East European Countries

According to correspondence seen by, the management of a Russian owned oil refinery located in Germany privately warned Berlin that U.S. Sanctions were hurting their business and threatened fuel supplies for the capital and region. In a letter sent to Katherina Reiche in January, the management of Rosneft's PCK Schwedt refinery made an "urgent" appeal to her to resolve the standoff between the United States and the refinery. The letter details the escalating issues at the refinery which supplies fuel to Brandenburg, eastern Germany, and nine out of ten cars in Berlin. It also supplies key chemicals and ingredients for...

Even though oil prices rose 15% in January on the back of fears that a new U.S. attack on Iran was imminent, they remain in a narrow range. A well-supplied oil market makes it unlikely that either side will be able to push prices higher. It would take a massive, sustained action to make a significant impact on the global supply-demand imbalance. Brent crude futures are at their highest level since July?last year. This puts the global benchmark in line for its largest monthly gain since January 20,22, when Russian troops were preparing to enter Ukraine. A series of major...

The Finance Ministry announced on Monday that Russia had a budgetary deficit of 5.6 trillion roubles, or 2.6% of GDP, by 2025. This is the largest deficit in terms of percentage of GDP since 2020 and in roubles since 2006. In 2024, Russia's fiscal deficit was equal to 1.7% of its GDP. The?government increased the deficit target in 2025 from the initial?1.2 trillion Rubbles or 0.5% GDP due to the shrinking energy revenue and a strong Rouble. Budget revenues were 37.28 trillion rubles, down 7.5% on the original target. This was due to the 24% drop in oil and gas...

Italy announced on Monday that Venezuela had released Italian citizens Alberto Trentini?and Mario Burlo?from prison. It also pledged to "upgrade its relations with Caracas" in response. After Venezuela released two Italian citizens, Biagio Piieri, a journalist, and Luigi Gasperin a businessman, last week, Foreign Minister Antonio Tajani confirmed that no other citizens with only Italian nationality were still in prison. Hundreds of dual nationals, both Italian and Venezuelans, are still being held. Venezuelan leadership announced on January 8, that it would release a large number of prisoners including foreigners, as a gesture. After the U.S. captured Venezuela's president, Nicolas Maduro,...

Dmitry Medvedev, the deputy chairman of Russia's Security Council and a senior legislator said at the weekend that "U.S. The actions of President Donald Trump in Venezuela are illegal and destabilising. However, they can be portrayed as an assertion of U.S. interest. Comments follow Trump's ?statement The United States has struck Venezuela, and Maduro and Maduro's wife have been captured and removed from the country. This prompted international reactions and calls for urgent UN discussion. Medvedev said to TASS that Trump's behavior was not only illegal, but also internally coherent as it served U.S. interest. "It is important to acknowledge...

As part of its efforts to increase pressure on Moscow over the conflict in Ukraine, Britain imposed sanctions Thursday on additional Russian oil companies and Canadian-Pakistani Murtaza Lakhaani. The government has targeted 24 individuals, entities and companies, including what they describe as Russia's biggest remaining un-sanctioned oil firms: Tatneft, Russneft, NNK-Oil, and Rusneftegaz. The latest measures aim to make it more difficult for Russia to sell its oil globally. In October, Britain sanctioned Rosneft and Lukoil, two of Russia's largest oil companies. On Thursday, the EU sanctioned?41 ships of Russia's?shadow fleet? that tries to circumvent Western trading restrictions. Russia dismissed...

The Kremlin announced on Thursday that Russia is interested in attracting more foreign investment. This comes after the Wall Street Journal reported that the U.S. peace plan in Ukraine included proposals to invest in Russian rare Earths and energy. The Journal reported that the plans, which were detailed in the appendices of peace proposals drafted by U.S. president Donald Trump's administration and given to European counterparts during recent weeks, included proposals to restore Russian supplies to Europe. The Journal reported that U.S. firms would also invest in Russian strategic areas such as rare earth extraction and oil drilling in the...

