SHARE
COPY LINK

PEACE

Russia threatens Ukraine before Paris meeting

Russian President Vladimir Putin claimed to want peace in Ukraine in an interview on Monday, hours before state-owned Gazprom threatened to cut off gas supplies to the country - hitting EU countries too - if it didn't pay outstanding bills immediately.

Russia threatens Ukraine before Paris meeting
Photo: DPA

The foreign ministers of Germany, France, Russia and Ukraine are set to meet in Paris on Tuesday, with the hopes of salvaging a peace deal between Russia and Ukraine derailed by violence in Debaltseve in East Ukraine.

The Paris meeting follows encouraging remarks from Russian President Vladimir Putin, who appeared on television on Monday to say he hoped for a peaceful resolution to the Ukraine conflict and that trust was returning between Russia, France and Germany after recently-held peace talks in the Belarusian capital Minsks.

"I think such an apocalyptic scenario [as war] is very unlikely – and I hope it doesn't come to that," Putin said.

In contradiction to the message of peace, however, energy giant Gazprom threatened on Tuesday to switch off Ukraine's gas supply if no new payments come in, according to a report from Spiegel.

Ukraine currently has gas reserves of 219 cubic million, enough for two days – the timeframe laid down by Gazprom for new payment.

Spiegel quoted Gazprom chief Alexei Miller as saying a delivery interruption to the Ukraine “could also have an impact on European energy supply”.

The EU imports two-thirds of its energy, with Russia being the biggest supplier. Russia's outsized role in European energy provision has been its strongest diplomatic card as it defends its treatment of Ukraine against EU criticism.

As European governments work on getting a Russian-Ukrainian peace deal back on track, they are also considering a proposal to reduce dependency on Russian gas by forming an “Energy Union” composed of the 28 member states.

However, it is likely to meet resistance from ministers in Berlin, who maintain that energy should remain the jurisdiction of national governments.

The EU is currently exploring energy supply deals, with a memorandum of understanding between the EU, Azerbaijan and Turkmenistan potentially getting off the ground this year.

However, that Azerbaijan and Turkmenistan – the former known for heavy censorship, the latter as a dictatorship – are far from functioning democracies may open any deal with the two countries to controversy.

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.

BUSINESS

France’s EDF hails €10billion profit, despite huge UK nuclear charge

French energy giant EDF has unveiled net profit of €10billion and cut its massive debt by increasing nuclear production after problems forced some plants offline.

France's EDF hails €10billion profit, despite huge UK nuclear charge

EDF hailed an “exceptional” year after its loss of €17.9billion in 2022.

Sales slipped 2.6 percent to €139.7billion , but the group managed to slice debt by €10billion euros to €54.4billion.

EDF said however that it had booked a €12.9 billion depreciation linked to difficulties at its Hinkley Point nuclear plant in Britain.

The charge includes €11.2 billion for Hinkley Point assets and €1.7billion at its British subsidiary, EDF Energy, the group explained.

EDF announced last month a fresh delay and additional costs for the giant project hit by repeated cost overruns.

“The year was marked by many events, in particular by the recovery of production and the company’s mobilisation around production recovery,” CEO Luc Remont told reporters.

EDF put its strong showing down to a strong operational performance, notably a significant increase in nuclear generation in France at a time of historically high prices.

That followed a drop in nuclear output in France in 2022. The group had to deal with stress corrosion problems at some reactors while also facing government orders to limit price rises.

The French reactors last year produced around 320.4 TWh, in the upper range of expectations.

Nuclear production had slid back in 2022 to 279 TWh, its lowest level in three decades, because of the corrosion problems and maintenance changes after
the Covid-19 pandemic.

Hinkley Point C is one of a small number of European Pressurised Reactors (EPRs) worldwide, an EDF-led design that has been plagued by cost overruns
running into billions of euros and years of construction delays.

SHOW COMMENTS