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Παρασκευή, 1 Δεκεμβρίου, 2023

Your Friday Briefing: Russia’s Crumbling Gas Exports

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Russia’s shrinking gas exports

Russian news reports estimate that Russia’s natural gas exports by pipeline could fall as much as 50 percent in volume this year from last year. The drop points to the blow to Russia’s vital gas exports industry since the country invaded Ukraine.

Once Europe’s main supplier of natural gas, Russia has been subjected to heavy sanctions from the West since the invasion in February 2022. Europe’s main strategy for reducing dependence on Russian energy — increasing imports of liquefied natural gas from countries like the U.S., coupled with slashing demand — has worked surprisingly well.

While Russia has been able to hold its own in the oil market despite embargoes, it is much more difficult to find new customers for gas because it is still mostly transported through fixed pipelines. Russia is likely to see some gain in gas sales to China and Turkey, but eence is piling up that its natural gas export industry may be steadily disintegrating.

Other news about the war:

Pope Francis discussed peace efforts with Ukraine’s prime minister, Denys Shmyhal, during a private audience at the Vatican.

Casualties are mounting on the front lines of the war as Ukrainian forces await heavy artillery from the West ahead of an expected counteroffensive.

The editors and publishers of three major American newspapers issued a joint call for Russia to immediately release Evan Gershkovich, the Wall Street Journal reporter.

Brittney Griner, the American basketball star who was detained in Russia for nearly 10 months last year, spoke with reporters for the first time since her release.

Yoon addresses the U.S. Congress

On the fourth day of his state visit to the U.S., President Yoon Suk Yeol of South Korea delivered an address to Congress that touched on the need to confront the nuclear threat from North Korea.

“There is one regime determined to pursue a wrong path: That is North Korea,” he said. “North Korea’s nuclear program and missile provocations pose a serious threat to the peace on the Korean peninsula and beyond.”

Yoon also called for increased cooperation between Japan, the U.S. and South Korea to counter North Korea’s nuclear program and promised to actively support reconstruction efforts in Ukraine in the wide-ranging speech, Reuters reported.

The address came a day after President Biden agreed to bolster the American nuclear umbrella guarding South Korea and vowed that any nuclear attack by North Korea would “result in the end” of the government in Pyongyang.

“American Pie”: One of the lighter moments of Yoon’s visit was during the state dinner at the White House. With some coaxing from Biden, Yoon sang a rendition of “American Pie,” one of his favorite tunes. In case you missed it, here’s a .

A reset for Australia and New Zealand

Australia and New Zealand often describe each other as close partners, but in recent decades, Australia’s treatment of migrants from New Zealand caused a rift. Now, the new center-left government in Australia, led by Prime Minister Anthony Albanese, has taken steps to address the dispute.

After years of prodding, Australia announced a streamlined process for New Zealanders living in Australia to gain citizenship after four years. This was a reversal of a 2001 policy that gave New Zealanders in Australia unrestricted work rights, but prevented them from receiving the same protections as permanent residents and citizens.

In New Zealand, which is reckoning with a skills shortage and a slowing economy, news of Australia’s shift on immigration raised concerns about more Kiwis being drawn to Australia and its larger economy. An opposition leader, Da Seymour, commented that the Australian government had “just done a raid on New Zealand talent.”

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