East European Countries

Chinese business centres near traditional Chinese pavilions. Russian adults practicing Kung Fu and learning Mandarin. Sizzling food being served at Chinese restaurants. Signs of Beijing's influence are everywhere in Moscow as President Vladimir Putin prepares to visit China next week. It seems like the contacts with China have intensified. "A mutual interest is increasing," said Natalia Gerasimova. She was a manager of a Russian company, and visited the Chinese landscape park in Moscow. "They are welcoming to us and they treat us well." In Russia, I also do not see resistance to these relationships. "Yes, we may have different mentalities...

Peter Magyar, the leader of Hungary's opposition party, has asked Russia to refrain from interfering in its politics. He said that there was no way for meaningful co-operation without respecting his country's sovereignty. The Russian Foreign Intelligence Service published a statement earlier this week in which it described Magyars as loyal to the "globalist elites", and claimed that the European Commission is considering "regime changes in Budapest." Magyar's Tisza Party, which is ahead of Prime Minister Viktor Orban’s Fidesz at the polls in the majority of polls before the parliamentary elections next spring, has published an open-letter to Russia's ambassador...

Donald Trump stated on Thursday that, he believes that Russian President Vladimir Putin is willing to make a deal and that sanctions against Russia played a part in Moscow wanting a meeting. Trump is scheduled Meet Putin on Friday in Alaska. The U.S. President said that he was unsure if an immediate ceasefire could be achieved, but expressed his interest in brokering peace agreements. "He really, I think now, is he convinced that he will make a bargain, he will make a bargain." Trump told Fox News Radio that he believes he will, and they would find out. Early in...

Donald Tusk, the Polish prime minister, said that Poland would continue to try and have a former oil industry executive, who was a senior executive, returned from the United Arab Emirates after it rejected Warsaw’s first request for extradition. According to Polish privacy laws the former chief executive officer of Orlen's Swiss unit, known only as Samer, was charged with entering into contracts which resulted in losses of $378 million for the company. It's hard to convince people in countries such as UAE, and you have to be patient. Tusk said to reporters during a press briefing that "we will...

Local emergency services reported on Thursday that a fire caused by drone debris at the Afipsky refinery, in Russia's Krasnodar Region, had been extinguished. The Russian Defence Ministry reported that air defence systems shot down nine Ukrainian drones overnight over the region. The extent of damage to the Afipsky Refinery was not immediately known. This refinery along with the Krasnodar Refinery processed 7.2 millions metric tons crude oil by 2024. According to market sources, the disruption at Afipsky may result in a lower use of crude oil and could potentially add extra barrels to Russia’s exports for August. Drone attacks...

U.S. president Donald Trump issued an executive directive on Wednesday imposing an extra 25% tariff on Indian products citing New Delhi’s continued imports from Russia. This sharply escalated tensions between both countries after the collapse of trade talks. The new measure increases tariffs on certain Indian goods up to 50%, making it among the highest for any U.S. trade partner. The U.S. and India relations have been deteriorating since Trump took office in January. The announcement comes at the same time that Indian Prime Minister Narendra Modi is preparing for his first trip to China in more than seven years....

According to LSEG data and market sources, Russia's seaborne gasoil and diesel exports dropped 5% from the previous month to 3.26 million metric tonnes due to lower production during refinery maintenance as well as strong domestic demand. In July, diesel loadings through the Russian Baltic port Primorsk - the country's largest outlet for ultra-low sulphur (ULSD) exports – totaled 1,26 million tonnes, down 11.3% daily from June. Shipping data shows that last month, the two main importers of Russian gasoil and diesel were Turkey and Brazil. The export of diesel and gasoil from Russian ports to Turkey decreased by 14%...

Veniamin Kodratyev, the regional governor of the Russian city Sochi, said on Telegram early Sunday that more than 120 firefighters are trying to put out a fire at an oil depot which was caused by a drone attack from Ukraine. The Russian news agency RIA reported that a fuel storage tank in the Krasnodar Region, where Sochi is situated, was on fire. Rosaviatsia (Russia's civil aviation authority) said on Telegram flights at Sochi airport were stopped to ensure safety. The reports could not be independently verified. Ukraine has not yet responded. This attack on the infrastructure in Russia, which Kyiv...

Ukraine's Military said Saturday it had hit oil facilities in Russia. This included a major refinery, a drone airfield and an electronics manufacturing factory. Ukraine's Unmanned Systems Forces released a statement via Telegram stating that they had struck the oil refinery at Ryazan (about 180 km southeast of Moscow) and caused a fire in its premises. The USF also said that the Annanefteprodukt storage facility, which borders the northeastern Ukraine, had been hit. The USF is a specialist in drone warfare and long-range attacks. Russia has not yet commented on the reported attack on its infrastructure. Separately the Ukrainian intelligence...

Industry sources claim that Indian state refiners stopped buying Russian crude oil last week, as the discounts have narrowed in this month. Donald Trump has also warned other countries against purchasing oil from Moscow. India, which is the third largest oil importer in the world, is the top buyer of Russian crude by sea. This revenue stream for Russia, as it continues to wage war against Ukraine, has been vital for the country. Four sources familiar with the refiners’ plans to purchase Russian crude have told us that the country's state-owned refiners, Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum...

Industry sources claim that Indian refineries have stopped purchasing Russian oil over the last week, as discounts are shrinking this month. Also, President Donald Trump has warned Americans against buying oil from Moscow. India, which is the third largest oil importer in the world, is the top buyer of Russian crude shipped by sea. Four sources familiar with the refiners’ plans to purchase Russian crude have told us that the country's state-owned refiners, Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum Corp. and Mangalore Refinery Petrochemical Ltd., have not purchased Russian crude for the last week or so. IOC, BPCL...

