News on gas supplies to Europe from Russia overnight.
- Russia's Gazprom has told customers in Europe it cannot guarantee gas supplies because of 'extraordinary' circumstances
That's according to a July 14 letter seen by Reuters:
- the letter from the Russian state gas monopoly said it was retroactively declaring force majeure on supplies dating from June 14
- The news comes as Nord Stream 1, the key pipeline delivering Russian gas to Germany and beyond, is undergoing annual maintenance meant to conclude on Thursday.
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Force majeure is standard in business contracts and spells out extreme circumstances that excuse a party from their legal obligations.