Friday

29th Mar 2024

Ticker

Russian gas firm makes record profit

Russian firm Gazprom paid the Kremlin €10bn after enjoying record-level profits of €42bn in the first six months of 2022 despite the war in Ukraine. The EU had initially spoken of stopping gas purchases as part of sanctions, but later said it can only phase out Russian gas use in the long term. It also accused Russia of artificially holding back supply to manipulate gas market prices.

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Opinion

EU Modernisation Fund: an open door for fossil gas in Romania

Among the largest sources of financing for energy transition of central and eastern European countries, the €60bn Modernisation Fund remains far from the public eye. And perhaps that's one reason it is often used for financing fossil gas projects.

'Swiftly dial back' interest rates, ECB told

Italian central banker Piero Cipollone in his first monetary policy speech since joining the ECB's board in November, said that the bank should be ready to "swiftly dial back our restrictive monetary policy stance."

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