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PNiG Confirms Halt of Gazprom Gas Deliveries

POLAND
  • Polish state-controlled gas utility company PGNiG confirmed on Wednesday that Russian giant Gazprom had "completely stopped" the supply of gas to Poland via the Yamal pipeline after not receiving the payments in rubles from the EU members (BBG).
  • Deputy Minister of Foreign Affairs Marcin Przydacz said to the BBC that Poland had ‘taken some decisions many years ago to prepare for such a situation’ and said that Poland can cope without Gazprom’s gas.
  • Magdalena Rzeczkowska was appointed as Poland’s new finance minister. Rzeczkowska, 48, has worked at the ministry for 20 years, most recently serving as the head of the country’s tax revenue office. Her appointment comes at a pivotal moment for the ruling coalition, which is facing general elections next year (BBG).
  • This morning, NBP member Kochalski mentioned in an interview that he sees room for more rate hikes and ‘cannot rule out’ another 1ppt as we saw in April.
  • Yesterday’s headline on Russia cutting gas supplies to Poland generated a spike in domestic risky assets and the PLN.
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