March 2022 | ISSUE No. 365 | USRCC Business Newsletter
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A landmark event in the energy industry’s calendar, and the world’s largest meeting place for the global gas, LNG, hydrogen and energy value chain, Gastech 2022 will take place from 5-8 September, at Fiera Milano, Italy.
As the largest exhibition of its kind, Gastech Milan will provide space for 1,000 exhibitors to showcase the value that they can bring to the industry. Outdoor exhibition space will be available for the demonstration of lower-carbon technologies and mobility solutions. And, with over 20 international pavilions, the show floor will have a truly international appeal supporting an integrated world-class business environment.
Conference attendees can look forward to hearing from over 900 speakers in sessions covering the latest commercial and technical developments as well as insights from over 400 ministers, CEOs and policymakers. They will lead the debate and convey their unique perspectives on the state of the energy industry and ambitions on how it will evolve over the coming decades.
More information is available here.
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The U.S.-Russia Chamber of Commerce provides a variety of Membership options to fit your business needs and goals. Renew your membership or join for the first time today!
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ExxonMobil to Discontinue Operations at Sakhalin-1, Make no New Investments in Russia
Corporate.exxonmobil.com, March 1, 2022: ExxonMobil supports the people of Ukraine as they seek to defend their freedom and determine their own future as a nation. We deplore Russia’s military action that violates the territorial integrity of Ukraine and endangers its people. We are deeply saddened by the loss of innocent lives and support the strong international response. We are fully complying with all sanctions. Read more...
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Baker Hughes Announces Investment in Geothermal Technology Company GreenFire Energy
Bakerhughes.com, March 1, 2022: Baker Hughes, an energy technology company, has announced an investment in San Francisco-based GreenFire Energy Inc., an innovator in closed-loop geothermal technology. The new combined offering brings the first integrated Advanced Geothermal Systems (AGS) solution to the market. Read more...
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Shell Intends to Exit Equity Partnerships Held with Gazprom Entities
Shell.com, February 28, 2022: The Board of Shell plc (“Shell”) today announced its intention to exit its joint ventures with Gazprom and related entities, including its 27.5 percent stake in the Sakhalin-II liquefied natural gas facility, its 50 percent stake in the Salym Petroleum Development and the Gydan energy venture. Shell also intends to end its involvement in the Nord Stream 2 pipeline project. Read more...
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9 in 10 U.S. Voters Support American Energy Production Over Reliance on Foreign Energy: New API Poll
Api.org, March 1, 2022: Ahead of today’s State of the Union Address, API President and CEO Mike Sommers highlighted the importance of American energy leadership as both geopolitical volatility and energy costs rise. API also released new polling by Morning Consult that found 90 percent of American voters support the U.S. developing its own domestic energy resources rather than relying on foreign energy sources. Read more...
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Sulzer’s Bio-plastic Technology Selected for Yangzhou Huitong Biological New Material’s Plant
Sulzer.com, March 4, 2022: Sulzer has been awarded by Yangzhou Huitong Biological New Material to supply technology and key equipment for its polylactic acid (PLA) production facility in Jiangsu Province, China. The facility will have a production capacity of 30’000 tonnes per year. Read more...
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Treasury Sanctions Russians Bankrolling Putin and Russia-Backed Influence Actors
Home.treasury.gov, March 3, 2022: Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of State intensified pressure on Russia by sanctioning numerous Russian elites and their family members, identifying certain property of these persons as blocked, and sanctioning Russian intelligence-directed disinformation outlets. The elites sanctioned continue to provide direct and indirect support to the Government of the Russian Federation (GoR) through their business empires, wealth, and other resources. Read more...
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Fitch, Moody’s Slash Russia’s Sovereign Debt to Junk
Themoscowtimes.com, March 3, 2021: Ratings agencies Fitch and Moody's slashed Russia's sovereign debt on Thursday to "junk" status, or the category of countries at risk of not being able to repay their debt, a week after Moscow began its assault on Ukraine. Moody's downgraded the rating on Russian long-term debt from Baa3 to B3 subject to a further review over the West's sanctions against Russia, while Fitch lowered its rating from BBB to B, also with a negative outlook. Read more...
