian energy supplies in the near future. According to Georgia On Line, "Germany gets 55 percent of its natural gas from Russia, 35 percent of its crude oil from Russia, and 45 percent of its coal from Russia." When asked if the current wave of sanctions being prepared by Brussels will include limits on Russian oil imports, Economic Vice President Valdis Dombrovskis of the European Commission (EC) responded, "nothing is off the table." On Wednesday or Thursday, this fresh bundle of measures could be accepted. Watch | Russia-Ukrainian Crisis: Kharkiv becomes the worst-affected city in the country (With inputs from agencies)

Ukraine war: Germany says 'not possible' to do without Russian gas

Russian gas was flowing to Europe on Friday (April 1) in spite of the deadline set by Russian President Vladimir Putin for foreign buyers to pay for Russian gas in roubles. This is Moscow's strongest threat in reaction to Western sanctions imposed in the aftermath of Ukraine invasion.

Putin signed an order setting a Friday deadline for buyers from “unfriendly” countries to pay for gas using roubles or be cut off, a demand Western customers have rejected as an attempt to rewrite contracts that call for payment in euros. Germany, the biggest buyer, called it “blackmail,” and had warned this week of a potential emergency if supplies were curtailed.

But there was no sign on Friday of an immediate interruption. Flows remained steady through two of the three main pipelines bringing Russian gas into Europe – Nord Stream 1 across the Baltic Sea, and into Slovakia over Ukraine.

Also Read | US warns against rising oil imports, New Delhi continues to buy Russian oil

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&nbsp;

Flows through the other main route, the Yamal-Europe pipeline over Belarus, had reversed direction, now bringing gas from Germany to Poland, but this occurs occasionally and did not necessarily indicate a new policy.

Gazprom, Russia’s state-owned gas giant, said it was continuing to supply Europe via Ukraine in line with requests from consumers that were down only fractionally from Thursday.

A source had told Reuters that some contracts involved gas being delivered before payments were due, suggesting the taps might not be turned off immediately.

After failing to capture a single major Ukrainian city in five weeks of war, Russia says it has shifted its focus to the southeast, where it has backed separatists since 2014.

The area includes the port of Mariupol, scene of the war’s worst humanitarian emergency, where the United Nations believes thousands of people have died after more than a month under Russian siege and relentless bombardment.

(With inputs from agencies)

Russian gas was flowing to Europe on Friday (April 1) in spite of the deadline set by Russian President Vladimir Putin for foreign buyers to pay for Russian gas in roubles.

Russian gas was flowing to Europe on Friday (April 1) in spite of the deadline set by Russian President Vladimir Putin for foreign buyers to pay for Russian gas in roubles. This is Moscow's strongest threat in reaction to Western sanctions imposed in the aftermath of Ukraine invasion. Putin signed an order setting a Friday deadline for buyers from “unfriendly” countries to pay for gas using roubles or be cut off, a demand Western customers have rejected as an attempt to rewrite contracts that call for payment in euros. Germany, the biggest buyer, called it “blackmail,” and had warned this week of a potential emergency if supplies were curtailed. But there was no sign on Friday of an immediate interruption. Flows remained steady through two of the three main pipelines bringing Russian gas into Europe – Nord Stream 1 across the Baltic Sea, and into Slovakia over Ukraine. Also Read | US warns against rising oil imports, New Delhi continues to buy Russian oil × Flows through the other main route, the Yamal-Europe pipeline over Belarus, had reversed direction, now bringing gas from Germany to Poland, but this occurs occasionally and did not necessarily indicate a new policy. Gazprom, Russia’s state-owned gas giant, said it was continuing to supply Europe via Ukraine in line with requests from consumers that were down only fractionally from Thursday. A source had told Reuters that some contracts involved gas being delivered before payments were due, suggesting the taps might not be turned off immediately. After failing to capture a single major Ukrainian city in five weeks of war, Russia says it has shifted its focus to the southeast, where it has backed separatists since 2014. The area includes the port of Mariupol, scene of the war’s worst humanitarian emergency, where the United Nations believes thousands of people have died after more than a month under Russian siege and relentless bombardment. (With inputs from agencies)

Russian gas flows to Europe despite Putin's deadline of payment in roubles

Amid sanctions on Russia, Germany sounded an "early warning" over gas supply signalling there could be a possible disruption due gas inflow&nbsp;from Putin's regime.

