On Tuesday, however, Poland’s main importer of Russian gas, the state-owned company PGNiG, said that Gazprom had announced the “complete suspension” of deliveries through the Yamal pipeline, which stretches from northern Siberia to Poland and Germany through Belarus.
PGNiG said that it had received a letter from Gazprom informing it that all deliveries through the Yamal pipeline were being halted.
Bulgaria’s energy ministry said later on Tuesday that it, too, had been told by Gazprom that its own gas supplies from Russia, which flow through the Ukrainian pipeline, would stop.
Russia Hits Record Oil Revenues - in face of Western sanctions
The Russian economy is riding out the pressure of sanctions on the back of $60BN in crude sales. In comparison, the whole of 2021 saw oil revenue total $120BN
It’s exposed an intl divide in responding to Moscow, and comes despite oil production reportedly dropping by around 700,000 barrels per day. Some exports have been diverted to Turkey and Italy, both posting far bigger orders in April compared to last month.
US Treasury Sec Janet Yellen admitted banning Russian oil and gas could hurt Europe severely - while having “very little negative impact on Russia." German Chancellor Olaf Scholz also warned of a “dramatic economic crisis” if a total embargo is imposed.
I have a soft spot for Germany and I hope cooler minds prevail. Germany would be the biggest loser in a boycott by far.
Merkel should never have stepped down as German Chancellor. There’s no one else with the balls to guide Europe with a firm hand and clear head through this crisis.
They are going to get wrecked for being pussies and not taking a leading role on crafting a pan European security architecture.
Their industries without cheap Russian gas are going to be uncompetitive and China will eat their lunch everywhere.
They might even get nuked while at it.