North Asia

Sberbank's finance chief said on Wednesday that the bank will lower its corporate lending growth forecast for 2026 due to the deteriorating financial position of its borrowers. Taras Skovortsov, CFO of Bank of Russia, told the Bank of Russia Financial Congress in St Petersburg that the country's largest lender had performed better than expected, but that the economy was slowing due to the ongoing conflict in Ukraine and the growth forecast for 2026 is only 0.4%. Skvortsov stated that "it is true?that we performed slightly better than anticipated in the first half. This is primarily due to interest income and...

Four industry sources reported on Wednesday that Kazakhstan agreed to provide 50,000 metric tonnes?of fuel to Russia as humanitarian assistance in July and August. Russia has been stricken by fuel shortages, long queues and soaring gasoline and diesel prices over the last few weeks, as Ukraine has attacked Russian energy infrastructure, including oil refineries, to undermine Moscow's funding for war efforts. Sources in the industry have said earlier that Russia began importing gasoline from India. In summer, the?Russians consume at least 110,000 tonnes of gasoline per day. Vladimir Putin said that Ukraine is trying to create discord among the Russians....

Two industry sources confirmed on Wednesday that Russia began importing gasoline by sea from India in an effort to reduce fuel shortages caused by Ukrainian attacks against its energy infrastructure. Fuel shortages have been felt in all 11 time zones of Russia, with long queues and record gasoline prices. The Kremlin announced on Tuesday that Russia is in contact with other nations and discussing the importation of fuel at reasonable prices. The Indian oil ministry and the Russian energy ministry have not responded to requests for comment. A source in the industry said that at least 60,000 tons of gasoline...

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....

Cuba's Foreign Minister said that the talks started earlier this year between Cuba and its long-time enemy the United States have stagnated, leaving little hope of an end to U.S. Sanctions that have?seiged the islands economy. Top diplomat?Bruno? Rodriguez said that U.S. Sanctions are "causing death" in Cuba, as the islands economic collapse and severe shortages in food, fuel and medicine make life on the island's 9 million residents nearly unbearable. At a Havana press conference, Rodriguez stated that "talks between Cuban and US have not progressed." "The US delegations' generally respectful conduct has been accompanied with constant threats against...

NORSI, Russia’s fourth largest oil refinery, and the second largest gasoline producer, suspended operations after an?Ukrainian?drone attack on Wednesday. This move is likely to worsen fuel shortages across the country, according to?two sources in industry? on Thursday. Ukraine has said that its campaign of drone strikes against Russian energy installations is aimed at reducing a major source of funding for war and bringing the conflict closer to Russians. The President of Russia, Vladimir Putin, has stated that such attacks on civil infrastructure are meant to create a rift among the populace. Sources said that the attack at NORSI damaged CDU-5,...

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,...

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...

Source: 'Indian miner IREL has been in 'talks with Rosneft about sourcing rare?earth -samples - from Tomtor, the Siberian deposit that the Russian oil company acquired last year. New Delhi is seeking to secure supplies of vital minerals dominated by China. Source: The talks take place via government channels. Samples will be processed in Russia and then shipped to India. The source who spoke under the condition of anonymity because the discussions were confidential said that India is keen to examine the mineral composition of deposit before considering further engagement. IREL, a state-owned company, is 'at the forefront of India’s...

Sources say that the Indian miner IREL has been in contact with Rosneft to source samples of rare earth minerals from Tomtor. This is the Siberian deposit purchased by Rosneft last year. New Delhi wants to secure supplies dominated by China. Source: The talks take place via government channels. Samples will be processed in Russia and then shipped to India. The source who was familiar with the issue and spoke on condition of anonymity because the discussions were confidential, stated that India would like to examine the mineral composition of the deposit prior to considering a deeper engagement. IREL, a...

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 U.S. House of Representatives approved legislation Thursday that would provide 'aid to Ukraine' and impose new Russian sanctions. This is the latest indication that Republicans are willing defy their party leaders and push back against President Donald Trump. The House passed the Ukraine Support Act 226-195. It had been pending for months. A few Republicans signed a petition with Democrats to force a vote. On Thursday, Democrats and 18 Republicans joined forces with one independent who usually votes along side them to pass the bill. This was the latest indication of a rift in the nearly unanimous support that...

Three sources told Reuters that OPEC+ countries are likely to agree on a 'further increase in their 'output targets for August, when they meet?Sunday. This will add supply at a moment of falling prices, as the Strait of Hormuz slowly reopens. Sources said that the target for August will be the same as it was for June and for July. OPEC didn't immediately respond to a comment request. All sources, who spoke under condition of anonymity, said that 'no decision has been finalized. Seven members of OPEC+ (which groups OPEC, Russia and other producers) have increased their 'output quotas between...

Asia's crude oil imports by sea rose slightly in June, but they remained near their lowest levels?in over a decade due to the Iran conflict which crimped Middle East shipments. Data from commodity analysts Kpler show that the top importing region is expected to receive 20,71 million barrels of oil per day in June. This is up a fraction from the 20.39 million barrels of oil per day in May and almost 2 million more than the 18,77 million bpd received in April. The imports of Asia remain well below the average 26.79 millions bpd for the three-month period prior...