Germany's move comes as Russia announced it will not immediately require its natural gas buyers to pay in rubles after earlier announcing it will accept payments in its national currency.

<a href="https://www.wionews.com/photos/russias-tactical-nuclear-weapons-arsenal-will-putin-use-it-466893">Also Read in Pics:&nbsp;Russia's tactical nuclear weapons arsenal: Will Putin use it?</a>

Reports claim the central bank and Russia's Gazprom are expected to present the Russian president with a system to conduct business in rubles.

Kremlin spokesman Peskov said payment in Roubles needs to be "explored" even&nbsp;German regulators said the early warning was meant to avoid a deterioration of gas supply.

Watch:&nbsp;Russia turns to China amid isolation, Lavrov on first China visit since invasion

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The German minister warned of "high prices or certain restrictions" amid the gas supply warning.

The Biden administration had earlier banned the import of Russian oil and gas among other measures. The EU has however retained delivery of gas supplies. The EU reportedly received 40 per cent of its gas supplies from Russia last year.

Russia had insisted that payment should be made in rubles however the move was rejected by G7 ministers.

<a href="https://www.wionews.com/photos/history-of-urban-warfare-why-russia-will-find-it-difficult-to-conquer-kyiv-465932">Read:&nbsp;History of urban warfare &amp; why Russia will find it difficult to conquer Kyiv</a>

After talks between Russia and Ukraine, Europe's major stock markets jumped higher and the rouble soared by 10 per cent against the dollar and over one per cent versus the Euro.

(With inputs from Agencies)

Amid sanctions on Russia, Germany sounded an "early warning" over gas supply signalling there could be a possible disruption due gas inflow from Putin's regime. Germany's move comes as Russia announced it will not immediately require its natural gas buyers to pay in rubles after earlier announcing it will accept payments in its national currency.

Amid sanctions on Russia, Germany sounded an "early warning" over gas supply signalling there could be a possible disruption due gas inflow from Putin's regime. Germany's move comes as Russia announced it will not immediately require its natural gas buyers to pay in rubles after earlier announcing it will accept payments in its national currency. Also Read in Pics: Russia's tactical nuclear weapons arsenal: Will Putin use it? Reports claim the central bank and Russia's Gazprom are expected to present the Russian president with a system to conduct business in rubles. Kremlin spokesman Peskov said payment in Roubles needs to be "explored" even German regulators said the early warning was meant to avoid a deterioration of gas supply. Watch: Russia turns to China amid isolation, Lavrov on first China visit since invasion The German minister warned of "high prices or certain restrictions" amid the gas supply warning. The Biden administration had earlier banned the import of Russian oil and gas among other measures. The EU has however retained delivery of gas supplies. The EU reportedly received 40 per cent of its gas supplies from Russia last year. Russia had insisted that payment should be made in rubles however the move was rejected by G7 ministers. Read: History of urban warfare & why Russia will find it difficult to conquer Kyiv After talks between Russia and Ukraine, Europe's major stock markets jumped higher and the rouble soared by 10 per cent against the dollar and over one per cent versus the Euro. (With inputs from Agencies)

Ukraine war: Germany sounds 'early warning' over Russian gas supply

A leading energy analyst has said that Russian gas sales to China ''will not make up for the loss of European markets.''

Tatiana Mitrova, a research fellow at the Centre on Global Energy Policy, Columbia University said that, ''China’s real value is as a source of necessary goods after the West imposed sweeping sanctions on Moscow following the attack on its neighbour.''

''Russia is exporting about 170 billion cubic meters (bcm) of natural gas to the European markets every year and the prices for the two buyers are dramatically different.''

“They are definitely not able to offset the whole exports which are now going to the West.”

“You remember this ‘oil for products’ programme in Iran? It’s rather moving in this direction, not about trading, but just about providing the inflow of the most necessary goods and products,” Mitrova said on the sidelines of the Doha Forum in Qatar.

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Washington has raised concerns about Beijing helping Moscow in the midst of the bloody but stalled invasion.

"We have not seen... the provision of military equipment by China to Russia. But of course, this is something we are monitoring closely," US National Security Advisor Jake Sullivan said.

Since Russian President Vladimir Putin launched the bloody assault on Ukraine, Western capitals have frozen Moscow out of the global financial system, tipping its currency into freefall and pushing the country to the verge of default.

But China, a longtime Russian ally, has refused to follow suit, throwing Moscow a potential economic lifeline to match the diplomatic cover it has provided by refusing to condemn the invasion.

Also see |&nbsp;<a href="https://www.wionews.com/photos/how-could-russian-president-vladimir-putin-be-prosecuted-for-war-crimes-in-ukraine-465719">How could Russian President Vladimir Putin be prosecuted for war crimes in Ukraine?</a>

China is the only friend that might help Russia blunt the impact of economic sanctions over its invasion of Ukraine, but President Xi Jinping’s government is giving no sign it might be willing to risk its own access to US and European markets by doing too much.

Even if Beijing wanted to, its ability to support President Vladimir Putin by importing more Russian gas and other goods is limited.

Relations with Moscow have warmed since Xi took power in 2012, motivated by shared resentment of Washington, but their interests can conflict. Putin is uneasy about the growing Chinese economic presence in Central Asia and Russia’s Far East.

“China-Russia relations are at the highest level in history, but the two countries are not an alliance,” said Li Xin, an international relations expert at the Shanghai University of Political Science and Law.

In response to the invasion, Washington, Britain, the 27-nation European Union and other Western allies have announced or promised sanctions against Russian banks, officials, business leaders and companies, as well as export controls aimed at starving Russia’s industries and military of high-tech products.

Xi’s government might support Putin within those limits,&nbsp;and Chinese companies might use the situation to pursue better deals — but will balk at openly violating sanctions and being targeted for penalties, experts said.

Also read |&nbsp;<a href="https://www.wionews.com/world/russian-oligarchs-welcome-in-turkey-says-foreign-minister-mevlut-cavusoglu-465935" hreflang="en">Russian oligarchs welcome in Turkey, says Foreign Minister Mevlut Cavusoglu</a>

“China doesn’t want to get so involved that it ends up suffering as a result of its support for Russia,” said Mark Williams, chief Asia economist for Capital Economics.

Chinese trade with Russia rose to $146.9 billion last year, but that is less than one-tenth of China’s total $1.6 trillion in trade with the United States and EU.

“It all hinges on whether they’re willing to risk their access to Western markets to help Russia, and I don’t think they are,” said Williams. “It’s just not that big a market.”

China, the world’s second-largest economy, is the only major government not to have condemned the invasion.

“The degree of Chinese support Russia receives is likely to prove a crucial factor in how well it can weather the long-term consequences,” wrote Kevin Rudd, a former Australian prime minister and president of the Asia Society, on the Asia Society website.

&nbsp;

(With inputs from agencies)

A leading energy analyst has said that Russian gas sales to China ''will not make up for the loss of European markets.'' Tatiana Mitrova, a research fellow at the Centre on Global Energy Policy, Columbia University said that, ''China’s real value is as a source of necessary goods after the West imposed sweeping sanctions on Moscow following the attack on its neighbour.