Three sources with knowledge of the matter have confirmed that MOL, a Hungarian oil company, has informed U.S. officials of its interest in purchasing international assets from sanctioned Russian oil giant Lukoil. This adds to a growing number of potential buyers. In October, the United States imposed sanctions against Russia's largest private oil producer as part of its efforts to press Moscow to end their war in Ukraine. This forced Lukoil into announcing the sale of foreign assets. Sources have confirmed that Lukoil has been in talks with oil majors Exxon Mobil, Chevron, and Middle Eastern investors before the December...

According to a report by the state news agency TASS on Tuesday, dividends from the state-owned Russian electricity companies will fund investments in the industry. The article quoted Yevgeny G. Grabchak, Deputy Minister of Energy as saying that the hydro-generation company Rushydro along with grid operator Rosseti will be included in this scheme. Dividends will be paid to a special institution for development and used to help power companies. This includes subsidizing bank interest rates. According to a draft of a law, the Energy Ministry proposed last month that electricity companies limit dividend payments in order to release funds to...

Serbian President Aleksandar Vucic announced on Tuesday that the country will continue to allow payments and transactions with the U.S. sanctioned Russian oil company NIS, until the end the week. This is despite the threat of secondary sanctions. Gazprom and Gazprom of Russia, who own the majority of NIS, are required to sell their shares in the company. The U.S. has imposed sanctions on NIS because it is owned by Russians. Vucic, the president of Serbia, said that payments made with NIS by its banks, which includes the central bank will continue through Monday. After meeting with government officials responsible...

Rosneft, Russia's biggest oil producer, reported a 70% drop in net income from January to September, falling by $3.57 billion or 277 billion Russian roubles. The company attributed the decline to high interest rates and cheaper oil, as well as a stronger rouble. Shell and TotalEnergies have seen their quarterly profits fall due to lower oil prices. Rosneft stated that the increased "anti-terror" security was putting additional pressure on its results. The company didn't elaborate on specific security measures. Ukraine has increased drone attacks against Russia's energy infrastructure. Rosneft reported that its revenues dropped 17.8% to 6.29 trillion rubles in...

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...

Hungarian Foreign Ministry Peter 'Szijjarto' said that the first concrete pour at Hungary’s Russian-built nuclear plant Paks 2 was on Thursday. This officially made it a.nuclear facility under construction. Rosatom, the Russian state-owned nuclear energy company, will build two new reactors under an agreement signed in 2014 between Budapest and Moscow. Hungary wants to expand Paks by adding two Russian VVER reactors. Each VVER has a capacity of 1.2 gigawatts. The 12.5 billion Euro project, which was awarded to Rosatom without a tender, is often cited as proof of the warm relationship between Russian President Vladimir Putin and?Hungarian Premier Viktor...

In a letter sent to EU institutions and peers on Monday, Czech PM Andrej Babis urged them to support the European Union's carbon emission trading scheme in order to reduce energy prices. Babis wrote in a letter to the European Commission, the European Council and the other 26 members states that the EU should limit the price of?emissions?allowances and delay its second phase. Babis told a press conference that he would seek support from other EU leaders including France and Italy ahead of the bloc’s informal summit on February 12th. He said that allowance prices were forecast to be much...

Analyst ExPro reported on Monday that Ukraine's imports of electricity jumped by 40% between December 2025 and January 2026, to a new record?894 Gigawatt Hours. This was due to the constant Russian attacks against Ukraine's energy system. This is the highest amount of imports during the full-scale war. Hungary still accounts for the biggest share, 45%. The consultancy reported that overall, the supply increased in all directions except Moldova. Russia's attacks on Ukraine’s energy sector have intensified in recent months. Power stations, energy distribution systems, and gas sector installations are all being targeted. consecutive attacks On the generating and thermo...

Alexei Likhachev was quoted as saying that Russia would be prepared to evacuate staff from Iran’s Bushehr nuclear plant if needed. Last year, President Vladimir Putin stated that hundreds of Russians worked at the facility. It is Iran's sole operating nuclear power station, which Moscow built for Iran. Russia is currently building more nuclear facilities at Bushehr. Bushehr was not targeted by the U.S. attack on Iran's nuclear facilities last June. Likhachev warned that an attack could cause a catastrophe comparable to 1986's Chernobyl. Donald Trump, the U.S. president, urged Iran on Wednesday to make a deal with the United...

