Gazprom slumps to first annual loss in 22 years as trade with Europe hit

£5.5bn loss in 2023 comes after gas sales more than halved following Russia’s invasion of Ukraine

The Kremlin-owned gas company Gazprom has plunged to its first annual loss in more than 20 years, after gas sales more than halved following Vladimir Putin’s invasion of Ukraine.

The company made a net loss of 629bn roubles (£5.5bn) in 2023 amid dwindling gas trade with Europe, once Gazprom’s main sales market, as a result of sanctions and the throttling of pipelines to the continent.

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Owner of UK national lottery operator still in business with Gazprom

Czech tycoon promised Gambling Commission two years ago his
firm would sever Russia ties before taking over the lucrative contract

The Czech billionaire whose company takes over running the UK national lottery from Thursday is still in business with the Kremlin-owned gas company Gazprom, nearly two years after promising regulators he would sever ties with Russia.

The Gambling Commission awarded Allwyn the lucrative 10-year licence to run the lottery, estimated to be worth up to £100bn in sales, in March 2022.

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Tony Abbott and John Howard join Jordan Peterson-led group looking at ‘meaning of life’

Alliance for Responsible Citizenship includes prominent Brexit voices and Bjørn Lomborg, who has questioned the urgency of the climate crisis

The former prime ministers Tony Abbott and John Howard are among six Australians who have joined a global group fronted by Canadian psychologist Jordan Peterson and backed by a pro-Brexit hedge fund billionaire and a Dubai-based investment group.

The group – The Alliance for Responsible Citizenship (Arc) – has been gathering high-profile figures from politics, industry, academia and thinktanks for an inaugural three-day conference in London in late October.

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After eight rounds, is there space for further EU sanctions on Russia?

Baltic states and Poland have a long shopping list, but host of others seen as cautious of new measures

Russia-Ukraine war – latest news updates

Since Vladimir Putin launched his invasion of Ukraine, Russia has been subjected to the heaviest sanctions of any country in the world.

A fossil fuel superpower, Russia is no longer able to export coal to the European Union and will soon lose 90% of its oil sales to the bloc. In the other direction, the EU has banned the export of hundreds of goods to Russia, from hi-tech military kit and semiconductors that could aid Russia’s military, to makeup, handbags and clothes that may turn a handsome profit for Russian entrepreneurs.

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EU ‘prepared to meet challenge’ if Russia fails to respect energy contracts

Comments come after Gazprom extends shutdown of gas supply through Nord Stream 1 to Germany

The EU expects Russia to respect existing energy contracts but is prepared to meet the challenge if it fails to do so, the economic commissioner, Paolo Gentiloni, said.

Gentiloni was speaking after Russia scrapped a Saturday deadline to resume flows of an important gas supply route to Germany, deepening Europe’s difficulties in securing winter fuel.

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Nord Stream 1: Gazprom announces indefinite shutdown of pipeline

Russian energy company had been due to resume gas delivery to Germany on Saturday morning

The Russian energy major Gazprom extended the shutdown of gas flows through its key Nord Stream 1 pipeline to Germany on Friday evening, providing no timeframe for a reopening.

The move came hours after G7 countries agreed to impose a price cap on Russian oil in an attempt to stem the flow of funds to Vladimir Putin’s regime.

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Russia-Ukraine war: Russia says gas pipeline suspended indefinitely; G7 nations agree price cap for Russian oil – as it happened

State-owned Gazprom announces NordStream 1 pipeline to stay out of action citing turbine engine damage after EU announces upper limit on oil prices

Russian news agency Tass is carrying a quote from Alexander Volga, head of the Russian-imposed occupation administration of Enerhodar, the city where the Zaporizhzhia nuclear power plant (ZNPP) is located.

It reports he said on Russian television that eight people from the IAEA mission remain at the ZNPP, alongside four more people, who he described as service personnel who accompany them through their activities.

The IAEA mission must state that the presence of the military, the presence of weapons at the station, is a real threat to nuclear safety. This is obvious.

This mission is unique because there are no analogues in the history of the IAEA at all. Missions took place at objects that were controlled by states. But there was no such mission format as it is now.

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Gazprom to pay Kremlin £8.6bn after record profits

Politicians wait to see whether Russia switches back on Nord Stream 1 gas supply to Europe

Russian state-backed energy firm Gazprom is poised to hand a bumper £8.6bn payout to the Kremlin after notching up record profits.

The company reported a net profit of 2.5tn roubles (£35.8bn) for the first six months of this year. Oil and gas prices soared during that period, pushed higher by concerns over supplies after Russia’s invasion of Ukraine.

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Gazprom has increased gas supply to Hungary, says official

Russian state-owned firm delivering more gas through TurkStream pipeline than ‘contractually obliged’

Gazprom has ramped up flows to Hungary through the TurkStream pipeline that transports gas via Bulgaria and Serbia, a Hungarian foreign ministry official has said.

The Russian state-owned company started delivering more gas than it was contractually obliged to on Friday, Menczer Tamás, an official in Hungary’s ministry of foreign affairs and trade, wrote in a Facebook post on Saturday.

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Gazprom daily gas output in July lowest since 2008, analysis suggests

Output last month of Russian firm was down 14% on June, sharpening fears Moscow could provoke energy crisis in Europe

The daily gas production of Russia’s Gazprom dropped in July to its lowest level since 2008, figures suggest, amid continued fears that Moscow could cause an energy crisis in Europe by shutting off the supply.

The state-owned energy firm pumped 774 million cubic metres a day last month – 14% less than in June – according to analysis by Bloomberg of data released on Monday.

