East European Countries

Russia accused Ukraine of attacking its energy infrastructure on Friday, despite a ban on such strikes. It said a major piece of gas pipeline in Sudzha was virtually destroyed. An official from Ukraine said that Russia was responsible for the attack on Sudzha's gas transit point. It was not possible to confirm independently which side was responsible. Separate agreements were announced by the United States and Russia on February 2 to stop their attacks in the Black Sea, and to target each other's energy. These agreements are potential stepping-stones that Washington hopes can lead to a complete ceasefire and to...

News agencies reported that Russia's deputy prime minister Alexander Novak stated on Wednesday that the global oil demand is expected to rise by between 1.0 and 1.5 million barrels of oil per day this year. This compares to the latest expectation from the Organization of Petroleum Exporting Countries of a rise of 1,45 million bpd. Novak was quoted by Interfax as saying, "I am optimistic, because the rate of consumption increases every year. And judging from the fact that global economic growth will continue, demand for energy will increase." Experts and think tanks predict a possible oil surplus this year,...

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...

After meeting her French counterpart Emmanuel Macron, Moldovan President Maia Sandu announced that the French Development Agency and Moldova signed a deal worth 30 million euros ($32.5million) on Monday. The agreement aims to improve energy efficiency in the post-Soviet country. Sandu said at a joint press conference that the agreement with Agence Francaise de Developpement would help "reduce energy wastage, lower costs and increase our energy independence". The pro-European Moldovan government accused Russia of creating a fake energy crisis in order to destabilize the country before parliamentary elections. This came after Russian gas producer Gazprom halted exports of its product...

A court spokeswoman announced on Friday that Russian prosecutors had filed a lawsuit to recover assets of former Gazprom Manager Kirill Seleznyov. Interfax reported that Seleznyov, along with two other defendants, were suspected of diverting 150 billion roubles (about $1.75 billion) from Gazprom. Darya Lebedeva posted on Telegram, that the Frunzensky Court in St. Petersburg had registered the lawsuit but did not specify the value. Seleznyov has been a close ally to Alexei Miller, the CEO of Gazprom for many years. He served as a member of its management board for over 15 years. Seleznyov is the head of RusChemAlliance...

ADNOC (Abu Dhabi National Oil Co.), a state-owned company, has pursued a number of mergers and acquisitions with European companies with the aim of diversifying and developing its renewable energy and chemicals operations. ADNOC has been involved in the following deals and discussions: COVESTRO ADNOC announced on October 1 that it had agreed to purchase German chemicals manufacturer Covestro for $14.7 billion. This is one of the largest foreign takeovers in the Gulf, and is intended to reduce the country's heavy reliance on oil during the energy transition. ADNOC will merge with OMV its polyolefin business to create a chemical...

A schedule released on Wednesday showed that the European Commission had, for a third time, postponed its announcement about its plan to reduce the region's dependence on Russian energy imports. The original date was March 26, but it has now been pushed back to an unknown date. The Commission refused to comment on the new date. In November, Energy Commissioner Dan Jorgensen stated at a parliament hearing that the plan would be presented during his first hundred days as a commissioner. However, this date has been delayed twice. Originally, the plan was to be unveiled in February. After Russia's full-scale...

Oil prices were little altered on Monday, as investors awaited developments in a possible Russia-Ukraine deal that may ease sanctions disrupting the global supply flow. Brent crude futures were up 7 cents to $74.81 per barrel at 0430 GMT. U.S. West Texas intermediate crude was unchanged at $70.75 per barrel. After U.S. president Donald Trump and officials of his administration announced that they had begun talks with Russia to end war in Ukraine, the market kept a close eye on the progress of peace negotiations. If negotiations result in a resolution, then more Russian barrels will enter the global supply,...

