President Putin ordered a domestic company to take ownership of Sakhalin 2 on Thursday

The change in ownership of the Sakhalin-2 oil and gas project in Russia’s Far East should not be viewed as nationalization, Kremlin spokesman Dmitry Peskov said on Friday.

On Thursday, Russian President Vladimir Putin signed a decree ordering the creation of a firm to take over all rights and obligations of the Sakhalin Energy Investment Company. The document indicates that it is up to Moscow to decide whether foreign shareholders are to remain in the enterprise.

Asked whether other projects involving Western corporations in Russia would follow suit, Peskov responded that each situation will be reviewed on a case-by-case basis.

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The Kremlin spokesman added that the government sees no reason for the supply of liquefied natural gas (LNG) from Sakhalin-2 to stop after the measure is implemented.

Major shareholders of the Sakhalin-2 oil and gas project include Russian energy giant Gazprom, which holds 50% plus one share. Foreign firms include Britain’s Shell, which owns 27.5% minus one share, and Japan’s Mitsui & and Mitsubishi, with 12.5% and 10% respectively.

Shell is currently evaluating the requirements set out by the Russian authorities, a company spokesperson told TASS news agency. In May, Reuters reported that the UK company was in talks with a consortium of Indian energy firms to sell its stake in Sakhalin-2.

The planned annual maintenance will take place from July 11 to July 21

Russia’s Nord Stream natural gas pipeline to Germany will shut down for 10 days for annual maintenance, the company in charge of the project confirmed on Friday.

Both strings of the pipeline will halt operations for repair works from July 11 to July 21. The operator added that the shutdown was previously agreed with all partners.

“Nord Stream AG will temporarily shut down both lines of its gas pipeline system for routine maintenance works inclusive testing of mechanical elements and automation systems for ensuring reliable, safe, and efficient pipeline operations,” the statement reads.

In June, Russian gas flows to Germany through the undersea pipeline were cut by as much as 60% due to technical issues arising from Western sanctions against Moscow. In response, the German government launched a second ‘alarm’ phase of its three-level gas emergency plan. Berlin has warned it’s facing a severe shortage of the fuel amid diminishing supplies from Russia.

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The German government announced earlier that the country had made a “bitter” decision to restart coal-fired power plants in order to cope with a possible energy crisis this coming winter.

Nord Stream AG, which is majority-owned by Gazprom, added that maintenance information was appropriately disclosed in compliance with the EU Regulation on Wholesale Energy Market Integrity and Transparency.

“The schedule for the maintenance activities has been closely coordinated with Nord Stream’s upstream and downstream partners,” it added.

TALLAHASSEE, FL – A Florida judge put a hold on the state’s new, 15-week abortion ban, set to take effect today. He said it is unconstitutional and issued a temporary injunction.

Groups including Planned Parenthood of America, the Center for Reproductive Rights and the American Civil Liberties Union sued the state over the law passed by Republican lawmakers, claiming it violates the right to privacy in the state constitution.

Circuit Judge John Cooper agreed, just days after the U.S. Supreme Court overturned federal protections for abortions.

Rep. Yvonne Hinson, D-Gainesville, predicted despite the new Florida ruling, Gov. Ron DeSantis will follow through on his promise to fight to keep the ban.

“He not only will appeal, but come back full force with the full weight of his office, to try and do a full ban,” Hinson stressed. “We can expect that if we don’t go to the polls with that understanding.”

The Florida abortion ban includes no exceptions for cases of rape or incest. In response to the ruling, DeSantis said he expected it, and does not think the state constitution mandates things like, in the governor’s words, “dismemberment abortions.” Judge Cooper plans to issue the injunction Tuesday.

Hinson urged anyone concerned about a possible outright ban on abortions in Florida to make their voices heard at the polls, because in her view, DeSantis has been able to get what he wants, so far.

“I mean, he has followed through on everything that he has said,” Hinson pointed out. “We have to believe him and, we need to vote like we believe him, because everything he does is intentional.”

Judge Cooper cited Section 23 of the Florida Constitution, which states: “Every natural person has the right to be let alone and free from governmental intrusion into the person’s private life except as otherwise provided herein.” Republicans have long struggled to restrict abortions in the state because of the privacy clause.

The S&P 500 ended first half of 2022 lower by 20.6%

US stock futures continued to decline Friday morning after the worst start to a year in decades. The Dow Jones Industrial Average is down 0.7% in pre-market trading, while the S&P 500 and Nasdaq 100 are sliding 0.67% and 0.59% respectively.

Stock extended losses from Thursday’s session, with the Dow down 15.3% so far this year marking its worst first-half performance since 1962. The S&P 500 index ended the first half of 2022 lower by 20.6% for its worst start to a year since 1970. The Nasdaq’s 29.5% drop so far in 2022 marked its worst first half on record.

The steep first-half losses come as investors are grappling with the risks of an economic downturn and tighter monetary policy, as the US Federal Reserve responds to inflation with aggressive interest-rate hikes. The Fed hiked the key interest rate by 0.75 of a percentage point in June, marking the biggest rate increase since 1994.