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Germany accuses Russia of ‘power play’ as gas pipeline supply drops by half

State-run Gazprom reduces flow through Nord Stream 1 to around 20% of its capacity

Germany has accused Moscow of engaging in “power play” over energy exports, as Russian state-run Gazprom further throttled gas supplies into Europe.

As announced two days earlier, the energy giant on Wednesday reduced the gas flow through Nord Stream 1 to 33m cubic metres a day – about 20% of the pipeline’s total capacity and half the amount it has been delivering since resuming service last week after 10 days of maintenance work.

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Russia’s Gazprom to make drastic cut to Europe’s gas supply from Wednesday

State-controlled energy company says it is halting a turbine due to the ‘technical condition of the engine’

The Russian state-controlled energy company Gazprom has announced a drastic cut to gas deliveries through its main pipeline to Europe from Wednesday.

The Russian gas export monopoly said it was halting the operation of one of the last two operating turbines due to the “technical condition of the engine”, cutting daily gas deliveries via the Nord Stream pipeline to 33m cubic metres a day – about 20% of the pipeline’s capacity.

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Russian sponsorship row overshadows opening of Salzburg festival

The festival defends decision not to cancel Teodor Currentzis’s appearance despite links to ‘Putin’s private bank’

The official opening of one of the world’s leading classical music festivals is being overshadowed by the appearance of a conductor whose orchestra and choir are funded by a bank controlled by the Russian government.

Cultural commentators have described Austria’s Salzburg festival, which is also receiving sponsorship money from a foundation with close ties to the Kremlin, of being in the grip of Vladimir Putin’s influence. Along with other classical music events in the region, they argue it has turned itself into a paradise for dubious and often intransparent cultural-corporate partnerships, referred to as “toxic sponsorship”.

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Russia’s Gazprom tells European buyers it cannot guarantee gas supplies

Force majeure declared in letter to customers concerns supplies via Nord Stream 1 pipeline, says source

Russia’s Gazprom has told customers in Europe it cannot guarantee gas supplies because of “extraordinary” circumstances, according to a letter seen by Reuters, upping the ante in an economic tit-for-tat with the west over Moscow’s invasion of Ukraine.

Dated 14 July, the letter from the Russian state gas monopoly said it was declaring force majeure on supplies, starting from 14 June.

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Russia cuts gas supplies to Netherlands and firms in Denmark and Germany

Gazprom raises stakes in sanctions war after EU move to embargo most Russian oil imports and companies miss deadline to pay in roubles

Russia has further cut off gas supplies to Europe, after state energy giant Gazprom turned off the taps to a top Dutch trader and halted flows to some companies in Denmark and Germany.

The intensification of the economic battle on Tuesday over Russia’s invasion of Ukraine follows the EU’s overnight decision to place an embargo on most Russian oil imports as part of its financial sanctions against the Kremlin.

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EU comes to the crunch over Russia’s demands to pay roubles for gas

Brussels commissioner says energy ministers accept bowing to Moscow’s demands would breach sanctions, as payment date looms

Europe is facing a crunch point in mid-May when EU member states will have to reject Moscow’s demands for fuel payments to be made in roubles – despite being without alternative gas supply, Brussels has warned.

Kadri Simson, the European commissioner for energy, said on Monday that the Kremlin’s demands had to be rebuffed despite the risks of an interruption to supply at a time that the shortfall cannot be made good.

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European gas firms seek ways to pay after Putin’s roubles demand

Energy suppliers in Germany and Austria confirm they are looking at sanctions-compliant methods

Energy companies in Europe are considering opening Russian accounts to pay for gas from Gazprom after Vladimir Putin’s regime cut off supplies to Poland and Bulgaria and insisted other countries must pay in roubles.

Big gas distributors in Germany and Austria confirmed they were seeking ways to continue to make payments after Putin signed a decree at the end of March calling for a “special procedure for foreign buyers’ fulfilment of obligations to Russian suppliers of natural gas”.

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Russia accused of blackmail after gas supplies to Poland and Bulgaria halted

EU hits out at move that Kremlin says is response to countries’ failure to pay in roubles

Europe appears to be on the brink of an energy crisis that could further drive up household bills after Russia halted gas supplies to two EU countries and threatened others, in a move condemned by European leaders as blackmail.

The immediate consequence of Gazprom’s decision to stop supply to Poland and Bulgaria while warning other nations opposed to Russia’s war in Ukraine that they could soon be hit was a 20% rise in the wholesale gas price.

In an address in St Petersburg, Vladimir Putin said any countries attempting to interfere in Ukraine or creating “unacceptable strategic threats for us” would be met with a “lightning-fast” response from Moscow. He claimed he had “all the tools for this – ones that no one can brag about … We will use them if needed. And I want everyone to know this. We have already taken all the decisions on this.”

The UN secretary general, António Guterres, arrived in Ukraine committing to evacuate civilians and seek a diplomatic way to end the war, after his controversial meeting with Putin and the Russian foreign minister, Sergei Lavrov, in Moscow on Tuesday.

Serhiy Volyna, the acting commander of the 36th marine brigade in the besieged port city of Mariupol, said hundreds of civilians including children were living in unsanitary conditions and running out of food and water.

The interior ministry of Moldova’s breakaway region of Transnistria issued a statement claiming it had come under attack from Ukraine, raising fears that the country would now be dragged into active conflict.

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London Stock Exchange suspends trading in 27 firms with strong links to Russia

Energy and banking giants Gazprom and Sberbank plus EN+, Lukoil and Polyus among firms

The London Stock Exchange has suspended trading in 27 companies with strong links to Russia, including energy and banking giants Gazprom and Sberbank.

The LSE said it was moving to block trading in the companies, which also include EN+, Lukoil and Polyus, with immediate effect “in light of market conditions, and in order to maintain orderly markets”.

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