Canadians Are Footing The Bill For Ukraine’s Natural Gas

Ukraine is filling up its underground storage facilities with natural gas, and Canadians are footing the bill.

Earlier last week, Ukrainian Prime Minister Denis Shmyhal confirmed that state-owned Naftogaz received $344 million for the winter season that Canada’s government earmarked earlier in the summer. “Ukraine earlier received this money from the government of Canada,” he said, as cited by Ukrainian media, adding that the “procedure for using state budget funds for procuring gas in 2022-2023 was endorsed at today’s [government] meeting.”

“Grateful for Justin Trudeau, Chrystia Freeland, and all [Canadian] people for unwavering support of [Ukraine] in the fight for freedom and democracy,” Shmyhal initially wrote back in August. The round of funding comes as both Canada and the EU face an unparalleled cost-of-living crisis fuelled by surging energy inflation.

Canadians in particular, have already seen a substantial increase in their electricity and gas bills over the past several months, with some analysts calling for a further rise of 50% to 100% in energy bills on average during the winter. Meanwhile, the federal carbon tax, which currently sits at $50 per tonne, is set to increase to $65 per tonne come April 2023.

Information for this briefing was found via Twitter and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

European Natural Gas Soars After Ukraine Invasion; LNG-Related Investments Seem a Good Bet On Rising European Demand

European natural gas prices soared just over 50% on February 24 in response to Russian...

Sunday, February 27, 2022, 09:00:00 AM

Natural Gas Prices Collapse After A Dramatic 2022

U.S. natural gas prices have plummeted over the last month. The front-month (in this case,...

Sunday, January 15, 2023, 09:00:00 AM

Elon Musk Calls For Increasing Domestic Oil And Gas Output Immediately

The oil and gas sector has found an unlikely ally as of last night. In...

Saturday, March 5, 2022, 11:03:00 AM

NG Energy Raises $10.3 Million Under Financings, Sees Insiders Participate

NG Energy (TSXV: GASX) today closed its previously announced financing, raising gross proceeds of $9.8...

Wednesday, February 10, 2021, 03:07:00 PM

NG Energy Begins Production At Maria Conchita Gas Field

It may have taken longer than initially forecasted, but NG Energy (TSXV: GASX) has officially...

Monday, August 8, 2022, 08:39:16 AM