The Pride of Russia, Tanking Gazprom Seeks Bailout

(NEWSER) - The very strategies that made Gazprom an international force are now causing the energy giant—and consequently, Moscow—unaccustomed financial stress, the New York Times reports. Vladimir Putin built Gazprom into a goliath by aggressively dominating natural gas supplies, but to do it, he entered into long-term contracts to buy gas from Central Asian countries at now-insane prices. With demand and prices down drastically, Russia is being forced to sell at huge losses. More»

Last pipeline shut as shortages spread as far as France

(AP) - Having slowed to a trickle yesterday, Russia today shut off all its gas supplies to Europe through Ukraine, the latest move in a pricing dispute that has affected fuel deliveries to a dozen countries during a winter cold snap. Gazprom, the Russian state gas company, blamed Ukraine for shutting down the pipeline. But a spokesperson for Ukraine told the AP that "it was the Russian side's decision to stop all gas deliveries to Europe." More»

Spat with Ukraine leaves half of continent short of fuel

(NEWSER) - European nations from Austria to Greece lost most or all of their gas supplies today, as a showdown between Russia and Ukraine imperiled the entire continent. Last night Gazprom, the Russian state gas company, cut its supply by 60% to punish Ukraine for allegedly stealing fuel that should flow through the country to central and eastern Europe. This morning, after the coldest night of the winter, Bulgaria begged its citizens to conserve gas as it faced "a crisis situation." More»

Powerful Gazprom has too little oil to meet demands

(NEWSER) - Russia faces a threat to its international trump card as Gazprom—its powerful natural gas company—struggles to meet massive worldwide demand, Newsweek reports. The company gets much of its oil dirt cheap from former Soviet republics in Central Asia, then resells it a handsome profit to Europe. Now those Central Asian nations are beginning to cut their own deals—and land important new customers such as China. More»

Russian gas to resume gas exports today

(NEWSER) - Russian gas will resume flowing into Ukraine’s domestic market today after the two countries settled their frosty dispute, the New York Times reports. As is customary for Western Europe, Kiev will now pay Moscow rates tied to the price of oil, but will receive a 20% discount, unlike Gazprom’s other European customers. Prices are expected to plummet this year. More»