East European Countries

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...

Aleksandar Vucic, Serbia's president, said that he was not optimistic about the possibility of reaching an agreement over the Hungarian oil firm 'MOL's bid for a majority stake in NIS, operator of the Balkan country's only refinery. The deadline is Friday. Gazprom and Gazprom, two Russian oil companies, agreed to sell their majority 56% stake in NIS in January to?MOL after the United States demanded that Russian shares be divested due to sanctions imposed by the United States over Moscow's conflict in Ukraine. Washington has given MOL and the Russian companies until May 22th to complete the sale. This requires...

Local officials reported that two people had been?killed? and 19 others injured overnight in Russia's attacks on Ukraine, while Ukraine sent drones into industrial areas of central Russia. Local authorities in Ukraine reported that two people died and six were injured when Russia attacked the city of Dnipro, located on the south-east coast, with artillery and missiles. Authorities?added that another 13 injuries were reported in the northern Sumy Region and the southern region of Zaporizhzhia. Three children included. We could not independently verify these reports. Russia and Ukraine deny targeting civilians. DRONES TARGET INDUSTRIAL AREA?IN RUSSIA According to Russian officials...

Energy Minister said that Serbia will present its final offer to MOL, the Hungarian oil company, on Friday, in response to the Hungarian bid for NIS, the operator of the Balkan nation’s only refinery. Gazprom and Gazprom, two Russian companies, agreed in January to sell their 56% stake in NIS majority to MOL after the U.S. demanded that Russian shares be divested due to sanctions imposed by the U.S. over Moscow's involvement in the war in Ukraine. We had intensive discussions yesterday and the previous day with representatives of MOL. "We agreed on certain topics," Energy Minister Dubravka Handanovic, was...

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...

On Wednesday, the Russian state auction website showed that they had failed to sell 67.2% of the gold producer Uzhuralzoloto which it had taken 'from its owner' last year. According to the website, the auction was declared null and void because no bidders had been cleared to participate. Also, no deposit had yet been paid for the single bid made by businessman Mikhail Pimulin. The Russian federal property management agency has yet to announce whether or not it will be holding another auction. Last July, a Russian 'court' ruled that the UGC majority stake owned by the businessman Konstantin Strukov...

The central bank's strict monetary policy was criticized by some of Russia's wealthiest businessmen on Friday. One said that it had created "a trap" for the Russian economy. This is the most public criticism of the financial authorities?since a?rate increase in 2024. The economic growth will slow down to 0.4% this year from 4.9% last year due to high rates, an overvalued ruble, and Western sanctions. Government measures are unlikely to have a significant impact on growth. Since 2022, most of Russia's billionaires supported President Vladimir Putin in his war against Ukraine despite Western sanctions that prevented them from accessing...

Russian financial authorities created a "trap" for the Russian economy with their tight monetary policy, forcing it into stagnation. This was their most public criticism since an interest rate increase in 2024. The economic?growth will slow down to 0.4% in this year, from?4.9% last year, due to high interest rates, an overvalued ruble, and Western sanctions. Government's proposed measures won't provide much of a boost. Since 2022, most of Russia's billionaires supported President Vladimir Putin in his war in Ukraine despite Western sanctions that prevented them from accessing their luxury yachts and properties in Europe and North America. The war...

Indonesia's Nickel Industry Group FINI reported that production capacity utilisation in?rotary kiln-electric furnace (RKEF smelters) in the country has dropped from 84% last yea after nickel ore quotas?were cut. Indonesia's 'energy ministry' has cut the 'nickel 'ore production quota for 2026 from 320 million to 260 millions metric tons. This is below FINI estimates of 340 to 350 million tons in demand this year, and the 320 to 270 million tons produced last year. Arif Perdana kusuma, FINI's chairman, said that "several lines of production" in South Sulawesi & Central Sulawesi... essentially reduced production to less than half capacity. Arif...

The owner of Russian Platinum said that the company plans to begin production at its Arctic polymetallic project by November. Only Nornickel, a metals giant in Russia, produces platinum group metals. Russian Platinum originally planned to start the first stage of its project in 2024 but had to postpone it because they couldn't get equipment due to Western sanctions. Musa Bazhaev, at the St Petersburg Economic Forum, said: "We expect our first production in November of this year." The company has licences to mine the Chernogorskoye deposit, and the southern portion of the Norilsk-1 deposit. These deposits contain copper-nickel ore...