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Russian gas giant Gazprom makes £39m profit in North Sea

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Russian energy giant Gazprom reportedly earned €45 million from its North Sea Sillimanite gas field in the past year, as revealed in financial accounts. The Sillimanite field, situated in UK and Dutch waters, has been operational since 2020 and is a joint venture between Gazprom and German firm Wintershall. While the arrangement is not deemed illegal, criticism has arisen, particularly from UK Liberal Democrat leader Sir Ed Davey, who deems it “totally unacceptable” that gas from UK territory supports “Putin’s illegal war against Ukraine.” The UK government has pledged to escalate economic pressure on Russia, aligning with international sanctions aimed at restricting Russia’s funding for the conflict in Ukraine.

Gazprom International UK, a Gazprom subsidiary, reported a pre-tax profit of €45 million in 2022, with dividends paid to its immediate owner in the Netherlands. Although Gazprom executives, including CEO Alexei Miller, face UK sanctions, Gazprom itself is not directly sanctioned. The company continues to supply reduced gas volumes to continental Europe. Concerns have been raised about Gazprom’s financial activities, given its association with the Russian state, which is accused of financing militias engaged in the Ukraine conflict.

The UK government’s response to Gazprom’s financial activities in the North Sea has been met with criticism. Global Witness, a campaign group, described it as “an indictment of the UK’s approach to Russian oil and gas.” Despite the UK’s condemnation of the war, Gazprom’s subsidiary continues to operate in the North Sea, enriching Putin’s regime. The government spokesperson reiterated the commitment to denying Russia access to goods or technologies aiding its war efforts, vowing to intensify economic pressure until peace is secured in Ukraine.

Gazprom International UK’s financial disclosures reveal a total tax bill of €29 million, distributed between the UK and Dutch governments. This includes windfall taxes imposed in response to the surge in energy prices following the conflict in Ukraine. The company ceased its gas sale agreement with Wintershall, replacing it with a deal with the Swiss-based trading company Gunvor.

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Hungary blocks €50bn of EU funding for Ukraine

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Hungary, led by Prime Minister Viktor Orban, has blocked €50 billion in EU aid for Ukraine, a move that comes just hours after EU leaders reached an agreement to begin membership talks. Orban, known for maintaining close ties with Russia, announced the veto, citing opposition to additional financial support for Ukraine. While the EU leaders unanimously agreed on aid and wider budget proposals, Hungary’s objection led to the postponement of aid negotiations until early next year. Despite Hungary’s stance, the EU proceeded with granting membership talks to Ukraine, Moldova, and candidate status to Georgia.

The decision to block aid raises concerns for Ukraine, which heavily relies on EU and US funding in its ongoing struggle against Russian forces. This setback comes at a time when Ukraine is also seeking approval for a $61 billion US defense aid package, facing delays due to disagreements among US lawmakers. The potential implications for Ukraine’s counter-offensive against Russian forces, especially with the arrival of winter, heighten anxieties about the country’s ability to resist the occupation.

President Zelensky of Ukraine expressed gratitude for the EU’s decision on membership talks, despite the aid block. The EU’s move to include Ukraine and Moldova in accession talks was celebrated as a “victory” by Zelensky, who emphasized the importance of the decision for both countries. Moldova’s President Maia Sandu also welcomed the development, acknowledging the shared path to EU accession with Ukraine. Germany’s Chancellor Olaf Scholz praised the decision as a “strong sign of support,” highlighting that both Ukraine and Moldova belonged to the “European family.”

Prime Minister Orban, in a video message on Facebook, distanced himself from his EU counterparts, labeling Ukraine’s membership as a “bad decision” and reiterating Hungary’s opposition to providing substantial funds to Ukraine. The EU’s decision to open accession talks does not guarantee immediate membership for Ukraine, as the process involves passing numerous reforms and adhering to EU standards, a journey that can span several years. Despite the challenges, the EU’s commitment to engaging in talks signals a significant step toward fulfilling Ukraine’s Euro-Atlantic aspirations.

