Ukraine








Energy Markets

Oil & Gas

Oil & Gas

Gunvor accepts the offer from Russia's Lukoil to purchase its foreign assets

Lukoil announced on Thursday that it accepted an offer by global commodity trader Gunvor for its foreign assets. Russia's second largest oil company has been seeking to sell these assets after Washington imposed sanctions last week. The planned asset sales are the most significant action taken by a Russian firm in response to the Western sanctions over the conflict in Ukraine. This war began when Russia invaded its neighbor on a full scale back in 2022. Lukoil announced in a press release that it had accepted Gunvor's offer to sell Lukoil International GmbH which controls foreign assets of the oil...

Oil & Gas

Orban will visit Trump to discuss the path towards a US-Russian meeting

Orban's chief said that the Hungarian prime minister will meet Donald Trump in Washington on November 7, where he hopes to discuss a way forward for a U.S. -Russia summit and to seek an exemption from U.S. sanctions on energy. Gergely Gulyas said at a press conference that the two leaders will also sign agreements of co-operation on the fields energy, defence, economy, and finance. He said that "some of these have been already negotiated while in other cases, discussions are still underway." Orban said previously that he wanted to sign a wide-ranging economic agreement with Washington in order to...

Oil & Gas

Reports: Kremlin wrong to speak about cancelling Putin-Trump Summit

State television Vesti, on its Telegram channel, reported that the Kremlin stated on Sunday that it was incorrect to speak about canceling a meeting between Russian president Vladimir Putin and U.S. president Donald Trump. However, it added that preparations were needed. They are clear about this: "Presidents can't just meet to waste time. They cannot meet just for the sake meeting. They have instructed the (U.S. secretary of state Marco) Rubio and the (Russian foreign minister Sergei) Lavrov to prepare for this meeting. "The process is complex," Kremlin spokesperson Dmitry Peskov said to state TV Kremlin reporter Pavel Zarubin. Peskov...

Refined Products

Fuel prices are set to rise in Kyrgyzstan after Ukrainian strikes on Russian refineries

Fuel prices could increase by 15% in Kyrgyzstan in the next few weeks due to a shortage of supplies from Russia. The state anti-monopoly agency said this on Thursday. Kyrgyzstan is feeling the impact of Ukrainian drone strikes on Russian oil refineries. Due to domestic shortages caused in part by the Ukrainian attacks that have affected up to a quarter of Russian refinery capacity, Russia has extended its export restrictions until 2025. Officials in Kyrgyzstan said that current reserves will last for about a month. However, they expect the situation to improve when autumn agricultural work, which increases demand, concludes...

Oil & Gas

US sanctions Russian oil firms as Moscow conducts nuclear drills

On Wednesday, the United States imposed sanctions on Russia's largest oil companies and accused Russia of not being committed to ending the conflict in Ukraine. This was as Moscow carried out a large-scale nuclear weapons training exercise. New sanctions were announced one day after the collapse of plans for a meeting between U.S. president Donald Trump and Russian president Vladimir Putin. Trump told reporters that he cancelled the summit because "it just didn't feel right." The U.S. Treasury Department stated that Russia's largest oil companies Rosneft, and Lukoil were targeted to hinder Moscow's ability fund its war machine. This was...

Fuel Oil

Kazakh Minister says fuel prices will remain frozen until at least the spring and blames Ukraine War Fallout

The Kazakhstani economy minister announced on Wednesday that a price freeze would be in effect until "at least next spring". He said that this was due to the rising fuel prices in Russia - Kazakhstan's main trading partner and neighbour. Serik Jumangarin said to reporters in Astana: "What is important now for us is to wait. At least until next Spring." We must wait until the neighbouring countries stabilise." He said: "The situation has to do with the events that are unfolding because of the conflict between Russia, Ukraine and other countries. The petroleum prices in this country have been...

Oil & Gas

Bessent: US expects Japan not to buy Russian energy

U.S. Treasury secretary Scott Bessent told Japanese Finance Minister Katsunobu Kato on Wednesday that the Trump administration expected Japan to stop importing Russian oil. Bessent, who spoke on X after the meeting on Wednesday, said: "Minister Kato & I discussed important issues pertaining the U.S. - Japan economic relationship as well as the Administration's expectations that Japan cease importing Russian Energy." Bessent met with Kato on the sidelines this week of the G7, G20 and annual meeting of the International Monetary Fund. When asked if Japan had been urged to stop buying Russian energy from Bessent, Kato replied that Japan...

