What you need to know now Reuters

What you need to know now Reuters

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© Reuters. Russian President Vladimir Putin meets with Iranian President Ebrahim Raisi in Tehran, Iran, July 19, 2022. President’s Website/WANA (West Asia News Agency)/Handout via REUTERS

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(Reuters) – European leaders tried on Sunday to play down the impact of high energy prices across the continent after Ukrainian President Volodymyr Zelensky warned of a harsh winter, even as he reported progress in a counteroffensive against Russian troops.

ENERGY

* Germany will use windfall tax revenue to lower end-consumer prices for gas, oil and coal, Chancellor Olaf Scholz said.

* European gas buyers already struggling with record prices face further pain when markets open on Monday after Russia said one of its main gas pipelines supplying Europe would remain shut indefinitely, stoking fears of energy rationing .

* European Union energy ministers will meet on Friday to discuss emergency bloc-wide measures to curb rising energy prices, including gas price caps and emergency credit lines for energy market participants, a document seen by Reuters showed.

* Russia is now not backing oil output cuts and OPEC+ is likely to keep output steady when it meets on Monday, the Wall Street Journal said, citing people familiar with the matter. (https://on.wsj.com/3cLUws9)

ZAPORIZHZHIA PLANT

* The plant in Zaporizhia continues to supply electricity to the grid via a backup line despite the loss of connection to the last main external transmission line, the International Atomic Energy Agency announced on Saturday.

* A Russian administration official in Zaporozhye told a radio station that the situation around the nuclear power plant was calm on Sunday after accusing Ukrainian forces of trying to attack it for two days in a row. Ukraine says Russia attacked the power plant itself.

REPORTS FROM THE BATTLEFIELD

President Volodymyr Zelensky on Sunday hailed progress in a counteroffensive that began last week in Ukraine, thanking his forces for capturing two settlements in the south and a third, along with additional territory, in the east, but did not specify the exact locations.

DIPLOMACY

* John Sullivan, the Trump appointee who told Reuters this year that it would take a “crowbar” to get him out of Moscow, has left Russia after completing his term as US ambassador, the US embassy said on Sunday.



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