North Asia

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...

The Russian economy is at risk from international trade wars triggered by protectionist policies in the United States, says the Economy Ministry. It published for the first-time its forecasts of high risks on Wednesday. This scenario projects the price of Brent crude to be $58.1 a barrel. It will then drop to $50 a barrel by 2026. The economic growth in Russia will be 1.8% compared to the 2.5% of the base scenario which is considered too optimistic by most economists. The ministry stated that the scenario "assumes an escalation in trade wars, and a significant slowdown of the global...

In an interview broadcast Sunday, Russia's Foreign Minister said that Russia would continue to target military sites in Ukraine, while Ukrainian President Volodymyr Zelenskiy reported 70 Russian attacks. Sergei Lavrov is the top diplomat in Moscow. He said that a deadly Russian phrase. Missile strike The attack on a Kyiv residential building last week did not target an "absolutely civil" target. Lavrov told CBS' "Face the Nation", in an interview taped Thursday, after the attack: "We will continue targeting the sites used either by the Ukrainian military or by mercenaries and instructors from other countries who are officially being sent...

Data from industry and trade sources revealed that the share of OPEC crude oil in India's imported oil fell to a new record low during fiscal year 2024-25, as refiners continued to gorge themselves on cheaper Russian oil, which was the number one oil supplier for New Delhi for a third consecutive year. India, which is the third largest oil consumer and importer in the world, has been buying Russian oil at a discounted price after the West imposed sanctions against Moscow due to the Ukraine conflict. In the fiscal year ending March 2025, the South Asian nation imported 4.88...

According to documents obtained by, the Russian economy ministry's forecast for the average Brent crude price in 2025 has been cut by 17% compared to what they thought it would be in September. Interfax reported that in the ministry's baseline scenario for economic forecasts of 2025, the ministry assumes the average price of Brent to be $68 per barrel, down from $81.7 per barrel in its September predictions. The Ministry of Finance estimates that the price for Urals - Russia's main blend - is $56 per barrel - compared to the $69.7 barrel price on which Russia has based their...

Interfax reported on Monday morning that the Russian economy ministry had reduced its forecast of the average price for Brent crude in 2025 from the amount it thought the price would be in September by almost 17%. Interfax reported that in the ministry's baseline scenario for economic forecasts of 2025, the average price of Brent is expected to be $68 per barrel, down from $81.7 per barrel in the September forecasts. The Ministry of Finance estimates that the price of Urals, Russia’s main blend, is $56 per barrel, compared to the $69.7 per barrelle on which Russia based its budget...

Forbes Russian-language Forbes list of Russia's wealthiest individuals reported that the richest Russians saw their wealth increase by more than 8 percent to $625.5 Billion over the last year. The magazine also noted on Thursday that at least 146 billionaires were listed. Vagit Alekperov is the former head of Lukoil Oil Company and topped Forbes' list with an estimated fortune of 28.7 billion dollars. He resigned from his position as Lukoil president in 2022, after Britain imposed sanctions on him. Alexei Mordashov, who was ranked fourth last year, rose to second place with a wealth of 28.6 billion dollars. Forbes...

The Kremlin's spokesman stated that oil prices are an important indicator of Russia's financial state. Economic authorities are watching closely the "very tense" situation surrounding lower prices. Oil fell by 7% Friday, as China increased tariffs on U.S. products. This escalating trade war has caused investors to increase the probability of a recession. Last week, Brent and WTI crude oil lost 10,9% and 10,6% respectively. The federal budget of Russia receives a third its revenue from oil and gas sales. The first-quarter revenue fell almost 10% to 2.64 trillion Russian roubles (30.59 billion dollars) due to lower oil prices globally...

Two delegates said that the top OPEC+ Ministers meeting on Saturday will not make any new changes to oil output policy. This is after this week's unexpected decision by the group to increase production further sent prices to pandemic levels. At 1200 GMT, a joint ministerial monitor committee (JMMC), or Organization of the Petroleum Exporting Countries plus allies, led by Russia will be held online. The JMMC is a group of oil ministers that includes Saudi Arabia, Russia, and other major producers. It meets about every two months, and it can make policy recommendations. On Saturday, two sources stated that...

RusKhimAlyans is a subsidiary owned by Gazprom. It has announced job openings for its new complex of gas processing in the Baltic Sea Port of Ust-Luga. This was a signal of confidence that the plant would start operating despite the sanctions. Gazprom has a strategy of shifting its focus from production to processing. The complex will include a gas chemical and processing complex. The plant is designed to be able to process 45 billion cubic meters of natural gas per year, as well as 13 million metric tonnes of liquefied gas. It can also produce 3.6 million tones of ethane,...

The threat by U.S. president Donald Trump to impose secondary duties of 25 to 50 percent on buyers of Russian crude is so outrageous and bold that it may achieve his stated goal of a ceasefire between Ukraine and Russia. What is important now is how the other key players react to the latest move of this mercurial, inconsistent U.S. president. Do Russian President Vladimir Putin and Indian Prime Minister NarendraModi, as well as Chinese President Xi Jinping, believe that Trump is going to follow through on his promises? If so, what will this mean for the energy situation of...

