Deputy Prime Minister Novak says the Yamal-Europe Pipeline remains unused
Moscow is ready to restart supplies of natural gas to the EU via the Yamal-Europe Pipeline, Russian Deputy Prime Minister Aleksandr Novak said on Monday. He noted that shipments through the route were halted for political reasons.
According to the official, the EU remains a relevant market for Russia, which is able to resume supplies to a region suffering from a gas shortage.
“For example, the Yamal-Europe Pipeline, which was shut down for political reasons, remains unused,” Novak said.
Gas supplies via the pipeline, which usually flow westward, have been mostly reversed since Poland terminated a supply contract with Russia ahead of its end-2022 expiry date, after rejecting Moscow’s demand for ruble payments. The Polish leg of the route is currently being used to pump stored gas from Germany.
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Russia to divert gas away from West – official
In response to Warsaw’s move, Russian state-run energy giant Gazprom cut off supplies, saying it could no longer send gas via Poland, while Moscow imposed sanctions against the firm that owns the Polish section of the Yamal-Europe pipeline.
Although Russian gas deliveries to the EU via the Nord Stream and Yamal-Europe pipelines have been halted, Russian gas is still being supplied to certain European buyers via a transit line through Ukraine and the TurkStream pipeline through Türkiye.
Despite the persisting problems, Novak says he still sees the EU as a viable market for Russia.
“Today we can confidently say that there is a stable demand for our gas. Therefore, we continue to consider Europe as a potential market for our products. It is clear that a large-scale campaign was launched against us, which ended with acts of sabotage against the Nord Stream pipelines,” he said.
The market for liquefied natural gas (LNG) also remains open, according to Novak, who noted that Russian LNG supplies to the EU are expected to grow to 21 billion cubic meters by the end of the year.
Net outflows exceeded $26 billion this year, according to EPFR Global
UK stocks suffered record annual outflows in 2022 as investor confidence in the country’s economy is waning, Bloomberg reported on Friday, citing data from EPFR Global.
Statistics show that some $26.3 billion has been withdrawn so far, which coincides with a slump of 20% for the FTSE 250 Index. The benchmark index was down by the most since 2008. Meanwhile, the blue-chip FTSE 100 Index was up more than 1%, largely due to its exposure to commodity stocks that soared this year.
The record equity fund outflows marked the seventh year in a row that investors have been turning away from UK markets, according to Bloomberg.
“The country has been roiled by political and economic troubles this year,” the outlet wrote, specifying that “The onset of a recession, inflation at a 41-year high, two prime ministers resigning and the highest number of strikes since the 1980s helped trigger selloffs in domestic stocks and the pound.” All that has resulted in London losing its crown to Paris as Europe’s biggest stock market, the report said.
A senior strategist at State Street Global Markets, Marija Veitmane, told the media outlet she is less optimistic about UK stocks in 2023 as “we expect the market focus to switch from macro headwinds to microeconomics and earnings recession.”
“The UK is less likely to do well, as earnings and profitability of UK companies are not the strongest, which may lead to underperformance,” she added.
Cargo transportation between the two countries via the Caspian Sea has increased, tracking data compiled by the news outlet shows
Russia and Iran are building a new transcontinental trade route and are rapidly expanding supply chains, having stepped up mutual cargo deliveries across the Caspian Sea, Bloomberg reported on Wednesday, citing tracking data.
The trade corridor that stretches from the Sea of Azov and the mouth of the Don River in Russia to Iranian hubs on the Caspian Sea and ultimately the Indian Ocean has become increasingly busy in recent months, with new routes emerging, according to the report. Ship-tracking data compiled by the news outlet showed hundreds of both Russian and Iranian vessels along rivers that lead to the Caspian Sea.
Iran’s geographical location allows Russia to safely transport goods via the trade corridor through Iranian territory all the way to Asia and India without incurring the risk of Western sanctions.
“With European transport networks getting closed off, they’re focused on developing alternative trade corridors which support Russia’s turn to the East. You can impose controls over sea routes, but land routes are difficult to watch. It’s almost impossible to track them all,” Nikolay Kozhanov, a Gulf expert at Qatar University, told Bloomberg.
