East European Countries

The Russian Finance Ministry announced on Thursday a new measure that it claimed was designed to shield the state budget against oil price fluctuations as well as Western sanctions targeted at Russian energy exports. The government is lowering the price cutoff for oil that oil revenues are deposited into the fiscal reserves fund. This will ensure the fund has enough money to replenish it. At a public meeting, Finance Minister Anton Siluanov stated that "to make our finances more robust, we propose a reduction of dependence on different constraints, whether they are price-related or volume related, in the budget’s reliance...

The European Commission will make a proposal Accelerating the phase-out Ursula von der Leyen, head of the European Union's executive branch, said Tuesday that she was concerned about Russian fossil imports after speaking with U.S. president Barack Obama. Donald Trump Von der Leyen stated that she spoke with Trump about a joint effort to increase economic pressure against Russia by taking additional measures. The U.S., and the European Union, import Russian energy and commodities worth billions of Euros, from liquefied gas to enriched Uranium. Von der Leyen posted a message on the social media platform X saying that "the Commission...

NATO Secretary General Mark Rutte announced that NATO launched on Friday an operation called Eastern Sentry in response to Russian drones entering Polish airspace this week. Rutte said at a NATO press conference in Brussels that "we must make it clear to the world our determination and our capability to defend our territories." He said this while standing next to NATO's top commander U.S. Air Force general Alexus Grynkewich. Rutte stated that NATO was still assessing possible intentions behind the incursion. This led to Polish and NATO allies shooting down drones, the first such action NATO has taken since Russia's...

Robert Fico, the Prime Minister of Slovakia, said that Slovakia will not support any more European Union sanctions towards Russia until it receives EU proposals aligning climate targets to carmakers' and heavy industries' needs. Fico demanded also that measures be taken to reduce electricity prices across the EU. The EU is currently debating the 19th package in its sanctions against Russia for its invasion of Ukraine. EU diplomats said that a new package would likely include additional listings of Chinese companies and Russian banks, as well as vessels from Moscow's "shadow fleet" which evades sanctions. They also predicted a ban...

Polish stocks fell on Wednesday, after Poland shot down Russian Drones that had entered its airspace as part of a Russian offensive in western Ukraine. At 0829 GMT the Warsaw blue-chip index slid to 2.6%, making it one of only a few European indices that were trading lower. Konrad Ryczko is an analyst with DM BOS. He said that the future of the situation was uncertain. Robert Maj, an Ipopema Securities analyst, said that the drop was a reaction to overnight events, and gave investors a reason to take advantage of recent gains. Maj added: "It is also a form...

Donald Trump, U.S. president, said Sunday that he was ready to move into a second phase in sanctioning Russia. This is the closest he's come to implying he might be about to ramp up sanctions against Moscow and its oil purchasers over the war with Ukraine. Trump has repeatedly warned Moscow of further sanctions, but he withheld them while pursuing peace talks. Trump did not commit to a decision, nor did he specify what the second phase would entail. When asked by a White House reporter if he was ready to move on to the "second phase" of sanctions, Trump...

The Kurier reported that the Austrian oil and gas group OMV will cut 2,000 jobs from its worldwide workforce of 23,000. In a Friday statement, the company stated that "competitiveness" of the group may require adjustments. It did not exclude what they called personnel measures. OMV said that details of its plans will be announced once internal consultations are completed. In a report that was published Thursday evening, the newspaper cited staff unions to say that the Romanian subsidiary Petrom of the company would be particularly affected. Cuts were also planned for its refinery in Germany's south and Slovakia's. Borealis...

The Governor of Russia's Sakhalin region in the far east told reporters on Thursday that a possible return of U.S. Energy Major Exxon Mobil could be a boon for local oil and gas businesses. Last month, Russian President Vladimir Putin issued a decree that would allow foreign investors to recover their shares in the Sakhalin-1 project. This includes Exxon Mobil, a major U.S. oil company. The decree was signed on the same day that Donald Trump and Russian President Vladimir Putin met in Alaska at a summit, where the agenda included opportunities for business collaboration and investment as well as...

Chinese business centres near traditional Chinese pavilions. Russian adults practicing Kung Fu and learning Mandarin. Sizzling food being served at Chinese restaurants. Signs of Beijing's influence are everywhere in Moscow as President Vladimir Putin prepares to visit China next week. It seems like the contacts with China have intensified. "A mutual interest is increasing," said Natalia Gerasimova. She was a manager of a Russian company, and visited the Chinese landscape park in Moscow. "They are welcoming to us and they treat us well." In Russia, I also do not see resistance to these relationships. "Yes, we may have different mentalities...

Peter Magyar, the leader of Hungary's opposition party, has asked Russia to refrain from interfering in its politics. He said that there was no way for meaningful co-operation without respecting his country's sovereignty. The Russian Foreign Intelligence Service published a statement earlier this week in which it described Magyars as loyal to the "globalist elites", and claimed that the European Commission is considering "regime changes in Budapest." Magyar's Tisza Party, which is ahead of Prime Minister Viktor Orban’s Fidesz at the polls in the majority of polls before the parliamentary elections next spring, has published an open-letter to Russia's ambassador...