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Glencore Reviews Stakes in Rosneft and EN+ amid Mounting Pressure to Dump Them Altogether
Thisismoney.co.uk, March 1, 2022: Glencore is reviewing its stakes in Rosneft and EN+ amid mounting pressure on the commodity giant to dump them. The miner has an 11 per cents take in London-listed Russian aluminium firm EN+ and a minority holding in oil giant Rosneft. The company said: ‘We have no operational footprint in Russia and our trading exposure is not material for Glencore.’ Read more...
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Ukraine: What Sanctions are Being Imposed on Russia?
Bbc.com, March 3, 2022: Western leaders have frozen the assets of Russia's central bank, limiting its ability to access $630bn (£470bn) of its dollar reserves. The US, the EU and UK have also banned people and businesses from dealings with the Russian central bank, its finance ministry and its wealth fund. Read more...
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U.S. Refiners Cut Russian Oil Imports
Oilprice.com, March 3, 2022: Some of the biggest U.S. importers of Russian crude oil have started suspending their purchases of the commodity, including Monroe Energy, which is the third-biggest U.S. buyer of Russian oil. Bloomberg reports that Monroe Energy had stopped importing Russian oil "for the foreseeable future," while another importer, Par Pacific Holdings, would not enter into new purchase agreements but would receive already contracted volumes. Read more...
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Oil Tops $110 with Russian Supplies Struggling for Buyers
Worldoil.com, March 3, 2022: Oil extended its relentless rally above $110 a barrel before an OPEC+ meeting as the severity of disruption to Russian supplies showed signs of growing. Futures in London and New York both jumped above the threshold intraday, with West Texas Intermediate hitting the highest since 2013. The market’s structure has moved into super-backwardation, indicating extreme scarcity, while prices have also surged through major option strikes, exacerbating price swings. Read more...
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Microsoft Suspends New Sales in Russia
Interfax.com, March 4, 2022: Microsoft Corporation is suspending sales of new products and services in Russia, the company said on its blog, citing President Brad Smith. "We are announcing today that we will suspend all new sales of Microsoft products and services in Russia," it said. Read more...
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Texas Oil Regulator Encourages Companies to Cut Russia Ties
Rigzone.com, March 4, 2022: The Texas Railroad Commission (RRC), which has regulatory jurisdiction over oil and gas in the state, has revealed that its commissioners “strongly encourage” all Western oil and gas companies to cut ties with “any” Russian oil and gas business. Read more...
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US Oligarch Sanctions List Exempts Usmanov's Companies
Intellinews.com, March 4, 2022: The US Treasury Department’s (USTD) latest list of newest sanctions against Russia’s elite contains some exceptions for the companies of Russian metals tycoon Alisher Usmanov, the government agency announced on March 3. The USTD order exempts companies where Usmanov owns 50% or more that are not listed on the SDN (Specially Designated Nationals) list and says those companies will not be subject to sanctions. Their accounts are available and transactions are allowed, the USTD said. Read more...
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Azerbaijan Boosts Natural Gas Transportation
Azernews.az, March 2, 2022: Azerbaijan increased natural gas transportation through main gas pipelines by 3.5 percent, to 3.6 billion cubic meters in January 2022, Azertag has reported. The South Caucasus Pipeline (also known as the Baku-Tbilisi-Erzurum pipeline) carried 45.8 percent of the natural gas. In January, this pipeline transported 683.1 million cubic meters of natural gas. Read more...
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Kazakh Government, National Bank Prepare Anti-Crisis Plan to Address Negative Impact on Economy
Astanatimes.com, February 28, 2022: The Kazakh government and the National Bank have prepared an anti-crisis plan to mitigate the negative impact on the country’s economy stemming from the Russia-Ukraine conflict, reports the Kazakh prime minister’s press service. A set of anti-crisis measures is aimed at supporting financial stability after the country’s national currency tenge lost its value and began to trade at around 500 tenge per U.S. dollar. Read more...
