European Commission Says Bloc Can Cope with Halt of Russian Gas Flow

FILE PHOTO: Valves and pipes are seen at a gas compressor station in the village of Boyarka, outside Kyiv, April 22, 2015. REUTERS/Gleb Garanich/File Photo/File Photo
FILE PHOTO: Valves and pipes are seen at a gas compressor station in the village of Boyarka, outside Kyiv, April 22, 2015. REUTERS/Gleb Garanich/File Photo/File Photo
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European Commission Says Bloc Can Cope with Halt of Russian Gas Flow

FILE PHOTO: Valves and pipes are seen at a gas compressor station in the village of Boyarka, outside Kyiv, April 22, 2015. REUTERS/Gleb Garanich/File Photo/File Photo
FILE PHOTO: Valves and pipes are seen at a gas compressor station in the village of Boyarka, outside Kyiv, April 22, 2015. REUTERS/Gleb Garanich/File Photo/File Photo

The European Commission played down the impact of a halt of Russian gas exports to Europe via Ukraine on Wednesday, saying the stop on Jan. 1 had been expected and that the bloc was prepared for it.
"The European gas infrastructure is flexible enough to provide gas of non-Russian origin to CEE (central and eastern Europe) via alternative routes," a spokesperson for the European Commission said.
"It has been reinforced with significant new LNG import capacities since 2022."

Russian natural gas exports via Soviet-era pipelines running through Ukraine to Europe were halted in the early hours of New Year's Day as a transit deal expired and warring Moscow and Kyiv have failed to reach an agreement to continue the flows.
The shutdown of Russia's oldest gas route to Europe ends a decade of fraught relations sparked by Russia's seizure of Crimea in 2014. Ukraine stopped buying Russian gas the following year.
"We stopped the transit of Russian gas. This is a historic event. Russia is losing its markets, it will suffer financial losses. Europe has already made the decision to abandon Russian gas," Ukraine's Energy Minister German Galushchenko said in a statement.
The stoppage of gas flows was expected amid the war, which started in February 2022. Ukraine has been adamant it would not extend the deal amid the military conflict.



Saudi Minister of Finance Approves 2025 Annual Borrowing Plan

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Saudi Minister of Finance Approves 2025 Annual Borrowing Plan

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

Saudi Minister of Finance Mohammed Abdullah Al-Jadaan approved on Sunday the Annual Borrowing Plan for the fiscal year 2025, following its endorsement by the Board of Directors of the National Debt Management Center.

The plan highlights key developments in public debt for 2024, initiatives related to local debt markets, and the funding plan and its guiding principles for 2025, in addition to the 2025 issuances’ calendar for the Local Saudi Sukuk Issuance Program in Saudi Riyal.

According to the plan, the projected funding needs for 2025 are estimated at approximately SAR139 billion. The amount is intended to cover the anticipated budget deficit of SAR101 billion for the fiscal year 2025, as outlined in the Ministry of Finance’s Official Budget Statement, and the principals’ repayment of the debts maturing in the current year, 2025, amounting to approximately SAR38 billion.

To boost the sustainability of the Kingdom's access to various debt markets and broaden the investor base, Saudi Arabia aims in 2025 to continue diversifying local and international financing channels to efficiently meet funding needs.

This will be achieved through the issuance of sovereign debt instruments at fair pricing, guided by well-defined and robust risk management frameworks.

Additionally, the Kingdom plans to benefit from market opportunities by executing private transactions that can promote economic growth, such as export credit agency financing, infrastructure development project financing, capital expenditure (CAPEX) financing, and exploring tapping into new markets and currencies based on market conditions.