Oil & Gas

Ukrainian PM talks about attacks on energy during US talks

In Washington, Ukraine's Prime Minister said that she would focus on Russian attacks against her country's power grid during talks with President Volodymyr Zelenskiy later this week. "At each meeting in Washington, we raise the subject of defending Ukrainian Energy and supporting our resilience during the winter as well as ways to defend this," Prime Minister Yulia svyrydenko posted on Telegram. She said that the priority of her visit was "energy, sanctions, and new ways of cooperating with the USA to strengthen both of our countries". Zelenskiy met with Donald Trump, the U.S. president on Friday, to discuss Ukraine’s air...

Oil & Gas

Von der Leyen: EU proposes faster phase-out for Russian energy

The European Commission will make a proposal Accelerating the phase-out Ursula von der Leyen, head of the European Union's executive branch, said Tuesday that she was concerned about Russian fossil imports after speaking with U.S. president Barack Obama. Donald Trump Von der Leyen stated that she spoke with Trump about a joint effort to increase economic pressure against Russia by taking additional measures. The U.S., and the European Union, import Russian energy and commodities worth billions of Euros, from liquefied gas to enriched Uranium. Von der Leyen posted a message on the social media platform X saying that "the Commission...

Oil & Gas Refining

Ukraine is considering limiting mobile services to counter Russian drones

Andriy Hanotov, the chief of the general staff of Ukraine, was quoted on Sunday as saying that Ukraine could intentionally reduce the quality mobile communications when Russian drones attack to prevent the networks from being used to coordinate attacks. In the last few months, Russia, three and a half year into the conflict, has intensified drone attacks against Ukraine, improving its technology and increasing drone deployments to maximize damage to strategic targets. Hnatov said to Ukrainian online video channel Novyny Live that the issue is not one of a disruption in mobile communications but a limitation on communication quality, such...

Oil & Gas

Governor of Bashkortostan, Russia says oil company will continue production after drone attack

Radiy Khabirov, the regional governor of Bashkortostan in Russia, said that a company producing oil will continue to produce despite an attack by drone on Saturday. Ukraine intensified its attacks on Russian energy infrastructure to weaken Moscow's military capability, while peace negotiations are still stuck. The attack caused a fire to break out at an oil refinery operated by Bashneft. Rosneft is Russia's biggest oil producer. Bashneft operates four major oil and petrochemical refineries in the area. Khabirov didn't specify the facility that was targeted. Both drones that were downed fell onto the property of the company. In the first...

Oil & Gas

Slovak leader Fico sets out conditions to support more Russia sanctions

Robert Fico, the Prime Minister of Slovakia, said that Slovakia will not support any more European Union sanctions towards Russia until it receives EU proposals aligning climate targets to carmakers' and heavy industries' needs. Fico demanded also that measures be taken to reduce electricity prices across the EU. The EU is currently debating the 19th package in its sanctions against Russia for its invasion of Ukraine. EU diplomats said that a new package would likely include additional listings of Chinese companies and Russian banks, as well as vessels from Moscow's "shadow fleet" which evades sanctions. They also predicted a ban...

Fossil Fuels

Fossil Fuels

Orban, the Hungarian Prime Minister, says he'll seek an exemption from US oil sanctions

Viktor Orban, the Hungarian prime minister, said that he hopes President Donald Trump will convince him to exempt Hungary from U.S. sanctions against Russian oil due to its high dependency on pipeline networks. Orban said that he would discuss U.S. Sanctions on Russian Oil Companies Rosneft, and Lukoil at a scheduled meeting with Trump for the 7th of November and hopes to conclude a wide economic agreement with America. "Hungary has a landlocked status... We depend on the transport routes that allow energy to reach Hungary. Orban stated that the majority of these are pipelines. He said: "We must make...

Fossil Fuels

Russia claims that Ukraine has targeted Moscow for the third night in a row with drones.

Russian authorities reported that Ukraine had sent drones to Moscow for a third night in a row and also targeted other Russian regions. The drones disrupted air traffic across the country, and threatened an industrial plant located in the south of Russia, they said. The Russian Defence Ministry announced on Telegram that Russian air defence units had destroyed 100 Ukrainian drones over the course of the night, including six in Moscow and thirteen over the bordering areas. Kyiv continued to launch long-range drone attacks on Moscow and other Russian regions over the past few months. The aim, according to Kyiv,...

