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Asian markets struggle to recover as Wall Street recovers
Asian stocks recovered in the early trading on Tuesday. There was a mixed recovery across regional equity markets, following signs that trade talks between the U.S. MSCI's broadest Asia-Pacific share index outside Japan rose 0.5% last, while S&P 500 Futures gained 0.3%. This extended the recovery from Monday's Wall Street session after U.S. Treasury Sec. Scott Bessent stated that U.S. president Donald Trump is still on track to meet Chinese President Xi Jinping at the end of October in South Korea. Wall Street's major indexes After Trump's more conciliatory remarks about the U.S. China trade tensions, chipmakers led to a 2.2% increase in Monday's closing prices. The market's gains were reversed abruptly on Friday, after Trump announced 100% tariffs against China. This brought back memories of the volatility that followed April's "Liberation Day". The selloff was only stopped after Trump's conciliatory message on Truth Social. Citi analysts stated in a report that they did not anticipate an escalation in trade tensions between Beijing & Washington. The U.S. might have to adjust its negotiation strategy because China is the only country that has bargaining power. The Kospi index in South Korea gained 1% and Taiwanese shares increased 2.2%. Samsung Electronics projected that its third-quarter operating profits would increase by 32% from the year before, exceeding analysts' expectations as demand for conventional memories chips helped offset weaker sales of high bandwidth memory chips. The Nikkei index of Japan fell 1.2% last time the markets opened after a long holiday. Australian shares also declined 0.1%. The U.S. Dollar was up by 0.1% against the yen at 152.40yen. Last trading, the dollar index, which measures greenback strength in relation to a basket six currencies, stood at 99.289. The Federal Reserve is expected to ease interest rates later in the month, according to traders. According to CME Group’s FedWatch tool, the pricing of Fed funds futures indicates a 97.8% chance of a 25 basis-point cut in interest rates during the Federal Open Market Committee meeting on October 29. This is compared to a 98.3% probability a day before. After French President Emmanuel Macron refused to resign, the euro barely changed at $1.1566. His latest government is threatened by two motions of no confidence that could topple it by the end this week. Brent crude last rose 0.4% to $63.56 a barrel, after an OPEC Report on Monday revealed that world oil supply will closely match demand in the next year, as OPEC+ increases production. This is a significant change from last months outlook, which predicted a shortage of supply by 2026. Gold rose 0.7% to $4138.39 an ounce. The precious metals are continuing to break records. Bitcoin fell 0.9% to $114,789.90 while Ether dropped 1.5% to $42,314.
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As tensions between the US and China ease, oil prices are on the rise.
Early signs of a thaw between U.S. and China trade tensions helped to boost market sentiment on Tuesday, easing concerns about global fuel demand. U.S. Treasury Sec. Scott Bessent stated on Monday that President Donald Trump is committed to meeting Chinese president Xi Jinping later this month in South Korea as both countries attempt to deescalate tensions regarding tariff threats and export control. He said that the two sides had been in contact over the weekend, and that more meetings are expected. Brent crude futures were up 18 cents or 0.28% to $63.50 per barrel at 0000 GMT. U.S. West Texas Intermediate crude rose 16 cents or 0.27% to $59.65 per barrel. Brent closed 0.9% higher in the previous session and U.S. WTI ended up 1%. Oil markets have historically been buoyed by the prospect of better trade relations between two of the largest economies in the world, as investors expect stronger global growth. Recent developments such as China's increased export controls for rare earths, and Trump's threat of 100% tariffs on software and export restrictions beginning November 1 have dampened sentiment. Last week, the oil price posted weekly losses. It reached its lowest level since May. Trump also questioned a possible meeting between Xi and Trump during the Asia-Pacific Economic Cooperation summit (APEC), scheduled to take place in South Korea from October 30-November 1. He said on Truth Social, "there seems to be no need to do this." Geopolitics is expected to continue to dominate the headlines, despite the fact that the markets' sell-off now appears to be limited due to Washington and Beijing adopting a more conciliatory tone. Daniel Hynes is an analyst with ANZ. He wrote in a report that "the oil industry continues its geopolitical navigation." "China announced it would tax U.S. ships that arrive at its shores including oil tankers." Hynes said that this led to several cancellations at the last minute and an increase in shipping costs. Trump, who on Monday announced the end of a two-year Gaza war which has shook the Middle East in general and impacted the stock market, also limited the upside. In its latest monthly report, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, said that the shortfall in oil supply on the market will decrease in 2026 as the broader OPEC+ coalition moves forward with planned production increases.
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Banks drag Australian shares and overshadow mining record
The Australian share market edged down on Tuesday, as a decline in banks overshadowed a record-high in mining stocks. Rio Tinto, however, hit a new two-week-high after the miner announced a sequential 6% increase in its third quarter iron ore shipment, just missing expectations. By 0007 GMT, the S&P/ASX 200 index had fallen 0.1% to 8,877.80. The benchmark index ended Monday 0.8% lower. The local mining index rose 3.5%, reaching a new record high. This was due to higher iron ore prices. Positive data overshadowed concerns about renewed Sino-U.S. tensions. Rio Tinto's shares rose as much as 3,8%, as the company's copper production surpassed its full-year projection. However, it warned that a strong quarter in the fourth quarter would be needed to achieve the lower end of the annual target for iron ore shipment. BHP and Fortescue, two of its peers, rose by 2.9% and 2.6%. Gold stocks rose 4.1% and reached a new record as bullion broke through the $4,100 mark for the first-time on renewed U.S. China trade tensions. The gold miners Northern Star Resources (Northern Star Resources) and Evolution Mining (Evolution Mining) both added 4,1% and 3,8% respectively. The benchmark was weighed down by the banks, which fell as much as 1,4%. Three of the "Big Four'" banks lost between 1,7% and 1.8%. The sub-index for real estate fell by 1.3%, while discretionary stocks dropped 1.8%. Local traders are eagerly awaiting the unemployment statistics, which will be released on Thursday, to determine what interest rate decision the central bank will make. The benchmark S&P/NZX50 index in New Zealand fell by 1%, to 13,224.46. The Reserve Bank of New Zealand announced that it would ease restrictions on mortgage loan-to value ratios as of December 1, as house prices have now fallen to a level within which they can be considered sustainable. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Alan Barona)
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Report: World falling behind deforestation targets with farms and fires driving the loss
According to the 2025 Forest Declaration Assessment, the world is far behind its global goal of reversing deforestation in 2030. The losses are primarily driven by agricultural expansions and forest fires. In 2024, the report stated that the world lost permanently 8.1 million hectares of forest (about 20 million acres), an area roughly the size of England. This puts the planet 63% below the goal set out by 140 countries in their 2021 Glasgow Leaders' Declaration on Forests and Land Use. Climate Focus, a consultancy, coordinated the Forest Declaration Assessment, which brings together think tanks, advocacy groups, research organizations and non-governmental organisations. The Amazon rainforest was particularly affected, and will release nearly 800 million tons of CO2 in 2024. "Major Fire Years Used to Be Outliers. Now They're The Standard" Erin Matson is the lead author of Forest Declaration Assessment. She said that these fires were largely caused by humans. They're related to land clearing and climate change-induced dryness, as well as to a lack of law enforcement. In previous reports, it was also revealed that Amazon fires caused unprecedented forest losses. Brazil led the tropical forest loss while Bolivia saw its forest loss increase by 200% between 2024 and 2026. The global forest assessment of this year also revealed that permanent agriculture was responsible for 86% of global deforestation on average over the past decade. The report also listed coal and gold mining as major sources of deforestation. Matson added that over $400 billion of agricultural subsidies is driving deforestation. She said that the incentives were "completely backwards", noting that international public financing for forest protection, restoration and conservation averaged only $5.9 billion per year. The report estimates $117 billion up to $299 billion of financing will be needed to achieve the 2030 goals. Matson, who is a member of the Brazilian delegation to the COP30 (the United Nations Climate Change Conference) that will begin in Brazil in November, points out the proposed Tropical Forest Forever Facility. This facility aims to raise $125 Billion in funding to support long-term forest financing as a means to stem forest losses. The fund would be funded by private investors and governments. It could distribute $3.4 billion per year, with 20% of that going to local and indigenous communities. Matson stated that a successful launch by the Tropical Forest Forever Facility (TFFF) could help to provide long-term, reliable financing to keep forests standing. "So, looking at the deforestation picture globally, it's dark. But we might be in the darkness just before dawn," Matson said.