A leading energy analyst has said that Russian gas sales to China ''will not make up for the loss of European markets.'' Tatiana Mitrova, a research fellow at the Centre on Global Energy Policy, Columbia University said that, ''China’s real value is as a source of necessary goods after the West imposed sweeping sanctions on Moscow following the attack on its neighbour.'' ''Russia is exporting about 170 billion cubic meters (bcm) of natural gas to the European markets every year and the prices for the two buyers are dramatically different.'' “They are definitely not able to offset the whole exports which are now going to the West.” “You remember this ‘oil for products’ programme in Iran? It’s rather moving in this direction, not about trading, but just about providing the inflow of the most necessary goods and products,” Mitrova said on the sidelines of the Doha Forum in Qatar. Washington has raised concerns about Beijing helping Moscow in the midst of the bloody but stalled invasion. "We have not seen... the provision of military equipment by China to Russia. But of course, this is something we are monitoring closely," US National Security Advisor Jake Sullivan said. Since Russian President Vladimir Putin launched the bloody assault on Ukraine, Western capitals have frozen Moscow out of the global financial system, tipping its currency into freefall and pushing the country to the verge of default. But China, a longtime Russian ally, has refused to follow suit, throwing Moscow a potential economic lifeline to match the diplomatic cover it has provided by refusing to condemn the invasion. Also see | How could Russian President Vladimir Putin be prosecuted for war crimes in Ukraine? China is the only friend that might help Russia blunt the impact of economic sanctions over its invasion of Ukraine, but President Xi Jinping’s government is giving no sign it might be willing to risk its own access to US and European markets by doing too much. Even if Beijing wanted to, its ability to support President Vladimir Putin by importing more Russian gas and other goods is limited. Relations with Moscow have warmed since Xi took power in 2012, motivated by shared resentment of Washington, but their interests can conflict. Putin is uneasy about the growing Chinese economic presence in Central Asia and Russia’s Far East. “China-Russia relations are at the highest level in history, but the two countries are not an alliance,” said Li Xin, an international relations expert at the Shanghai University of Political Science and Law. In response to the invasion, Washington, Britain, the 27-nation European Union and other Western allies have announced or promised sanctions against Russian banks, officials, business leaders and companies, as well as export controls aimed at starving Russia’s industries and military of high-tech products. Xi’s government might support Putin within those limits, and Chinese companies might use the situation to pursue better deals — but will balk at openly violating sanctions and being targeted for penalties, experts said. Also read | Russian oligarchs welcome in Turkey, says Foreign Minister Mevlut Cavusoglu “China doesn’t want to get so involved that it ends up suffering as a result of its support for Russia,” said Mark Williams, chief Asia economist for Capital Economics. Chinese trade with Russia rose to $146.9 billion last year, but that is less than one-tenth of China’s total $1.6 trillion in trade with the United States and EU. “It all hinges on whether they’re willing to risk their access to Western markets to help Russia, and I don’t think they are,” said Williams. “It’s just not that big a market.” China, the world’s second-largest economy, is the only major government not to have condemned the invasion. “The degree of Chinese support Russia receives is likely to prove a crucial factor in how well it can weather the long-term consequences,” wrote Kevin Rudd, a former Australian prime minister and president of the Asia Society, on the Asia Society website. (With inputs from agencies)

Leading energy analyst says Russian gas sales to China 'will not make up for loss of European markets'

Battered with sanctions for initiating war against Ukraine, Russia is now mulling to accept Bitcoins as a payment for oil and gas exports.

In a news conference on Thursday, Russian lawmaker Pavel Zavalny reportedly said that it is willing to be flexible with payments when it comes to “friendly” countries such as China or Turkey.

Zavalny, who is also the chair of Russia’s Duma committee on energy, said that the national fiat currency of the buyer, as well as Bitcoin, were being considered as alternative ways to pay for Russia’s energy exports.

"We have been proposing to China for a long time to switch to settlements in national currencies for rubles and&nbsp;yuan," Zavalny said, according to the translation. \

"With Turkey, it will be lira and rubles." "You can also trade bitcoins," he added.

The price of the cryptocurrency reportedly spiked when the news reports of Zavalny’s remarks first came up yesterday.

The remarks come a day after Russian President Vladimir Putin said Moscow will accept only rubles as payments for gas exports from “unfriendly nations”.

Also read |&nbsp;<a href="https://www.wionews.com/world/eu-us-sign-mega-lng-deal-in-an-attempt-to-curb-reliance-on-sanctions-hit-russia-465514" hreflang="en">EU, US sign mega LNG deal to curb reliance on sanctions-hit Russia</a>

The list of countries includes the United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine.

Echoing Putin’s remarks, Zavalny said, “If they want to buy, let them pay either in hard currency, and this is gold for us, or pay as it is convenient for us, this is the national currency.”

Also read |&nbsp;<a href="https://www.wionews.com/world/putin-says-will-accept-only-rubles-for-gas-sales-to-unfriendly-nations-464927">Putin says will accept only rubles for gas sales to ‘unfriendly nations’</a>

Energy is the single most important source of income for Russia. In 2021, the oil and gas trade brought in $119 billion in revenue for the country, according to&nbsp;Reuters.

Russia has been looking for an alternative payment system mechanism ever since it was&nbsp;blocked from using the international&nbsp;SWIFT payment system.

Earlier this week, European Central Bank President Christine Lagarde highlighted that the Russian private sector is&nbsp;using crypto to bypass Western sanctions.

Watch |&nbsp;Ukraine-Russia conflict: Putin says Russia to only take gas payments in rubles

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/ukraine-russia-conflict-putin-says-russia-to-only-take-gas-payments-in-roubles-465041/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

(With inputs from agencies)

Battered with sanctions for initiating war against Ukraine, Russia is now mulling to accept Bitcoins as a payment for oil and gas exports. In a news conference on Thursday, Russian lawmaker Pavel Zavalny reportedly said that it is willing to be flexible with payments when it comes to “friendly” countries such as China or Turkey.

