The Russian fuel giant Gazprom has declared ‘force majeure’ (the contract ends due to “unforeseen” circumstances that disables operations and agreements) with Germany, and will no longer be supplying any natural gas to them.
Russian gas export monopoly Gazprom has declared force majeure on gas supplies to Europe to at least one major customer starting June 14, according to the letter seen by Reuters. It said the force majeure measure, a clause invoked when a business is hit by something beyond its control, was effective from deliveries starting from June 14.
A letter obtained by Reuters explains, dated July 14th.
The WinePress had already reported that Germany was dealing with an energy crisis, due to their restrictions levied against, and Russia responding with their own.
As noted by ZeroHedge, they cited statements from UBS economists earlier this month as to what would happen if Russia ceases to send fuel supplies to Russia: ‘It would reduce corporate earnings by more than 15%. The market selloff would exceed 20% in the Stoxx 600 and the euro would drop to 90 cents. The rush for safe assets would drive benchmark German bund yields to 0%,’ these economists said at the time.
We stress that these projections should be seen as rough approximations and by no means as a worse-case scenario.
We could easily conceive economic disruptions that lead to more negative growth outcomes.
Wrote Arend Kapteyn, chief economist at UBS
UPDATE 7/20: Since the news broke that gas shipments would halt, Russian President Vladimir Putin has since stated that Russia will still honor their previous commitments, via the Nord Stream pipeline that was under repair (an underpinning to Gazprom’s force majeure); but Putin warned that continued and increased restrictions against them, preventing them from finishing the pipeline, could cause Russia to soon throttle back their flow of gas.
In short, ZeroHedge summarized the news by giving a clarifying statement: “Putin will resume NS1 flows, but at levels at or below the pre-repair “new normal” of 40%.”
AUTHOR COMMENTARY
The way things are headed, and this is subject to change if actions are reverted or temporary deals are somehow struck, I see this as a potential for a “dark winter” to take place in Germany and many parts of Europe. A “dark winter” is when there is a pandemic running a muck, and the system breaks down and anarchy and gang wars spill out; and with the media reigniting the Covid war again, and priming the masses for a frontal assault in the fall, I think the potential for such is great:
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And this I speak for your own profit; not that I may cast a snare upon you, but for that which is comely, and that ye may attend upon the Lord without distraction.
1 Corinthians 7:35
My goal is not to make you act irrational, but to be prepared and light a fire under your butt to take preemptive measures, to prepare the best ways you can. It will be a cold winter this year, and this is why I have been routinely recommending – since Spring of this year – to be preparing for the winter months ahead, by getting winter clothing and gear, and things not contingent upon electrical and grid reliance.
Are You Awake? Are You Ready For What’s Coming? Do You Loathe The Honeycomb??
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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