Russia might suspend gas shipments to Europe without damaging economy
Christian Fernsby ▼ | August 30, 2022
Russia could close as of this Sunday its natural gas exports to Europe for more than one year, without significant damage to the country's economy, according to Capital Economics.Article continues below
The rise in gas prices in Europe means that Russia could earn up to 20 billion dollars per quarter only with the sales of hydrocarbons, the specialized economic research portal assured.
As long as oil prices and export volumes remain at the current levels, Russia’s current account surplus will be enough to keep the country afloat even with a cut in its main gas market, Liam Peach, one of the consultancy’s economists, said.
Russia’s balance of payments is so strong in the current price situation that the country could maintain gas exports to Europe at 20 percent of normal levels for at least three years, the expert stated.
Closing or not gas shipments to Europe will be a political decision and the term will depend on the magnitude of the offsetting oil revenues, he stressed.
After the beginning of the Russian military operation in Ukraine, the United States along with the European Union and other countries implemented more than 4,000 sanctions against Russia, including restructions on gas imports. ■ What to read next
The European Central Bank (ECB) is set to stress test 99 eurozone banks in 2023 as it looks to “shed light on the impact of adverse shocks on banks’ resilience under challenging macroeconomic conditions”.
Latest No damage to Akkuyu NPP after earthquake, diagnostics underway
Qurient partners with TB Alliance to develop new anti-tuberculosis agent telacebec
Oxford BioDynamics PSE test shows 94% accuracy in cancer screening
Eurozone retail sales fall more than expected in December
912 dead in Turkey, more than 230 in Syria after powerful earthquake, countries rush to offer aid
Italy targeted by wide cyberattack
Six crew members dead in tanker accident in Nigeria
Italy withdraws tsunami warning after deadly earthquake hits Turkey, Syria
Rescue teams from Netherlands, Romania on way to Türkiye after powerful earthquake
Highlights: January 3o, 2023 - February 5, 2023
China allowed truck entry on border with Tajikistan
South Africa to construct new power transmission lines in northern province
Spain suffers amid severe shortage of drugs
Free travel will be extended to even more of London’s lowest paid transport workers
Trending Now
Afghanistan, Pakistan sign draft convention to avoid double taxation
Azerbaijan to double gas supplies to Europe by 2027
India to ban hundreds of Chinese-linked betting and loan lending apps
UK and coalition partners announce price caps on Russian oil products
Fiji ends training and exchange agreement with China
Today We Recommend Highlights
DP World handled 79.0 million TEU
Strike action resumes at GSK pharmaceutical plant in Irvine, Scotland
Skanska to build science center in Virginia for $79.5m
Recharge Industries preferred bidder for Britishvolt
UK: Merger could worsen dental service options for patients in South West and North East
Exothera appoints Darren Leva as chief business officer
Vesta taps Shimon Steinmetz as CFO
Bruno Ultra Barcelos appointed managing director of Ethypharm UK
Syntach names Patrick NJ Schnegelsberg as new CEO
Chiesi appoints Giuseppe Accogli as new group CEO
German factory orders recover in December 2022
New Zealand: Consumer confidence, business sentiment increases in January
Turkey: Manufacturing PMI 50.1 in January
U.S. employment spikes in January, unemployment down
U.S. services PMI jumped
Skechers Q4 sales increased 13.5%
Bosch posts sales growth
Cigna income $6.7 billion
Aon Q4 income decreased 24%
ASSA ABLOY Q4 sales increased by 28%
Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
Flour mill opens in Herat province, Afghanistan
ESA: Iceland must urgently improve controls of poultry meat and poultry meat products
United States cattle inventory down 3%
Working group named to focus on large animal vet shortage in Kentucky
USDA announces steps to improve child health through nutritious school meals
Lucky CEO means bad luck for hiring company
Product images could boost food pantry use
The madness of fast service: I want it now!
How to build a resilient brand
Only 32% of employees believe their pay is fair
Poland: UOKiK fines 3 entrepreneurs with almost $228,000
Kerry pleads guilty and agrees to pay $19.228 million in connection with 2018 salmonella outbreak
UK: Serious Fraud Office secures three convictions in $500 million trade finance fraud
AG for District of Colubia: $1,950,000 available for eligible Drizly drivers as result of tip-theft investigation
North Carolina: 52 stores pay fines for price scanning errors in 33 counties
Magazine
Legend Rock Petroglyphs in Wyoming, history right in front of you
La Chandeleur in Paris: Crêpe Day for all of you
Tru by Hilton Monterrey Fundidora hotel opens in Mexico
IntercityHotel Berlin Airport BER opens
Art After School, the perfect way to spark imagination in your child
Honda Pilot TrailSport, fully equipped SUV with great ground clearance
2024 Corvette E-ray, electrified 4WD
Jaguar I-PACE is now more distinctive
2023 Toyota Prius expected this January
2023 Lincoln Corsair, advance features and ActiveGlide
Solios watches, from nature to luxury
Coats of faux fur, but not of faux style
Redifining kitchen space and experience with workstations
Dinning sofas, a soft addition to a modern dinning table
Patchwork carpets, vintage Persian carpets made with unparalleled skill
Harman Luxury Audio introduces new JBL Classic Series
KEF KC62, audio excellence and design ingenuity
Panasonic announces flagship OLED TV MZ2000
McIntosh MC451, 150 Watt vacuum tube and 300 Watt solid state amplifier
Headonia 2A3, luxury headphone amplifier that comes with gloves
Synthetic opioids will be banned as UK government acts to stop drug deaths
Japan gives priority review status to Alzheimer's drug developed by Eisai, Biogen
Working group proposes on how to make Finland tobacco-free by 2030
Study: Merck COVID-19 pill linked to virus mutations
South Africa authorises roll out of COVID-19 boosters to fight Omicron variant
Astronomers observe light bending around an isolated white dwarf
Webb telescope catches early galaxy formation in action
Straigh and gay men both prefer masculine men for important jobs
Green comet to visit Earth after 50,000 years
Astronomers captured spectacular, ongoing collision between at least three galaxy clusters