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Russia-Ukraine war: Putin tells Russia his war objectives are unchanged

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Russian President Vladimir Putin, during his first major news conference since launching a full-scale invasion of Ukraine in February 2022, stated that peace with Ukraine would only happen when Russia achieves its objectives.

He combined the event with his annual “direct line” phone-in and discussed the “special military operation in Ukraine,” emphasizing Russian sovereignty and a strong economy despite the war. Putin listed the objectives as “denazification, demilitarization, and its neutral status” for Ukraine. He revealed that Russia has 617,000 troops in Ukraine, with additional voluntary recruits, and mentioned losses without providing specific numbers.

Putin addressed Ukraine’s recent military success near the Dnipro River, attributing it to a last-ditch attempt to reach Crimea. He suggested Russian forces withdrew to wooded areas to protect soldiers and claimed Ukraine’s motives were politically driven to seek more military funding from the West. NATO Secretary General Jens Stoltenberg warned that if Putin succeeds in Ukraine, further aggression might follow.

Putin asserted that Russian forces have the upper hand on the front line in Ukraine, despite economic sanctions and political isolation. He expressed confidence in Russia’s ability to “move forward” despite these challenges.

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Germany to cut green spending to meet budget rules

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German Chancellor Olaf Scholz has announced that his coalition reached an agreement on the budget following a month of crisis talks. The decision comes after Germany’s constitutional court declared next year’s budget illegal for violating laws on new borrowing. The government plans to adhere to low deficit commitments by cutting certain green subsidies, including ending solar energy and electric car subsidies earlier than initially planned.

Last month, the constitutional court ruled that the 2024 budget violated a clause prohibiting Germany from running a deficit exceeding 0.35% of GDP. Although the deficit was a small portion of total spending, around €17bn or 3.8% of the €450bn budget, negotiations to address the gap were challenging. The coalition parties disagreed on whether to cut spending or suspend debt rules for the fifth consecutive year.

Ultimately, the coalition agreed to reduce subsidies for green energy, construction, and transportation spending. Chancellor Scholz emphasized that the government remains committed to its environmental goals but acknowledged the need to achieve them with reduced funding. The cuts will accelerate the phase-out of subsidies for electric car purchases and solar energy infrastructure, as well as change the funding structure for Germany’s railways.

Reduced spending on the electrical grid will lead to higher electricity costs for consumers. However, approximately €3bn in subsidies to polluting industries will be cut, and the carbon emission prices for companies will increase, partially offsetting the environmental cutbacks.

While the German government, a major supporter of Ukraine in Europe, assured that support for Ukraine would remain unaffected, it will send about €8bn in aid next year. All three coalition parties claimed victories in the spending agreement, with the Social Democrats limiting cuts to the welfare state, the Free Democrats preventing new borrowing, and the Greens asserting that core environmental aims are maintained despite some rolled-back schemes.

Germany’s political culture strongly opposes debt and deficits, with an aversion to high spending. However, some economists argue that this aversion has resulted in persistent underinvestment in crucial infrastructure. Despite this, Germany has one of the lowest public debts among major developed countries.

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News Trending War

Ukraine war: Dozens wounded in missile strikes on Kyiv

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Dozens of people were injured in a series of missile strikes on the Ukrainian capital, Kyiv, overnight, with 53 people, including six children, harmed, according to Mayor Vitali Klitschko. The attacks occurred after President Volodymyr Zelensky’s plea for increased military aid in the US yielded little progress. Ten Russian ballistic missiles were reportedly shot down, damaging kindergarten and hospital buildings. Zelensky, who left the US prior to the strikes, vowed a response and criticized Russia for targeting residential areas. The EU is set to discuss further aid for Ukraine, and Zelensky arrived in Norway for additional support talks.

The attack on Kyiv followed the use of cruise missiles by Russia, ending a 79-day hiatus in missile attacks. Ukraine’s air force claimed to have intercepted all 10 incoming missiles. The projectiles were identified as Iskander-M ballistic missiles and S-400s, designed for air defense but also used against ground targets. A major cyberattack on Ukraine’s largest mobile network operator, Kyivstar, disrupted operations, impacting millions of people relying on air raid alerts. Additionally, the port city of Odesa faced drone attacks, causing injuries and damage.

