East European Countries

Kyrgyzstan said it was awaiting fuel deliveries from China and Belarus to help deal with the 'knock-on effect' of a fuel shortage in its main supplier Russia. According to local media, Deputy Premier Daniyar Amangeldiev said that Kyrgyzstan has signed contracts with Belarus and China for 3 metric tons jet fuel and 10 metric tons diesel. Last week, Kyrgyzstan - which gets more than 90% its fuel from Russia - appealed for help to ensure stable fuel supplies. It asked Kazakhstan, Belarus and Azerbaijan as well as Uzbekistan and Turkmenistan. Fuel?shortages are affecting Russia following an attack by Ukrainian drones...

Sberbank's finance chief said on Wednesday that the bank will lower its corporate lending growth forecast for 2026 due to the deteriorating financial position of its borrowers. Taras Skovortsov, CFO of Bank of Russia, told the Bank of Russia Financial Congress in St Petersburg that the country's largest lender had performed better than expected, but that the economy was slowing due to the ongoing conflict in Ukraine and the growth forecast for 2026 is only 0.4%. Skvortsov stated that "it is true?that we performed slightly better than anticipated in the first half. This is primarily due to interest income and...

Four industry sources reported on Wednesday that Kazakhstan agreed to provide 50,000 metric tonnes?of fuel to Russia as humanitarian assistance in July and August. Russia has been stricken by fuel shortages, long queues and soaring gasoline and diesel prices over the last few weeks, as Ukraine has attacked Russian energy infrastructure, including oil refineries, to undermine Moscow's funding for war efforts. Sources in the industry have said earlier that Russia began importing gasoline from India. In summer, the?Russians consume at least 110,000 tonnes of gasoline per day. Vladimir Putin said that Ukraine is trying to create discord among the Russians....

Ukraine has hit a Russian refinery in Ufa for the second consecutive time, Volodymyr Zelenskiy, the president of Ukraine, said on Wednesday. Kyiv is intensifying its strikes in Russia. "Our plan to impose Ukrainian long-range sanction is being implemented every day," Zelenskiy said, referring the Ukrainian attacks deep within Russian territory. "This is a completely just response to everything Russia does against us." Zelenskiy reported that a strike was also carried out on a Russian military-industrial complex he described as "strategic", located in the Penza area, which he claimed made components for missile weapons used by Moscow to attack Ukraine....

Rumen Radev, Bulgaria's Prime Minister, said that the country will veto the latest European Union sanctions package against Russia. This is because they may negatively impact its economy. Also, because their government does not agree with the sanctions against a Russian Bishop. The EU's sanctions list was expanded on Monday by adding a total of?34 people and 47 entities that are linked to Russia’s military and industrial complex. It also includes a shadow fleet?of?oil-and-gas tankers?and others who have been involved in political interference. This includes a Russian Orthodox bishop. Radev said that the operation of Lukoil, the Russian oil company,...

The government of Hungary decided to phase out the fuel price cap that was introduced by former Prime Minister Viktor Orban in March amid a surge in crude oil prices and ahead of an election for parliament scheduled for April. Orban lost. Peter Magyar, the Prime Minister of Hungary, announced the decision via a Facebook posting. He did not specify when the price cap would end. Limited prices on petrol, diesel and other fuels have been available to vehicles registered in Hungary. The U.S. and Iran reached a framework agreement to end the conflict in the Middle East. The government...

According to LSEG and market sources, Russia's seaborne exports of oil products fell 15% a month on a monthly basis to about 3.3 mt in the first 15 days of June. This was due to?unplanned maintenance?following repeated ukranian drone attacks. Shipping data shows that the number of diesel loadings at the Baltic port Primorsk - Russia's main outlet for ultra-low sulphur fuel (ULSD) – dropped by 18% to 520,000 tonnes in the first half of June compared with the same period last year. Ukraine has intensified drone strikes on Russia's energy infrastructure, with the number of oil refining facilities targeted...

Kommersant reported that the Russian government had authorized a few oil refineries to produce fuels at lower environmental standards for the domestic market. This is because the country has been experiencing fuel supply disruptions. According to data collected by, media reports and social media posts have indicated that there are supply disruptions in Russia in a dozen different regions. Only two regions of Siberia, besides the Russian-held Crimea have formally?confirmed these disruptions. Last week, Deputy Prime Minister Alexander Novak requested fuel market forecasts in order to avoid problems with fuel distribution and meet domestic demand. Ukraine has been targeting Russian...