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◾ US-Russia Related News in Russian
◾ Новости недели
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Производители Электроники Протестируют Новые Санкции США
Kommersant.ru, Февраль 26, 2022: Второй пакет ограничений, о которых в ночь на 25 февраля объявили США в ответ на российскую военную операцию на Украине, расширил номенклатуру санкционных товаров. Министерство торговли США разрешит производителям экспортировать в Россию бытовую электронику только при условии, что она не попадет в госсектор, что, по словам экспертов, не является чем-то принципиально новым. Однако компании могут сами начать сокращать поставки, пока разберутся в нюансах и рисках санкционных требований, отмечают юристы. Читать далее...
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Нефтегазовые Сверхдоходы Впервые Разрешат Тратить на Текущие Нужды
Rbc.ru, Март 4, 2022: Правительство внесло в Госдуму законопроект об изменениях в Бюджетный кодекс, он направлен на «эффективное управление структурой государственного долга и обеспечение финансовой стабильности» в 2022 году. Корректировки позволят быстро и гибко реагировать на изменения ситуации в экономике, заявили в правительстве. Документ был одобрен к первому чтению профильным комитетом нижней палаты парламента — по бюджету и налогам. Читать далее...
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Fitch Понизило Рейтинги Borets, "Трансмашхолдинга" и ГМС
Interfax.ru, Март 4, 2022: Международное рейтинговое агентство Fitch понизило рейтинги Borets International, "Трансмашхолдинга" и "Группы ГМС". Рейтинги всех трех компаний помещены на пересмотр с возможностью дальнейшего снижения. Долгосрочные рейтинги дефолта эмитента (РДЭ) Borets в иностранной и национальной валюте понижены до "B-" с "BB-". Читать далее...
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Как Ограничения на Вывод Валюты из России Скажутся на Экономике
Vedomosti.ru, Март 3, 2022: Компании и физлица, являющиеся резидентами стран, объявивших об антироссийских санкциях, не смогут переводить деньги из России за рубеж. ЦБ распространил среди кредитных организаций предписание о приостановке трансграничных переводов в эти государства. В списке ЦБ 43 «недружественные» по отношению к России страны (перечень есть у «Ведомостей», его подлинность подтвердил топ-менеджер крупного банка. Банки должны приостановить транзакции в период с 1 по 31 марта. Читать далее...
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"Аэрофлот" Прокомментировал Расторжение Соглашения с Sabre
1prime.ru, Март 3, 2022: "Аэрофлот" на фоне расторжения соглашения с Sabre заявил, что продолжит обеспечивать перевозку пассажиров. Американская система бронирования билетов Sabre ранее разорвала соглашение с "Аэрофлотом". Читать далее...
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U.S.-Russia Chamber of Commerce
2900 Wilcrest Drive
Suite 133
Houston, TX 77042
713-429-4680
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The U.S.-Russia Chamber of Commerce (USRCC) is a 501(c)(6) not for profit corporation with its headquarters in Houston, Texas, and offices in the Midwest and the Northeast. The USRCC was established in 2009 to promote trade and investment between the Russian Federation and the U.S.A.
The information contained in this newsletter is provided for general information purposes only and does not constitute legal or other professional advice on any subject matter. USRCC does not accept any responsibility for any loss that may arise from reliance on information contained in this newsletter. The views and opinions expressed in this publication are those of the authors. They do not reflect the opinions or views of the USRCC or its members. Links within this newsletter lead to other websites, including those operated and maintained by third parties. The linked sites are not part of the USRCC newsletter. USRCC includes these links solely as a convenience to the newsletter subscribers, and the presence of such links does not imply a responsibility for the linked site and its operator. USRCC cannot certify the accuracy of the material provided by the original source.
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