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Rio Tinto expects a strong Q4 in order to meet its annual iron ore production forecast. Copper is gaining steam
Rio Tinto on Tuesday reported softer-than-anticipated third-quarter iron ore shipments and warned it would require a vigorous year-end push to attain the lower end of its annual target, even as copper output races to the top of its forecast. Four cyclones disrupted the schedules Early this year Rio Tinto forecasts its 2025 iron-ore shipment at the lower end its range of 323 million to 338 millions tonnes (Mt). Rio Tinto said that the cyclones had impacted 13 Mt of shipments during the first quarter, and was on track for about half to be recovered. Visible Alpha's consensus estimate for the third quarter was 85.5 Mt. This is a slight under-estimate. As Rio reallocated materials from its SP10 product, the company saw a 50% increase in quarterly shipments of its newly introduced 60.8% Pilbara Blend. SP10 only accounted for 9% of the total shipments in this quarter. This is a sharp drop from 29% during the previous period. This was the first quarter under the new CEO, Simon Trott. He is the former head of iron ores. In August, he announced the simplification of the structure of the company into three divisions, global iron ore and aluminium, lithium and copper. Rio Tinto, like its competitors, is increasing the production of copper. Copper is expected to become more in demand as we transition to cleaner forms of energy. Rio is on track to increase copper production by over 50% this year as a result of the increased output at the Mongolian mine. On the back of the strong performance at Amrun, the miner reported its second consecutive record quarter in bauxite output. It also raised its full-year estimation to a range between 59 Mt and 61 Mt. (Reporting by Rishav Chatterjee & Rajasik Mukherjee in Bengaluru; Editing by Pooja Desai)
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Backwardation in US oil futures narrows to a 20-month low amid fears of a glut
The front-month U.S. Crude Oil Futures contract ended Monday's trading with the smallest premium over the seven-month contract since January 2024, as OPEC+ increases supply and seasonal refinery maintenance pressures the demand for immediate barrels. The market term for immediate delivery fetching a higher premium than later deliveries suggests that investors are losing money by selling their oil on the spot market, as the near-term supply appears to be abundant. For the first time since January, U.S. crude oil futures would be in a contango if the spread reversed from a premium into a discount. WTI crude futures settled for November delivery at $59.49 a barrel on Monday. The May 2026 contract settled for $59.02 a barrel, creating an additional 47 cents per barrel for the prompt barrels The narrowest since last January 16th. Andrew Lipow, President of Lipow Oil Associates, said that the narrowing of the gap is indicative of an excess of supplies in the short term and then a concern about tightening of supplies when future demand increases. Lipow said, "We're seeing an increase in supply from OPEC+. This, combined with reports that more oil is in floating storage, puts pressure on the curve at the front, along with seasonal refinery maintenance. OPEC+ (the Organization of Petroleum Exporting Countries plus its allies) has increased their oil production targets this year by over 2.7 million barrels a day, which is equivalent to around 2.5% of the global demand. This has stoked supply glut concerns. Shohruh Zhritdinov said that this is flattening WTI's curve, as the market now prices in less tightness for early 2026, according to a Dubai oil trader. According to the Energy Information Administration, the average U.S. refinery usage for a four-week period fell to 92.5%, its lowest level since the first half of June when the U.S. driving season began. Zukhritdinov stated that "physical builds and refinery delays equate to a lower need to pay for prompt barrels." (Reporting and editing by David Gregorio in Houston, Georgina McCartney from Houston)
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Gold reaches $4,100 on the back of trade tensions and rate-cut optimism
On Monday, gold broke through $4100 per ounce, a new record, on renewed U.S. China trade tensions, and on expectations of U.S. rate cuts. Silver also reached a new high. As of 01:47 pm, spot gold had risen 2.2%, to $4,106.48 an ounce. After hitting a new record of $4,116.77 at 1747 GMT ET (1747 GMT), spot gold was up 2.2% to $4,106.48 per ounce. U.S. Gold Futures for December closed 3.3% higher, at $4133. Gold prices have risen 56% in the past year, and last week they reached the $4,000 mark for the first. This is due to factors such as geopolitical uncertainty, economic concerns, and expectations of U.S. rate cuts. Central bank purchases are also a major factor. Gold could continue to rise. "We could see prices above $5,000 by 2026," said Phillip Streible. Chief market strategist at Blue Line Futures. Streible said that the structural support of the market is provided by steady central bank purchases, strong ETF inflows as well as U.S. China trade tensions. The geopolitical front saw U.S. president Donald Trump reinitiate trade tensions with China, ending a tense truce between two of the world's largest economies. While traders price in a 97% chance of a Federal Reserve rate reduction in October, and a 100% probability for December. Gold is a non-yielding investment that tends to perform well in low interest rate environments. Standard Chartered's forecast for next year has been raised to $4,488 on average. Standard Chartered Bank's global head of commodities research, Suki Cooper said: "We believe this rally will continue, but a short-term correction is better for a long-term trend." Spot silver climbed 3.1% to $51.82, reaching a record high earlier in the session of $52.12. This was boosted by the same factors that supported gold and tightness on the spot market. Technical indicators indicate that both gold and silver are overbought. The relative strength index (RSI), which measures the relative strength of the two metals, is 80 for gold and 83 in the case of silver. Palladium rose 5.2% to 1,478.94, while platinum gained 3.9%. Reporting by Noel John in Bengaluru, Pablo Sinha, Sherin Elizabeth Varighese, and Kavya Varghese; Additional reporting and editing by Joe Bavier and Alexander Smith; Shreya Biwas.
