East European Countries

Serbia is seeking an extension of 180 days from the United States for a waiver of sanctions for NIS, a Russian-owned Serbian Oil Company. In a press release, Dubravka Djedovic Handanovic stated that "we have always maintained our position, and we will continue to do so, that sanctions are bad for energy security in Serbia and the surrounding region." She said that continued sanctions against NIS, which is owned by Russia's Gazprom and Gazprom in majority, would also harm Serbia's economic situation. NIS has been granted a fourth reprieve that expires on July 29, but the Office of Foreign Assets...

Rosneft - Russia's largest oil producer - slammed Sunday the European Union's sanctions against India's Nayara Energy Refinery, calling them unjustified, illegal and a direct threat to India's energy independence. The 18th package against Russia for the conflict in Ukraine was approved by the European Union on Friday. It is designed to deal further blows to Russia’s oil and energy industries. Nayara Eenrgy is one of the companies targeted. The Nayara Energy Refinery is an important strategic asset for India's energy industry. It provides a steady supply of petroleum products on the domestic market. "The imposition of sanctions on the...

The Austrian energy company OMV said that the Borouge-Borealis merge will have a positive impact of 120 million euro ($140.8) on its operating result for the second quarter before special effects. This was part of an update to trading on Tuesday. After almost two years of negotiation, Abu Dhabi National Oil Company and OMV decided in March to combine their polyolefin business to create Borouge Group, a chemicals powerhouse with a $60 Billion enterprise value. OMV said that it also expected to take a 400-million-euro hit on its operating cash flow adjusted from Romania and Norway, compared with the first...

According to LSEG data and market sources, the volume of Russian seaborne gasoil and diesel exports dropped by 6% in June on a month-to-month basis. This was due to refinery maintenance. Shipping data shows that last month, the two main importers of Russian gasoil and diesel were Turkey and Brazil. Exports of diesel and gasoil from Russian ports to Turkey increased in June by 15%, a month-on-month increase, while those to Brazil dropped by 33% from May, to just 0.47 million tonnes, after a previous influx. Shipping data revealed that Russia's diesel and gasoil sales to African countries in June...

Three industry sources said that the Russian Federal Anti-Monopoly Service has proposed an export ban on gasoline to combat high fuel prices. At the moment, only a small percentage of gasoline exported by re-sellers is restricted, whereas oil companies have a license to sell fuel abroad. The restrictions will last until August 31. FAS refused to comment. The government decides on any possible export ban, but the regulator can make its own proposals. The proposal to tighten restrictions was made as the domestic wholesale gasoline price in Russia on a commodity market jumped up to a 2-year high this month,...

Igor Krasnov is the Russian Prosecutor-General, who led the government's effort to seize property valued at 2.4 trillion rubles ($31 billion). He said that foreign companies returning to Russia would be closely monitored to ensure Russia benefits. In the three years since Russia began its war in Ukraine, Moscow has taken over a dozen assets owned by foreigners under its management. This year, prosecutors have increased the seizure and confiscation of assets in Ukraine. As the economy slows down after two years of high growth, fueled by military spending, Russian officials try to strike a balance between protecting the economy...

The Russian state-owned energy, transport, and financial sectors are among those that will be privatised, said Finance Minister Anton Siluanov on Friday as Moscow sought to raise money for the federal government budget. Moscow, shunned since the start of the Ukraine conflict by Western capital, has sought ways to increase domestic private investment and economic efficiency, as well as, ultimately, boost budget revenues, given that Russia is spending heavily on the war. Siluanov, at the St Petersburg International Economic Forum, said on Friday, "It's a very delicate topic right now. But I can tell you that it's energy, finance and...

Keith Kellogg - the envoy of U.S. president Donald Trump - scolded on Wednesday, a Russian official, for inciting fears of a third world war after Trump warned that President Vladimir Putin "played with fire" regarding Ukraine. Trump warned that Russia would have suffered "REALLY BAD things" if not for Trump's post on Truth Social. What Vladimir Putin does not realize is that without me, a lot of bad things, and I do mean BAD, would have happened in Russia. Trump stated in a Truth Social posting on Tuesday that "He's playing with flames." Former president Dmitry Medvedev dismissed Trump's...

