Economy of Russia

Gazprom continues to supply natural gas to Europe through Ukraine. This was announced today to the media by the spokesman of the Russian holding Sergey Kupriyanov, quoted by TASS.

"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.

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.    

"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 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.

"None of the Bulgarian employers want Gazprom and payment in rubles. But everyone wants gas at reasonable prices so that we can remain competitive." This was said by the Minister of Innovation and Growth Daniel Lorer on Nova TV.

"Forever" - this is how Deputy Prime Minister Asen Vassilev answered the question of how long Bulgaria can last with the use of alternatives to Russian gas.

Greece plans to pay Russia's gas supplier Gazprom next month in a way that will not violate European Union sanctions against Russia. This was stated by the Minister of Energy Kostas Skrekas.

The ruble will be introduced in the Russian-controlled Kherson region of Ukraine on May 1, a spokesman for the region's pro-Russian military-civil administration said.

"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.