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Officials say that 19 people were killed by rebels affiliated with the Islamic State in eastern Congo.
Two local officials reported on Monday that suspected Islamic State-backed terrorists killed 19 civilians during an overnight attack in eastern Congo. This has exacerbated the insecurity of this mineral-rich area. Alain Kiwewa is the Lubero territory military administrator, where Mukondo lies, and he told reporters that the death toll may rise. The ADF has not immediately claimed responsibility. Also known as the Islamic State Central Africa Province, (ISCAP), it has been responsible for several attacks in recent weeks, including a September attack on a funeral in which more than 60 people were killed. ADF could not be reached for comment immediately. Assailants from Mukondo were wearing uniforms that looked like those of the Congolese Army, which enabled them to enter Mukondo without being noticed. The attackers then used guns, knives, and clubs to attack people, according to a local priest who refused his name out of security concerns. Espoir Kambale, a leader of the civil society in the region, put the death toll at 19. He also said that eight people were injured and 26 homes had been burned. Kambale said, "We ask ourselves how the terrorists came and attacked us when we thought the village was secure." The population is in a panic. "Some residents fled to the bush and never returned." The ADF began as a Ugandan rebel force, but is now based in the Congolese forests since the late 90s. It has also been recognised as an affiliate by the Islamic State. The recent attacks by the M23 rebels, who are backed by Rwanda, have increased security concerns in eastern Congo. This has prompted U.S. president Donald Trump's administration, to attempt to broker peace. Reporting by Congo Newsroom; Writing by Ayen deng Bior; editing by Rob Corey-Boulet, Lisa Shumaker and Lisa Shumaker
The Russian billionaires whose chemical factories fuel Russia's war machine
Chemicals factories founded or owned by a few of Russia's wealthiest men are supplying components to plants that manufacture explosives utilized by Moscow's military throughout the war in Ukraine, an analysis of train and financial data shows.
Reuters determined five chemical companies, in which 5 Western-sanctioned billionaires hold stakes, that offered more than 75% of the key chemicals delivered by rail to some of Russia's biggest explosives factories from the start of the war up until September this year, according to the railway information.
The news agency's analysis shows for the very first time how heavily factories forming part of Russia's war device rely on these men and their business. The billionaires consist of Roman Abramovich, former owner of Chelsea Football Club, and Vagit Alekperov, who was ranked by Forbes in April as Russia's richest male with a fortune estimated at $28.6 billion.
Abramovich and Alekperov did not react to requests for remark sent via their business or attorneys. London-listed Evraz, in which Ambramovich holds a 28% stake, stated it provided the chemicals for civilian use only. Lukoil, a refiner in which Alekperov retains a shareholding, stated it does not manufacture dynamites or any related elements.
Anna Nagurney, a University of Massachusetts professor who carefully studies supply chain networks related to the Ukraine-Russia war and examined Reuters' findings, stated the five companies were aiding Moscow not only by offering essential chemical ingredients for munitions however also by earning much-needed hard cash from exports of civilian products, including fertilizers.
These chemical business might be running as civilian ones, but they are sustaining the war effort, Nagurney said.
To determine from where Russia's main munitions factories got their supplies, Reuters analysed the motion of more than 600,000 rail deliveries that brought the chemicals needed to make explosives from the intrusion of Ukraine in February 2022 through September 2024.
The railway information from two industrial databases in Russia was supplied to Reuters by the Open Source Centre, a British-based NGO devoted to collecting publicly-available intelligence and keeping track of possible sanctions infractions. It detailed the type of freight in every train wagon, the weight, origin and location, and the names of the company that sent the goods and the business that got them.