Zelensky’s efforts to secure more military aid in the US faced challenges, with President Joe Biden warning Republicans about giving Russia a “Christmas gift” if aid was not increased. Zelensky and Biden agreed to enhance air defense systems for Ukraine. Meanwhile, a summit of European leaders discussed Ukraine’s potential accession to the EU, but Hungarian Prime Minister Viktor Orban opposed opening accession talks, emphasizing the need for support without full membership.

Hungary has previously clashed with EU partners over its stance on Russia’s invasion of Ukraine. EU Commission President Ursula von der Leyen stressed Ukraine’s fight as crucial for Europe and urged support for its inclusion in the European family.

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Russia’s new Black Sea naval base alarms Georgia

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In early November, 50 opposition MPs in Georgia urged NATO and EU member states to unite against Russia’s plan to establish a permanent naval base in Abkhazia, a breakaway region. The move has raised concerns that it could involve Georgia in Russia’s conflict in Ukraine and disrupt Tbilisi’s plans for a Black Sea port. Abkhazia, though internationally recognized as part of Georgia, has been under Russian and separatist control since the 1990s.

Georgia’s foreign ministry condemned Russia’s plan as a violation of sovereignty, but officials downplayed the immediate threat. Satellite imagery suggests ongoing dredging and construction at the port, indicating potential infrastructure for larger cargo ships. Some fear the base could involve Georgia in a conflict between Russia and Ukraine.

The head of Georgia’s Foreign Relations Committee emphasized the government’s focus on immediate threats, such as Russian forces near the occupation line. Despite assurances, concerns exist that the naval base could impact Georgia’s mega-infrastructure project—a deep-sea port in Anaklia, crucial for the Middle Corridor, a fast route between Asia and Europe avoiding Russia.

The Anaklia project was canceled in 2020, with accusations that the government yielded to Moscow’s interests. The cancellation led to international arbitration. The government maintains plans to revive the deep-sea port.

While Georgia has a pro-EU population, its government has a complex relationship with Moscow. Accusations of a pro-Russian stance were labeled “absurd,” citing EU agreements and aspirations. However, the delicate situation underscores Georgia’s vulnerability due to its history of conflicts with Russia and lack of NATO security.

Georgia alleges Russia is using the naval base to pressure against EU integration. A decision on Georgia’s EU candidate status is expected at a December summit. Officials assert Russia aims to undermine Georgia’s stability and European integration, showcasing its influence in the South Caucasus.

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Emmanuel Macron’s government in crisis after migration bill defeat

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The French government, led by President Emmanuel Macron, is facing a crisis as opposition parties, spanning the political spectrum from far-right to far-left and moderate factions, joined forces to defeat a crucial immigration bill. The rejection occurred on Monday, with critics arguing that the proposed law was either too repressive (according to the left) or not stringent enough (according to the right).

Interior Minister Gérald Darmanin, known for his tough stance on immigration, offered to resign following the defeat, but President Macron declined his resignation. The government had asserted that the bill aimed to control immigration while enhancing the integration of migrants. The proposed legislation sought to streamline the deportation process for migrants sentenced to prison terms of five years or longer and impose stricter conditions on family reunification in France.

Despite Interior Minister Darmanin’s efforts to garner support for the bill, opposition MPs from various factions, including the National Rally (far-right), France Unbowed (far-left), Republicans (right-wing), and smaller parties, voted against it, leading to a 270-265 defeat for the government.

Before the vote, MP Arthur Delaporte of the Socialist party denounced the bill as “unjust, scandalous, and a threat to freedom.” President Macron’s centrist Renaissance party had lost its parliamentary majority in the June 2022 elections, making it challenging for the government to secure votes in parliament.