Gazprom, the state-owned Russian energy giant, announced on Thursday that it had decided not to pay a dividend for 2024's results. This was in accordance with the position of the government and despite last year's return to profitability. The government is not helped by the absence of dividends, since it owns just under half of the share capital. It faces a number challenges, including falling oil and gas revenue, rising inflation, increased military spending, and a budget gap. Gazprom shares fell 4.42% to 130.5 roubles at the Moscow Stock Exchange as of 1335 GMT after the announcement. According to the...

Rosneft, the country's biggest rare earth metal deposit and largest oil company, acquired Tomtor on Wednesday after President Vladimir Putin urged the development of this field to be accelerated last year. Tomtor is located in the northern part of Siberian Yakutia region. It's a major project for Russia to increase production of metals used in the defense industry, mobile phones, and electric cars. Rosneft, according to the official Russian state registry, took control of Vostok engineering, the project operator, on May 20, 2018. Rosneft didn't immediately respond to a comment request. In November, Putin accused Tomtor's operator of delaying its...

Andriy Sibiha, the Ukrainian Foreign Minister, said that Ukraine wanted the Group of Seven Advanced Economies to lower its price limit on Russian oil shipped by sea to $30 per barrel. The G7's current price cap is $60 per barrel. This was imposed because of Russia's conflict in Ukraine. Sybiha, a journalist from Brussels, told reporters that the reasonable price cap for oil is 30 dollars. The European Union (EU) and Britain (UK) announced new sanctions against Russia on Tuesday. They said that the sanctions would target the "shadow fleet" in Moscow of oil tankers, financial firms and other companies...

Donald Trump said that he would be meeting with the presidents from Russia and Ukraine to discuss stopping the "bloodbath" in Ukraine. What are the obstacles that the U.S. President faces when he is trying to negotiate a peace agreement with Russia and Ukraine? SECURITY GUARANTEE Ukraine, which has been subjected to a full scale invasion in 2022, and witnessed Russia annex Crimea, needs security guarantees from major powers, primarily the United States. Sources involved in the talks say that the problem is that a security agreement without teeth could leave Ukraine vulnerable. Diplomats talked about a "robust" security guarantee,...

Officials said that severe overnight flooding in eastern Romania caused the death of one person, and destroyed thousands of homes. Hundreds of people were evacuated, and three helicopters searched for stranded villages. The emergency response agency reported that 25 villages in nine counties were affected, with heavy rains and high winds tearing off roofs and uprooting trees and blocking some national roads. In eastern Romania, the counties of Neamt and Suceava were worst affected. Two rivers burst through their banks and killed a man aged 66, forcing hundreds to flee. All roads leading to the village Brosteni, in Suceava County,...

The rapid decrease in water levels of Greece's reservoirs shows the water scarcity issues the country faces due to climate changes, said Prime Minister Kyriakos Mistiakos on Wednesday. Urgent reforms are required. Mitsotakis informed ministers that the water level in reservoirs that feed the capital Athens has dropped by 50%. The meeting was to discuss strategies to address water-related problems expected to arise in the next thirty years. Data showed that Europe was the continent with the fastest rate of warming. Last year, Greece, located on Europe's southernmost frontier, and using about 10 billion cubic meters of water per annum,...

On Tuesday, tourists and workers sought shade as Greece suffered its third heatwave this summer. High temperatures also gripped the Balkans region and caused wildfires to spread in Albania. Greece, located at the southernmost point of Europe, is known for its hot, dry summers. Climate change has caused heatwaves to be longer and more intense, and also led to destructive floods and fires. Matthew Enos (18-year-old New Orleans visitor) said that he was not prepared for the heatwave in Athens when he first arrived. "It has been tough so far." "Not the best feeling ever," said he. "I've been adapting...

On Tuesday, tourists and workers sought shade as Greece suffered its third heatwave this summer. High temperatures also gripped the Balkans region and caused wildfires to spread in Albania. Greece, located at the southernmost point of Europe, is known for its hot, dry summers. Climate change has caused heatwaves to be longer and more intense, and also led to destructive floods and fires. The labour ministry announced that couriers, food delivery drivers and builders from the greater Athens area and other areas were ordered to stop work between midday and 5 pm, because the mercury could reach as high as...