Trade with Iran, while significant on its own, is seen as “a logistical bridge” between Russia and the Middle East, as well as South and Southeast Asia, according to the head of the Russian Chamber of Commerce and Industry, Sergey Katyrin.
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Iran may join Russian-led free trade zone
At an economic forum in September, Russian President Vladimir Putin also drew attention to the need to develop the ship, rail, and road infrastructure along the route, as it “will provide Russian companies with new opportunities to enter the markets of Iran, India, the Middle East and Africa, and will facilitate supplies from these countries in return.”
“This is about establishing sanctions-proof supply chains all the way through,” Maria Shagina, an expert on sanctions and Russian foreign policy at the International Institute for Strategic Studies, told the news outlet.
Russia and Iran are investing some $25 billion in the expansion of the trade route, according to Shagina.
Russia is also reportedly in the final stages of establishing rules that would give ships from Iran the right of passage along the inland waterways of the Volga and Don rivers, according to Iran’s Maritime News Agency.
Trade between Russia and Iran has surged this year, with turnover exceeding $4 billion over January-October 2022 and expected to surpass $5 billion by the end of the year, according to Russia’s Federal Customs Service. Russian exports to Iran have so far jumped by 27% versus last year, while imports are up 10%.
The album lives! The cohesive, grand statement that has shaped pop’s flow from “Pet Sounds” to “Purple Rain” to “Dirty Computer” still lives! Much of this is thanks to Beyoncé. But there were plenty of other big (and small) statements worth spending an hour or two or ten with.
“Renaissance,” Beyoncé
Self-love in the dance club. Always a great theme for an LP. More than any other Queen Bey record, “Renaissance” is an album for anyone who likes pop, any avenue of pop – disco,’80s Top 40, ‘90s r&b, a hundred strains of electronica. It’s meticulously constructed and yet feels. not like a labored-over skyscraper, but a natural piece of art, maybe a cathedral lit by strobes and disco balls. Defiance through dancefloor joy. High art through freedom married to pop pleasure.
“Special,” Lizzo
A million albums have come and gone. None start like “Special”: “Hi, [expletive], did you miss me? I’ve been home since 2020. I’ve been twerkin’ and making smoothies, it’s called healing. And I feel better since you seen me last.” On this LP, Lizzo shakes it and she shakes it fast in a masterclass in hooks, bravado, hooks, dignity, hooks, genre mashups, and more hooks. It has many similarities to “Renaissance” – more self-love, self-care, and self-confidence. But it mixes in ever more pop styles including blustery ballads (remember those) and extra retro grooves plus a double dose of joy.
“Denim & Diamonds,” Nikki Lane
“Denim & Diamonds” was a chain of honky tonk night clubs. Nikki Lane’s dad used to party at the one in Nashville. She had to write a song about that. It became the title track to her twang-filled, half-indie-rock, half-outlaw-country fourth album. She writes about scamming tanks of unleaded and Cokes at a gas station where they knew her dad (“First Time”). She writes about how her single mom’s devotion prepared her for her divorce (“Born Tough”). She writes about her grandparents’ six-decade relationship (“Good Enough”). The whole record is craft and hooks, wit and honesty.
“Expert in a Dying Field,” The Beths
The Beths’ “Jump Rope Gazers” made my list of fave 2020 albums. The Beths’ makes my list of fave 2022 albums. I can’t wait until 2024! The New Zealand heroes do power pop, pop punk, indie pop and indie rock better than anyone working today. They also do tender and wounded and defiant and silly and dynamic. Best band in rock ‘n’ roll.
“Clouds,” Ballroom Thieves
Like a lot of people, Martin Earley and Calin Peters of the Ballroom Thieves spent much of the pandemic working through big questions and heavy emotions. Oh, and also like a lot of people muddling through the pandemic, they fell in love with Harry Styles. On “Clouds,” the duo unveil an ode to the man in “Harry Styles,” a shaky-with-echo-and-reverb ballad with a scorching little guitar solo and dreamy chorus. The song sits between a jaunty bit of indie pop (“Borderline”) and a nearly-seven minute, cello-driven fever dream (“Trodden”). The trio of songs represent how deep and dense “Clouds” is.
