Recent Ukraine: EU eyes African gas to reduce dependence on Russia

The European Union is looking to Africa to help reduce its dependence on Russian gas and promised to provide more detailed guidance in the coming days on how companies should meet President Vladimir Putin’s demand to pay for the fuel in rubles.

British Prime Minister Boris Johnson will deliver a virtual speech to Ukraine’s parliament later on Tuesday comparing the nation’s struggle with Britain’s situation during World War II. His government also announced a new military aid package.

Evacuations from the besieged city of Mariupol as well as other Ukrainian cities in Russian hands, including Tokmak and Vasylivka, have been scheduled for Tuesday, according to Mariupol authorities.

Key developments

  • ‘A Bet on the War’: Vineyard reveals risks in Front-Line Moldova
  • The EU plans to convict Africa to help replace Russian gas imports
  • The EU aims to remove the ambiguity about Putin’s demand for rubles for gas
  • Standard or no standard? The finale is approaching in Tangled Russia Bond Saga
  • War threatens loss of ‘intergenerational legacy’ in Ukraine

All times CET:

Vineyard reveals risks in Front-Line Moldova (08:00)

The winery Purcari Wineries Plc, the only Moldovan company listed on a foreign stock exchange, has become a barometer of risk sentiment in the country bordering Ukraine, and its stock refueling after Russia’s invasion.

The pro-Russian breakaway area of ‚Äč‚ÄčTransnistria is two miles away from the company’s vineyards, and the main border crossing to the important Ukrainian port of Odesa is just down the road. A Russian general said last month that reaching Transnistria was a war goal, although Purcari’s operational officer believes the fighting will not cross the de facto border.

Austria says EU must consider Treaty change (06:01)

The European Union must consider a major revision of the treaty if it is serious about giving Ukraine membership, the Financial Times quoted Austrian Foreign Minister Alexander Schallenberg as saying.

Russia’s invasion was a “geostrategic moment” for Europe, and the EU needs to give stronger support to neighbors like Ukraine and Moldova to help them avoid Russian domination, Schallenberg told the newspaper. Amendments to the EU treaties require unanimity, and several Member States, including the Netherlands, have spoken out against trying to shorten the enlargement process to allow for Ukraine’s membership.

Johnson speaks to the Ukrainian parliament (01:40)

According to prepared remarks released by his office, Johnson, who visited Kiev last month, will repeat Winston Churchill’s words: “This is Ukraine’s finest hour, an epic chapter in your national history that will be remembered and told for generations to come.”

The United Kingdom announced 300 million pounds ($ 376 million) in military aid and will supply “specialized civilian protection vehicles to Ukraine,” his office said. The British Embassy in Kiev is also ready to reopen.

Draghi seeks EU guidance on gas payments (22:50)

Italian Prime Minister Mario Draghi said the creation of an account in rubles to pay for Russian gas would be a breach of contract.

“It is very important that the European Commission gives a clear legal opinion if payment in rubles is a violation of sanctions,” Draghi said at a press conference late Monday. He called for clearer guidance from the EU, as Italy is due to make payments in about two weeks, adding that the nation will comply with EU guidelines.

EU views Africa as a potential supplier of gas (22:25)

The EU will seek to intensify cooperation with African countries to help replace imports of Russian natural gas and reduce dependence on Moscow by almost two-thirds this year.

Countries in Africa, especially in the western part of the continent, such as Nigeria, Senegal and Angola, offer largely untapped potential for liquefied natural gas, according to a draft EU document seen by Bloomberg News.

© 2022 Bloomberg

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