The daily business briefing: July 19, 2022

Russia's Gazprom tells European customers it can't maintain gas supplies, Delta plans to buy 100 Boeing MAX 10 jets, and more

Gazprom
(Image credit: Kirill Kudryavtsev/AFP via Getty Images)

1. Gazprom tells European customers it can't guarantee gas supplies

Russia's Gazprom has told European customers it can't guarantee it will maintain their regular gas supplies under their current contracts, Reuters reported Monday, citing a copy of a letter it reviewed that was sent by the Russian state gas monopoly. Gazprom said the potential cutoff of gas was due to "extraordinary" circumstances, signaling a potential escalation of tensions between Europe and Moscow over Russia's invasion of Ukraine. In its July 14 letter, Gazprom said it was invoking a force majeure or "act of God" clause, a standard element of business contracts describing extreme circumstances that release a party in the contract from their legal obligations.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.