A document internal to the EU, seen by, shows that European Union governments would like Brussels to keep secret their plans to stop using Russian oil and natural gas by 2027. Last month, the European Commission proposed legislation to phase-out EU imports from Russia. A part of this would require countries produce national plans outlining measures and timelines on how they will achieve this. A draft document of the negotiations showed that EU governments are currently negotiating this proposal and have requested the Commission to keep these plans secret. The document was drafted by Denmark, which currently holds the rotating...

Experts say that the LA fires provide lessons on urban wildfires Fires are more likely to start in areas of urban sprawl and land abandonment Experts advise focusing on long-term prevention Joanna Gill According to a report published in May by the European Academies Science Advisory Council (which advises European policymakers), more than twice as many cities in Europe are at high risk of wildfires as in North America or Asia. Experts say that the ferocious fires which ravaged Los Angeles last January, killing 22 people and destroying 12,000 homes provide a powerful lesson and warning to European policymakers. The...

Lavazza, a coffee maker, called on Wednesday for a delay of one year in the implementation of EU's deforestation laws. The company said that its implementation would harm producers in Africa and Central America as well as drive up prices. Companies importing products like soya, beef, cacao, coffee and other related goods must prove that their supply chain does not contribute to deforestation. Otherwise, they will be fined. Giuseppe Lavazza, chairman of Lavazza, told reporters in London that he wanted the legislation to be delayed for an additional year, mainly for coffee. He said that the cocoa industry is better...

A letter obtained by revealed that the majority of European Union countries demanded more changes to the bloc’s anti-deforestation laws, claiming some producers could not be expected to comply with its terms, and would face a competitive advantage. Deforestation laws will be implemented in December. This is a first for the world. Operators who place goods, such as soy, beef, and palm oil on the EU market, must provide proof that their products do not deforest. The destruction of CO2-storing trees is one of the major causes of climate change. But even though extreme weather is getting worse, the political...

Financial Times, citing an EU draft document, reported that the European Union intends to stockpile essential minerals to protect against possible supply disruptions caused by geopolitical tension. The draft said that "the EU faces a complex and deteriorating landscape of risk marked by increasing geopolitical tensions including conflict, the mounting impact of climate change, environment degradation, hybrid and cyber threats." The FT reported that the document warned of a higher-risk environment driven by "increased activities from hacktivists and cybercriminals", as well as state-sponsored groups. The European Commission didn't immediately respond to an inquiry for comment. According to the newspaper, the...

Cadbury chocolate maker Mondelez wants to delay the deforestation legislation of the European Union by one year, according to a senior executive. Massimiliano di Domenico is the vice president for corporate and government affairs in Europe. He said that while Massimiliano supports EU Deforestation Regulation, he urged policymakers not to ignore "on-the ground realities." Di Domenico spoke at the European Parliament and posted his comments later on LinkedIn. Nestle, Mars Wrigley and Ferrero supported the law by signing a joint document in July of last year. They also urged Brussels to give clearer guidance and assistance to help the companies...

The European Commission proposed a climate goal for 2040, which allows countries to use carbon credits purchased from developing nations in order to reach the EU target for the first ever. What does that mean? And why did the EU's move on Wednesday cause some criticism among scientists and campaigners? What are carbon credits? Carbon credits or offsets are projects that fund projects abroad to reduce CO2 emissions in lieu of reducing your own greenhouse gas emission. For example, converting petrol buses in a city to electric or restoring forests in Brazil are examples. The buyer can use the "credits"...

The European Commission proposed a climate goal for 2040, which allows countries to use carbon credits purchased from developing nations in order to reach the EU target for the first ever. What does that mean? And why did the EU's move on Wednesday cause some criticism among scientists and campaigners? What are carbon credits? Carbon credits or offsets are projects that fund projects abroad to reduce CO2 emissions in lieu of reducing your own greenhouse gas emission. For example, converting petrol buses in a city to electric or restoring forests in Brazil are examples. The buyer can use the "credits"...