The Russian rouble, and its stocks, surged Thursday following a phone conversation between U.S. president Donald Trump and Russian president Vladimir Putin. In the call the two leaders discussed how to end the Ukraine War. According to data on the over-the counter market, at 0745 GMT the rouble had risen 3% against the dollar and was trading at 90.90, its highest level since September 2024. During the trading session, the rouble briefly reached the highest level since September 11 at 89.90. The rouble has gained 20% against the dollar since the beginning of the year. The Moscow Exchange index (MOEX),...

The governor of Krasnodar said that a drone attack from Ukraine overnight caused a fire to break out at an oil storage depot in the southern Russian region. 55 firefighters were battling the blaze. In recent days, a series of drone strikes by Ukraine against Russia's energy infrastructure has sparked fires at a major refinery in Volgograd and at the Astrakhan Gas Processing Plant. Veniamin Kodratyev said, "The fire is contained and there are no injuries," on Telegram, as a team of 19 firefighters tried to extinguish flames. Kondratyev didn't specify which depot was burning or the extent of damage....

The Moldovan opposition leader, Alexandr Stoianoglo who lost the presidential vote held in November, announced on Friday that he would lead a coalition consisting of three parties against the pro-Western majority ruling at the parliament elections this year. Last year, the former prosecutor general was closer than anyone expected to unseating pro Western President Maia Sandu. She lost in a runoff after campaigning on a balanced foreign policies that looked to Russia and West. He was backed by a pro-Moscow party. The election is expected to be a close one and could result in Sandu's pro Western PAS party losing...

KGHM Polska Miedz, Poland's largest copper miner, posted a net income of 1,56 billion zlotys (US$402,11 million) in the fourth quarter of last year compared with a loss of 4,53 billion zlotys a previous year. The adjusted EBITDA for the full year 2024 rose from 5.36 billion to 8.46 billion. The group revenue for the fourth-quarter rose by more than 17%, to 9,18 billion zlotys. This was primarily due to higher prices of silver, gold, and copper. In a press release, CEO Andrzej szydlo stated that while production was similar year-on-year the cost of materials, fuels, and energy carriers had...

Steve Witkoff, the U.S. Special Envoy to the Ukraine war, expressed optimism ahead of the high-stakes negotiations in Saudi Arabia on Sunday. He said that he thought Russian President Vladimir Putin wished to end the conflict. Witkoff, a Fox News reporter, said: "I think he's looking for peace." Later on Sunday, a U.S. delegation will hold discussions in Saudi Arabia with Ukrainian officials about a possible partial truce between Ukraine and Russia. U.S. officials and Russian officials are scheduled to hold further talks Monday in Saudi Arabia. "I believe that on Monday you will see some real progress in Saudi...

Poland has announced that it is ready to resume production of antipersonnel landmines. This comes after the Baltic States and Warsaw both announced plans to withdraw from the treaty which bans the use of these mines. The three Baltic Republics and Poland will be able to stockpile and use anti-personnel land mines once again if they decide to withdraw from the 1997 Ottawa Convention. More than 160 countries have ratified the convention or joined it. This is part of the response to what the Baltics say is an increasing threat by Russia. When asked about plans to leave the Ottawa...

Severstal, a Russian steelmaker, slammed the decision of a regional governor on Friday to ban migrant construction workers. The company said that the move could have serious consequences for industrial projects. The company responded quickly and strongly to the ban announced by Georgy Filimonov on Thursday, the governor of Vologda, northwest of Moscow. The clash between a powerful regional political figure and a major company highlights Russia's dependence on migrant workers, and the challenges that businesses face as they grapple with a severe labour shortage. Severstal issued a statement about the ban that said, "Such measures could jeopardize the implementation...

Alrosa, the diamond-producing company in Russia that has been hit by sanctions, reported on Friday a drop of 77.3% on its 2024 net profits year-on-year. The revenue was 239.1 billion Russian roubles. In January 2024, the Group of Seven (G7) banned the direct importation of Russian diamonds. The European Union and G7 then banned the import of diamonds from Russia via third-country sources. Alrosa has been subject to U.S. sanctions by the United States since 2022. Alrosa produces the most rough diamonds in terms of volume. In 2024, revenue was down by 25.9% on an annual basis. Many companies are...

