East European Countries

Regional governors reported on Saturday that waves of Ukrainian drone attacks killed seven warehouse workers and injured dozens more. Another attack caused a fire to break out at an oil depot within the capital region. Evgeniy Pryshov, the governor of Tambov, said that 25 people were hurt after Ukrainian drones crashed?into the warehouse of Wildberries, Russia’s largest online retailer?in Kotovsk, located 475 km (295 miles) south of Moscow. Pervyshov, a Telegram user, wrote: "Seven night workers died right there on the spot." He added that 28 drones had been?also fired upon as they approached. He said that if they had...

Aleksandar Vucic, the president of Ukraine, said that Serbia would send Ukraine more humanitarian assistance but had not signed a regional agreement calling for more pressure to be put on Russia and for continued security aid for Ukraine. Vucic had earlier met President Volodymyr Zelenskiy and taken part in the regional Southeastern Europe - Ukraine summit. It was the first time in more than a decade that a Serbian president visited the Ukrainian capital. Vucic had also participated in the regional Southeastern Europe-Ukraine summit last year. Belgrade has had a long history of close relations with Moscow. It has refused...

Kyrgyzstan said it was awaiting fuel deliveries from China and Belarus to help deal with the 'knock-on effect' of a fuel shortage in its main supplier Russia. According to local media, Deputy Premier Daniyar Amangeldiev said that Kyrgyzstan has signed contracts with Belarus and China for 3 metric tons jet fuel and 10 metric tons diesel. Last week, Kyrgyzstan - which gets more than 90% its fuel from Russia - appealed for help to ensure stable fuel supplies. It asked Kazakhstan, Belarus and Azerbaijan as well as Uzbekistan and Turkmenistan. Fuel?shortages are affecting Russia following an attack by Ukrainian drones...

Sberbank's finance chief said on Wednesday that the bank will lower its corporate lending growth forecast for 2026 due to the deteriorating financial position of its borrowers. Taras Skovortsov, CFO of Bank of Russia, told the Bank of Russia Financial Congress in St Petersburg that the country's largest lender had performed better than expected, but that the economy was slowing due to the ongoing conflict in Ukraine and the growth forecast for 2026 is only 0.4%. Skvortsov stated that "it is true?that we performed slightly better than anticipated in the first half. This is primarily due to interest income and...

Four industry sources reported on Wednesday that Kazakhstan agreed to provide 50,000 metric tonnes?of fuel to Russia as humanitarian assistance in July and August. Russia has been stricken by fuel shortages, long queues and soaring gasoline and diesel prices over the last few weeks, as Ukraine has attacked Russian energy infrastructure, including oil refineries, to undermine Moscow's funding for war efforts. Sources in the industry have said earlier that Russia began importing gasoline from India. In summer, the?Russians consume at least 110,000 tonnes of gasoline per day. Vladimir Putin said that Ukraine is trying to create discord among the Russians....

Ukraine has hit a Russian refinery in Ufa for the second consecutive time, Volodymyr Zelenskiy, the president of Ukraine, said on Wednesday. Kyiv is intensifying its strikes in Russia. "Our plan to impose Ukrainian long-range sanction is being implemented every day," Zelenskiy said, referring the Ukrainian attacks deep within Russian territory. "This is a completely just response to everything Russia does against us." Zelenskiy reported that a strike was also carried out on a Russian military-industrial complex he described as "strategic", located in the Penza area, which he claimed made components for missile weapons used by Moscow to attack Ukraine....

Rumen Radev, Bulgaria's Prime Minister, said that the country will veto the latest European Union sanctions package against Russia. This is because they may negatively impact its economy. Also, because their government does not agree with the sanctions against a Russian Bishop. The EU's sanctions list was expanded on Monday by adding a total of?34 people and 47 entities that are linked to Russia’s military and industrial complex. It also includes a shadow fleet?of?oil-and-gas tankers?and others who have been involved in political interference. This includes a Russian Orthodox bishop. Radev said that the operation of Lukoil, the Russian oil company,...

The government of Hungary decided to phase out the fuel price cap that was introduced by former Prime Minister Viktor Orban in March amid a surge in crude oil prices and ahead of an election for parliament scheduled for April. Orban lost. Peter Magyar, the Prime Minister of Hungary, announced the decision via a Facebook posting. He did not specify when the price cap would end. Limited prices on petrol, diesel and other fuels have been available to vehicles registered in Hungary. The U.S. and Iran reached a framework agreement to end the conflict in the Middle East. The government...