The Russian President Vladimir Putin will host his fifth conference on wartime economics in St. Petersburg. His government is struggling to find a growth strategy, as the?Ukrainian attacks on the economy are hitting the economy. Businesses also see no end to this war. The $3 trillion economy of Russia, which is heavily dependent on commodities, shrank to 0.2% growth in the first quarter 2026 from 4.9% in 2024. Officials blamed high interest rates, Western sanctions and a strong ruble. The growth rate is expected to be a modest 0.4% in 2018. The Ukrainian drone attacks on Russian refineries, fertiliser factories...

EU foreign ministers warned on Thursday that Russia would not be able to choose who represented Europe in any future talks with Moscow about Ukraine. The bloc's chief of foreign policy also said that Moscow showed no real interest for peace. The?ministers? met informally on Cyprus to discuss their strategy towards Russia, as Kyiv calls for greater European involvement in order to end the conflict while the U.S. is focused on the Iran crisis. The Kremlin told the RIA News Agency on Wednesday that Russian President Vladimir Putin was open to talks with Europe. Meanwhile, Ukrainian President Volodymyr Zelenskiy has...

In an article published a week before his visit to Kazakhstan, Vladimir Putin said that Russia had given the Central Asian country four Amur tigers. Two of these cubs were also handed over to help the country restore the number of the animals. Kazakhstan is rich in minerals and energy, and shares a border and ally with Russia. Putin announced on Tuesday that the four animals caught in Russia's Khabarovsk region, located in the far east, were flown to Kazakhstan and will be released soon into the wild. Putin is not a stranger to using animals as a diplomatic tool....

Calculations showed that the price of Russian oil in roubles dropped by 11% from April to May as 'the rouble strengthened' and global 'oil prices? eased due to expectations of an agreement ending the Iranian war. The Russian authorities use the price of oil in roubles to calculate the mineral extraction tax. This levy is the single largest tax on the oil sector, and it accounts for around a fifth of the total Russian budget revenue. The calculations show that the price of oil fell to 6,518 Roubles per barrel over the period May 1-22, from the average April price...

Polyus, Russia's biggest gold producer, announced on Wednesday that it would?suspend all dividend payments until 2030 in order to finance large-scale investment projects. The company stated that the management intends to make a recommendation to the board of directors following a "thorough assessment of the current economic environment". The planned suspension of dividends reflects the high borrowing costs, increasing production expenses, lower prices for gold and risks associated with investment project timelines. Polyus shares fell by nearly 20% on the Moscow Exchange. Gold prices are now around 75% higher than they were two years ago, despite a 26% drop from...

KGHM, the state-controlled copper producer and silver producer in Poland, announced a 'new strategy' on?Friday. The company committed to investing more than 32?billion zlotys (US$8.55 billion) through the end decade and set new targets for output and profits. The "Strategy 2055+" plan targets an average adjusted core profit of?12billion zlotys per year, measured by earnings before interest taxes depreciation, and amortization (EBITDA), as well as a paid copper production of 730,000 tons and a silver production of 1,290 tonnes, between 2026 to 2030. Remigiusz Pazkiewicz, Chief Executive of KGHM, said that the company aims to become a multi-raw materials industrial...

According to a presentation made to investors on Friday, Russian steelmaker Severstal could 'cut back' its investment program by a further 24% in 2027 to approximately 85 billion roubles (about $1.10 billion), due to the?falling demand for steel. The company stated that the measures would help to ensure a positive cash flow. According to the presentation, this forecast is only preliminary and will be reviewed until?the?end of 2026. Steel demand has dropped by 30% since 2023. This is due to Western sanctions, high interest rate and weak steel demand. The demand for steel in Russia's key sectors of?construction and energy,...

Hungarian Environment minister Laszlo Gajdos threatened to shut down factories in the EV battery industry if they did not comply with environmental regulations. This is a significant policy shift for Viktor Orban, a right-wing politician who lost his power in April. Orban, who lost power in April, has 'bet big on EV batteries. He will attract foreign investment of EUR26 billion ($29.69billion) by 2021, mostly from South Korean and Chinese companies, making Hungary a hub in Europe. Environmental and health and security concerns about the plants were a key issue before the election. Centre-right rival Peter Magyar who promised to...

