Ukraine

The U.S. Treasury announced on Monday that U.S. sanction against Russian oil giants Rosneft, and Lukoil have already reduced Russian oil revenues. They are also likely to reduce Russian oil sales in the future. In a press release, the Treasury's Office of Foreign Assets Control stated that their analysis of the first market impact of sanctions announced on the 22nd of October showed they were "having their intended effect of dampening Russian revenue by lowering Russian oil prices and therefore the ability of the country to fund its war against Ukraine." The Treasury's action was one of the strongest U.S....

A senior White House official stated on Monday that President Donald Trump would be willing to sign legislation imposing sanctions on Russia, as long as the ultimate decision-making power remained with him. Trump told reporters on Sunday night that he was "OK" with Republicans working on legislation to impose restrictions on countries that do business with Russia because Moscow failed to negotiate a deal with Ukraine. Trump suggested that lawmakers could add Iran to sanctions measures. Both Senator Lindsey Graham, and U.S. Rep. Brian Fitzpatrick are Republicans. They sponsored legislation to impose restrictions on countries that do business with Russia....

A U.S. official familiar with the matter said on Friday that the United States supports the European Union in using frozen Russian assets to help Ukraine and bring an end to the war with Russia. The European Commission, as the West seeks a way to increase pressure on Moscow has proposed a plan that would allow EU governments to use up 185 billion euro ($217 billion), which is the majority of the 210 million euros of Russian sovereign assets frozen in Europe. Washington "absolutely support (the EU)" and the measures they are taking to be able to use those assets...

The Kremlin stated on Friday that the international interests of Russian oil giant Lukoil should be respected, after Swiss commodity traders Gunvor announced they had withdrawn their proposal to purchase Lukoil’s foreign assets. Gunvor made its move after the U.S. Treasury labeled it Russia's puppet and indicated that Washington opposes the deal. When asked about the latest development, Kremlin spokesperson Dmitry Peskov stated that it was a commercial matter, and that it related to illegal U.S. Sanctions on Moscow. However, it was vital that Lukoil’s interests be protected. Peskov said: "We are of the opinion that any legitimate interest of...

Authorities in the region said that a drone attack from Ukraine caused damage and fire to the Black Sea port of Tuapse. The facility is home to an important Russian oil terminal. The administration of the Krasnodar Region, where Tuapse lies, announced on Telegram that "An attack from UAVs (unmanned aircraft vehicles) has been repelled." "Falling drones caused damage to the port infrastructure and ignited a fire." No reports have been made of any casualties. The damage to port infrastructure is not immediately apparent. The port houses the Tuapse Oil Terminal and the Rosneft controlled Tuapse Oil Refinery. Both have...

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...

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...

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...

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...

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...

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...

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...

Angelina Jolie, the Hollywood actress, visited one of Ukraine’s most dangerous frontline towns and an adjacent region. She met with medical staff, volunteers, and civilians who are constantly attacked by Russian troops. The Legacy of War Foundation released a statement on Thursday that praised Jolie's visit to Kherson, a city near Mykolaiv. Jolie stated that "the people of Mykolaiv & Kherson face dangers every day but refuse to surrender." In photos, Jolie was wearing a flak-jacket in the basement and meeting with children in an unlit room. The group claimed that she visited medical and educational institutions that were relocated...

The CEO of Gunvor Group said that Western sanctions against Russia and Iran have led to record oil storage onboard ships, which prevents a global supply glut. The European Union (EU), United Kingdom (UK) and the United States (US) have all imposed sanctions on Russia for its involvement in the war in Ukraine. Last month, the US embargo targeted Russia's top two oil producers, Rosneft & Lukoil. Torbjorn Tornqvist of the Swiss commodities trader Gunvor Group told the ADIPEC conference in Abu Dhabi that the surplus oil supply had cushioned the effect of the trade disruptions due to the sanctions....

Taiwan's Economy Minister said on Wednesday, that private refiners would be willing to stop purchasing Russian naphtha if the EU asked them. This comes after a group non-governmental organizations criticized the island's continuing business with Russia. Taiwan, along with the United States, major Western allies, and other countries, put broad sanctions against Russia in 2022 after its invasion of Ukraine, but it did not ban explicitly imports, which are a major source of hard currency for Russia. A group of NGOs, including the Centre for Research on Energy and Clean Air(CREA), criticised Taiwan for its continued imports Russian naphtha last...

Two industry sources reported on Monday that one of Russia's biggest oil refineries in the town of Kirishi (northwest) had halted an important processing unit after a Ukrainian drone attacked over the weekend. Ukraine intensified its attacks on Russia's infrastructure to damage Moscow's war effort, as the talks to end the conflict have stagnated. Russian officials have said Surgutneftegaz's Kirishinefteorgsintez plant, one of Russia's top two refineries, was among the targets attacked by Ukrainian drones last Sunday. Alexander Drozdenko is the Governor of Leningrad Region. He said that three drones had been destroyed in the Kirishi region and that a...

Enkorr, a Ukrainian energy consultancy, announced on Monday that Ukraine would restrict the importation of diesel fuel from India, a country which buys a large portion of its crude oils from Russia. A-95 said in a report earlier this month, that traders were forced to import diesel fuel from India due to the loss of an important Ukrainian oil refinery during this summer. Even the Ukrainian Defence Ministry has purchased some Indian fuel because it meets post-Soviet standard. Drones and missiles have been used by Russia to attack Ukrainian refineries of oil and fuel and their storage facilities. Enkorr reports...

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...

Aleksandar Vucic, the president of Serbia, said that Serbia is hoping for a better cooperation with Russia. Vucic, along with Russian President Vladimir Putin, took part in the regional security summit held in Beijing. The Chinese hope to use this event as a counterweight to Western influence on global affairs. Vucic stated that "cooperation with Russia at the highest levels is very important for Serbia. This is especially true in the areas of energy and Russian supplies of gas," at the beginning of the meeting with Putin. Serbia is aspiring to be a member of the European Union. However, Russia,...

Trade sources and LSEG data show that at least two ships loaded with Russian crude oil bound for refiners located in India were diverted due to new U.S. Sanctions. This week, the U.S. Treasury Department imposed sanctions against more than 115 Iran linked individuals, entities and ships. Some of these vessels are involved in transporting Russian crude oil. Donald Trump, the U.S. president, has warned that he will impose 100% tariffs on all oil purchases from Moscow unless Russia signs a peace agreement with Ukraine. Trade sources reported that three ships, the Aframaxes Tagor, Guanyin, and Suezmax Tassos were to...

Industry sources claim that Indian state refiners stopped buying Russian crude oil last week, as the discounts have narrowed in this month. Donald Trump has also warned other countries against purchasing oil from Moscow. India, which is the third largest oil importer in the world, is the top buyer of Russian crude by sea. This revenue stream for Russia, as it continues to wage war against Ukraine, has been vital for the country. Four sources familiar with the refiners’ plans to purchase Russian crude have told us that the country's state-owned refiners, Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum...

Kherson, a Ukrainian city on the frontline of the conflict with Russia for three years, has more reasons than others to want to see an end to it. They are wary of talks because they have experienced occupation and constant attacks after Russian forces were pushed out. Serhiy (64), a security guard, is lying in a hospital with his foot bandaged. He claimed he was on his way to work as a security guard, when he was struck by a grenade that was dropped by a drone operated by Russian forces. He refused to reveal his family name, and asked...

The parliament approved the creation of a state-owned investment vehicle that will oversee government investments in some the largest companies. It is similar to Singapore's Temasek investment arm. Soon after Prabowo Subito assumed office in October, the creation of Daya Anagata Nusantara Investment Management Agency (Danantara) was announced with the goal of improving performance and returns on state investments. Danantara will have an initial capital of at least 1,000 trillion Rupiah (61 billion dollars). Sufmi dasco Ahmad, deputy speaker to parliament, told reporters that it would take over the State-Owned Enterprises Ministry's holdings in all state-owned companies. State companies play...

The Druzhba pipeline will stay Hungary's primary route for crude oil imports, Foreign Minister Peter Szijjarto said on Thursday after talks with Russian Foreign Minister Sergei Lavrov in Minsk on the sidelines of a conference. The pipeline transfers Russian crude through Belarus and Ukraine to Hungary and also Slovakia. Supplies resumed last month to Hungary's energy business MOL 's refineries after a halt to deliveries following Kyiv's addition of Russian company Lukoil to a sanctions list in June. In contrast to many other European Union nations, Hungary seeks to preserve close political and organization ties to Russia, consisting of dependence...