Kommersant reported that the Russian government had authorized a few oil refineries to produce fuels at lower environmental standards for the domestic market. This is because the country has been experiencing fuel supply disruptions. According to data collected by, media reports and social media posts have indicated that there are supply disruptions in Russia in a dozen different regions. Only two regions of Siberia, besides the Russian-held Crimea have formally?confirmed these disruptions. Last week, Deputy Prime Minister Alexander Novak requested fuel market forecasts in order to avoid problems with fuel distribution and meet domestic demand. Ukraine has been targeting Russian...

The Russian President Vladimir Putin will host his fifth conference on wartime economics in St. Petersburg. His government is struggling to find a growth strategy, as the?Ukrainian attacks on the economy are hitting the economy. Businesses also see no end to this war. The $3 trillion economy of Russia, which is heavily dependent on commodities, shrank to 0.2% growth in the first quarter 2026 from 4.9% in 2024. Officials blamed high interest rates, Western sanctions and a strong ruble. The growth rate is expected to be a modest 0.4% in 2018. The Ukrainian drone attacks on Russian refineries, fertiliser factories...

EU foreign ministers warned on Thursday that Russia would not be able to choose who represented Europe in any future talks with Moscow about Ukraine. The bloc's chief of foreign policy also said that Moscow showed no real interest for peace. The?ministers? met informally on Cyprus to discuss their strategy towards Russia, as Kyiv calls for greater European involvement in order to end the conflict while the U.S. is focused on the Iran crisis. The Kremlin told the RIA News Agency on Wednesday that Russian President Vladimir Putin was open to talks with Europe. Meanwhile, Ukrainian President Volodymyr Zelenskiy has...

In an article published a week before his visit to Kazakhstan, Vladimir Putin said that Russia had given the Central Asian country four Amur tigers. Two of these cubs were also handed over to help the country restore the number of the animals. Kazakhstan is rich in minerals and energy, and shares a border and ally with Russia. Putin announced on Tuesday that the four animals caught in Russia's Khabarovsk region, located in the far east, were flown to Kazakhstan and will be released soon into the wild. Putin is not a stranger to using animals as a diplomatic tool....

Kyrgyzstan agreed to build a mini-oil refinery worth $25 million in the south of the nation as part of its efforts to increase domestic fuel production and reduce dependence on imports due to tightening Russian supplies. Central Asian Energy LLC of Kyrgyzstan, who will finance the project, recently signed an agreement with the Kyrgyz company to build the refinery. The plant will produce bitumen, motor oil and gasoline that meets?K5 or K6 environmental standards. The first phase of the construction should be completed by autumn 2026. Kyrgyzstan imports a majority of its gasoline from Russia. Fuel shortages in Russia have...

Seven & i shares rose 3% on Friday in Tokyo after the Japanese retailer announced that it is in talks to buy a stake from Polish convenience store operator Zabka Group. Nikkei reports that the '7-Eleven owner may consider acquiring Zabka share held by funds. The investment is likely to be several hundred billion dollars (several billion yen). The deal would expand Seven & i’s reach beyond its strongholds of Japan and North America to Eastern Europe. This is part of the retailer’s efforts to grow under the leadership Stephen Dacus. Naoshi Matsumoto is an analyst with Yamawa Securities. He...

Ukraine has hit two Russian oil refineries overnight in the regions of Krasnodar & Yaroslavl, said President Volodymyr Zelenskiy 'on Sunday. Kyiv is increasing pressure on Russia fuel supply by using its drone fleet. Fuel shortages have been caused by Kyiv's increasing frequency of drone attacks in Russia, which is one of the world's largest oil producers. Queues and rationing are seen at petrol stations. Zelenskiy posted on social media that "we continue our operations to weaken Russia's?ability to wage this war", adding that the refineries are?about 300km and 700km (190 miles and 430miles) from Ukrainian territory. Veniamin Kodratiev, the...

The Russian 'anti-monopoly' watchdog asked for an explanation on Thursday from a major petrol retailer in Moscow after they raised prices by 19% for 95-octane fuel in the past week. FAS, the watchdog sent the request?to Neftmagistral a company that runs about 100 petrol stations in the Moscow area and the capital. The price hike was a result of Ukrainian drone attacks against a Moscow oil refining facility, which supplies fuel to the Moscow region. Neftmagistral declined to comment on the regulator's request. On Thursday, the price of 95-octane gasoline at Neftmagistral was around 95 roubles per litre ($1.30), up...