Rusal, a Russian aluminium manufacturer, announced on Thursday that it will build a production facility capable of producing 1.5 tonnes per year of the rare-earth material scandium. The capacity can be increased to 19 metric tons a yearly. The announcement comes days after Russian President Vladimir Putin asked Russia to increase its rare-earth metals output, and just as U.S. president Donald Trump is preparing to sign an agreement with Ukraine to tap mineral reserves which can be used for a variety of industries from consumer electronics to defence. Rusal announced in a press release that the investment in this project...

Ukraine announced on Wednesday that it had reached a preliminary agreement to transfer revenue from its mineral resources to United States before President Volodymyr Zelenskiy's expected visit to Washington on Friday. The agreement is crucial to Ukrainian efforts to secure strong support from U.S. president Donald Trump, who seeks to end Russia's war against Ukraine quickly. U.S. and Russian talks, which have excluded Kyiv so far, are set to continue Thursday. "The most important thing to me is that we are not in debt." Zelenskiy said that there is no debt of $500 billion, $350 billion, or $100 billion in...

Vladimir Putin, the Russian President, offered to explore rare earth metal deposits with the U.S., and also supply aluminum for the U.S. market. He was laying the foundations of a future deal between the U.S. Donald Trump, the U.S. president, had earlier stated that "major transactions in economic development with Russia" were to take place. Putin convened, within two hours of Trump’s statement, a rare earth metals meeting with his economic advisers and ministers. After the meeting, Putin told state television that he was ready to offer his American partners, "and by 'partners', I do not mean only administrative and...

Market sources reported that Rusal, the Russian aluminium manufacturer, cancelled on Monday a placement of Yuan and Rouble bonds after the EU banned imports of primary aluminium from Russia in a new package of sanctions. The European Council included an aluminium ban as part of its 16th package of sanctions against Russia, but also introduced a quota to facilitate the transition. This quota is 275,000 tons per year for aluminum imports from Russia. In 2024, the EU imported approximately 344,000 tons (or aluminimum) from Russia. In 2024, the EU Commission reported that Russian aluminium only accounted for 6% of all...

Russia, just like U.S. president Donald Trump, is envious of Ukraine's natural resource - its forces are now closing in on an enormous lithium deposit. Trump told Ukrainian President Volodymr Zelenskiy that he wanted Kyiv's minerals to be handed over in exchange for U.S. support. Vladimir Putin is gaining control over Ukraine's wealth as Washington and Moscow prepare to negotiate an end to the war that has lasted three years. According to data obtained from Ukrainian military blog Deep State, Russian forces have seized more than a fifth (including rare earth reserves) of Ukraine and are now less than four...

Russia, just like U.S. president Donald Trump, is envious of Ukraine's natural resource - its forces are now closing in on an enormous lithium deposit. Trump told Ukrainian President Volodymr Zelenskiy that he wanted Kyiv's minerals to be handed over in exchange for U.S. support. Vladimir Putin is gaining control over Ukraine's wealth as Washington and Moscow prepare to negotiate an end to the war that has lasted three years. According to data obtained from Ukrainian military blog Deep State, Russian forces have already taken over a fifth part of Ukraine, including rare earth reserves. They are now less than...

The total amount of investment in Poland will likely exceed 650 billion Zlotys ($160 Billion) by 2025, according to Prime Minister Donald Tusk, who announced a package of policies including tax reductions and deregulation. In recent years, the economy was one of Europe's most dynamic. This growth is largely due to private consumption and double-digit wage increases in a tight labor market. Analysts say that investment is a weakness of the country, as it attempts to catch up with wealthy western European nations. Tusk said at a press conference held at the Warsaw Stock Exchange that "Investment in Poland by...