East European Countries








Energy Markets

Oil & Gas

Oil & Gas

U.S. criticizes Russia for inflaming WW3 fears following Trump's "playing with Fire" remark

Keith Kellogg - the envoy of U.S. president Donald Trump - scolded on Wednesday, a Russian official, for inciting fears of a third world war after Trump warned that President Vladimir Putin "played with fire" regarding Ukraine. Trump warned that Russia would have suffered "REALLY BAD things" if not for Trump's post on Truth Social. What Vladimir Putin does not realize is that without me, a lot of bad things, and I do mean BAD, would have happened in Russia. Trump stated in a Truth Social posting on Tuesday that "He's playing with flames." Former president Dmitry Medvedev dismissed Trump's...

Natural Gas Utilities

Gazprom, the Russian energy giant, has scrapped its dividend due to high interest rates

Gazprom, the state-owned Russian energy giant, announced on Thursday that it had decided not to pay a dividend for 2024's results. This was in accordance with the position of the government and despite last year's return to profitability. The government is not helped by the absence of dividends, since it owns just under half of the share capital. It faces a number challenges, including falling oil and gas revenue, rising inflation, increased military spending, and a budget gap. Gazprom shares fell 4.42% to 130.5 roubles at the Moscow Stock Exchange as of 1335 GMT after the announcement. According to the...

Oil & Gas

Ukraine wants G7 to lower price cap on Russian oil to $30 per barrel

Andriy Sibiha, the Ukrainian Foreign Minister, said that Ukraine wanted the Group of Seven Advanced Economies to lower its price limit on Russian oil shipped by sea to $30 per barrel. The G7's current price cap is $60 per barrel. This was imposed because of Russia's conflict in Ukraine. Sybiha, a journalist from Brussels, told reporters that the reasonable price cap for oil is 30 dollars. The European Union (EU) and Britain (UK) announced new sanctions against Russia on Tuesday. They said that the sanctions would target the "shadow fleet" in Moscow of oil tankers, financial firms and other companies...

Oil & Gas

How can Trump bring peace to Ukraine?

Donald Trump said that he would be meeting with the presidents from Russia and Ukraine to discuss stopping the "bloodbath" in Ukraine. What are the obstacles that the U.S. President faces when he is trying to negotiate a peace agreement with Russia and Ukraine? SECURITY GUARANTEE Ukraine, which has been subjected to a full scale invasion in 2022, and witnessed Russia annex Crimea, needs security guarantees from major powers, primarily the United States. Sources involved in the talks say that the problem is that a security agreement without teeth could leave Ukraine vulnerable. Diplomats talked about a "robust" security guarantee,...

Oil & Gas

Snakes and ladders in a potential Ukrainian peace deal

What are the possible contours of a peace agreement between Russia and Ukraine? SECURITY GUARANTEE Ukraine, which has been subjected to a full scale invasion in 2022, and witnessed Russia annex Crimea, needs security guarantees from major powers, primarily the United States. The Budapest Memorandum of 1994, in which the U.S., Russia and Britain agreed to refrain from using force against Ukraine and respect Ukrainian sovereignty was not enough for the Ukrainian government. The powers agreed to take the matter to the United Nations Security Council in the event of an attack on Ukraine. Sources involved in the talks say...

Renewable Fuels

HitecVision acquires a 50% stake in TotalEnergies' Polish biogas company

TotalEnergies announced on Wednesday that it has signed an agreement with Norwegian investment company HitecVision to sell 50% of Polish producer Polska Grupa Biogazowa. The French energy company stated that the agreement represents a value of 213.6 million euros (190 million Euros). Stephane Michel, TotalEnergies' President of Gas, Renewables & Power, said that the deal would help Polska Grupa Biogazowa continue its growth in Poland, where biogas development is booming. Erlend Elliottsen, CEO of HitecVision and Managing Director, said that the companies have complementary skills which they will use to "scale" PGB in the coming years, through greenfield projects, as...

