Economy of Russia

Bulgarian PM expects Azeri Gas Imports via the Interconnector with Greece in July

"It is possible that the Greek gas connection will start operating in July", said Prime Minister Kiril Petkov in response to a question from the Bulgarian National Radio.

"Everyone predicted September, October, November - no, it will open in July," the prime minister said today in Veliko Tarnovo.

Russia braces for economic upheaval as sanctions start to bite

At his garage in the south of Moscow, 35-year-old mechanic Ivan is starting to worry.    

With billions of dollars in financial reserves and money still coming in from oil and gas exports, Russia has yet to feel the full impact of the barrage of Western sanctions imposed over its offensive in Ukraine.    

But Ivan sees storm clouds on the horizon.    

Deputy PM: Bulgaria will Request a Temporary Exemption from the Oil Embargo against Russia

"Purely technologically, Bulgaria can do without Russian oil, but this would significantly increase the cost of fuel. Therefore, if the European Commission allows exemptions [from the oil embargo], we will exercise our right to request such an exemption as well."

This was stated by Finance Minister Asen Vassilev in an interview with the weekly "Capital".

The Ruble reached a two-year High against the Dollar and the Euro

The Russian ruble reached a two-year high against the dollar and the euro today, mostly due to strict capital controls in the country and despite the announced next package of EU sanctions, Reuters reported, quoted by BTA.

In morning trading, the ruble rose 0.7 percent against the dollar to 68.62 rubles, its strongest position since June 2020.

Bulgartransgaz: At this stage, the Supply of Russian Gas to Bulgaria has not been Interrupted

"At this stage, Russian gas supplies to Bulgaria have not been interrupted so far," Vladimir Malinov, executive director of the Bulgarian gas network operator Bulgartransgaz, told Reuters.

On Tuesday, the Ministry of Energy announced that Gazprom had informed the Bulgarian state gas company Bulgargaz that it would suspend gas supplies from Wednesday.

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