The oil markets shrugged Monday off the threat of U.S. president Donald Trump to impose tariffs on Russian oil buyers as the shock factor of the White House's barrage of threats begins to wear out with jaded traders. Analysts and traders have questioned the seriousness of Trump's proposal. Warren Patterson, ING's director of commodities strategy, said that the U.S. government's announcements on tariffs and other sanctions have a tired feel. He said that the market would not overreact until he could provide more concrete information. The price of oil fell on Monday. Brent crude futures, the most active, were down...

Kyiv, Washington and other Ukrainian officials hailed the deal that gives the United States a preferential access to minerals in Ukraine as a major milestone. A top U.S. government official stated that this would give President Donald Trump a better basis to negotiate with Russia. The Kremlin did not comment on the agreement reached Wednesday, but former Russian president Dmitry Medvedev claimed that Trump "broke the Kyiv regime", because Ukraine will have to pay U.S. military assistance with its mineral resources. The agreement, signed in Washington, and heavily promoted Trump, creates a joint fund to invest in Ukraine's reconstruction, as...

Kyiv, Washington and other Ukrainian officials hailed the deal that gives the United States preferential rights to access new Ukrainian minerals on Thursday as a major milestone. A top U.S. government official stated that this would give President Donald Trump a better basis to negotiate with Russia. The Kremlin did not comment on the agreement reached Wednesday, but former Russian President Dmitry Medvedev claimed that Trump "broke the Kyiv regime", because Ukraine will have to pay U.S. military assistance with its mineral resources. The agreement, signed in Washington, and heavily promoted by Trump establishes a fund of joint investments for...

Treasury Secretary Scott Bessent stated on Thursday that the U.S. - Ukraine minerals deal represents a full economic relationship, which will enable President Donald Trump negotiate with Russia from a more powerful position. The agreement, which was signed on Wednesday, gives the United States access to new Ukrainian mineral deals and funds investment in Ukraine’s reconstruction. Bessent, in an interview on Fox Business Network, said that the agreement would show "the Russian leadership" that there was no daylight between the Ukrainians and Americans. "The American people do not make money if Ukrainians do not prosper. Now we are aligned on...

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...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Tesla board members reached out to executive search firms about a week ago in order to find a successor to CEO Elon Musk. A federal judge has ruled that Apple violated willfully an antitrust injunction regarding App Store restrictions. The case was referred to federal prosecutors who are now conducting a criminal contempt investigation. The Trump Administration is allocating $500,000,000 to a project that will be led by two scientists who were recently promoted to high-ranking positions...

Three sources with knowledge of the situation said that JSW Steel, India’s largest steelmaker in terms of capacity, had hit a roadblock when sourcing coal from Mongolia because suppliers were unresponsive and there was a bottleneck on transport. The company had planned to import 2,500 tons of steel from Mongolia while the Steel Authority of India hoped to import 75,000 tons. India, which is the second largest producer of crude iron and steel in the world, imports 85% of coking coal, with Australia providing more than half. The country's steel demand has soared due to rapid economic growth and increased...

Ukraine and the United States signed a deal on Wednesday that was heavily promoted by U.S. president Donald Trump. The agreement will grant the United States access to new Ukrainian mineral deals and funding for investment in Ukraine's rebuilding. Here is a list of critical minerals in Ukraine, including rare Earths and other natural resources: What are rare earths and what do they serve for? Rare earths is a grouping of 17 metals, used in the production of magnets for electric cars, cell phones and missile systems. There is no substitute. The U.S. Geological Survey considers rare earths, such as...

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...

The military-led West African Government announced that Burkina Faso had granted an industrial mining license to Russian miner Nordgold to develop a gold project. This was to capitalize on the record high gold prices and strengthen an economy that has been hit by insecurity. The move is a sign of the deepening economic relations between Russia and Burkina Faso as the junta which seized power in Burkina Faso in 2022 continues to pivot away from its traditional Western allies toward Moscow. The Niou gold deposit is located in Burkina Plateau-Central's Kourweogo Province. It covers an area of 52.8 square kilometers...

Ukraine and the United States have yet to resolve issues before signing a crucial minerals agreement. But Kyiv officials continue to work to close a deal as quickly as possible, Ukrainian Finance Minister Serhii Marenko said on Thursday. Marchenko, along with other Ukrainian officials, met on Wednesday with U.S. Treasury Sec. Scott Bessent to discuss the deal as well as ongoing questions regarding Russian assets that have been frozen and held in the West ever since Russia invaded Ukraine in February 2022. A memorandum was signed by the two countries a week earlier as a first step in achieving an...

U.S. president Donald Trump on Wednesday chided Ukrainian leader Volodymyr Zelenskiy for his statement that Ukraine will not recognize Russia's occupation in Crimea. He called it an inflammatory declaration which would make a deal with Russia more difficult to achieve. In a post on social media, Trump stated that "This statement is extremely harmful to the Peace Negotiations with Russia." He claimed Crimea had been lost for years and "is not even a topic of discussion." Zelenskiy reiterated on Tuesday that Ukraine will never recognize Russia's occupation in Crimea. "There's no need to discuss this." "This is against our Constitution."...

Severstal, a Russian steelmaker, said that the economic slowdown in Russia and the reduced demand for steel in the construction and machine building industries led to a drop of 55% in its net profit during the first quarter. In a press release, Alexander Shevelev, the CEO of the company, said that "economic cooling measures, especially the high key rate, continue to put pressure on all major consumers" of rolled metal. Government forecasts predict that Russian economic growth will slow this year to 2.5% from 4.3% by 2024. The central bank's main interest rate is still at 21% - the highest...