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...

Aleksandar Vucic, the president of Serbia, said that Serbia is hoping for a better cooperation with Russia. Vucic, along with Russian President Vladimir Putin, took part in the regional security summit held in Beijing. The Chinese hope to use this event as a counterweight to Western influence on global affairs. Vucic stated that "cooperation with Russia at the highest levels is very important for Serbia. This is especially true in the areas of energy and Russian supplies of gas," at the beginning of the meeting with Putin. Serbia is aspiring to be a member of the European Union. However, Russia,...

Indian Oil and Bharat Oil, India's state run refiners, have purchased Russian oil for delivery in September and October, after the discounts were increased, according to two company officials who are familiar with the matter. Refiners had stopped purchases in July because of smaller discounts, and after Washington criticised India for its purchases Russian oil. Donald Trump has also threatened to levy an additional 25% on Indian goods starting August 27 in order to punish New Delhi for continuing its purchase of Russian oil. The officials stated that the discount for Urals crude, the Russian oil of choice, has increased...

Trade sources and LSEG data show that at least two ships loaded with Russian crude oil bound for refiners located in India were diverted due to new U.S. Sanctions. This week, the U.S. Treasury Department imposed sanctions against more than 115 Iran linked individuals, entities and ships. Some of these vessels are involved in transporting Russian crude oil. Donald Trump, the U.S. president, has warned that he will impose 100% tariffs on all oil purchases from Moscow unless Russia signs a peace agreement with Ukraine. Trade sources reported that three ships, the Aframaxes Tagor, Guanyin, and Suezmax Tassos were to...

Industry sources claim that Indian state refiners stopped buying Russian crude oil last week, as the discounts have narrowed in this month. Donald Trump has also warned other countries against purchasing oil from Moscow. India, which is the third largest oil importer in the world, is the top buyer of Russian crude by sea. This revenue stream for Russia, as it continues to wage war against Ukraine, has been vital for the country. Four sources familiar with the refiners’ plans to purchase Russian crude have told us that the country's state-owned refiners, Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum...

The shares of Grupa Azoty, a Polish chemicals company, fell by the most ever in a single day on Tuesday following the announcement that Orlen, the top oil refiner in Poland would not be buying more shares in the polymer production project. Orlen and Azoty have been discussing since 2024 options for GA Polyolefins (the chemical manufacturer's polymers division), in which Orlen already has a 17.3% stake. In a late-Monday statement, Andrzej Skolmowski, the chief executive of Grupa Azoty said that during negotiations Orlen had informed them that they were not interested in purchasing all or part shares in GA...

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...

Data showed that the price of oil in Russia in roubles had fallen to its lowest level in two years, below the 4,000-rouble mark per barrel, and was 40% less than what the federal budget planned. This increased pressure on the Kremlin which is already struggling with a growing budget deficit. Global oil prices are down over 10% for six sessions in a row, and over 20% in the past year since U.S. President Donald Trump’s tariff shocks in April prompted more bets that global economic growth would slow. The oil prices also fell following the Organization of the Petroleum...

A court order shows that an Indian court denied requests by JSW Steel and Trafigura for certain shipments of steelmaking raw materials. This is the latest setback since New Delhi's new import policy rattled the industry. India has since January restricted imports of met coke (metalurgical coke with low ash), and set country-specific quotas for domestic suppliers. This move has upset steel giants like ArcelorMittal Nippon India who are worried about the quality and business impact of locally produced met-coke. JSW Steel challenged New Delhi’s decision to refuse imports worth $90 million, which were ordered before the restrictions in January...

Kherson, a Ukrainian city on the frontline of the conflict with Russia for three years, has more reasons than others to want to see an end to it. They are wary of talks because they have experienced occupation and constant attacks after Russian forces were pushed out. Serhiy (64), a security guard, is lying in a hospital with his foot bandaged. He claimed he was on his way to work as a security guard, when he was struck by a grenade that was dropped by a drone operated by Russian forces. He refused to reveal his family name, and asked...

Calculations show that the price of Russia's oil mix in roubles is currently on average 24% lower than the budgeted level for 2025, due to the strengthening currency and the weakening global oil prices. This drop in spending will put more pressure on the budget already under strain due to high military expenditure. Since the middle of January, the rouble has been rising amid hopes for a resolution to the conflict in Ukraine. The average rate of 87.4 roubles per $1 has been averaging 87.4 so far this year, down from 92.9 roubles last month. When calculating the average tax...

Bloomberg News reported Wednesday that Saudi Aramco was evaluating a possible offer for the Castrol lubricants division of oil giant BP. The report was based on people familiar with the matter. According to a report, the Saudi Arabian state oil company is evaluating whether it should bid on part or the entire business that operates under the Castrol name. Aramco is still deliberating and has not made a decision about the structure of the bid. A BP spokesperson refused to comment, while Aramco didn't immediately respond to a request for comment. BP is exploring all possible options for its Castrol...

The Azerbaijan Gas Supply Company (AGSC) said on Wednesday that unexpected upkeep at the Shah Deniz Alfa gas platform was expected to last till Jan. 19. The suspension is anticipated to cut gas flows to Europe by 8.5. million cubic metres per day, the company said on its website. BP said on Jan. 10 it had actually suspended the work of the. platform, one of two at Azerbaijan's biggest gas field,. after finding a technical problem at the subsea gas condensate. export line between the platform and the Sangachal terminal. According to BP, Alpha represents about 40% of Shah. Deniz's...