East European Countries

Russia stated on Friday that it stands in solidarity with Cuba, and will continue to provide humanitarian aid for the island-republic run by communists. It rejected what it called threats and blackmail from Washington. Donald Trump, the U.S. president, has stated that he hopes to "take Cuba", but Washington is also calling on Havana to allow greater political and economic freedoms. Maria Zakharova, spokeswoman for the Russian Foreign Ministry, told reporters that "against the background of the malicious and targeted escalation?against Cuba we reaffirm solidarity with the Cuban Government and the Cuban People." "We reject threats and blackmail in foreign...

The Kremlin announced on Thursday that Russia maintains a?flow of its 'oil? to?world-wide markets, thereby helping limit the impact the crisis triggered from the Iran war. However, it does not have any specific initiatives to suggest within OPEC+. "At this time, we are?contributing to stabilizing the prices and minimizing any consequences of the global energy crisis. "Russia continues to supply oil," Kremlin spokesperson Dmitry Peskov said in a daily conference call with journalists. "Demand increases, but the oil supply on the market does not increase, it actually decreases. He said that there are "no other initiatives" on the agenda. According...

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....

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...

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...

Calculations showed that the Russian oil price, in roubles,?used to calculate taxes? exceeded the level assumed in federal budgets by?46% during the first half of April due to a rise in global oil prices. Due to the unprecedented disruption in supply caused by the U.S. and Israeli war against Iran, the global oil prices rose 50% in March. This was a record-breaking run. This month, they have fallen below $100 per barrel and further weakened this week due to the anticipation of a peace deal. Anton Siluanov, Minister of Finance in Russia, said that oil is the main export for...

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...

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%...

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...

The threat by U.S. president Donald Trump to impose secondary duties of 25 to 50 percent on buyers of Russian crude is so outrageous and bold that it may achieve his stated goal of a ceasefire between Ukraine and Russia. What is important now is how the other key players react to the latest move of this mercurial, inconsistent U.S. president. Do Russian President Vladimir Putin and Indian Prime Minister NarendraModi, as well as Chinese President Xi Jinping, believe that Trump is going to follow through on his promises? If so, what will this mean for the energy situation of...

This time it's various is a wellworn cliché that seems to be getting another whirl with the most recent U.S. sanctions versus Russia's. crude oil exports. Oil costs jumped in the wake of the new measures focused on. avoiding Russia from shipping crude using a so-called dark. fleet of tankers. It does seem odd an industry which has been arguing. given that Russia's 2022 intrusion of Ukraine that sanctions are. mainly ineffective, ought to suddenly change to believing the brand-new. steps are the genuine deal. What's most likely is that the jump in rates since. President Joe Biden's outgoing administration...