Oil & Gas

Russian seaborne diesel exports fell in April, data shows

According to LSEG and market sources, the number of Russian diesel and gasoil seaborne exports decreased in April due to refineries performing seasonal maintenance. The industry also held back supplies for the expected increase in domestic demand over the summer months. Calculations based on LSEG data and other market sources showed that the total diesel and gasoil exported from Russian ports dropped to about 3.3 millions metric tons in March, a 10% drop. Shipping data shows that in April, the two main importers of Russian gasoil and diesel were Turkey and Brazil. Last month, diesel and gasoil exported from Russian...

Oil & Gas

Putin and Venezuelan Maduro sign a strategic partnership agreement at Moscow

In a ceremony broadcast on state television, Russian President Vladimir Putin signed a strategic agreement with Venezuelan President Nicolas Maduro. Interfax, a Russian news agency, reported that the two leaders also spoke about energy and oil in their meeting at Moscow. In the agreement, Russia & Venezuela stated that they would promote joint efforts within OPEC +, the Gas Exporting Countries Forum, and other organisations involved in the energy industry. The agreement stated that "the parties will promote an equitable and stable development of global markets for energy without using unfair competition instruments." The two companies agreed to work together...

Oil & Gas

Financial Times - May 7

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines After three years of negotiations, UK and India reach a trade agreement UK closes on US trade deal with lower tariff quotas and cars After rival complaint, a Czech court stops an $18 billion deal for nuclear reactors Brussels wants to force EU gas companies to reveal their Russian contracts View the full article Britain and India have signed a free trade agreement that has been long sought after. The tariff wars sparked by U.S. president Donald...

Oil & Gas

Uniper, a German company, has recovered more claims from Gazprom.

Uniper said Tuesday that it had recovered more claims from former Gazprom main supplier during the first quarter. This is the latest update in the ongoing legal dispute between the two groups. According to EU officials, the news comes at a time when the European Union will publish plans to phase out the remaining gas supply agreements with Russia in the bloc by the end 2027. Uniper is locked in a legal battle with Russia's Gazprom. The two have been at odds since the delivery of its natural gas stopped in 2022. This forced Berlin to bail out the German...

Oil & Gas Refining

Data shows that the price of oil in Russia is at a two-year low and 40% below the budgeted amount.

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...

Oil & Gas

Low oil prices raise Russia's deficit forecast for 2025 by three times due to the low price risks

The Russian Finance Ministry increased the estimate of the budget deficit for 2025 to 1.7% of the gross domestic product (GDP), from 0.5%, after reducing energy revenues by 24% in anticipation of a prolonged low oil price period. The ministry reduced the forecast for 2025 oil-and-gas revenues to 8.32 trillion Russian roubles ($101.47billion) or 3.7% GDP, from 10.94 trillion Roubles or 5,1% GDP. The ministry also increased spending by 830 billion Russian roubles. In 2025, the Russian government will have increased its state expenditures on national defense by a quarter to 6,3% of the gross domestic product (GDP), which is...

Fossil Fuels

Electric Utilities

Polish utility PGE Q1 profits jump on lower CO2 emissions costs

PGE, Poland's largest energy utility, reported on Tuesday a core profit of 4,33 billion zlotys (about $1.16 billion), up 71% from the previous year. This was primarily due lower CO2 emissions costs and regulatory revenue increases. The results are in line with preliminary estimates that were reported by the company in mid-May. Why it's important PGE, along with other Polish utilities is experiencing structural changes in the energy landscape of Poland as renewables slowly replace coal, which has long dominated. According to data from the Forum Energii think tank, coal's share of Poland's electricity generation fell to 57.1% by 2024....

Fossil Fuels

Orlen's net profit for the first quarter of Poland's year increases on upstream gains

Orlen, a Polish energy company, posted a 54% increase in its first-quarter profit on Thursday. Strong upstream performance offset lower sales and refinery margins. Analysts polled predicted that the company would earn 4.67 billion zlotys for the third quarter, but the actual result was 4.28 billion. Last year, the upstream segment was hit with a 7.7 billion zloty one-off write-down after the Polish government implemented a windfall to fund energy prices freezes for selected consumers. Orlen's core profits rose by 33%, to 10.17 billion Zlotys. This is a significant increase compared to analysts' expectations of 10.74 billion Zlotys. Operating profit...

