East European Countries

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...

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....

Hungary's headline inflation in March rose by 1.8% from a year ago, but was below expectations. Government measures to curb fuel price increases due to the Iran war appear to have had their desired effect. The market had predicted a 2.2% rise. Analysts had predicted an average annual core inflation rate of 2.3%. Poland and the Czech Republic both had similar results, where price increases accelerated but were below analyst expectations. The soaring energy prices caused by the?Iran war are a major concern for central bankers in the region, and have led to a halt in monetary easing measures being...

JD Vance, the U.S. vice president, slammed the European Union on Tuesday for its "disgraceful interference" in an election held in?Hungary. He also praised Prime Minister Viktor Orban in his role as an ally to Donald?Trump when it comes to the defence of Western civilization. Here are some key quotes from the joint press conference in Budapest. VANCE ON HUNGARIAN ELSECTION "What happened in this country and what happened during this election campaign is one of worst examples of foreign interference in elections that I have ever read or seen ..." "The bureaucrats at Brussels have tried to destroy Hungary's...

The 'Iran War' sent fuel prices soaring in March, but the headline figure was still below?predictions and the 2% central bank target. According to preliminary data released by the statistics office on Tuesday, the?headline?figure increased 1.9% from a previous year in March, which is faster than February's 1.4%. According to a poll, analysts had predicted 2.0%. The data revealed that consumer prices increased 0.6% month-over-month, with a rise of 5.3% in energy prices, including motor fuels. After?the government took steps to reduce energy bills, the global oil price shock came at a time of low inflation in the Czech Republic....

Analysts at A95 Consulting Group reported late Monday that Ukraine's imports of diesel jumped 27% in March over February to a five-year-high of 577,000 tons, despite the difficulties associated with the war? in the Persian Gulf. After Russian missile attacks virtually destroyed Ukraine's refining capability, the country became?entirely reliant on imported fuel. It sourced supplies elsewhere in Europe. The consultancy stated in a report that "Importers operations in March were hindered by the effects of the war in the Middle East which made it extremely difficult to secure supplies." The report also stated that ORLEN, Poland's largest supplier, had suspended...

Orlen, the Polish state-owned refiner, announced on Wednesday that it had signed a preliminary agreement with Grupa Azoty (the Polish state-controlled chemical group) under which it would acquire 'all remaining shares in Grupa azoty polyolefins. The transaction involves the purchase of GAP shares and the provision of financing by Orlen to complete GAP’s restructuring. It has a value of $1.35 billion ($364.23 millions). The transaction was in line with expectations. Orlen had been viewed as the "natural candidate" to take over the Polyolefins Project and stabilize it. Erste Group analyst Cezary Bernatek wrote in a client note. He added, "We'd...

Rosneft said that the company's net income for 2025 will be down 73%, to $293 billion ($3.60 billion), due to high interest, a high tax on profits, and other factors. Igor Sechin is the Rosneft CEO and a close ally of President Vladimir Putin. He said that the Russian oil industry was caught in an "ideal storm" last year, which included negative geopolitical conditions, tight domestic macroeconomic conditions, as well as high interest rates. The United States sanctioned Rosneft, Russia's second largest oil producer Lukoil in October last year. Sechin stated that the Middle East conflict has boosted oil prices...

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...

On Tuesday, U.S. Secretary of State Marco Rubio testified in the criminal trial of former U.S. David Rivera is facing criminal charges for acting as an agent unregistered of the government of Venezuelan ex-President Nicolas Maduro. Rubio's testimonies have taken him from Washington, where he was engaged in high level diplomacy surrounding U.S. president Donald Trump's Iran war, to the federal courthouse downtown Miami, where his political career started. When asked by prosecutor Harold Schimkat if Rubio was employed, Rubio replied, "Yeah. I have two jobs." U.S. prosecutors claim that Rivera, who represented southern Florida as a member of the...

Former U.S. congressman lobbied illegally U.S. officials in order to reduce pressure on Venezuelan President Nicolas Maduro’s government. A U.S. prosecutor stated this on Monday at the opening of trial which will feature testimony by U.S. secretary of state Marco Rubio. In his opening statement at Miami Federal Court, David Rivera's lawyer told jurors that his client worked to remove Maduro and not his government from power. The federal court trial in Miami is based on a contract Rivera had signed with a U.S.-based subsidiary of Venezuelan state owned company for $50 million in 2017. In his opening statement, prosecutor...

