East European Countries

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...

Serbia's energy minister said that it will present its final proposal to MOL on Friday regarding the Hungarian company's bid for NIS to be acquired by MOL, the operator of the Balkan nation’s only refinery. Gazprom and?Neft, 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. Washington has given MOL and the Russian companies until May 22 for the sale to be completed. This will require the Serbian government's...

The Russian Victory Day Parade will be the smallest in recent years due to the threat of an attack by Ukraine. Moscow's forces have been unable to win the war, which has been the deadliest European conflict for more than four years. The parade on Red Square, which takes place May 9, is Russia's most revered national holiday. It's an opportunity to commemorate the Soviet Union's triumph over Nazi Germany, and pay tribute to the 27,000,000 Soviet citizens who died, many of whom were Ukrainians. The parade, which was once used to display Russia's military might, including its intercontinental missiles...

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...

Volodymyr Zelenskiy, the President of X, wrote Sunday that Ukraine had hit a?oil facility?in Russia's Yaroslavl region and a?chemical plant?Azot?in the Tula region?overnight. Zelenskiy stated that the Azot facility was crucial for Russia's explosives manufacturing, and that attacks on Russian military logistics were also conducted in parts of Ukraine occupied by Russia. Zelenskiy, who frequently refers to Ukrainian strikes against Russia as "long-range" sanctions, said that Ukraine was executing its plan for?long-range sanctioning Russia and the tasks assigned regarding mid-range attacks in response to Russia's refusal?to end this?"war". Mikhail Yevryaev said that a massive Ukrainian attack on the region had...

Local authorities said that Ukrainian drones had hit a 'historic museum' in Sevastopol, in Russia-annexed Crimea. They also reduced the number nighttime trains as a result of the intensifying air strikes. The museum commemorates 1853-1856 Crimea War, which was fought between the Russian Empire (including the Ottoman Empire) and a coalition. In that war, Russia lost. Mikhail Razvozhayev - Sevastopol’s Russian-installed Governor – said via Telegram that the roof of the museum was on fire. He didn't provide any further details on the damage, or if there were casualties. "The enemy will be punished for this sacrilege!" Razvozhayev wrote in...

NATO fighter jets shot down on Monday a 'drone' that entered Latvian airspace from Russia, according to the Baltic nation's military. This is the latest incident in a long line of security incidents near Europe's eastern borders. The origin of the drone was not immediately known. In recent months, Ukraine has increased its long-ranged drone attacks against Russia, including the Baltic Sea region, where several Ukrainian military aircraft have entered the airspace of Finland and Latvia. In a social media post, the Latvian army stated that "Allied fighter 'jets successfully shot down a drone which was flying into Latvian Airspace!"...

The presence of military drones in the airspaces of Finland, Estonia Latvia and Lithuania is raising concerns that the conflict in Ukraine could spill over into NATO's northern border with Russia. Some of Ukraine's drones missed their targets, causing security warnings in neighbouring countries. In the case?Latvia it led to a collapse of government. Here is a timeline of recent drone incidents that have involved Finland and the Baltic States: Two Ukrainian military drones that strayed into Russia enter Estonia and Latvia on March 25. One drone crashes into a chimney near the Russian border at Estonia's Auvere Power Station,...

In a letter addressed to EU leaders, Ukrainian President Volodymyr Zelenskiy stated that a German proposal granting Ukraine "associate membership" of the European Union is "unfair",?because it would leave Kyiv with no voice within the bloc. German Chancellor Friedrich Merz suggested that Ukraine could participate in EU meetings, without voting. He said this would be a good interim step towards full membership. Zelenskiy responded in his letter?sent late Friday and reviewed by, stating that the removal of Hungarian prime minister?Viktor Orban, who was a staunch enemy of Ukraine's EU membership, following the elections last month created the opportunity to make...

A spokesperson for the European Commission said that it had proposed a nine month derogation on dealings with a Chinese semiconductor company listed in its 20th set of sanctions against Russia. The spokesperson stated that the company, Yangzhou Yangjie Electronic will remain on?European Union sanctions list, but the temporary reprieve?will allow automakers?to find alternative chip suppliers and?avoid?a "severe interruption"?. The EU will need to agree 'unanimously' on the proposed measure for it to come into effect. European automakers have become more dependent on Yangzhou Yangjie Electronic in order to replace products that were previously listed as being made by Chinese...

On Wednesday, the Kremlin called Lithuania's top diplomat's remarks "bordering on insanity", after he said that NATO must?show Moscow they are capable of penetrating Russia's exclave Kaliningrad. Kaliningrad is an exclave on the Baltic Sea coast that lies between NATO member Lithuania and Poland. It is home to around 1,000,000 people and is heavily military, as it serves as the headquarters for Russia's Baltic Fleet. Budrys' country, which is a staunchly allied ally of Ukraine in its fight against Russia, stated in an interview published by the Neue Zurcher Zeitung on Monday that "we?have to prove the Russians we are...

According to LSEG data and other market sources, Russia's seaborne exports of oil products rose 10% a month on average in the first fifteen days of May as key ports re-established fuel loadings. The release of fuel inventories accumulated during previous disruptions due to drone attacks was the main driver for fuel export growth, traders reported. However, May shipments were still limited by unplanned and seasonally-related refinery maintenance as well as rising domestic demand. Primorsk is the largest port in Russia for the export of ultra-low sulphur (ULSD) diesel. In the first half, it loaded 710,000 tons of ULSD, which...

Estonia's chief of foreign intelligence said that Russian President Vladimir Putin is limited in his options for a victory in Ukraine, as his military forces are unable to make significant progress on the battlefield and Western sanctions are eroding his resources. Kaupo Rosin is a leading'spy' on NATO’s eastern flank. He told us that Russia was losing more men in its?fifth full-scale year of war than they were recruiting. A general mobilisation, he said, would be unpopular and could undermine stability. "All these factors are creating a scenario where some people, including those at the highest levels in Russia, understand...

The National Crisis Management Centre of the Lithuanian government said that a suspected Ukrainian military drone crashed in Lithuania on Sunday. Reporters were told that the drone had not been detected upon its entry into Lithuania and it was not armed. The centre reported that the drone was found in the village of Samane. This is about 40 kilometers from the Latvian border and 55 kilometers from Belarus. Kyiv is yet to comment on this issue. Separately the 'Latvian Army' said that a drone alert had been issued Sunday morning along the border with Russia. NATO fighters from a Baltic...

Edgars Rinkevics, the Latvian president, proposed Andris Kubergs as the next prime minister after 'Evika Silina' resigned. Silina announced on Thursday that she would be stepping down. This caused the collapse of her entire coalition, just months ahead of an October election. Kulbergs will be able to take office as the leader of United List, the largest opposition bloc in Parliament if his cabinet and he are approved by lawmakers. "Given recent events, I believe the new 'prime minister' should come from the opposition parties," said?Rinkevics at a press conference. Silina fired Defence Minister Andris SPruds at the weekend, after...

?Poland's air force intercepted an?Russian reconnaissance aircraft in international waters of the?Baltic Sea. The Russian flight was deemed a provocative act and a potential threat. The machine flew in international airspace with its?transponders off and without a flight plan. The Polish army stated in a social media post that there was no violation to?Polish airspace. Defence Minister Wladyslaw KsiniakKamysz stated that flights without transponders could be a 'threat to other aircraft' and 'that its pilots would always respond immediately. "Our aircraft intercepted an Il-20 Russian reconnaissance aircraft in international waters of the Baltic Sea." "This is yet another aggressive act...