{"id":256220,"date":"2022-07-19T06:11:25","date_gmt":"2022-07-19T06:11:25","guid":{"rendered":"https:\/\/www.thetruthseeker.co.uk\/?p=256220"},"modified":"2022-07-20T15:34:04","modified_gmt":"2022-07-20T15:34:04","slug":"gazprom-declares-force-majeure-will-halt-gas-flows-to-germany-indefinitely","status":"publish","type":"post","link":"https:\/\/www.thetruthseeker.co.uk\/?p=256220","title":{"rendered":"Gazprom Declares Force Majeure, Will Halt Gas Flows To Germany Indefinitely"},"content":{"rendered":"<h1 style=\"text-align: center;\"><strong>Tyler Durden \u2013 <span style=\"color: #ffff00;\"><a style=\"color: #ffff00;\" href=\"https:\/\/www.activistpost.com\/2022\/07\/gazprom-declares-force-majeure-will-halt-gas-flows-to-germany-indefinitely.html\">Activist Post July 18, 2022<\/a><\/span><\/strong><\/h1>\n<p>Already days before the July 22 European <a href=\"https:\/\/www.zerohedge.com\/markets\/world-braces-europes-july-22-doomsday\">\u201cDoomsday\u201d<\/a> when the scheduled Russian 10-day maintenance of the crucial Nord Stream pipeline to Germany is slated to end \u2013 but which was thrown into deep doubt given Gazprom recently said it can no longer guarantee its \u201cgood functioning\u201d due to crucial turbines being previously held up in Canada related to sanctions \u2013 the Russian energy giant has <strong>declared\u00a0<\/strong><em><strong>Force Majeure\u00a0<\/strong><\/em><strong>to one major European customer<\/strong>.<\/p>\n<p>Simply put, Gazprom declared extraordinary and extreme circumstances to void itself from all contractual obligations to this customer, thus the gas will stop flowing indefinitely, as <em>Reuters<\/em> reports in a breaking development Monday, \u201cRussian gas export monopoly Gazprom\u00a0has declared force majeure on gas supplies to Europe to at least one major customer starting June 14, according to the letter seen by Reuters.\u201d The letter is dated July 14. \u201cIt said the force majeure measure, a clause invoked when a business is hit by something beyond its control, was effective from deliveries starting from June 14,\u201d writes <a href=\"https:\/\/www.reuters.com\/business\/energy\/russias-gazprom-declares-force-majeure-gas-supplies-europe-2022-07-18\/\"><em>Reuters<\/em><\/a>.<\/p>\n<p>The letter invoked \u201cextraordinary\u201d circumstances outside the company\u2019s control,\u00a0<em>Reuters<\/em> continues, citing a source saying the customer in question is <strong>Germany via the Nord Stream 1 pipeline<\/strong>.<\/p>\n<p>And <em>Bloomberg<\/em> is also confirming:<\/p>\n<ul>\n<li>GAZPROM SENT FORCE MAJEURE NOTICE TO AT LEAST 3 BUYERS<\/li>\n<li>GAZPROM FORCE MAJEURE NOTICE <strong>APPLIES TO FLOWS FROM JUNE 14<\/strong><\/li>\n<li>UNIPER SAYS IT HAS RECEIVED LETTER FROM GAZPROM EXPORT IN WHICH COMPANY RETROACTIVELY CLAIMS FORCE MAJEURE FOR PAST AND CURRENT SHORTFALLS IN GAS DELIVERIES<\/li>\n<li>UNIPER: WE CONSIDER THIS TO BE UNJUSTIFIED AND HAVE FORMALLY REJECTED FORCE MAJEURE CLAIM<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.thetruthseeker.co.uk\/wp-content\/uploads\/2022\/07\/gazpromflows.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-256221\" src=\"https:\/\/www.thetruthseeker.co.uk\/wp-content\/uploads\/2022\/07\/gazpromflows.jpg\" alt=\"\" width=\"640\" height=\"371\" \/><\/a><\/p>\n<p>It seems this letter declaring its legal release from supply obligations going back to June 14 is in preparation for definitive action on July 22, namely that the pipeline\u2019s operations are likely to remain suspended past the scheduled reboot\/supply back online designated date.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">EU &#8211; Whilst you are distracted by hysterical news reports about climate, the real heat (or lack of) is in Europe.<\/p>\n<p>Russian Gazprom has declared a Force Majeure notice on gas deliveries.<\/p>\n<p>Meaning \u2026 there won\u2019t be any!<\/p>\n<p>This is huge news.<a href=\"https:\/\/t.co\/gMilU5VKSr\">https:\/\/t.co\/gMilU5VKSr<\/a><\/p>\n<p>&mdash; Bernie&#39;s Tweets (@BernieSpofforth) <a href=\"https:\/\/twitter.com\/BernieSpofforth\/status\/1549008950296813570?ref_src=twsrc%5Etfw\">July 18, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In an analysis from earlier this month (available to pro subscribers), UBS economists laid out a detailed vision of what they see happening if Russia halts gas deliveries to Europe:\u00a0<strong>It would reduce corporate earnings by more than 15%. The market selloff would exceed 20% in the Stoxx 600 and the euro would drop to 90 cents. The rush for safe assets would drive benchmark German bund yields to 0%, they wrote.<\/strong><\/p>\n<p style=\"padding-left: 40px;\"><em>\u201cWe stress that these projections should be seen as rough approximations and by no means as a worse-case scenario,\u201d wrote\u00a0Arend Kapteyn, chief economist at UBS.<\/em><\/p>\n<p style=\"padding-left: 40px;\"><em>\u201cWe could easily conceive economic disruptions that lead to more negative growth outcomes.\u201d<\/em><\/p>\n<p>To be sure, markets are already pricing in some of the damage beginning with the euro which starting this month traded at a fresh two-decade low and touched parity with the dollar, something it hasn\u2019t done since 2002.