Fossil Fuels

Rosneft has taken control of Russia's biggest rare earth deposit.

Rosneft, Russia's biggest oil producer, has purchased Tomtor, which is the largest rare earth deposit in the country, according to a company registry published on Wednesday. This acquisition follows President Vladimir Putin’s request last year that the development of this field be accelerated. Tomtor is located in the northern part of Siberian Yakutia region. It's a major project for Russia to increase production of metals used in the defense industry, mobile phones, and electric cars. According to the official Russian state registry, Rosneft under Igor Sechin - a Putin ally for many years - gained complete control of Vostok engineering,...

Mining

Mineral Resources

Mineral Resources

Rosneft has taken control of Russia's biggest rare earth deposit.

Rosneft, the country's biggest rare earth metal deposit and largest oil company, acquired Tomtor on Wednesday after President Vladimir Putin urged the development of this field to be accelerated last year. Tomtor is located in the northern part of Siberian Yakutia region. It's a major project for Russia to increase production of metals used in the defense industry, mobile phones, and electric cars. Rosneft, according to the official Russian state registry, took control of Vostok engineering, the project operator, on May 20, 2018. Rosneft didn't immediately respond to a comment request. In November, Putin accused Tomtor's operator of delaying its...

Mineral Resources

Zelenskiy: A 30-day ceasefire will be a "real indicator" of progress towards peace

Volodymyr Zelenskiy, the Ukrainian president, said that in a phone call with Donald Trump on Thursday he had told him a 30-day truce was a real indicator of progress towards peace between Russia and the United States. Kyiv is ready to implement this ceasefire immediately. Zelenskiy talked to Trump during a three-day truce declared by Russian President Vladimir Putin, coinciding the commemorations of World War Two's 80th Anniversary of victory over Nazi Germany. Zelenskiy dismissed the three-day break as meaningless, and both sides accused each other of violating the rule. Zelenskiy stated in his video nightly address that "Ukraine will...

Mineral Resources

Chairman of VEB Development Bank, Russia, says that the bank will invest $42 billion for projects in China.

Igor Shuvalov, the head of VEB's Russian state-owned development bank, said that VEB will provide funding worth around 3.5 trillion Russian roubles (42.74 billion dollars) for joint projects between Chinese companies and Russian businesses. The two countries held discussions in Moscow on Thursday. China is Russia's largest trading partner. The increased trade between both countries has given Moscow an economic lifeline as it navigates the sweeping Western sanctions over its war with Ukraine. China has been increasing its exports, especially of cars and machinery to Russia. Vladimir Putin, Russian president, said that the comprehensive cooperation between Moscow and Beijing was...

Mineral Resources

Rosatom, the Russian nuclear company, has sued Finnish companies for $2.8 billion in relation to a nuclear plant contract

Rosatom, a Russian company, has filed a suit in Moscow against Finland’s Fortum and Outokumpu. The lawsuit demands 227,8 billion roubles (2.8 billion dollars) as compensation for losses resulting from the termination of the contract for the Hanhikivi-1 Nuclear Power Plant in Finland. The dispute between Rosatom and the former Finnish partners over the cancelled contract dates back to May 2022. This was when the Finnish partner terminated the contract shortly after the conflict in Ukraine 2022 began. They cited significant delays, risks of political nature, and doubts regarding the feasibility of the project. Rosatom, which announced its intention to...

Environment

Russia expects a shortfall in scrappage fees as the car market struggles

The Finance Minister Anton Siluanov said to reporters Tuesday that Russia expects revenues from the scrapping of cars to be well below budgeted levels in this year. This could lead to some projects being abandoned. Moscow planned to raise taxes this year on imported cars by doubling the scrappage fee for all manufacturers and increasing support from the state for locally made vehicles. In Russia, both domestic manufacturers and importers of cars are required to pay an scrappage fee to cover future costs incurred by the state for managing the process of scrapping. The decline in car sales has shattered...

