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On 4 March, the European Court of Human Rights (ECHR) in Strasbourg opened the case brought by former shareholders of the now-defunct company Yukos against the Russian state. The shareholders are seeking recognition that the Russian authorities brought Yukos to bankruptcy illegally and for political reasons, and are claiming US$98 billion in damages. The ECHR ruling will mainly be of symbolic significance (based on the Court's verdicts to date, no compensation is expected to be ordered). However, the case is adversely affecting Russia's international image. more »
President Dmitry Medvedev, accompanied by a delegation consisting of eighty representatives from Russian business circles, visited Paris between 1 and 3 March. A number of economic and energy agreements was signed, setting out more detailed provisions for the co-operation projects initiated during Prime Minister Vladimir Putin’s visit in November 2009. At the same time, France’s political support for Russian appeals and interests in the area of European security has proven that the adoption of the Treaty of Lisbon will not change the previous model of bilateral co-operation between Russia and selected European countries. more »
The concessions granted by Gazprom have to a large extent been forced by reduced price competitiveness of Russian gas and the resulting substantial fall in exports. By deciding to modify its contracts, Gazprom is trying to maintain its share of the European gas market and ensure its sale volumes. more »
In mid-February, Bernhard Reutersberg, the president of Ruhrgas, a subsidiary of E.ON, announced an agreement with Gazprom on making the long-term contract for supplies of Russian gas more flexible. According to the received information, in future the price of over ten per cent of contracted gas will be calculated on the basis of the gas exchange value. So far the calculator based on linking gas prices with the exchange value of oil has been used. Gazprom's agreement on the more flexible contract de facto strengthens the competitive edge of E.ON which is one of the key recipients of Russian gas in the EU. more »
This will facilitate, for example, engaging VNG in the sale of gas supplied via Nord Stream in Germany and Central Europe, including Poland. As a consequence of the deal, GdF will probably join the Nord Stream consortium, which will be combined with signing a long-term contract for gas supplies from Gazprom to the French company. more »
