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Nord Stream 1 Restricted Further, to Run at 20% Capacity From Today

RUSSIA
  • Confirming speculation seen yesterday, Gazprom are to halt another Nord Stream turbine at its Portovaya compressor station – limiting flow further (to 33mln cubic metres per day) into mainland Europe. Markets and politicians continue to speculate that the Kremlin are using turbines as leverage over the European Union, pressing back against sanctions pressure from the West.
  • Russian financial markets continue to gradually open up, with Kommersant this morning confirming that non-resident firms with Russian beneficiaries will be able to trade on the Moscow Exchange.
  • Concerns linger over the prospects for the Ukrainian grain export corridor after strikes on Odessa this weekend, but a spokesman for Turkey’s Erdogan has claimed that exports could start within a week, and exports are seen totaling 25mln tonnes by the end of this year.
  • Data due later today includes Russian industrial production, retail sales, unemployment rate data and the weekly CPI release.
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  • Confirming speculation seen yesterday, Gazprom are to halt another Nord Stream turbine at its Portovaya compressor station – limiting flow further (to 33mln cubic metres per day) into mainland Europe. Markets and politicians continue to speculate that the Kremlin are using turbines as leverage over the European Union, pressing back against sanctions pressure from the West.
  • Russian financial markets continue to gradually open up, with Kommersant this morning confirming that non-resident firms with Russian beneficiaries will be able to trade on the Moscow Exchange.
  • Concerns linger over the prospects for the Ukrainian grain export corridor after strikes on Odessa this weekend, but a spokesman for Turkey’s Erdogan has claimed that exports could start within a week, and exports are seen totaling 25mln tonnes by the end of this year.
  • Data due later today includes Russian industrial production, retail sales, unemployment rate data and the weekly CPI release.