Reuters cross-checked the data from the two databases to confirm its accuracy. Nevertheless, the news company was unable to validate whether the information included every rail shipment to the dynamites factories, or the extent to which the plants got deliveries by road.
The information showed that the billionaires' companies provided essential active ingredients to 5 explosive and gunpowder factories in Russia that are subject to Western sanctions. The plants are subsidiaries of the giant Russian state arms manufacturer and car manufacturer Rostec.
Utilizing leaked tax billings covering parts of 2023, Reuters was likewise able to confirm that four of the chemicals firms were suppliers to 4 of the explosives producers.
Neither the Kremlin, the defence ministry, nor Rostec responded to Reuters' questions about civilian companies' role in providing Russia's munitions industry.
Before the war, all the explosives plants, as part of efforts to diversify, likewise utilized to make dynamites or gunpowder for civilian use. Reuters could not determine whether such civilian sales continue and whether the chemicals supplied might be earmarked for civilian usage.
Thomas Klapotke, a teacher of energetics at the University of Munich, who helped Reuters analyse the data, said that, while all the raw materials had numerous possible usages, the combination of wagon-loads of particular chemicals needed for explosives making reaching particular plants provided red. flags.
The analysis provides fresh proof that the West's. strategy of imposing sanctions on Russia as punishment for its. invasion of Ukraine has failed to suppress its military production,. according to numerous professionals talked to .
While the billionaires themselves are all under Western. sanctions, the chemical companies included have mainly escaped. major financial penalties or restrictions on their import of critical. products from the USA or the European Union.
The majority of the output of these chemical plants are civilian. items like fertilizer that are crucial to farming. Long-standing Western policies exempt food from sanctions to. prevent starvation and diplomatic blowback from developing countries.
Peter Harrell, a previous senior White Home authorities who. worked on Russia sanctions during the war's very first year and is. now a scholar at the Carnegie Endowment for International Peace,. said possibly it's time to review those 2022 choices now that. nations that when relied on Ukraine and Russia for wheat and. fertilizer have had time to find alternative sources.
Potentially, the calculus would weigh towards imposing. sanctions on these companies today, Harrell said, discussing. Reuters' findings.
Nevertheless, Manish N. Raizada, an agriculture professor at the. University of Guelph in Canada, warned that imposing sanctions. on Russian chemical business might put numerous millions of. small-scale farmers at risk, in return for a minor economic. effect on Russia.
Spokespersons for the U.S. Treasury Department, which. coordinates Washington's sanctions, and the United Nations. Advancement Program declined to talk about Reuters findings.
A European Commission representative, in response to concerns. about the chemicals companies, said: We are actively exploring. the possibilities for extra procedures to step up pressure. and close loopholes in a way that would prevent unfavorable. implications for food security.
The spokesperson worried that any action would only come. after cautious analysis of the efficiency of any procedures and. their impact on European business. Nevertheless, he noted that EU. sanctions would currently use to the business, even if they. were not particularly designated, if they were controlled or. owned by a sanctioned person.
ARTILLERY WAR. The war in Ukraine has become an artillery duel where a scarcity. of high explosives offered to NATO and Ukraine has enabled. Russian forces to get swathes of territory this year, according. to numerous Ukraine commanders interviewed .
Moscow is investing heavily in military production and. looking for to replenish its munitions stockpiles. In 2024, Russia. produced about 2.4 million weapons rounds and imported 3. million from North Korea, according to a Ukraine security. official. The North Korean embassy in London didn't return calls. from Reuters looking for remark.
The 5 munitions plants supplied by the billionaires'. companies include the huge Sverdlov center in Dzerzhinsk. The plant is the only considerable maker in Russia of the plastic. explosives HMX and RDX used in weapons and rockets, according. to a Ukrainian intelligence authorities.
Two factories run by Eurochem - established by Russian. billionaire Andrey Melnichenko - supply chemicals to Sverdlov,. according to the train information.
Eurochem is one of the world's biggest producers of. mineral fertilizers. Its Nevinnomysskiy Nitrogen plant in. southwest Russia has actually sent out at least 38,000 metric lots of acetic. acid to Sverdlov during the Ukraine war, according to a Reuters. analysis of the train data.
A second Eurochem facility, Novomoskovskiy Nitrogen sent. almost 5,000 metric lots of nitric acid to Sverdlov in the same. duration, the train data revealed.
