East European Countries

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...

Serbia's energy minister said that it will present its final proposal to MOL on Friday regarding the Hungarian company's bid for NIS to be acquired by MOL, the operator of the Balkan nation’s only refinery. Gazprom and?Neft, 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. Washington has given MOL and the Russian companies until May 22 for the sale to be completed. This will require the Serbian government's...

A senior Pentagon official stated on Tuesday that the United States war in Iran has cost $29 billion so far, which is an increase of $4 million from an estimate given late last month. The Democrats have been able to gain a lot of ground in the public opinion polls, as they try to tie the war to cost of living issues. The Pentagon announced on April 29 that the war had already cost $25 billion. Jules Hurst who performs the duties of comptroller told lawmakers that the new costs included updated repair and replacing equipment?and operational expenses. Hurst stated...

The Russian Victory Day Parade will be the smallest in recent years due to the threat of an attack by Ukraine. Moscow's forces have been unable to win the war, which has been the deadliest European conflict for more than four years. The parade on Red Square, which takes place May 9, is Russia's most revered national holiday. It's an opportunity to commemorate the Soviet Union's triumph over Nazi Germany, and pay tribute to the 27,000,000 Soviet citizens who died, many of whom were Ukrainians. The parade, which was once used to display Russia's military might, including its intercontinental missiles...

A term sheet showed that a unit of Sinopec had sold 8.5 millions Hong -Kong listed shares of CATL on Wednesday for $770 million. The company was able to cash in on the soaring stock performance of the Chinese electric vehicle -battery manufacturer. The term sheet examined by revealed that Sinopec (Hong Kong), in an accelerated stockbuild, sold shares at HK$708 (US$90.41), a discount of approximately 3.8% from the closing price on Tuesday for Contemporary Amperex Technology Co Ltd (CATL). According to the term sheet, Sinopec also agreed to a 90 day lock-up period on its remaining CATL stake. According...

The Kremlin announced on Thursday that President Vladimir Putin had scolded the top Russian economic officials for a decline in the economy during the first two month of the year. Since 2023 the Russian war economy has been outperforming the G7 average, even though it slowed last year. Putin announced on Wednesday that Russia's economy contracted between January and February. Putin said the economic trajectory was below expectations at the beginning of a Kremlin meeting with Russia's top economic officials on Wednesday. He asked the officials to provide him with detailed options for how to rectify the situation. Dmitry Peskov,...

On Wednesday, Russian President Vladimir Putin scolded top officials after the economy shrank by 1.8% during the first two months of the year. He asked them to 'come up with new measures that will boost the economic growth. The tight monetary policies of the central bank and Western sanctions that target the oil revenues of the country are the main reasons for the slowdown in Russian growth. The International Monetary Fund has raised its estimate of Russia's GDP growth in 2026 from 0.8% to 1.1% after the Middle East crisis spiked oil prices in March. The government has forecast growth...

Russian news agencies reported that Sergei Lavrov, the Foreign Minister of Russia, said on Wednesday in Beijing at a press conference that Russia was'ready to increase its energy supply to China before an expected visit by President Vladimir 'Putin. Vedomosti cited sources who said that it would be during the week of May 18th. President Xi Jinping and Lavrov met on 'Wednesday', assuring Moscow that China is a friend of Russia and saying that China and 'Russia' must work together, trust each other and protect each other's interest. Lavrov said at the press conference that Russia is ready to provide...

The Trump administration has extended the waiver that allows Lukoil service stations to operate outside of Russia until late October. This is a small exception to sanctions imposed by the U.S. last year in order to reduce revenues supporting Moscow’s war in Ukraine. Treasury Department announced on its website on Tuesday that the waiver for 2,000 stations in Europe, Central Asia and the Middle East, as well as the Americas, has been extended to October 29. In October, President Donald Trump imposed sanctions on Lukoil and Rosneft - Russia's largest oil companies - causing interest among potential buyers for the...

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...

Holders of bonds issued by Ukraine's Naftogaz, the state energy giant, have hired lawyers to prepare for what appears to be a second debt restructuring since Russia's invasion in 2022. Source familiar with the matter confirmed that the funds hired Cleary Gottlieb Steen & Hamilton - the same firm which represented VR Capital and bondholders when Naftogaz wrote off its debt in?2023. In the face of ongoing Russian attacks, the Ukrainian state energy company, which has recently hired Rothschild to be its debt advisor, is struggling with how to pay a repayment of nearly 700 million euros ($821million) due in...

Leaked recordings purportedly showed Hungary's Foreign Minister offering to send his Russian counterpart an?document on Ukraine's European Union membership, as the latest sign of Budapest's warm relationship with Moscow. The audio 'clips' released by a group of investigative news - outlets, including VSquare.org, were the latest of a series leaked conversations purporting to show that Prime Minister Viktor Orban of Hungary has been working to serve Russian interests while undermining EU efforts to help Ukraine. Orban, who has ordered an investigation after Orban's previous statement that wiretapping his calls was "a huge scandal", was unable independently to verify the authenticity....

Edgars Rinkevics, the Latvian president, proposed Andris Kubergs as the next prime minister after 'Evika Silina' resigned. Silina announced on Thursday that she would be stepping down. This caused the collapse of her entire coalition, just months ahead of an October election. Kulbergs will be able to take office as the leader of United List, the largest opposition bloc in Parliament if his cabinet and he are approved by lawmakers. "Given recent events, I believe the new 'prime minister' should come from the opposition parties," said?Rinkevics at a press conference. Silina fired Defence Minister Andris SPruds at the weekend, after...

