Russia’s Gazprom declares force majeure on some gas supplies to Europe

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Updated 18 July 2022
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Russia’s Gazprom declares force majeure on some gas supplies to Europe

LONDON: Russia’s Gazprom has declared force majeure on gas supplies to Europe to at least one major customer, according to the letter from Gazprom dated July 14 and seen by Reuters on Monday.

The letter said Gazprom, which has a monopoly on Russian gas exports by pipeline, could not fulfil its supply obligations owing to “extraordinary” circumstances outside its control.

It said the force majeure measure, a clause invoked when a business is hit by something beyond its control, was effective from deliveries starting from June 14.

A trading source said the letter concerned supplies through the Nord Stream 1 pipeline, a major supply route to Germany and beyond.

Gazprom had no immediate comment.

The measure will likely escalate tensions between Russia and the West over the Russian invasion of Ukraine, action Moscow calls a “special military operation.”

The European Union, which has imposed sanctions on Moscow, aims to stop using Russian fossil fuels by 2027 but wants to supplies to continue for now as it shifts away from Russian supplies.

Russian gas supplies have dropped via major routes, including via Ukraine and Belarus and through Nord Stream 1 under the Baltic Sea.

Nord Stream 1 is currently undergoing maintenance. 


Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

Updated 30 December 2025
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Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.

The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.

Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).

Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.

National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.

Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.

On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.

Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.

In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.