In response to the defeat, the government announced its intention to redraft the bill. Notably, the option used by Prime Minister Élisabeth Borne to pass laws without a vote cannot be employed to advance this revised version.

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News Sports Trending

Referee punched: Turkish FA halts league football after club president hits Super Lig official

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Turkish football authorities have decided to suspend all leagues following an incident where referee Halil Umut Meler was punched by MKE Ankaragucu president Faruk Koca. The assault occurred after Ankaragucu conceded a late equalizer in a Super Lig match against Caykur Rizespor. Turkish FA chairman Mehmet Buyukeksi announced the indefinite postponement of all league matches, calling the attack a “night of shame for Turkish football.”

Meler, a respected referee, suffered injuries, including a minor fracture, after being punched and receiving blows from others on the pitch. The chaotic scenes led to the suspension of all matches, and Koca, who required hospital treatment, will face detention procedures. Several others involved in the incident have been arrested.

Turkey’s minister of internal affairs, Ali Yerlikaya, strongly condemned the attack and assured that detention procedures would be carried out. Meler and Koca both received medical attention, with Meler’s injuries reported as non-life-threatening.

President Recep Tayyip Erdogan condemned the attack, emphasizing that violence has no place in sports and expressing wishes for Meler’s speedy recovery. MKE Ankaragucu and Caykur Rizespor issued apologies and messages of support for Meler, while the Turkish Football Federation (TFF) vowed to take strict action against Ankaragucu and its officials.

TFF chairman Buyukeksi stressed that football matches are not a war and urged everyone to take responsibility, announcing severe punishments for Ankaragucu and its management. The incident prompted Galatasaray, a prominent club, to call for an emergency meeting to address growing issues in Turkish football. Referee associations and football clubs expressed solidarity against violence, with the TFF aiming to make Turkish football a safer environment.

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Paris Ritz: Missing €750k ring found in hotel vacuum bag

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A €750,000 (£643,000) ring, initially reported missing at the Ritz hotel in Paris, has been discovered inside a vacuum cleaner. The owner, a Malaysian businesswoman staying at the hotel, suspected theft by an employee and filed a police complaint on Friday. Ritz security guards found the ring in the vacuum bag on Sunday, resolving the mystery. Despite the guest having traveled to London, she plans to return to Paris to retrieve her ring.

The Ritz extended an offer of three additional nights to compensate for the inconvenience caused to the guest, but she is reportedly not interested in taking up the offer. The hotel expressed gratitude for the security guards’ meticulous efforts in locating the missing ring and commended their integrity and professionalism.

According to the businesswoman, she left the ring on a table in her hotel room on Friday while she went shopping in the city. Upon her return, the ring was nowhere to be found. The police are currently safeguarding the ring until the owner can collect it.

This incident is not the first time that valuable items have gone missing at the Ritz hotel. In 2018, a group of five armed men stole over €4m (£3.5m) worth of merchandise from a jewelry shop within the renowned establishment. Additionally, later that year, an unnamed member of the Saudi royal family reported the theft of hundreds of thousands of pounds’ worth of jewelry from her hotel room suite.

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News Sports Trending

Spanish La Liga Match Abandoned After Fan Dies in Stands

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On Monday, Granada’s La Liga match at Nuevo Los Carmenes stadium against Athletic Bilbao is set to resume after being interrupted on Sunday due to a tragic incident. The game was halted after 17 minutes following a cardiac arrest suffered by a Granada season ticket holder, leading to its eventual abandonment an hour later. La Liga has now confirmed that the match will recommence from the 17th minute, with Athletic Bilbao holding a 1-0 lead from Inaki Williams’ earlier goal. The restart is scheduled for 20:00 GMT, and attendees with tickets from the original match will be permitted entry.

Granada expressed their condolences to the family and friends of the deceased supporter and extended sympathies to the entire Granada community. The incident prompted a display of sportsmanship, with Athletic Bilbao goalkeeper Unai Simon earning applause from Granada supporters for alerting officials to the situation in the stands. Subsequently, players from both teams left the pitch 20 minutes after the initial suspension of the match.

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