Donald Trump stated on Thursday that, he believes that Russian President Vladimir Putin is willing to make a deal and that sanctions against Russia played a part in Moscow wanting a meeting. Trump is scheduled Meet Putin on Friday in Alaska. The U.S. President said that he was unsure if an immediate ceasefire could be achieved, but expressed his interest in brokering peace agreements. "He really, I think now, is he convinced that he will make a bargain, he will make a bargain." Trump told Fox News Radio that he believes he will, and they would find out. Early in...

Donald Tusk, the Polish prime minister, said that Poland would continue to try and have a former oil industry executive, who was a senior executive, returned from the United Arab Emirates after it rejected Warsaw’s first request for extradition. According to Polish privacy laws the former chief executive officer of Orlen's Swiss unit, known only as Samer, was charged with entering into contracts which resulted in losses of $378 million for the company. It's hard to convince people in countries such as UAE, and you have to be patient. Tusk said to reporters during a press briefing that "we will...

Aleksandar Vucic, the president of Serbia, said that Serbia is hoping for a better cooperation with Russia. Vucic, along with Russian President Vladimir Putin, took part in the regional security summit held in Beijing. The Chinese hope to use this event as a counterweight to Western influence on global affairs. Vucic stated that "cooperation with Russia at the highest levels is very important for Serbia. This is especially true in the areas of energy and Russian supplies of gas," at the beginning of the meeting with Putin. Serbia is aspiring to be a member of the European Union. However, Russia,...

Indian Oil and Bharat Oil, India's state run refiners, have purchased Russian oil for delivery in September and October, after the discounts were increased, according to two company officials who are familiar with the matter. Refiners had stopped purchases in July because of smaller discounts, and after Washington criticised India for its purchases Russian oil. Donald Trump has also threatened to levy an additional 25% on Indian goods starting August 27 in order to punish New Delhi for continuing its purchase of Russian oil. The officials stated that the discount for Urals crude, the Russian oil of choice, has increased...

Trade sources and LSEG data show that at least two ships loaded with Russian crude oil bound for refiners located in India were diverted due to new U.S. Sanctions. This week, the U.S. Treasury Department imposed sanctions against more than 115 Iran linked individuals, entities and ships. Some of these vessels are involved in transporting Russian crude oil. Donald Trump, the U.S. president, has warned that he will impose 100% tariffs on all oil purchases from Moscow unless Russia signs a peace agreement with Ukraine. Trade sources reported that three ships, the Aframaxes Tagor, Guanyin, and Suezmax Tassos were to...

Industry sources claim that Indian state refiners stopped buying Russian crude oil last week, as the discounts have narrowed in this month. Donald Trump has also warned other countries against purchasing oil from Moscow. India, which is the third largest oil importer in the world, is the top buyer of Russian crude by sea. This revenue stream for Russia, as it continues to wage war against Ukraine, has been vital for the country. Four sources familiar with the refiners’ plans to purchase Russian crude have told us that the country's state-owned refiners, Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum...

The shares of Grupa Azoty, a Polish chemicals company, fell by the most ever in a single day on Tuesday following the announcement that Orlen, the top oil refiner in Poland would not be buying more shares in the polymer production project. Orlen and Azoty have been discussing since 2024 options for GA Polyolefins (the chemical manufacturer's polymers division), in which Orlen already has a 17.3% stake. In a late-Monday statement, Andrzej Skolmowski, the chief executive of Grupa Azoty said that during negotiations Orlen had informed them that they were not interested in purchasing all or part shares in GA...

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...

Data showed that the price of oil in Russia in roubles had fallen to its lowest level in two years, below the 4,000-rouble mark per barrel, and was 40% less than what the federal budget planned. This increased pressure on the Kremlin which is already struggling with a growing budget deficit. Global oil prices are down over 10% for six sessions in a row, and over 20% in the past year since U.S. President Donald Trump’s tariff shocks in April prompted more bets that global economic growth would slow. The oil prices also fell following the Organization of the Petroleum...

A court order shows that an Indian court denied requests by JSW Steel and Trafigura for certain shipments of steelmaking raw materials. This is the latest setback since New Delhi's new import policy rattled the industry. India has since January restricted imports of met coke (metalurgical coke with low ash), and set country-specific quotas for domestic suppliers. This move has upset steel giants like ArcelorMittal Nippon India who are worried about the quality and business impact of locally produced met-coke. JSW Steel challenged New Delhi’s decision to refuse imports worth $90 million, which were ordered before the restrictions in January...

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...

Bloomberg News reported Wednesday that Saudi Aramco was evaluating a possible offer for the Castrol lubricants division of oil giant BP. The report was based on people familiar with the matter. According to a report, the Saudi Arabian state oil company is evaluating whether it should bid on part or the entire business that operates under the Castrol name. Aramco is still deliberating and has not made a decision about the structure of the bid. A BP spokesperson refused to comment, while Aramco didn't immediately respond to a request for comment. BP is exploring all possible options for its Castrol...

The Azerbaijan Gas Supply Company (AGSC) said on Wednesday that unexpected upkeep at the Shah Deniz Alfa gas platform was expected to last till Jan. 19. The suspension is anticipated to cut gas flows to Europe by 8.5. million cubic metres per day, the company said on its website. BP said on Jan. 10 it had actually suspended the work of the. platform, one of two at Azerbaijan's biggest gas field,. after finding a technical problem at the subsea gas condensate. export line between the platform and the Sangachal terminal. According to BP, Alpha represents about 40% of Shah. Deniz's...