Both acetic acid and nitric acid are used to make HMX and. RDX.
According to Reuters estimations, based on clinical. literature and evaluated by an explosives professional, 5,000 tons of. nitric acid could be used to make 3,000 lots of RDX, enough to. fill 500,000 large-calibre artillery shells.
The tax invoices reviewed verified that Eurochem. was a provider to Sverdlov last year.
In action to comprehensive questions, Eurochem stated Reuters'. reporting consisted of numerous product accurate errors. Specifically, EuroChem is not part of the defence sector of the. Russian economy and none of our items are developed for. military purposes, checked out a declaration from the business, which is. headquartered in Switzerland. Eurochem stated that any suggestion. Melnichenko controlled the business was false.
Melnichenko did not react to concerns. The billionaire,. stated by Forbes to be worth $17.5 billion, positioned his controlling. stake in Eurochem into a trust that benefits his spouse, as. Reuters has reported, after the imposition of sanctions on him. by the EU and Nato following the intrusion of Ukraine.
The declaration said that while 97% of its output is. fertiliser, Eurochem supplies other industrial items,. including these chemicals, to a wide variety of clients in Russia. and abroad. The business didn't answer Reuters' questions about. the chemical deliveries to Sverdlov. Questions sent out to the e-mail. address on Sverdlov's website went unanswered.
TAX DATA
Another fertilizer giant, Uralchem, founded by approved. billionaire Dmitry Mazepin, supplied Sverdlov more than 27,000. metric tons of ammonium nitrate, the train information revealed. Ammonium nitrate is utilized to make HMX and RDX, and is likewise blended. with TNT to produce an explosive called Amatol. Uralchem likewise. supplied 6,000 metric lots of nitric acid from its nitrogen. fertiliser plant in Berezniki to Sverdlov, the information revealed.
Two other state-owned munitions plants, the Tambov Gunpowder. Plant and Kazan Gunpowder Plant, got shipments of acids. from Uralchem, the rail information revealed.
The dripped Russian tax billings, evaluated , likewise. revealed that Uralchem supplied the Sverdlov, Tambov and Kazan. factories along with the state-owned Perm Powder plant last. year.
Asked in information about the shipments, Uralchem said the. info was inaccurate. It did not provide more information. or description.
Mazepin, who reduced his ownership of the company from 100%. to 48% simply after the invasion of Ukraine, couldn't be reached. for comment. The Tambov, Perm and Kazan plants didn't reply to. concerns sent out to email addresses noted on their sites or on. corporate filings.
A steel plant in Siberia owned by London-listed Evraz. provided 5,000 metric tons of toluene-- an ingredient for TNT -. to the Biysk Oleum Plant, according to the rail information. Evraz was. sanctioned in 2022 by the British government which stated it. provided steel to the Russian armed force.
In a statement, Evraz said it just provided toluene for. civilian usage only. The Biysk Oleum plant, a system of Sverdlov,. didn't react to requests for remark.
In April 2024, the federal government of Altai region, which. includes the city of Biysk, noted the plant amongst manufacturers. that substantially increased their 2023 production in. fulfilment of state defence procurement agreements.
Reuters determined 2 other billionaire-linked companies. providing chemicals to munitions factories. The Sredneuralsk. Copper Smelting Plant (SUMZ) in the Ural mountains, founded by. metals mogul Iskander Makhmudov, provides oleum - likewise known. as fuming sulphuric acid - utilized in the Tambov, Kazan, and Perm. powder plants.
The Lukoil refinery in Perm provided 6,500 metric lots of. toluene to the Perm powder plant, Kazan, and Biysk. Lukoil is. part-owned by billionaire Alekperov, the business's previous. president. Like others, he divested many shares in 2022 however. kept an 8.55% stake.
The tax invoices examined revealed that the Lukoil. plant was a supplier to the Perm powder plant in 2015. They. also file shipments from SUMZ to the Kazan and Perm plants.
In a declaration, Lukoil stated its Perm refinery does not. manufacture explosives or any associated elements which. questions from Reuters about deliveries from there included. absurd speculations.
SUMZ did not react to in-depth questions. Its parent. company, UMMC, which is under sanctions by the United States and Britain,. did not react to an ask for comment. Makhmudov, who. divested his managing stake in 2022, according to Forbes,. likewise could not be grabbed comment.
(source: Reuters)