Russia’s Deputy Prime Minister Alexander Novak told the country’s state news agency TASS that they are ready to resume natural gas supplies to Europe through the Yamal-Europe Pipeline.
“The European market remains relevant, as the gas shortage persists, and we have every opportunity to resume supplies,” Mr Novak informed TASS, adding that “the Yamal-Europe Pipeline, which was stopped for political reasons, remains unused.”
The Yamal-Europe Pipeline flows out of Russia, to Belarus and then splits into two paths, one going to Poland and then Germany, while the other flows through Ukraine, then Slovakia and Austria.
Poland terminated its agreement with Russia in May 2022, after rejecting Russia’s demand to be paid in Russian roubles.
Reuters reports that Russian supplier Gazprom responded by cutting off supply and also said it would no longer be able to export gas via Poland after Russia imposed sanctions against the firm that owns the Polish section of the Yamal-Europe pipeline.
The pipeline is capable of discharging 33 billion cubic metres of liquefied natural gas per annum.
Whether this pipeline will be operational in the near future is still uncertain but could potentially reduce the price of natural gas in Europe further, which currently costs well below what it did when it peaked in August 2022.
Lower natural gas prices in continental Europe benefit Malta due to electricity imported through the interconnector, most of which is generated through natural gas.
The move was welcomed by banking regulators around the world
Malta has been at the forefront of the introduction of cell companies in the European Union
Inflation is expected to decline to 5.3 per cent in 2023