Europe's largest economy is heavily dependent upon Russia for energy, and nations banks echoed concerns over possible energy disruption expressed by big names in industry in recent days.

According to data compiled by the U.S. Bureau of Economic Analysis, the Consumer Price Index (CPI) for ‘Energy’ in February 2022 was 25.6% higher than in February 2021, which is more than triple the increase of the CPI for ‘All Items,’ which was 7.9% higher over the same period.

Russian President Vladimir Putin signed an order March 31 prohibiting supply of Russian gas to countries that have imposed sanctions against Moscow if they refuse to pay for imports in rubles.

"The change in the procedure for settlements is introduced due to the fact that, in violation of international law, the foreign exchange reserves of the Bank of Russia were frozen by the EU member states," the Kremlin said.

CNOOC has a 10% stake in the 19.8 million mt/year Arctic LNG 2 project, which is also its solo asset in Russia.

"Japan has a stake in Sakhalin 2, which is contributing to securing long-term, stable and low-priced supply of LNG. It is an extremely important project for Japan's energy security," Kishida told parliament.

Acceleration of the energy transition is essential for long-term energy security, price stability and national resilience.

Russian gas deliveries to Europe on three key pipeline routes were broadly steady on Wednesday morning

In the global market, 70% of LNG is exported under long-term contracts. Therefore, the remaining 30% is sold to the country with the highest bid in the spot market.

China will pursue its strategy to reduce the share of coal in its energy consumption, aiming to reach 17.3% of non-fossil energies in its total energy consumption in 2022, up from 16% in 2020.

Croatia and Slovenia have decided to strengthen their energy cooperation, especially in the field of gas and nuclear power.

Sinopec's crude oil production almost reached 280 mbl in 2021 (39 Mt, -0.2% on 2020), including 250 mbl in China (stable) and 30 mbl overseas (-1.8%).

The sanctions against Russia are the hardest we have seen against any country to date and in particular the decision to freeze $600bn of Russian foreign reserves is a first, which will have huge consequences in the long-term.

The dependence on Russian natural gas in Germany is so great that if supplies from Russia were to be stopped and the remaining quantities of natural gas distributed to Europe, Germany would have to reduce its natural gas consumption in the heating gas sector or in the industrial sector by 100 TWh per year .

The document regulates cooperation on the planning and implementation of projects for clean energy production, alternative and strategic gas supplies, security of energy supply, clean energy, and development of nuclear energy, the Ministry said.