Fossil Fuels

German economist: US sanctions against Russia exclude Rosneft Germany

The German economy minister said on Tuesday that U.S. officials had written assured that Rosneft's German assets would not be subject to new energy sanctions, as they are no longer controlled by Russia. Katherina Reiche, Economy Minister, said that the United States released a "Letter Of Comfort" yesterday night acknowledging the separation of Rosneft Germany's operations from its Russian parent. Germany sought clarification from Washington following the introduction of sanctions by President Donald Trump, which prohibit western banks and clients from engaging in business with listed Russian companies. Berlin argued that the refineries are under German state trusteeship from 2022...

Crude Oil

Power Markets

Nuclear Power

The Russian-controlled Zaporizhzhia Nuclear Plant says it has power again after a 30-day interruption

The Zaporizhzhia Nuclear Power Station in Ukraine has been reconnected to external power by engineers who repaired a damaged line of high voltage, the station's Russian-installed managers announced on Thursday. In the first weeks after the Ukraine war, Russian troops seized the plant, Europe's biggest with six reactors. The plant currently does not produce electricity but it needs external power in order to cool down the nuclear fuel, avoiding the possibility of a meltdown. The International Atomic Energy Agency, U.N. nuclear watchdog, has prioritized the safety of this site, given the nearby fighting. Russia and Ukraine have often accused each...

Power Markets

Mayor of Kyiv says that Russian missiles have caused fires and scattered debris in Kyiv.

Vitali Klitschko, the mayor of Kyiv, said that Russian missiles fired at night ignited fires in several districts and scattered debris, shattering glass and damaging cars. Klitschko, who posted on Telegram, said that emergency services were dispatched at several sites to clean up the debris left by the air weapons, but there had been no reports of casualties. Witnesses heard what sounded as if air defence units were in operation. It was not immediately known the size of the attack and the primary target. Klitschko claimed that the attack was carried out using ballistic missiles. Russia has not yet commented....

Nuclear Power

Officials say that a Russian strike has knocked out electricity in large areas of northern Ukraine

Officials said that a new Russian attack in the border region of Chernihiv, Ukraine, on Monday knocked power out to large areas of the northern part of the country. This included the main town near the decommissioned Chornobyl Nuclear Power Station. Chernihivoblenergo (the local power company) in the area said that the latest attack targeted an energy site but refused to identify it. Yuri Fomichev said that a part of Slavutych in Kyiv Region, located 45 km (28miles) west of Chernobyl, had lost electricity in the incident. The water supply system of the town was switched to reserve power, and...

Power Markets

Russian official: Work to restore connection to Zaporizhzhia Nuclear Plant begins this week

On Tuesday, a Russian official announced that the restoration of external power to Zaporizhzhia's nuclear power plant in Russia will begin this week. The station has been operating on diesel generators since it was shut down for three weeks. In the first few weeks of Moscow’s invasion of Ukraine in February 2022, Russian forces captured the Zaporizhzhia Plant. Both sides have accused each other of military actions that led to the collapse of the external line on July 23, 2022. Mikhail Ulyanov is Russia's permanent representative at international organizations in Vienna. He told Russian state news agency RIA that "active...

Power Markets

Ukraine accuses Russia that it deliberately severed the external link with Zaporizhzhia Plant

Ukraine's Foreign Minister accused Russia of intentionally severing an external power line that connected the Zaporizhzhia Nuclear Power Station, which is owned by Russia, to Moscow's grid. Andrii Sybiha, Ukrainian Foreign Minister, said that Moscow is testing a reconnection with Russia's grid. Ukraine has long been concerned that Moscow might try to redirect output from the plant to its grid. Russian officials, however, have denied that they intend to restart the power plant which was seized by Moscow forces during the first weeks of their February 2022 invasion. Despite the fact that it is currently without electricity, this plant has...