Mineral Resources

Rosatom, the Russian nuclear company, has sued Finnish companies for $2.8 billion over a nuclear plant contract

Court documents and Rosatom’s statement indicate that Rosatom filed a lawsuit against Finland’s Fortum and Outokumpu in Moscow, claiming 227,8 billion roubles (2.8 billion dollars) as compensation for losses resulting from the termination of the contract for the Hanhikivi-1 Nuclear Power Plant in Finland. Rosatom, which announced its intention to seek compensation on Monday, is seeking compensation "for losses caused by the unlawful termination" of the EPC contract for the construction and operation of the nuclear power station, as well as "violations of shareholder agreements, fuel supply contracts, and refusal to repay loan". The contract for the construction of a...

Mineral Resources

Medvedev claims that Trump forced Kyiv into paying for US aid because of the Ukraine mineral deal.

Dmitry Medvedev, a senior Russian security official, said that President Donald Trump forced Kyiv on Thursday to pay for any future U.S. Military aid. The agreement, which was signed on Wednesday in Washington, gives the United States access to new Ukrainian mineral deals and funds investment in Ukraine's rebuilding. According to The Kyiv Post citing diplomatic sources the Trump administration informed Congress of its intent to approve the export of defense-related products into Ukraine via direct commercial sales exceeding $50 million, marking the first such step since Trump returned to the White House. Could not confirm immediately. "Trump has broken...

Mineral Resources

Kyiv is ready to sign a resource deal with the US, a government source in Ukraine says

A Ukrainian government source said that Ukraine was ready to sign an agreement with the United States on mineral resources. This could happen later today. The source stated, "I think that maybe the deal can be signed late in the evening Kyiv Time." Ukrainian officials are hoping that the signing of the agreement promoted by U.S. president Donald Trump will soften the American support for Kyiv during the war which was sparked by Russia's full scale invasion over three years ago. The Ukrainian government source confirmed that Yulia Shvyrydenko, first deputy prime minister of Ukraine, was traveling to the United...

Mineral Resources

Greece is expecting EU response to US tariffs. The economy can handle challenges, says PM.

KyriakosMitsotakis, the Greek Prime Minister, said that the economy could withstand new challenges posed by U.S. Tariffs. The country is awaiting a united European Union position on this issue. The financial markets were shook by Donald Trump's tariff plans after he warned that foreign governments would need to pay "a great deal of money" in order to remove the taxes he called "medicine". From Wednesday, the 27-nation EU will face import tariffs of 25% on steel, aluminium and automobiles and 20% unilateral tariffs for nearly all other goods. The EU is weighing up whether to approve a set of targeted...

Electric Utilities

Putin allows Armenian fund to buy Goldman Sachs shares in Russian public companies

According to a Wednesday decree, Russian President Vladimir Putin authorized Armenian investment firm Balchug Capital, to purchase shares held by Goldman Sachs Russian subsidiary, in nine major Russian companies, mainly in the energy sector. Balchug Capital, Goldman Sachs and other companies did not respond immediately to our requests for comments. Balchug Capital is The green light According to a separate order, the U.S. Bank will purchase Goldman Sachs’ subsidiary in Russia by January. This will allow the bank to exit the Russian market, and to extract some of the capital that is stuck there. Since the beginning of the Ukraine...

Mineral Resources

India launches antidumping investigation against met coke imports

A government notification states that India launched an anti-dumping investigation at the request of an industry group over imports from Australia, China and Russia of met coke (low-ash metallurgical or met coal). In a March 29 notice, the Commerce Ministry said that the Indian Metallurgical Coke Manufacturers Association requested an investigation into the imports. These imports have more than doubled in the last four years due to concerns about local companies. According to the notification, the trade body said that there was no difference between the quality of met coke imported from abroad and the domestically produced version, which is...

Mineral Resources

Tesla sales in France fall to the lowest level in four quarters

Elon Musk’s electric car brand's first quarter sales in France have been the lowest since 2021, according to data released on Tuesday. Tesla's sales have been in decline ahead of its much-anticipated Model Y midsize SUV launch. The billionaire CEO is a close ally to U.S. president Donald Trump and has courted far-right parties across Europe. Data from the French auto body PFA revealed that Tesla sold 3,157 cars in France in March, a drop of 36.83% from last year. This equates to 6,693 registrations for the first quarter. The PFA's share of the country's market dropped to 1.63% for...