Slovenia temporarily limited fuel purchases on Sunday to combat shortages caused by stockpiling and cross-border fuelling due to the Iran War. This has raised concerns about the security of fuel supplies as the country prepares to vote. Robert Golob, the Prime Minister, announced on Saturday night that fueling at individual service station will be limited to 50 litres a day for private vehicles. The restrictions will remain in force until further notice. "Let's reassure you there will not be any fuel shortages in Slovenia. The warehouses are filled and?there is no shortage of fuel," said Golob. A liberal, Golob is...

The trading arm of Lukoil in Russia, Litasco, is based in Switzerland. It said on Wednesday that Bulgarian measures against it violated the multilateral Energy Charter Treaty and it had filed a dispute notice against the country. Bulgaria has halted Russian crude exports and limited exports of all refined products derived by Russian crude at Litasco's Burgas oil refining facility in the country, which produces 190 000 barrels per day. The government has also made legal changes to seize and sell the assets. The 1998 ECT allows for energy companies to sue government over policies that harm their investments. However,...

Orlen, a Polish energy group, reported adjusted core earnings higher than expected on Thursday. This was helped by a stronger downstream result which overshadowed the?net profit miss caused?by asset impairments as well as lower oil and natural gas prices. The shares rose 2.2% as of 0849 GMT. This boosted Poland's blue chip index WIG20 which rose by 0.5%. Analyst Tamas Pelser at?Erste Group said that the 4Q25 period was a positive one for the Polish energy giant, highlighting "the very strong contribution" of refining in a margin-friendly environment. Orlen's model refinement?margin increased in the fourth quarter, as sanctions and Ukrainian...

Sources say that the UAE-based International Holding Company, Chevron, and Carlyle are all competing to buy up the global assets of Russia’s Lukoil as a U.S. deadline for selling them expires next week. Sources say that the United States sanctioned Lukoil in October, and Rosneft its counterpart to force the Kremlin into a peace agreement with Ukraine. They have given Lukoil a deadline of January 17 to sell its $22 billion global portfolio. These assets include refineries, petrol stations and oil fields in Europe and the United States as well as oil fields and refineries in Iraq, Azerbaijan, and Kazakhstan....

Hungary has signed a framework deal with Azerbaijan to purchase up to 800,000,000 cubic meters of gas over a period of two years. Peter Szijjarto, Hungary's foreign minister, announced this at a press conference on Thursday. Hungary has signed a framework agreement with Azerbaijan for the purchase of up to 800 million cubic meters of natural gas over a two-year period, Peter Szijjarto, the Foreign Minister in Hungary told?a briefing on Thursday. This is a framework contract that allows up to?800 million cubic metres in deliveries to be realized. How much of the agreement will be completed in the next...

Finnish petrol station operator Teboil is owned by Russian oil giant Lukoil and said that it was preparing to close its operations when fuel ran out due to U.S. sanction against its parent. Teboil announced that stations would close in stages once the fuel stock is sold out. The United States last week imposed sanctions on Lukoil for its involvement in the war in Ukraine. On Friday, the Trump administration gave potential buyers clearance to speak to the Russian company regarding buying their products. Non-Russian assets According to the website of Teboil, there are 430 Teboil stations in Finland. This...

German Foreign Minister Johann Wadephul on Monday urged Serbia to align its foreign policy and security towards Russia with that of the European Union, if it wanted to join the bloc. Serbia's populist President Aleksandar Vucic tries to balance his country's European Union candidacy with its traditional ties to Russia and China. Serbia depends on Russian gas and its only oil refiner NIS (Russian-owned) is subject to U.S. sanctions because of the conflict in Ukraine. Wadephul told his Serbian counterpart Marko Dridic that Ukraine is fighting for freedom not only for itself but also for the whole of Europe. "We...

The foreign assets of Russian oil giant Lukoil, which are located in Egypt and Kazakhstan, are attracting bidders. Time is running out for the deals to be completed before U.S. sanctions can be enforced. As part of their efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions on Lukoil. They have already blocked Lukoil’s attempts to sell foreign assets before the deadline of November 21, sanctions. Lukoil has also been affected by the sanctions in Iraq, Finland at pump stations and Bulgaria in a refinery. Governments and partners want to buy its foreign assets...