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">IEA WARNS EUROPE MUST CUT GAS CONSUMPTION IMMEDIATELY &#8211; FT<\/p>\n<p>&mdash; First Squawk (@FirstSquawk) <a href=\"https:\/\/twitter.com\/FirstSquawk\/status\/1549005508090429440?ref_src=twsrc%5Etfw\">July 18, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Meanwhile the Paris-based International Energy Agency (IEA) is still even amid this \u201cred alert crisis\u201d for Europe bizarrely focused on responding to the emergency in a way <strong>\u201cconsistent with the EU\u2019s climate ambitions\u201d<\/strong>\u2026 this as Germany and other European populations are about to clearly enter an extremely difficult winter, to put it mildly.<\/p>\n<p>From a fresh <a href=\"https:\/\/www.iea.org\/commentaries\/coordinated-actions-across-europe-are-essential-to-prevent-a-major-gas-crunch-here-are-5-immediate-measures\">IEA report<\/a>: <em>After many months of warning signs, Russia\u2019s latest moves to squeeze natural gas flows are a red alert for the EU\u00a0<\/em>\u2013 a snippet of which is below\u2026<\/p>\n<p style=\"text-align: center;\">* * *<\/p>\n<p>The world is experiencing the first truly global energy crisis in history. And as the International Energy Agency has been warning for many months, the situation is especially perilous in Europe, which is at the epicentre of the energy market turmoil. I\u2019m particularly concerned about the months ahead.<\/p>\n<p>The gas crisis in Europe has been building for a while, and Russia\u2019s role in it has been clear from the beginning. In September 2021 \u2013 five months before Russia\u2019s invasion of Ukraine \u2013 the IEA\u00a0<a href=\"https:\/\/www.iea.org\/news\/statement-on-recent-developments-in-natural-gas-and-electricity-markets\">pointed out<\/a>\u00a0that Russia was preventing a significant amount of gas from reaching Europe. We\u00a0<a href=\"https:\/\/www.ft.com\/content\/668a846e-d589-4810-a390-6d7ff281054a\">raised the alarm further<\/a>\u00a0in January, highlighting how Russia\u2019s large and unjustified reductions in supplies to Europe were\u00a0<a href=\"https:\/\/www.iea.org\/commentaries\/europe-and-the-world-need-to-draw-the-right-lessons-from-today-s-natural-gas-crisis\">creating \u201cartificial tightness in markets\u201d<\/a>\u00a0and driving up prices at exactly the same time as tensions were rising over Ukraine.<\/p>\n<div id=\"attachment_256222\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.thetruthseeker.co.uk\/wp-content\/uploads\/2022\/07\/Russian-gas-flow-to-Europe.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-256222\" class=\"wp-image-256222\" src=\"https:\/\/www.thetruthseeker.co.uk\/wp-content\/uploads\/2022\/07\/Russian-gas-flow-to-Europe-1024x478.png\" alt=\"\" width=\"640\" height=\"299\" \/><\/a><p id=\"caption-attachment-256222\" class=\"wp-caption-text\">Click to enlarge<\/p><\/div>\n<p>After Russia invaded Ukraine on 24 February, nobody in Europe or elsewhere could be under any illusions about the risks around Russian energy supplies. Just a week after the invasion started, the IEA released our\u00a0<a href=\"https:\/\/www.iea.org\/reports\/a-10-point-plan-to-reduce-the-european-unions-reliance-on-russian-natural-gas\">10-Point Plan to Reduce the European Union\u2019s Reliance on Russian Natural Gas<\/a>, setting out the practical actions Europe could take. It stressed the need to maximise gas supplies from other sources; accelerate the deployment of solar and wind; make the most of existing low emissions energy sources, such as renewables and nuclear; ramp up energy efficiency measures in homes and businesses; and take steps to save energy by turning down the thermostat.<\/p>\n<p><a href=\"https:\/\/www.iea.org\/commentaries\/coordinated-actions-across-europe-are-essential-to-prevent-a-major-gas-crunch-here-are-5-immediate-measures\"><em>Read more of the full IEA report here<\/em><\/a><\/p>\n<p><strong><em>Original source: <a href=\"https:\/\/www.zerohedge.com\/energy\/gazprom-declares-force-majeure-will-halt-gas-flows-germany-indefinitely\">ZeroHedge<\/a><\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Europe looks set for a chilling winter, which depending on the severity of the cold, could see many freeze to death <\/p>\n","protected":false},"author":39262,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[91,116],"tags":[],"class_list":["post-256220","post","type-post","status-publish","format-standard","hentry","category-russia","category-ukraine"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/256220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/users\/39262"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=256220"}],"version-history":[{"count":5,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/256220\/revisions"}],"predecessor-version":[{"id":256245,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/256220\/revisions\/256245"}],"wp:attachment":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=256220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=256220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=256220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}