Alexei Zabotkin said that the Russian economy will likely be affected by Ukrainian drone attacks against Russian oil refineries in the second half. Kyiv's increasing frequency of drone attacks has caused fuel shortages throughout Russia, the world's largest oil producer. Queues at petrol stations and restrictions on what each customer can purchase have been seen. Russia's refinery industry has reduced petrol production by 25% in the first half of this year, compared with last year. President Vladimir Putin asked officials to look for ways to boost the growth of the?Russian Economy. Zabotkin said to reporters that "of course,?the situation in...

Ukraine has hit two Russian oil refineries overnight in the regions of Krasnodar & Yaroslavl, said President Volodymyr Zelenskiy 'on Sunday. Kyiv is increasing pressure on Russia fuel supply by using its drone fleet. Fuel shortages have been caused by Kyiv's increasing frequency of drone attacks in Russia, which is one of the world's largest oil producers. Queues and rationing are seen at petrol stations. Zelenskiy posted on social media that "we continue our operations to weaken Russia's?ability to wage this war", adding that the refineries are?about 300km and 700km (190 miles and 430miles) from Ukrainian territory. Veniamin Kodratiev, the...

On Tuesday, Russian President Vladimir Putin said that Ukraine was attacking civilian infrastructures in Russia to try and destabilise the society. Ukraine's attacks against oil refineries has doubled since 2026. This has led to longer?lines in some areas and higher gasoline prices. Kyiv has said that its goal is to savage a 'key source' of war funding for Russia and to show Russians that the conflict is not a distant one. Putin made his first comments on the attacks, since Ukrainian drones struck a Moscow refinery a week ago. "Strikes on civilian infrastructure - what is their purpose?" "To destabilize...

Volodymyr Zelenskiy, the Ukrainian president, said that Ukrainian drones struck an oil refinery in Russia's Tyumen Region, located in western Siberia. This was more than 2,000 kilometers (1,200 miles), from Ukraine. He said that Ukraine has also developed long-range drones with a range of more than 3,000 kilometers. In his video message, Zelenskiy thanked the Ukrainian military's special forces for reaching Tyumen Region, Russia, and a?oil refinery. More than 2,000 kilometers from our state boundary. "This is effective work." Ukraine's military is engaged in a long-term campaign of?strikes against Russian targets. The focus has primarily been on the oil industry,...

Singapore's oil product inventories, Asia's main trading hub, remained near 13-year lows for a second consecutive week, mainly due to softer distillates and stable residual stocks. Official data on Thursday showed that middle distillates inventories had risen. Enterprise Singapore's data shows that onshore oil product inventories totaled around 35.26 millions barrels for the week ending 17 June, a slight increase from the 34.41million barrels of the previous week. Since the U.S. - Iran war began, oil stocks have been dwindling globally due to a lack of cargo shipments from the Strait of Hormuz as well as a reduction in existing...

Authorities?said Tuesday that a fire was caused by debris from a drone at an oil depot located in southern Krasnodar, Russia. They also?closed the local road linking the area with the Crimean Peninsula. The fire that broke out at the oil depot in the Poltavskaya region?of Krasnodar was not fatal, according to a telegram message from the regional authorities. The authorities said that they had closed a local route connecting the area to a regional road leading to a?bridge over the Kerch Strait? linking Crimea with the Krasnodar Region, which was built by Moscow following the annexation. The bridge is...

Kommersant reported that the Russian government had authorized a few oil refineries to produce gasoline and diesel fuel with lower environmental specifications for the domestic market. According to data compiled by, fuel shortages have been reported in Russia by media and social media users?in about a dozen different regions. Only two regions in Siberia, besides the Russian-held Crimea have confirmed shortages. Last week, Deputy Prime Minister Alexander Novak called for fuel market forecasts to protect against difficulties in fuel distribution. Ukraine has been targeting Russian refineries, fuel depots, and pipelines for several months in order to limit Moscow's financial support...

Witnesses reported that fuel stations in the Russian-held Crimean Peninsula?were?out of petrol on Thursday as the escalating Ukrainian campaign to cut off supply lines into the peninsula?. A? A witness in Sevastopol said that most petrol stations in the city were out of fuel. Supplies are struggling to keep up even with the recent rationing. Another said that in Yevpatoriya's resort town, there was a queue of people waiting outside the only petrol station. Ukraine has intensified drone strikes against supply lines for the peninsula that Russia captured from Kyiv in 2014. Local authorities have implemented fuel rationing, and some...

What are the four most important tech economies in the world - Japan, Taiwan, South Korea, and the U.S. - all sharing? They all love baseball. It's possible that this is more than just a coincidence. This raises questions about the prospects for two other baseball-loving countries: Venezuela and Cuba. The U.S. developed baseball in the mid-19th century, as a combination of rounders and cricket. Baseball is popular among those who have interacted with America for a long time, just as British sports are in Commonwealth countries. Baseball became popular in Japan, Taiwan, and South Korea after World War II,...

According to shipping data, and analysts, Iranian crude oil exports and condensate fell to their lowest levels?in six years?in?May. They were well below 300,000. barrels per day. This was mainly because of the U.S. Naval Blockade. The U.S. started enforcing its blockade in April, which choked Iranian exports. This is because the oil market has been facing a shortage of supply due to the Iranian closure of the Strait of Hormuz, cutting off exports from Saudi Arabia. Vortexa data indicates that Iran's exports in May averaged around 209,000 bpd, down sharply from the 1.34 million in April and almost 1.9...