What if Nord Stream 1 doesn’t come back online?

bne IntelliNews July 11, 2022

The Nord Stream 1 pipeline closed down on July 11 for routine maintenance. Under normal circumstances the 10-day closure would cause no alarm, but European officials have suggested that Moscow may keep the 55 bcm per year offline longer.

Estonia’s Reform Party, Isamaa and Social Democrats reach deal on new coalition

Linas Jegelevicius in Vilnius July 11, 2022

Coalition reaches compromise on contentious issues of family support and reform of the electricity market.

Bulgaria’s Change Continues fails to find enough support for second government

bne IntelIiNews July 11, 2022

An early general election seems highly likely this autumn if the third attempt to form a government also fails.

Central bank and IMF to upgrade forecasts for Georgia’s economy

Ani Mejlumyan in Yerevan July 11, 2022

Russia's invasion of Ukraine has unexpectedly failed to damp down the country's economic boom.

Fitch cuts Turkey to five notches below investment grade

Akin Nazli in Belgrade July 10, 2022

Ratings agency notes risk that in event of weaker depositor confidence or deterioration in until-now resilient access of banks and corporates to external financing, official international reserves would come under pressure.

Hungarian central bank scrambles to prop up sinking forint

Robert Anderson in Prague July 8, 2022

MNB hikes its one-week deposit rate by 200 bps to 9.75%, and strongly hints it would raise the base rate at its next meeting on July 12.

Poland’s central bank delivers a surprisingly low interest hike amid recession fears

Wojciech Kosc in Warsaw July 8, 2022

The National Bank of Poland increased its reference rate by 50bp to 6.5%, below market expectations for a hike of 75bp at least.

Kazakh president orders diversification of oil supply routes after Russia’s CPC suspension order

bne IntelliNews July 8, 2022

A Russian court ordered the Caspian Pipeline Consortium to suspend activity for 30 days after the Kazakh president pledged to help Europe restore its energy supplies.

Romanian exporters struggle to find port capacity amid flow of goods from Ukraine

Iulian Ernst in Bucharest July 8, 2022

The flow of merchandise through Romania’s Constanta Port has tripled since the war in Ukraine started, putting pressure on the capacity of the port that now is restricting the activity of Romanian exporters.

Ukraine is running out of money and Naftogaz is close to a bond default

Dominic Culverwell in Berlin July 7, 2022

Ukraine’s state-owned oil and gas company is likely to default, leading many to speculate that Ukraine will default later this year as the government struggles to pay for the war.

Less than 5% of German companies decided to quit the Russian market

bne IntelliNews July 7, 2022

Less than 5% of German companies have decided to leave the Russian market as a result of the war, as other foreign brands quit Russia en masse.

Slovak coalition teeters on the brink again

Robert Anderson in Prague July 7, 2022

Slovakia’s Freedom and Solidarity party has threatened to pull out of the ruling four-party coalition government unless Finance Minister Igor Matovic resigns.

MEPs call on Bosnia and Serbia to step up over Russia sanctions

bne IntelliNews July 7, 2022

Serbia has so far refused to join sanctions on Russia, while adoption of sanctions in Bosnia is blocked by the Bosnian Serb member of the presidency, Mlorad Dodik.

Latvia plans return of compulsory national service

bne IntelliNews July 7, 2022

National military service will be reintroduced for males from 2023, first on a voluntary basis and then in compulsory form after five years.

McDonald's starts reopening in Kazakhstan after mystery closures

bne IntelliNews July 7, 2022

Social media abuzz over closures after McDonald’s withdrawal from neighbouring Russia earlier this year.

Shootings at latest protest in Skopje as unrest intensifies

Valentina Dimitrievska in Skopje July 7, 2022

Opposition leader Hristijan Mickoski says he fears assassination attempt as he leads protests against a controversial deal with Bulgaria intended to unblock North Macedonia’s EU accession progress.

Hungarian central bank steps in to halt forint slide

bne IntelliNews July 7, 2022

Hungarian National Bank's verbal announcement halts forint rout but worries remain over external vulnerability.

Europe’s gas storage reaches 60% as non-Russian deliveries accelerate

bne IntelliNews July 7, 2022

Natural gas storage tanks in Europe were 60% full on July 4 as non-Russian supplies of gas appear to have surged in the last weeks. Europe is still on target to reach its target of tanks 80% full by October but a lot of uncertainty remains.

EU mulls investment in Rogun dam to undermine Russia in Tajikistan

bne IntelliNews July 6, 2022

Dushanbe has asked for EU financial and technological assistance to complete the construction of the world’s tallest dam that will make the country self-sufficient in electricity.

Protest in Skopje against deal with Bulgaria turns violent

Valentina Dimitrievska in Skopje July 6, 2022

47 police officers were injured in violent protest against proposed deal with Bulgaria intended to unblock North Macedonia's accession process.