Battered with sanctions for initiating war against Ukraine, Russia is now mulling to accept Bitcoins as a payment for oil and gas exports. In a news conference on Thursday, Russian lawmaker Pavel Zavalny reportedly said that it is willing to be flexible with payments when it comes to “friendly” countries such as China or Turkey. Zavalny, who is also the chair of Russia’s Duma committee on energy, said that the national fiat currency of the buyer, as well as Bitcoin, were being considered as alternative ways to pay for Russia’s energy exports. "We have been proposing to China for a long time to switch to settlements in national currencies for rubles and yuan," Zavalny said, according to the translation. \ "With Turkey, it will be lira and rubles." "You can also trade bitcoins," he added. The price of the cryptocurrency reportedly spiked when the news reports of Zavalny’s remarks first came up yesterday. The remarks come a day after Russian President Vladimir Putin said Moscow will accept only rubles as payments for gas exports from “unfriendly nations”. Also read | EU, US sign mega LNG deal to curb reliance on sanctions-hit Russia The list of countries includes the United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine. Echoing Putin’s remarks, Zavalny said, “If they want to buy, let them pay either in hard currency, and this is gold for us, or pay as it is convenient for us, this is the national currency.” Also read | Putin says will accept only rubles for gas sales to ‘unfriendly nations’ Energy is the single most important source of income for Russia. In 2021, the oil and gas trade brought in $119 billion in revenue for the country, according to Reuters. Russia has been looking for an alternative payment system mechanism ever since it was blocked from using the international SWIFT payment system. Earlier this week, European Central Bank President Christine Lagarde highlighted that the Russian private sector is using crypto to bypass Western sanctions. Watch | Ukraine-Russia conflict: Putin says Russia to only take gas payments in rubles (With inputs from agencies)

Russian lawmaker says considering Bitcoin payments for oil exports from ‘friendly’ nations

In a major blow to the Western countries, President Vladimir Putin has said that Russia will only accept rubles for gas deliveries from “unfriendly” countries.

Despite sanctions announced on the Russian gas, several European nations have been importing from Moscow via Ukraine.

Russian energy giant Gazprom on Monday said that the requests stood at 104.7 million cubic meters for March 21, reports Reuters.

The latest announcement by Putin to switch to domestic currency for gas sales is expected to hit Europe hard as according to Gazprom, 58 per cent of its sales of natural gas to Europe and other countries as of January 27 were settled in euros.

"I have decided to implement a set of measures to transfer payment for our gas supplies to unfriendly countries into Russian rubles," Putin said during a televised government meeting, ordering the changes to be implemented within a week.

Also read |&nbsp;<a href="https://www.wionews.com/world/belarus-could-join-russias-war-against-ukraine-in-next-few-days-report-464904">Belarus could join Russia’s war against Ukraine ‘in next few days’: Report</a>

"The changes will only affect the currency of payment, which will be changed to Russian roubles," he said.

Putin said the government and central bank had one week to come up with a solution on how to move these operations to the Russian currency and that Gazprom would be ordered to make the corresponding changes to gas contracts.

Also read |&nbsp;<a href="https://www.wionews.com/world/russian-spies-in-poland-country-expels-45-russian-diplomats-for-espionage-464868">Russian spies in Poland?: Country expels 45 Russian diplomats for espionage</a>

Russia came up with a list of "unfriendly" countries in the wake of sanctions announced by the West.

The list of countries includes the United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine.

(With inputs from agencies)

In a major blow to the Western countries, President Vladimir Putin has said that Russia will only accept rubles for gas deliveries from “unfriendly” countries. Despite sanctions announced on the Russian gas, several European nations have been importing from Moscow via Ukraine.