On?Friday, the United States and Slovakia signed an agreement to further cooperation in the country's nuclear energy program. They said that this would reduce Slovakia's reliance on Russian designed reactors. The agreement calls for the construction of a 1,200 megawatt state-owned nuclear unit, designed in the U.S. Since?last year, Slovakia has been in talks with Washington to build a large nuclear plant with Westinghouse, a nuclear developer. Energy Secretary Chris Wright said at an event held at the headquarters of the agency in Washington, "Today's Civil Nuclear Agreement reflects our shared dedication to strengthening European energy sovereignty and security for...

Vitali Klitschko, the mayor of Kyiv, said that Ukraine's capital Kyiv only has about?half as much electricity as it needs?as it is facing its worst wartime energy crisis after waves of Russian attacks against its infrastructure. Klitschko stated that Kyiv is one of Eastern Europe’s largest cities and requires 1,700 Megawatts to power its services for 3.6 million residents. Klitschko stated that the current energy crisis is the greatest challenge the capital has faced in the almost?four years following the Russian invasion of February 2022. In an interview at his office in the heart of Kyiv, Klitschko, the former heavyweight...

Denys Schmyhal, Ukraine's Energy Minister, told the parliamentary on Friday that the country has enough fuel to last more than 20 days. He described the 'energy situation' in the nation as very challenging following a number of Russian missile and drone attacks on the power infrastructure. Shmyhal who was appointed earlier this week said that the worst situation is still in Kyiv's capital, in the regions of Dnipropetrovsk and Kharkiv, as well as in towns close to the frontline where thousands have been living without heat and electricity for days in temperatures below zero. Winter preparations have failed in some...

Slovakia will sign a nuclear cooperation agreement with the United States next week, Slovak PM Robert Fico said on Saturday. The country is moving towards a deal for a new nuclear unit to be built with U.S. assistance. Since last year, Slovakia has been in discussions with Washington to build a large nuclear plant with the U.S. company Westinghouse. Fico stated on Saturday that the plant would have a capacity of nearly 1,200 megawatts, larger than existing units. He said that "in cooperation with our 'American partners,' we would like to build a?new huge block?under purely state ownership, on the...

The Czech government has a number of options to buy out CEZ. This includes leaving some assets on the market. However, it has not set a date for what could be one of the biggest energy changes in the country, according to its industry minister. Andrej Babis is a billionaire, and his populist ANO party leads a coalition government which took office last week, after winning the October elections. He has called for CEZ to be fully controlled in order to increase energy security. Karel Havlicek is the ANO vice chairman and first deputy premier. He told?on?Wednesday that a possible...

Odesa, Ukraine's southernmost port city, and the surrounding area suffered major blackouts on Saturday following a massive overnight?Russian assault?on power grid which left more than one million households without electricity. Volodymyr Zelenskiy, the president of Ukraine, said that Russia attacked Ukraine using more than 450 drones as well as 30 missiles. Zelenskiy, a Telegram user, wrote that the attack had a major impact on our energy system in the south, and particularly on Odesa. He added that thousands of families across Ukraine were without electricity. Yulia Svyrydenko, the Prime Minister of Ukraine, said that it was a major attack on...

Donald Tusk, the Polish prime minister, said that the European Commission had agreed to allow Poland a?state?aid for the construction the first nuclear?power?plant in the country. In a press release, the?European Commission confirmed that it had approved state aid. In order to reduce its dependence on coal, Poland chose Westinghouse Electric for the construction of its first nuclear power plant along the Baltic Sea Coast. Poland plans to start constructing the first unit in 2028, and finish it by 2036. Tusk stated, "We'll soon receive official confirmation from the European Commission that it is willing to provide state aid for...

The outgoing U.S. President Donald Trump’s Ukraine envoy stated that a deal for the end of the Ukraine war is "really close". It now depends on the resolution of two major outstanding issues: the future in Ukraine's Donbass region and the Zaporizhzhia Nuclear Power Plant. After eight years of fighting in the Donbas region, which includes the Donetsk-Luhansk region, between separatists backed by Russia and Ukrainian troops, Russia invaded Ukraine on February 20, 2022. The Ukraine War is the deadliest European Conflict since World War Two. It has also triggered the largest confrontation between Russia and Western since the Cold...