Will inflation rise? Necessitating increasing interest rates?
Russia says Ukraine targeted infrastructure of gas pipeline to Turkey
Russia accused Ukraine on Monday of launching a weekend drone attack on infrastructure of a major gas pipeline that carries Russian supplies to Europe via Turkey.
The allegation — which Kyiv has not commented on — comes amid an escalating energy row between the two countries, almost three years after Russia launched its full-scale military offensive.
The Russian defence ministry said Ukraine had fired nine attack drones on Saturday at a gas compressor station in the village of Gai-Kodzor, near Russia’s southern coast on the Black Sea.
The site is across from the annexed peninsula of Crimea — heavily targeted by Kyiv throughout the three-year conflict.
It said the facility was part of the TurkStream pipeline and accused Ukraine of trying to “cut off gas supplies to European countries”.
TurkStream runs for 930 kilometres (580 miles) under the Black Sea from the Russian resort city of Anapa to Kiyikoy in northwestern Turkey, then connects to overground pipelines that run up through the Balkans to Europe.
EU member Hungary receives Russian gas via the TurkStream route. Austria and Slovakia had contracts for Russian gas via the Ukrainian transit route that has been cancelled, with both countries saying they had secured alternative supplies
“All the drones were shot down,” the defence ministry said in a statement published Monday on its Telegram channel.
The United States last week rolled out new sanctions on Russia’s oil sector.
Speaking of sanctions...
The United States and Britain on Friday announced sanctions against Russia’s energy sector, including oil giant Gazprom Neft and 180 ships it says are part of Moscow’s “shadow fleet”, just days before outgoing President Joe Biden leaves office.
Crude Oil Prices Jump Amidst Sanctions On Russia
Crude oil prices rallied from the levels at close on Friday as markets digested the impact of wider U.S. sanctions on Russian oil. Market’s expectation that the existing consumers of Russian oil would be forced to source supplies from the Middle East or other producers also boosted prices.
Oil prices surge to four-month high as fresh US sanctions on Russia threaten trade shock
Analysts suggest new round of sanctions could pose temporary shock to global oil trade
Russia says new US energy sanctions will destabilise global markets
“It is clear that the United States will continue to try to undermine the positions of our companies in non-competitive ways, but we expect that we will be able to counteract this,” Kremlin spokesman Dmitry Peskov said.
“At the same time, of course, such decisions cannot but lead to a certain destabilisation of international energy markets, oil markets. We will very carefully monitor the consequences and configure the work of our companies in order to minimise the consequences of these … illegal decisions.”
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