Power Markets

Zelenskiy: Russia waited until bad weather to attack energy sites

Volodymyr Zelenskiy, the Ukrainian president, said that Russia deliberately waited until bad weather conditions existed before launching a massive attack on Ukraine's power system. He added that the bad weather conditions had reduced the effectiveness of Ukraine's air defences between 20 and 30 percent. Zelenskiy, a reporter in Kiev, said that the main assault took place in four areas. I believe the weather conditions have affected our ability to repel by about 20-30%. Overnight, Russian drones and rockets attacked Ukrainian energy facilities, plunging Kyiv in darkness, cutting off power and water for homes, and stopping a metro line across the...

Nuclear Power

IAEA: Process started to restore external electricity to Ukraine's Zaporizhzhia Nuclear Plant

The U.N. nuclear watchdog announced on Thursday that the process of restoring external power had begun at the Russian-owned Zaporizhzhia Nuclear Power Plant in southeast Ukraine. This plant has been cut off from electricity for over two weeks. Rafael Grossi said that the process began after consulting with the authorities of Ukraine and Russia who are blaming each other for the destruction of external lines. In the first few weeks of the Kremlin invasion of Ukraine in February 2022, Russian forces captured the largest nuclear plant in Europe with six reactors. Although the plant does not produce electricity, both sides...

Power Markets

UN nuclear chief wants to restore power at Ukraine's Zaporizhzhia Plant

The U.N. nuclear watchdog's head said that he is discussing with Russia and Ukraine proposals to restore power off-site to the Russian Zaporizhzhia Nuclear Power Plant, and to reduce the risk of meltdown. In the first weeks after Moscow invaded Ukraine, Russian forces seized Europe's biggest nuclear plant with six reactors. Since September 23, the facility has not been able to access external power. This is the 10th time that the line has failed. The plant does not produce electricity but the fuel in its nuclear reactors are cooled using emergency diesel generators. Rafael Grossi said that the external line...

Power Markets

Ukraine warns about the critical situation at Zaporizhzhia Nuclear Plant

The Ukrainian president Volodymyr Zelenskiy stated on Tuesday that the situation at Zaporizhzhia's nuclear power plant, which is occupied by Russia, had reached a critical stage. Russian shelling prevented the restoration of the power necessary to cool down the reactors and avoid a meltdown. Zelenskiy said in his video nightly address that one of the diesel-powered generators providing emergency electricity no longer worked seven days after external electrical lines were down. "This is the seventh. Never before has there been an emergency at the Zaporizhzhia Plant. Situation is critical. Zelenskiy stated that the Russian shelling had cut off the plant...

Power Markets

Grossi: Ukraine's Zaporizhzhia Nuclear Plant now without offsite electricity for six days

Rafael Grossi, chief of the U.N. Atomic Watchdog, said that Zaporizhzhia Nuclear Power Plant has been without power offsite for six days. Since the beginning of the conflict, the plant in southeast Ukraine was under Russian control. Both sides have accused each other of shelling the facility and compromising nuclear safety. Grossi, the director general of International Atomic Energy Agency (IAEA), wrote on X about his meeting with Ukrainian Foreign Minister Andrii Sbiha and their exchange of views regarding the plant. He also said that the IAEA is working to restore power. UKRAINE WANT TEMPORARY IAEA STEP-IN FOR PLANT Oleh...

Nuclear Power

Belarus claims it can supply nuclear energy in parts of Ukraine that are controlled by Russia

Belarus has proposed to build a nuclear plant in the eastern part of the country, which could provide electricity to parts of Ukraine controlled by Russia. President Alexander Lukashenko announced this on Friday. Lukashenko brought up the idea with Russian President Vladimir Putin during Kremlin discussions in Moscow. Lukashenko used the same language as Moscow to describe the territory of Ukraine that was captured by Russia. The offer highlighted the close relationship between Putin and Lukashenko even though U.S. president Donald Trump pursues an incentive-based strategy to encourage the Belarusian leaders to release political prisoners and improve relationships with the...

Power Markets

IAEA says drone detonated near Ukraine's South Ukraine nuclear plant

The International Atomic Energy Agency announced in a Thursday statement that a drone had been downed overnight and detonated around 800 metres (875 yards). This was about 875 meters from the South Ukraine nuclear plant of Ukraine. The IAEA stated that there were no reports of injuries. In a statement released by Rafael Grossi as Director General of the agency, the agency said that its team at the site, which monitors the plant, was informed 22 drones had been observed in the monitoring zone. This occurred late Wednesday night and early Thursday morning. Some drones flew as close as 500...