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purchases to be made in rubles. Sanctions by the West on Russia over its war against Ukraine. launched on February 24 have cut off the country and its financial institutions from global transaction systems used for international payments.
Azerbaijan to supply EU with at least 20 billion cubic meters of gas by 2027. European Commission President Ursula von der Leyen signed a deal with Azerbaijani President Ilham Aliyev in Baku on July 18 in a move aimed at bringing imports of Azeri natural gas to 'at least' 20 billion cubic meters per year in 15 years, doubling the current supply through the Southern Gas Corridor, and reducing the EU's reliance on Russian energy. The EU has previously criticized Baku's human rights record under President Aliyev.
Russia’s Gazprom has declared force majeure on gas supplies to Europe to at least one major customer, according to the letter from Gazprom dated July 14 and seen by Reuters on Monday. The letter said Gazprom, which has a monopoly on Russian gas exports by pipeline, could not fulfil its supply obligations owing to “extraordinary” circumstances outside its control. It said the force majeure measure, a clause invoked when a business is hit by something beyond its control, was effective from deliveries starting from June
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