On a Wednesday visit to Dublin, Ukraine President Volodymyr Zelenskiy demanded that Ireland complete an investigation to determine if Irish alumina exported to Russia is being used to make weapons-grade aluminium. Ireland has been under increasing pressure in recent weeks because of its Aughinish Alumina Plant, Europe's biggest refinery for alumina (a feedstock used to produce aluminium). It continues to send the material to Russia where it can be used to produce aluminium for military equipment and weapons. Dublin has ordered an investigation into alumina exports and defended an EU decision not to include the plant in Russian sanctions packages....

Labor?office data showed on?Tuesday that the number of unemployed in Germany dropped unexpectedly?in June. According to a recent poll, analysts and economists predicted a rise of 7,000. The total adjusted number of unemployed people dropped to 2.984 millions, below the '3 million mark. In June, the seasonally adjusted unemployment rate remained at?6.3%. This is unchanged from previous months. In a recent statement, the head of the Labour Office, Andrea Nahles, said that there was little evidence of change on the labour market. The unemployment rate is only marginally decreasing, while the employment that is subject to Social Security contributions continues...

Norilsk Nickel, the world's biggest palladium producer said that it expects to have a global palladium surplus of 0.3 million (Moz), excluding investments and stock movements, in 2026. The demand for palladium, excluding investments, is expected to reach 9.1 Moz by 2026, and 9.3 in 2027. Meanwhile, the supply will be at 9.4 and 9.5 respectively. Nornickel stated in a review of the market that preliminary estimates indicate investment demand for palladium may reach 0.3 Moz in 2026. This would effectively bring the market into balance. A similar trend is expected in?2027. Nornickel expects that global primary palladium output will...

Riccardo Orcel is a former senior banker of the Russian state-backed VTB Group, and the brother of UniCredit's CEO Andrea?Orcel. He helped broker an agreement recently to sell UniCredit's Russia operations. His involvement, which was previously unknown, provides insight into the way Italy's second largest bank secured an agreement to leave Russia. It draws on the expertise of the former VTB executive, who was once regarded as one of the most well-known Western bankers in Moscow. Riccardo orcel left VTB in the past, and it is now subject to Western sanctions. In a press release, the bank stated that "UniCredit...

Riccardo Orcel is a former senior executive at the Russian state-backed VTB Group, and brother to UniCredit CEO Andrea Orcel. He helped broker an agreement recently?to?sell?the Italian bank's Russia division. His involvement, which was previously unknown, provides insight into the way Italy's second largest bank secured an agreement to leave Russia. It draws on the expertise of the former VTB executive, who was once among the most well-known Western bankers in Moscow. Riccardo orcel left VTB in the past, and it is now subject to Western sanctions. In a press release, UniCredit said that Riccardo orcel had presented a proposal...

Riccardo Orcel - a former senior banker of the Russian state-backed VTB Group, and brother to UniCredit's CEO Andrea Orcel – helped broker a deal for UniCredit to sell its Russia business. His involvement, which was previously unknown, provides insight into the way Italy's second largest bank negotiated a deal with Russia. He drew on the expertise of the former VTB executive - who was one of the most well-known Western bankers working in Moscow. Riccardo orcel left VTB in the past, and it is now subject to Western sanctions. In a press release, the bank stated that "UniCredit?confirmed" that...

Nippon Steel is the world's third largest steelmaker. Vice Chairman Takahiro Mori, the vice chairman of U.S. Steel, said that he expects the American steel market to be buoyant. This is supported by import tariffs and resilient consumer demand. "We're confident that the U.S. "We are confident that?U.S. He predicted that U.S. Steel will generate a profit of between 300 billion and 400 billion yen per year in the long term. Mori described U.S. market conditions as favourable. Hot-rolled steel sheets are priced at more than $1,200 per ton. This is double what they cost in Asia. U.S. steel reopened...

According to diplomatic sources, and an analysis of corporate policy suggestions, the Trump administration's plan to boost vital minerals production through price regulation is being met with skepticism from G7 allies and a divided mining sector. Negotiations for a Western Trading bloc are also stumbling due to concerns over cost and governance. First proposed by the U.S. Vice President JDVance announced the trading bloc in February. It aims to wean the West off China. China became the largest mineral producer by operating on a loss, and lowering prices for building blocks used in semiconductors, computers servers, military equipment, and countless...