According to LSEG and market sources, Russia's seaborne exports of oil products fell 15% a month on a monthly basis to about 3.3 mt in the first 15 days of June. This was due to?unplanned maintenance?following repeated ukranian drone attacks. Shipping data shows that the number of diesel loadings at the Baltic port Primorsk - Russia's main outlet for ultra-low sulphur fuel (ULSD) – dropped by 18% to 520,000 tonnes in the first half of June compared with the same period last year. Ukraine has intensified drone strikes on Russia's energy infrastructure, with the number of oil refining facilities targeted...

Local authorities reported on Tuesday that the Ilsky oil refinery, located in southern Krasnodar, caught fire overnight after an Ukrainian drone attack. This is part of Kyiv’s campaign to starve Russia’s economy of its oil revenues. Kyiv has targeted Russia's energy grid in a systematic effort to limit Moscow’s ability to fund its four-year-old war in Ukraine, at a time when global oil prices are high. The Ukrainian General Staff confirmed that it has'struck again' the Ilsky refinery, stating that?the facility produces fuel for the Russian Army fighting in Ukraine. There was no immediate word on whether the refinery, which...

Donald Trump, the U.S. president, said on Wednesday that he is 'not yet satisfied with a deal reached with Iran.' He also added that the U.S. The United States is not 'discussing' easing sanctions against Iran. Trump told reporters that Iran is open to a deal at a White House cabinet meeting. "Iran has a very strong desire to reach a deal. They haven't reached a deal yet... but we won't be. Trump said that we?will either be that or finish the job. He said that under the potential framework agreement?with Tehran that the Strait?of?Hormuz will open immediately, but it...

Aleksandar Vucic, Serbia's president, said that he was not optimistic about the possibility of reaching an agreement over the Hungarian oil firm 'MOL's bid for a majority stake in NIS, operator of the Balkan country's only refinery. The deadline is Friday. Gazprom and Gazprom, two Russian oil companies, agreed to sell their majority 56% stake in NIS in January to?MOL after the United States demanded that Russian shares be divested due to sanctions imposed by the United States over Moscow's conflict in Ukraine. Washington has given MOL and the Russian companies until May 22th to complete the sale. This requires...

Energy Minister said that Serbia will present its final offer to MOL, the Hungarian oil company, on Friday, in response to the Hungarian bid for NIS, the operator of the Balkan nation’s only refinery. Gazprom and Gazprom, two Russian companies, agreed in January to sell their 56% stake in NIS majority to MOL after the U.S. demanded that Russian shares be divested due to sanctions imposed by the U.S. over Moscow's involvement in the war in Ukraine. We had intensive discussions yesterday and the previous day with representatives of MOL. "We agreed on certain topics," Energy Minister Dubravka Handanovic, was...

Calculations showed that the Russian oil price, in roubles,?used to calculate taxes? exceeded the level assumed in federal budgets by?46% during the first half of April due to a rise in global oil prices. Due to the unprecedented disruption in supply caused by the U.S. and Israeli war against Iran, the global oil prices rose 50% in March. This was a record-breaking run. This month, they have fallen below $100 per barrel and further weakened this week due to the anticipation of a peace deal. Anton Siluanov, Minister of Finance in Russia, said that oil is the main export for...

The Kremlin stated on Tuesday it was pleased that Peter Magyar, the Hungarian prime minister-elect, seemed "ready for a pragmatic dialogue with Russia" and would base its position on specific actions taken by his government Russian hardliners mourned Viktor Orban's defeat, a close ally of Moscow, who lost an election over the weekend to a centre-right upstart rival Magyar. The Kremlin said that it was "ready" to talk with the new government. Dmitry Peskov, Kremlin spokesperson, told reporters: "For the moment, we can note with satisfaction his (Magyar) willingness to engage in pragmatic dialogue." "In this instance, there is a?mutual?willingness...

Orlen, a Polish state-owned refiner, announced on Wednesday that it had signed a preliminary agreement with Grupa Azoty - a poland-controlled chemicals company - to purchase all of the remaining shares in its Grupa Azoty?Polyolefins?unit. Orlen has provided the financing of 1.35 billion zlotys (364.23 millions) required for the completion of its restructuring. Orlen holds 17.3% of the company, but this will increase to 100% when the planned transaction for the third quarter is completed. Since 2024, Orlen and Azoty have been discussing the options for the polymers business. Azoty is a company that 'is suffering from losses in its...