Russia introduced a gas price limit for Gazprom's joint venture with Wintershall and OMV At the end of December, President Vladimir Putin

introduced a ban on the purchase of gas by Gazprom from a joint venture with the German Wintershall Dea and the Austrian OMVin response to the restrictive measures of Western countries

The government has set limits on gas prices above which Gazprom is prohibited from buying gas from joint ventures with Germany's Wintershall Dea and Austria's OMV. The corresponding decision was published on the portal of legal information.

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In particular, the document introduces a marginal price for natural gas produced in the areas of the Achimov deposits of the Urengoy oil and gas condensate field at the level of 2,550 rubles. for 1 thousand cubic meters m, for gas condensate - at the level of 16,370 rubles. for 1 ton

The Decree also determined the maximum price for natural gas produced at the sites of the Yuzhno-Russkoye gas field: before entering the system of main gas pipeline transport - 2390 rubles. for 1 thousand cubic meters m, after - 5464 per 1 thousand cubic meters. m.

The resolution comes into force from the day of its official publication - December 31, the document says. it also states that the decision was made in pursuance of a presidential decree on special economic measures in the field of gas supplies in connection with the unfriendly actions of some foreign states.

The decree was signed by Russian President Vladimir Putin on December 22 and prohibits Gazprom from buying gas from joint ventures with the German Wintershall Dea and the Austrian OMV at a higher price than the regulated price.

This provision was retroactively introduced from March 1, 2022 and covers gas and condensate from the Achimov deposits of the Urengoyskoye oil and gas condensate field, gas from the Yuzhno-Russkoye field, as well as gas and condensate production services at Achim Urengoy. The extraction of natural gas and gas condensate in the vicinity of Novy Urengoy is carried out by a Russian-German joint venture, in which Wintershall Dea has a 50% stake. Development at the Yuzhno-Russkoye oil and gas condensate field (also in the YaNAO) is being carried out by Severneftegazprom - a joint venture of Gazprom, Wintershall Dea and OMV.

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In December, the G7, the European Union and Australia agreed on limiting prices for Russian oil at $60 per barrel. In addition, after lengthy discussions, the EU countries reached an agreement on a gas price ceiling of €180 per MWh (about $2,000 per 1,000 cubic meters, the measure will come into effect in February).