In a major blow to the Western countries, President Vladimir Putin has said that Russia will only accept rubles for gas deliveries from “unfriendly” countries. Despite sanctions announced on the Russian gas, several European nations have been importing from Moscow via Ukraine. Russian energy giant Gazprom on Monday said that the requests stood at 104.7 million cubic meters for March 21, reports Reuters. The latest announcement by Putin to switch to domestic currency for gas sales is expected to hit Europe hard as according to Gazprom, 58 per cent of its sales of natural gas to Europe and other countries as of January 27 were settled in euros. "I have decided to implement a set of measures to transfer payment for our gas supplies to unfriendly countries into Russian rubles," Putin said during a televised government meeting, ordering the changes to be implemented within a week. Also read | Belarus could join Russia’s war against Ukraine ‘in next few days’: Report "The changes will only affect the currency of payment, which will be changed to Russian roubles," he said. Putin said the government and central bank had one week to come up with a solution on how to move these operations to the Russian currency and that Gazprom would be ordered to make the corresponding changes to gas contracts. Also read | Russian spies in Poland?: Country expels 45 Russian diplomats for espionage Russia came up with a list of "unfriendly" countries in the wake of sanctions announced by the West. The list of countries includes the United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine. (With inputs from agencies)

Putin says will accept only rubles for gas sales to ‘unfriendly nations’

The European Union on Monday welcomed commitments by Russian state-owned gas giant Gazprom to allow for increased competition in east European markets, once its exclusive preserve.

The EU has been investigating Gazprom since 2015 over claims it abused its dominant position in these markets, with the dispute getting caught up in growing tensions between Brussels and Moscow over the Ukraine crisis.

EU Competition Commissioner Magrethe Vestager said Gazprom had now come forward with remedies meeting these concerns and invited competitors and customers to comment as part of the EU process of deciding whether they are acceptable.

&quot;We believe that Gazprom&#39;s commitments will enable the free flow of gas in Central and Eastern Europe at competitive prices,&quot; Vestager said in a statement.

&quot;They address our competition concerns and provide a forward looking solution in line with EU rules. In fact, they help to better integrate gas markets in the region,&quot; she said.

Gazprom is the dominant gas supplier in a number of central and eastern European countries.

When Commission launched its probe in 2015 it said it believed the company &quot;had been breaking EU antitrust rules by pursuing an overall strategy to partition central and eastern European gas markets.&quot;

The statement said the remedies offered should ensure that &quot;restrictions to re-sell gas cross-border are removed once and for all&quot; and that prices should accordingly come into line with competitive benchmarks.

Gazprom will also not be allowed to take undue advantage of infrastructure which it had &quot;obtained from customers by having leveraged its market position in gas supply,&quot; the statement said.

Under EU rules, a company found in breach of anti-competition rules is liable to a fine of up to 10 per cent of annual sales, in Gazprom&#39;s case nearly 83 billion euros in 2015.

Last week, Vestager also lifted EU objections to Russian investment in a controversial Hungarian nuclear plant project worth 12.5 billion euros.

(Reuters)

The EU has been investigating Gazprom since 2015 over claims it abused its dominant position in these markets

The European Union on Monday welcomed commitments by Russian state-owned gas giant Gazprom to allow for increased competition in east European markets, once its exclusive preserve. The EU has been investigating Gazprom since 2015 over claims it abused its dominant position in these markets, with the dispute getting caught up in growing tensions between Brussels and Moscow over the Ukraine crisis. EU Competition Commissioner Magrethe Vestager said Gazprom had now come forward with remedies meeting these concerns and invited competitors and customers to comment as part of the EU process of deciding whether they are acceptable. "We believe that Gazprom's commitments will enable the free flow of gas in Central and Eastern Europe at competitive prices," Vestager said in a statement. "They address our competition concerns and provide a forward looking solution in line with EU rules. In fact, they help to better integrate gas markets in the region," she said. Gazprom is the dominant gas supplier in a number of central and eastern European countries. When Commission launched its probe in 2015 it said it believed the company "had been breaking EU antitrust rules by pursuing an overall strategy to partition central and eastern European gas markets." The statement said the remedies offered should ensure that "restrictions to re-sell gas cross-border are removed once and for all" and that prices should accordingly come into line with competitive benchmarks. Gazprom will also not be allowed to take undue advantage of infrastructure which it had "obtained from customers by having leveraged its market position in gas supply," the statement said. Under EU rules, a company found in breach of anti-competition rules is liable to a fine of up to 10 per cent of annual sales, in Gazprom's case nearly 83 billion euros in 2015. Last week, Vestager also lifted EU objections to Russian investment in a controversial Hungarian nuclear plant project worth 12.5 billion euros. (Reuters)

EU welcomes Gazprom competition commitments

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