?Poland's air force intercepted an?Russian reconnaissance aircraft in international waters of the?Baltic Sea. The Russian flight was deemed a provocative act and a potential threat. The machine flew in international airspace with its?transponders off and without a flight plan. The Polish army stated in a social media post that there was no violation to?Polish airspace. Defence Minister Wladyslaw KsiniakKamysz stated that flights without transponders could be a 'threat to other aircraft' and 'that its pilots would always respond immediately. "Our aircraft intercepted an Il-20 Russian reconnaissance aircraft in international waters of the Baltic Sea." "This is yet another aggressive act...

Hungary summoned Russia’s embassy over a drone strike on western Ukraine, said Prime Minister Peter Magyar?on Wednesday. Russia launched a drone attack against Ukraine on Wednesday morning, killing three people and damaging critical infrastructure. Magyar stated during a press conference held following the first cabinet meeting of the new Hungarian Government that the Russian ambassador was summoned on Thursday morning to the Foreign Ministry to meet with Anita Orban. Orban, who will attend the meeting, will ask the ambassador to tell him when Russia intends to end its four-year war with Ukraine. Orban had earlier said on Wednesday in a...

The Kremlin said on Saturday that the United States was in a hurry to clinch a peace agreement to end the Ukraine War, but that it would be a long time before they could reach any kind of agreement because the issues are so complex. Russia and Ukraine confirmed that they had agreed on a three-day ceasefire, which will run from May 9 through May 11. U.S. president Donald Trump said he hoped that it would be prolonged. Pavel Zarubin, a reporter for state television, was told by Kremlin spokesperson Dmitry Peskov that it is understandable why the Americans are...

The 'foreign minister' of Ukraine said on Friday that the country is considering sending a team to help improve air security in the Baltic States after two drones, allegedly from Ukraine, crashed into Latvia. NATO members Latvia and Lithuania, which border Russia have reported several incidents of this nature in the last few months, as Ukraine intensified its 'long-range attacks' against their enemy. Andrii Sybiha said that if it is confirmed that the drones were Ukrainian and were intentionally knocked from their course by Russia's electronic war, we will sincerely apologize to our Latvian Friends. He said that "we are...

Ukraine has accused Russia of violating the ceasefire that was initiated by President Volodymyr Zelenskiy on Wednesday at midnight. Officials reported one death and three injuries in frontline areas of the north and east. Andrii Sybiha, Ukrainian Foreign Minister, said that Russia violated the ceasefire initiated between midnight on May 5th and 6, when it was announced by Ukraine. Sybiha reported that Russian attacks continued through the night and included morning strikes in Kharkiv, Zaporizhzhia. He said that "this shows that Russia rejects the peace and their fake calls for ceasefire on May 9th has nothing to do diplomacy." Sybiha...

The United States issued on Thursday a 'general licence' exempting transactions that involve the 'German unit of Russia’s Rosneft’ from?U.S. sanctions. The U.S. Treasury Department announced that sanctions would be imposed on the Russian company Rosneft. This will provide Berlin with much-needed clarity about the future of the business. The license, which has no expiration date, replaces the one that was set to expire April 29. The extension of the existing U.S. sanction waiver reduces the risks of disruptions to German refining operations, at a moment when the conflict in the Middle East escalates and is unsettling the global energy...

Berlin is seeking to establish a long-term control of the German assets owned by the Russian oil company. The German government placed the German units of Rosneft under a trusteeship. After the Russian invasion of Ukraine, the German government was given a?trusteeship over the assets. This trusteeship must be renewed every six-months to maintain energy security. However, this creates a lot of uncertainty, especially with the PCK Schwedt Refinery that'supplies' most of Berlin's fuel. The latest move is an attempt to find a solution structural. It places Rosneft Germany (RDG), and RN Refining & Marketing, (RNRM), under the control Germany's...

The Polish Financial Regulator KNF announced on Thursday that it is investigating the plan of state-controlled refiner Orlen to buy out minority investors in its utility unit Energa. Orlen announced the buyout plan on Wednesday. The regulator stated that it would examine all aspects of this and publish its findings as quickly as possible. The regulator stated on its website that "the KNF is undertaking explanatory activities which cover all aspects of this issue." KNF's spokesperson said that the statement it released contained all of the information they could provide at this time and declined to comment further. Orlen announced...

The NOVA.RS TV in Belgrade reported that the operations at Serbia's Russian owned NIS oil refinery had ceased due to a shortage of crude oil. This is the latest indication that U.S. sanction on the project may threaten fuel supplies throughout the Balkan nation. NIS officials and the Serbian government declined comment. In January, the Office of Foreign Assets Control of the U.S. Treasury Department placed sanctions on Russia’s oil sector, including NIS. NIS is owned in majority by Russia’s Gazprom and Gazprom. US repeatedly granted NIS waivers until the sanctions came into force in October. The banks then stopped...

Britain paused sanctions on Friday, allowing Bulgaria's Burgas Refinery and petrol stations owned by Russia's Lukoil to continue doing business with banks and companies. Last month, the UK announced sanctions against Russia's biggest oil companies Rosneft, and Lukoil. A week later, the U.S. did the same in an effort to cut off the funding of Moscow's military campaign in Ukraine. The Office of Financial Sanctions Implementation in Britain said that it had issued a license allowing economic resources and payments to flow from and to two Bulgarian entities for existing or new contracts. The law allows banks and companies to...

Three people familiar with the matter confirmed on Thursday that Indian state refiners are now contacting trading firms to inquire about purchasing Urals crude oil from Russia as the discounts have increased. This comes ahead of Friday's high-profile summit between U.S. leaders and Russian counterparts. Indian refiners, including Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum Corp. and Mangalore Refinery Petrochemical Ltd., halted their Russian oil purchases in the last month, as discounts shrank. State refiners in India, who account for 60% of the country's refining capacity of 5.2 million barrels of oil per day, purchase Russian oil delivered. Sources...