{"id":58035,"date":"2026-01-26T06:08:25","date_gmt":"2026-01-26T10:08:25","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/eu-finalizes-russian-gas-ban-baker-hughes-posts-strong-q4-pwc-resumes-saudi-pif-pitches\/58035\/"},"modified":"2026-01-26T06:08:25","modified_gmt":"2026-01-26T10:08:25","slug":"eu-finalizes-russian-gas-ban-baker-hughes-posts-strong-q4-pwc-resumes-saudi-pif-pitches","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/eu-finalizes-russian-gas-ban-baker-hughes-posts-strong-q4-pwc-resumes-saudi-pif-pitches\/58035\/","title":{"rendered":"EU Finalizes Russian Gas Ban, Baker Hughes Posts Strong Q4, PwC Resumes Saudi PIF Pitches"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>The European Union has given final approval to a comprehensive ban on Russian gas imports, targeting a full cessation of Russian liquefied natural gas (LNG) by January 1, 2027, and pipeline gas by September 30, 2027.<\/strong> This landmark decision aims to significantly reduce the bloc&#39;s energy dependence on Moscow.<\/li>\n<li><strong>Baker Hughes (<a href=\"\/stock\/BKR\">BKR<\/a>) reported a robust fourth quarter, with adjusted earnings of $0.70 per share, surpassing analyst estimates of $0.63 per share, and a 7.7% revenue increase to $7.364 billion.<\/strong> The strong performance, particularly in its Industrial &amp; Energy Technology segment, sent shares up <a href=\"https:\/\/stockmarketwatch.com\/movers\/premarket\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Premarket Movers\">premarket<\/a>.<\/li>\n<li><strong>PwC is set to resume work on pitches to Saudi Arabia&#39;s Public Investment Fund (PIF) as its temporary ban on advisory and consulting contracts, which was effective until February 2026, concludes.<\/strong> The ban had led to significant job cuts within PwC&#39;s Middle East operations.<\/li>\n<li><strong>Russian energy giant Gazprom supplied 1.83 billion cubic meters (BCM) of natural gas to its domestic clients on January 24, 2024, maintaining consistent supply operations within its home market.<\/strong><\/li>\n<\/ul>\n<p>The European Union has solidified its commitment to weaning itself off Russian energy, with member countries granting final approval to a law that will enact a full ban on Russian gas imports. The legislation mandates a complete halt to Russian liquefied natural gas (LNG) imports by <strong>January 1, 2027<\/strong>, and Russian pipeline gas by <strong>September 30, 2027<\/strong>. This move follows a provisional deal and aims to establish a &quot;legally binding, stepwise prohibition&quot; on these imports, cutting off a significant revenue stream for Russia and enhancing the EU&#39;s energy independence. Short-term LNG contracts will face bans starting in <strong>April 2026<\/strong>, with pipeline restrictions to follow, and all long-term contracts concluding by late 2027. While Hungary and Slovakia reportedly opposed the measure, they were ultimately outvoted.<\/p>\n<p>In corporate news, energy technology company Baker Hughes (<a href=\"\/stock\/BKR\">BKR<\/a>) saw its shares climb in <a href=\"https:\/\/stockmarketwatch.com\/movers\/premarket\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Premarket Movers\">premarket<\/a> trading after announcing stronger-than-expected adjusted profits for its fourth quarter. The company posted adjusted earnings of <strong>$0.70 per share<\/strong>, exceeding the average analyst forecast of $0.63 per share. Revenue for the period also demonstrated solid growth, rising <strong>7.7% to $7.364 billion<\/strong> from $6.835 billion in the previous year. This &quot;blowout quarter&quot; included record revenue, free cash flow, and profitability, with orders reaching <strong>$7.5 billion<\/strong> for the quarter and <strong>$28.2 billion<\/strong> for the full year. The Industrial &amp; Energy Technology segment was a key driver, experiencing a <strong>21% revenue surge<\/strong> fueled by strong demand in gas infrastructure and LNG systems.<\/p>\n<p>Meanwhile, consulting giant PwC is preparing to re-engage with Saudi Arabia&#39;s powerful Public Investment Fund (PIF) as a temporary ban on its advisory and consulting services concludes. The PIF had imposed the ban, which was effective until <strong>February 2026<\/strong>, on PwC from securing new advisory and consulting contracts with the fund and its more than 100 subsidiaries. The dispute, reportedly stemming from a &quot;client matter&quot; related to PwC&#39;s attempt to recruit a key official from Neom, a PIF-backed megaproject, had led to approximately <strong>1,500 job cuts and 60 partner exits<\/strong> across PwC&#39;s Middle East operations. While the ban impacted non-audit services, PwC&#39;s auditing work remained unaffected.<\/p>\n<p>In the energy sector, Russian state-owned energy company Gazprom reported that it supplied <strong>1.83 billion cubic meters (BCM)<\/strong> of natural gas to its domestic clients on January 24, 2024. This figure indicates the company&#39;s ongoing operations in maintaining gas supplies within its home market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways The European Union has given final approval to a comprehensive ban on Russian gas imports, targeting a full 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