The special importance of joint energy projects, primarily in the gas industry, was emphasised. Following the recent talks in Istanbul by Gazprom CEO Alexei Miller the discussion continued of the initiative to create a regional gas hub in Turkiye.

Seaborne exports of Russian crude averaged 3.07 million b/d in November, down from 3.09 million b/d in October and just below the pre-war average of 3.1 million b/d in January and February.

Russia gradually choked its gas supply to Europe through 2022, ending deliveries via Yamal-Europe and Nord Stream, and sharply cutting exports via Ukraine.

The Group of Seven clinched a last-minute deal to cap the price of Russian crude at $60 per barrel.

In June the EU announced that, come December 5th, it would ban imports of Russian seaborne crude oil, which accounted for 2m barrels per day (b/d), or about 40% of Russia’s total crude exports, a year ago.

Gas prices are four times higher than normal for this time of year, fueling inflation and hurting economies.

With Russia cutting most of its gas supplies to Europe in the fallout over Moscow’s war in Ukraine, the continent is set to delve further into its stockpiles that it has spent months accumulating.

The EU aims to end its reliance on Russian fossil fuels by 2027. For now, Moscow’s move to halt supplies through the main Nord Stream 1 pipeline has led the bloc to increase shipments of Russian seaborne gas by around 50 per cent.

The European Union needs additional funds to decouple from Russian gas and shield companies and households from the current energy crisis,

Since Russia’s full-scale invasion of Ukraine in February 2022 and the reduction in natural gas pipeline imports from Russia that followed, European countries have reactivated development of previously dormant regasification projects and have started development of new projects.

The 27 EU member states are trying to hammer out an agreement that can be implemented by the end of the year. The commission on Tuesday proposed to limit the price of the upcoming contract on the TTF market. TTF accounts for around four-fifths of gas trading in the bloc.

Despite having already spent hundreds of billions of euros ensuring storage sites are filled this winter and providing support to households and businesses, the strain on public funds as well as pain for households and businesses are likely to continue next year.

Failure to reach a deal would send a signal that the EU’s united response to the war-driven energy crisis is falling apart -- a political gift for Moscow that Europe is keen to avoid.

Japan has many years of experience operating the High-Temperature Test Reactor (HTTR), a 30 MWt prototype graphite-moderated helium gas-cooled reactor, and Poland has been working with Japan for several years on the potential implementation of such technology.

Exceptionally mild weather across Northwest Europe since October has led to a sharp drop in gas prices from record levels over the summer.