Gazprom Suspends Gas Deliveries to Dutch Trader GasTerra

People walk in front of a banner with the Gazprom logo at the Dvortsovaya Square in St. Petersburg, Russia, 27 May 2022. (EPA)
People walk in front of a banner with the Gazprom logo at the Dvortsovaya Square in St. Petersburg, Russia, 27 May 2022. (EPA)
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Gazprom Suspends Gas Deliveries to Dutch Trader GasTerra

People walk in front of a banner with the Gazprom logo at the Dvortsovaya Square in St. Petersburg, Russia, 27 May 2022. (EPA)
People walk in front of a banner with the Gazprom logo at the Dvortsovaya Square in St. Petersburg, Russia, 27 May 2022. (EPA)

GasTerra will no longer receive gas from Russia's Gazprom from May 31 after refusing to agree to Moscow's demands for payment in roubles, the two companies said on Monday.

GasTerra, which buys and trades gas on behalf of the Dutch government, said it had contracted elsewhere for the 2 billion cubic meters (bcm) of gas it had expected to receive from Gazprom through October.

The company is 50% owned by Dutch government entities and 25% each by Shell and Exxon.

"We understand GasTerra's decision not to agree to Gazprom's unilaterally imposed payment conditions," Dutch Energy Minister Rob Jetten wrote on Twitter. "This decision will have no consequences for the physical delivery of gas to Dutch households."

A GasTerra statement said the Dutch company had decided not to adopt the system that Russia had demanded, which involved the setting up of accounts that would be paid in euros and then swapped for roubles.

The company said such measures could violate European Union sanctions and also said the payment route presented too many financial and operational risks.

A statement from Gazprom said that its suspension of gas supplies to GasTerra will continue until payments are settled in line with the Russia-proposed scheme.

GasTerra said that it had repeatedly asked Gazprom to adhere to its contractual payment methods and delivery obligations.

"It is not possible to say in advance what impact the dropping off of 2 bcm of Russian gas will have on the supply and demand situation in the European market," the Dutch company added.

Economy Affairs Ministry spokesperson Pieter ten Bruggencate said the Netherlands would not initiate its emergency gas plan to ask industrial users to reduce consumption.

"This is not yet seen as a threat to supplies," he said.

A spokesperson for the country's national grid operator, Gasunie, said it does not expect disruption to the grid as a result of Gazprom ceasing deliveries to GasTerra.



US Close to Several Trade Deals, Announcements to be Made in Next Days, Bessent Says

US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., US, June 27, 2025. REUTERS/Elizabeth Frantz/File Photo
US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., US, June 27, 2025. REUTERS/Elizabeth Frantz/File Photo
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US Close to Several Trade Deals, Announcements to be Made in Next Days, Bessent Says

US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., US, June 27, 2025. REUTERS/Elizabeth Frantz/File Photo
US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., US, June 27, 2025. REUTERS/Elizabeth Frantz/File Photo

The United States is close to clinching several trade deals ahead of a July 9 deadline when higher tariffs kick in, US Treasury Secretary Scott Bessent said on Sunday, predicting several big announcements in coming days.

Bessent told CNN's "State of the Union" the Trump administration would also send out letters to 100 smaller countries with whom the US doesn't have much trade, notifying them that they would face higher tariff rates first set on April 2 and then suspended until July 9.

"President Trump's going to be sending letters to some of our trading partners saying that if you don't move things along, then on August 1 you will boomerang back to your April 2 tariff level. So I think we're going to see a lot of deals very quickly," Bessent said.

Bessent denied that August 1 was a new deadline for negotiations. "We are saying this is when it's happening. If you want to speed things up, have at it. If you want to go back to the old rate, that's your choice," he told CNN, Reuters reported.

The US Treasury chief said the Trump administration was focused on 18 important trading partners that account for 95% of the US trade deficit. But he said there had been "a lot of foot-dragging" among countries in getting closure on a trade deal.

He declined to name countries that were close to a trade agreement, adding, "because I don't want to let them off the hook."

Trump has repeatedly said India is close to signing a deal and expressed hope that an agreement could be reached with the European Union, while casting doubt on a deal with Japan.

Since taking office, the US president has set off a global trade war that has upended financial markets and sent policymakers scrambling to guard their economies, including through deals with the US and other countries.

Trump on April 2 announced a 10% base tariff rate and additional amounts for most countries, some ranging as high as 50%. The news roiled financial markets, prompting Trump to suspend all but the 10% base rate for 90 days to allow more time for negotiations to secure deals, but the process has proven more challenging than expected.

That period ends on July 9, although Trump early on Friday said the tariffs could be even higher - ranging up to 70% - with most set to go into effect August 1.

Bessent, asked about the 70% rate, referred back to the April 2 list, but that did not include such high rates.