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Germany faces a wave of bankruptcies due to the refusal of Russian gas

The refusal of Russian gas could lead to a sharp increase in the number of bankruptcies in Germany. This will mostly affect small and medium-sized enterprises that do not have long-term contracts for the supply of natural gas. The attention to the problem was drawn by the ...

Which countries agreed to pay for Russian gas in rubles?

The announcement on the transition to rubles payment for Russian natural gas, made on March 23 by the President of the Russian Federation seriously stirred up the financial markets and governments of a number of countries. At the same time, the Russian departments were instructed to accept everything necessary for this by ...

Russia's plans to sell gas for rubles did not suit buyers

The President of the Russian Federation announced that the country would switch to ruble payments for gas supplies to "unfriendly countries." The leaders of many European states have already responded to Vladimir Putin's initiative. However, questions about how this will affect the energy balance of the global community remain open. Francesco ...

Leading gas supply company of Omsk initiated its own bankruptcy

‘Omskgorgaz’ joint stock company applied to the arbitration court with a claim to recognize its insolvency on January 17. The company that supplied the population with liquefied gas accumulated 2.536-billion rubles debt. The regional Ministry of Energy reported that the appeal to the court should not affect the process of gas supply to Omsk residents. The company continues to be the largest regional supplier of liquefied gas ...

NAFTOGAZ OF UKRAINE ACCUSED THE MINISTERS OF THEIR OWN DEFAULT

... request to postpone payments on Eurobonds, Naftogaz's rating was downgraded to a pre-default status (rating C). On July 20, the firm received a subsidy of UAH 150 billion (about $5 billion) from the authorities. It was aimed at purchasing natural gas for the upcoming heating season. The firm then noted that only direct financing from the budget would help solve the issue. On July 21, 2022, the Ukrainian government issued an order obliging the company's management to coordinate with officials any ...

GERMANY MAY BE LEFT WITHOUT TOILET PAPER

... become a scarce commodity. Experts declare a reduction in the production of cardboard, hygiene products, toilet paper and other indicators of stability, which the country is rapidly losing. The reason for this situation is called the reduction of Russian gas supplied to Germany, which is necessary for the implementation of the entire production cycle. As the Bavarian Jurgen Schaller, who heads the regional association of paper manufacturers, told the local newspaper Die Zeit, many paper products, including ...

Bankruptcy of Nord Stream 2 AG suspended until autumn

... Transliq AG will act as interim manager during this period. We should remind our readers that the company filed a claim with the court with a request to temporarily stop the company's arbitration litigation with the European Union that arose around the gas directive and its application in early March 2022. June court hearings were cancelled. The gas pipeline itself runs across the sea from the station in the Leningrad region to the coast of Germany. Its capacity is designed for the annual transportation ...

Lukoil is “choking” with fuel oil: plants are on the verge of shutdown

... to store the fuel oil. The company's management suggests that the authorities begin to actively use fuel oil in the operation of the CHP plants as fuel. It is known that such a practice exists in a situation where CHP plants experience a shortage of gas, a cheaper type of fuel. In 2020, only 2% of the fuel consumed by CHP plants was fuel oil. Its volume then amounted to about 5.85 million tons. Several circumstances prevent the government from the immediate acceptance of Alikperov's proposal. First ...

Nord Stream II preparing for bankruptcy

... the head of the Gazprom Сompany, which owns the pipeline. Due to the project, in which the largest concerns of the energy and oil market (Shell, OMV, Engie, Uniper, Wintershall DEA) took financial part, it was planned to increase the volume of natural gas transported to Germany along the bottom of the Baltic. By the end of February, the situation with the project came to a standstill. On February 22, an order to the German Ministry of Economy with a request to suspend the certification of the gas pipeline ...

SMALL AND MEDIUM BUSINESSES IN GERMANY ON THE VERGE OF BANKRUPTCY DUE TO FUEL PRICES

The rapid rise in energy prices has jeopardized the work of companies in Germany. However, the problem does not only concern gas stations and the transport sector. According to local experts, existing taxes on electricity and the protracted reform of the public transport fare system could lead to bankruptcy of significant number of entrepreneurs. According to the NEOPresse ...

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