Tuesday, July 19, 2022

How

 


could you not see that one coming?


Been saying it was gonna happen for a while now.


Russia’s Gazprom says cannot guarantee gas supply to EU buyers


"The Russian state gas monopoly said in a letter dated July 14 that it was retroactively declaring force majeure on supplies from June 14. The news comes as Nord Stream 1 (NS1), the key pipeline delivering Russian gas to Germany and beyond, is undergoing 10 days of annual maintenance scheduled to conclude on Thursday."


"Known as an “act of God” clause, force majeure is standard in business contracts and defines extreme circumstances that release a party from their legal obligations. The declaration does not necessarily mean that Gazprom will stop deliveries, rather that it should not be held responsible if it fails to meet contract terms."


“This sounds like a first hint that the gas supplies via NS1 will possibly not resume after the 10-day maintenance has ended,” said Hans van Cleef, senior energy economist at ABN Amro."


Etc., etc, etc...


You'd be wise to listen...just sayin...

No comments: