North Asia

Saudi-backed Midad Energy signed a termsheet?to purchase Russia's sanctioned Lukoil?assets?in a high stakes competition against rivals, including?private equity giant Carlyle Group. The deal is contingent upon U.S. regulator approval, according three people with knowledge of the matter. The Russian energy giant is continuing to try to sell off overseas assets that are restricted by Western sanctions. It also highlights the growing interest of Middle Eastern countries in purchasing discounted global oil and refinery assets. Sources said that the agreement was signed late in January and covered all the assets. Midad agreed that it would place its?all-cash offer? in escrow, while...

The Russian central bank announced on Thursday that the country's 'current account surplus' had fallen by '34%' to $41.4 billion in '2025, from $62.6 billion last year. This was due to the Western sanctions as well as the lower oil price, which is the main source of income for the country. Exports fell while imports were relatively stable. The current account of a country is the difference between all money that comes in from trade, investments and transfers and what goes out. As a cause of the decline, the central?bank cited a growing deficit in services caused by an?increased importation...

Izvestia, a Russian newspaper, reported on Thursday that Russia was preparing to ship crude oil and fuel to Cuba within the next few months. Cuba has been hit by fuel shortages since the U.S. cut off its oil supply. The communist-run Island has informed international airlines that there will be no jet fuel available. This is the latest sign of rapidly worsening conditions. Venezuela has been a major supplier of jet fuel to the United States for many years. However, since Washington's 'blocking of Venezuelan exports in mid-December, it hasn’t received any crude or refined products. A Russian diplomat said...

Two sources familiar with the matter said that TotalEnergies, the French oil giant, has acquired the remaining 45% of Lukoil's stake in the Zeeland Refinery, located in the Netherlands. Sources did not know whether Total paid for the shares, and if so, how much. Or if they engaged in another agreement, such as a swap of assets with Total's Russian projects, to gain full control. TotalEnergies declined comment. Lukoil didn't immediately respond to an inquiry for comment. In October, the U.S. Treasury issued sanctions against Lukoil to try to pressurize Russia to 'end its war with Ukraine.' This prompted the...

According to correspondence seen by, the management of a Russian owned oil refinery located in Germany privately warned Berlin that U.S. Sanctions were hurting their business and threatened fuel supplies for the capital and region. In a letter sent to Katherina Reiche in January, the management of Rosneft's PCK Schwedt refinery made an "urgent" appeal to her to resolve the standoff between the United States and the refinery. The letter details the escalating issues at the refinery which supplies fuel to Brandenburg, eastern Germany, and nine out of ten cars in Berlin. It also supplies key chemicals and ingredients for...

Donald Trump, the U.S. president, said that he and India had reached a deal on Monday. He also stated that New Delhi agreed to stop purchasing Russian oil in favor of buying more from the U.S. Here are some of the most important developments in U.S.-Indian Trade Relations over the last year. Why did India-U.S. Why did the India-U.S. Trump surprised India in April to August 2025 by imposing an initial 25% tariff on goods sent to the United States. The U.S. then imposed a second 25% tariff citing India's purchases of Russian oil. Tariffs on Indian goods sent to...

Two sources familiar with the operational data say that oil production at Kazakhstan's Tengiz giant field has increased in recent days. It reached nearly 20% of its capacity on Sunday, following a complete outage in January. Tengiz, the oil refinery that accounts for almost 40% of Kazakhstan's production, was closed on 18 January after an electrical fire. This cut down on the nation's overall oil supply, at a time where exports had already been constrained due to disruptions along its main pipeline route. Sources said that oil output at Tengiz increased to 23,000 metric tonnes (183,000 barrels), up from 14,900...

Three sources familiar with the process have confirmed that U.S. Private Equity firm Carlyle is in exploratory "talks" with UAE investors, to find partners if its initial agreement to purchase Russian firm Lukoil’s international assets proceeds. Carlyle and Lukoil announced on Thursday a preliminary agreement that would transfer assets, including oilfields and refineries located in eastern Europe and Iraq to the U.S. company. A separate source told us on Thursday that neither company had disclosed an estimate for the deal. This excludes Lukoil’s Kazakh assets. Three sources said that state-controlled Abu Dhabi investor Mubadala and XRG had talked to Carlyle...

Three sources with knowledge of the situation said that the United States has informed Delhi it may resume its purchases to replace Russian?oil imports. India promised to cut its Russian crude oil purchases following Washington's tariff hikes on this activity. India is also on track to reduce its Russian oil imports in the next few months by several hundred thousands barrels per day, according to sources who declined to identify themselves. In March 2025, President Donald Trump imposed tariffs of 25% on countries that bought Venezuelan oil, including India. His administration also stepped up its campaign against Venezuelan president Nicolas...

India and the European Union have completed negotiations on a long-coveted deal which will be announced Tuesday, said?the South Asian nation’s trade secretary on Monday. Both sides hail this agreement as?historic in light of strained U.S. relations. The agreement paves way for the free exchange of goods between India and the 27 European nations, who together account for a quarter the world's Gross Domestic Product and have a combined market of over 2 billion consumers. "It's a deal that is balanced and forward-looking for better integration of the EU into the economy." "The deal will boost trade and investment between...

Hardeep Singh Puri, the Oil Minister, said on Friday that India could leverage its increasing energy demand to secure better deals for oil and gas supplies, while its refiners are still looking for alternatives to 'Russian oil. India was the largest buyer of Russian crude oil after Moscow invaded Ukraine in February 2022. However, Western sanctions forced Indian refiners eventually to import more from other sources. Puri, a senior Indian official, said that Indian officials had avoided directly mentioning Russian oil imports. However, he added that the supply from "one source", which had surged following February 2022 is now decreasing....

Indian Oil Corp, the top refiner in the country, has purchased 7 million barrels from Petrobras and other suppliers for loading in March to replace Russian oil. Indian refiners have re-calibrated their strategies in order to move away from Russia as the top supplier and increase imports from the Middle East. This could help New Delhi to clinch a deal with the United States for lower tariffs. Sources said that the refiner purchased 2 million barrels Upper Zakum and 1 million barrels Murban from Shell. IOC also purchased 1 million barrels of each Angola Hungo and Clove grade from Exxon....

The U.N. nuclear watchdog reported on Thursday that the Russian-owned Zaporizhzhia?power station in southeast Ukraine was operating 'on its only remaining outside powerline after losing a backup line a little more than a week ago. Rafael Grossi said in a statement that the Ferrosplavna-1 electrical line was shut down on 10 February "apparently as a result" of military activity. He said that the plant, which is?Europe's biggest with six reactors?, now operates with only outside power?from Dniprovska, he added. The plant was captured by Russian forces in the first few weeks of Moscow’s invasion of Ukraine. It does not generate...

In an interview published on Wednesday, Russian Foreign Minister Sergei Lavrov?said any new U.S. attack on Iran would have serious consequences. He called for restraint in order to find a solution that will allow Iran to pursue a peaceful nuclear programme. Lavrov's interview with Saudi Arabia's Al-Arabiya TV was broadcast a day after U.S. negotiators and Iranian negotiators met in Geneva for indirect talks to avert a new crisis between Washington, D.C. and Tehran. "The consequences of this are bad." Already, there have been attacks on Iran's nuclear sites under the control the International Atomic Energy Agency. Lavrov stated in...

The companies confirmed that Rosatom, the Russian state nuclear power company, has released Siemens Energy from its contract to?help build Paks II in Hungary. This confirms an earlier report on the news website Politico. Rosatom informed?that it had terminated the contract with the firm?at the?end of 2025 because its?inability? to meet its contractual obligations. Siemens Energy stated that there were no sanctions in place at the time of termination, and that it fulfilled its contractual obligations in compliance with all national and international laws. It said that "at the time when the fulfillment would have made sense, the customer had...

Rosatom, the state-owned nuclear corporation of Russia, rejected on Thursday a Ukrainian claim that Russia did not have the necessary equipment or components to operate the nuclear power station built by the Soviets in Zaaporizhzhia. In?2022, Russia assumed control of Europe's largest nuclear power plant from Ukraine. Currently, all six of the?VVER 1000 pressurised-water reactors designed by the Soviet Union are in a state known as "cold shut down". Both Moscow and Kyiv want to run the plant, which is a major issue in negotiations on ending war. Pavlo Kovtoniuk is the head of Ukrainian nuclear company Energoatom. He told...

Denys Shmyhal, Minister of Energy in Ukraine, said that senior Ukrainian officials agreed on Wednesday to increase air defence capabilities around the capital Kyiv. This is to counter any possible future Russian air attacks against energy infrastructure. The 'fresh' preparations follow the attacks in Kyiv, where officials are scrambling to repair damages to heating and electricity networks that has left thousands of people in darkness and cold. "Most information will not be made public." In the context of?potential further Russian attacks?, we discussed strengthening Kyiv?s active air defense, especially for?energy facilities?, Shmyhal wrote after a military staff meeting on Telegram....

Hungarian Foreign Ministry Peter 'Szijjarto' said that the first concrete pour at Hungary’s Russian-built nuclear plant Paks 2 was on Thursday. This officially made it a.nuclear facility under construction. Rosatom, the Russian state-owned nuclear energy company, will build two new reactors under an agreement signed in 2014 between Budapest and Moscow. Hungary wants to expand Paks by adding two Russian VVER reactors. Each VVER has a capacity of 1.2 gigawatts. The 12.5 billion Euro project, which was awarded to Rosatom without a tender, is often cited as proof of the warm relationship between Russian President Vladimir Putin and?Hungarian Premier Viktor...

Ukraine's Energy Minister warned Ukrainian households on Wednesday of the possibility that blackouts planned for the coming days could become worse and Russian forces may?launch another air attack in order to further disable power networks and heating systems. Denys Shmyhal reported that more than 200 "emergency" crews were working in the capital to restore heating in apartment buildings following a series mass Russian attacks on January. Vitali Klitschko, the mayor of Kyiv, said that over 1,100 buildings were still without heat on Tuesday. "The energy situation remains very difficult." "There is a danger that the timetables for electricity cuts could...

Analyst ExPro reported on Monday that Ukraine's imports of electricity jumped by 40% between December 2025 and January 2026, to a new record?894 Gigawatt Hours. This was due to the constant Russian attacks against Ukraine's energy system. This is the highest amount of imports during the full-scale war. Hungary still accounts for the biggest share, 45%. The consultancy reported that overall, the supply increased in all directions except Moldova. Russia's attacks on Ukraine’s energy sector have intensified in recent months. Power stations, energy distribution systems, and gas sector installations are all being targeted. consecutive attacks On the generating and thermo...

Alexei Likhachev was quoted as saying that Russia would be prepared to evacuate staff from Iran’s Bushehr nuclear plant if needed. Last year, President Vladimir Putin stated that hundreds of Russians worked at the facility. It is Iran's sole operating nuclear power station, which Moscow built for Iran. Russia is currently building more nuclear facilities at Bushehr. Bushehr was not targeted by the U.S. attack on Iran's nuclear facilities last June. Likhachev warned that an attack could cause a catastrophe comparable to 1986's Chernobyl. Donald Trump, the U.S. president, urged Iran on Wednesday to make a deal with the United...

ArcelorMittal Kryvyi Rih is Ukraine's biggest steelmaker. It announced on Monday that it will close one production unit?in the 2nd quarter. The company cited EU environmental policies and high local power prices due to Russian attacks on energy infrastructure. The plant in Ukraine's south-east, approximately 70 km from the frontline, will close its blooming mill. This mill produces?billets to be used by the small-gauge mills and wire mills of the enterprise. The company stated that the introduction of the Carbon Border adjustment Mechanism by the European Union on?January 1, effectively closed the market for a significant part of Ukrainian metallurgical...

Russia intensified its attacks against Ukraine's energy systems, which rely almost exclusively on electricity generated by nuclear power stations and have already lost half their generating capacity. What do nuclear power plants mean for Ukraine? According to President Volodymyr Zelenskiy, Russia plans to strike substations which?supply consumers with nuclear energy? and plunge the country into complete blackout. Ukraine operates three nuclear plants with a combined capacity of 7.7 gigawatts. The largest nuclear power plant in Europe, Zaporizhzhia, is currently occupied by Russia. Currently, the country is experiencing a 10 gigawatt deficit, which can only be partially offset by imports. This...

Ukraine officials reported that Russia had launched a barrage drone strikes overnight on Monday on Ukraine's infrastructure, cutting power to five regions in the country due to freezing temperatures and high demand. The Ukrainian air force said that Russian troops launched 145 drones. It said that air defence units destroyed 126 drones. The energy ministry issued a statement saying that consumers in Sumy and Odesa regions, Dnipropetrovsk region, Kharkiv region, and Chernihiv region are currently without power. If the security situation permits, emergency repair work is underway. The regional governor stated that the energy and gas infrastructure in southern Odesa...