Ukraine

Valdis Dombrovskis, EU Economy Commissioner, said that the extension of a waiver for Russian sanctions showed that 'G7 members are not always in agreement. Dombrovskis stated that the G7 was a forum to discuss and cooperate with like-minded allies. He said, "But, well... we're not always 100% in agreement on everything. This is unfortunately one of those topics." He praised, however, the joint statement after the G7 meeting. It was said to be a positive outcome of the meeting between the central bank governors and finance ministers. Dombrovskis stated that he was reassured by the United States, who said that...

Energy Minister said that Serbia will present its final offer to MOL, the Hungarian oil company, on Friday, in response to the Hungarian bid for NIS, the operator of the Balkan nation’s only refinery. Gazprom and Gazprom, two Russian companies, agreed in January to sell their 56% stake in NIS majority to MOL after the U.S. demanded that Russian shares be divested due to sanctions imposed by the U.S. over Moscow's involvement in the war in Ukraine. We had intensive discussions yesterday and the previous day with representatives of MOL. "We agreed on certain topics," Energy Minister Dubravka Handanovic, was...

Serbia's energy minister said that it will present its final proposal to MOL on Friday regarding the Hungarian company's bid for NIS to be acquired by MOL, the operator of the Balkan nation’s only refinery. Gazprom and?Neft, two Russian companies, agreed in January to sell their 56% stake in NIS majority to MOL after the U.S. demanded that Russian shares be divested due to sanctions imposed by the U.S. over Moscow's involvement in the war in Ukraine. Washington has given MOL and the Russian companies until May 22 for the sale to be completed. This will require the Serbian government's...

The Russian Victory Day Parade will be the smallest in recent years due to the threat of an attack by Ukraine. Moscow's forces have been unable to win the war, which has been the deadliest European conflict for more than four years. The parade on Red Square, which takes place May 9, is Russia's most revered national holiday. It's an opportunity to commemorate the Soviet Union's triumph over Nazi Germany, and pay tribute to the 27,000,000 Soviet citizens who died, many of whom were Ukrainians. The parade, which was once used to display Russia's military might, including its intercontinental missiles...

Lanxess predicts that oil prices will remain high for the next few months, and warns that the soaring energy costs are likely to continue to impact the chemical sector after the Middle East conflict disrupted the fuel and feedstock market. CEO Matthias Zachert stated that the company expects oil prices to stay in the $100 to $110 range per barrel for the next few months. He added that Lanxess would pass on the higher costs by increasing the price. He also said that the pressure of Chinese competition in Europe is starting to?ease as higher energy prices?hit Asia more than?Europe....

India's palm oils imports dropped 27% in April to a "one-year low" as refiners slowed purchases due to the sluggishness of demand from institutional buyers, and recent price increases that reduced its discount to competing oils. India's palm oil imports fell 27% to a?one-year low in April, as sluggish demand?from institutional buyers and a recent price rally that eroded?its discount to rival oils prompted refiners to curb purchases, five dealers said. Dealer estimates show that palm oil imports dropped to 505,000 tons in April from 689.462 tons in march. Imports of soyoil rose by 24% in April, compared to March,...

The Kremlin stated on Tuesday it was pleased that Peter Magyar, the Hungarian prime minister-elect, seemed "ready for a pragmatic dialogue with Russia" and would base its position on specific actions taken by his government Russian hardliners mourned Viktor Orban's defeat, a close ally of Moscow, who lost an election over the weekend to a centre-right upstart rival Magyar. The Kremlin said that it was "ready" to talk with the new government. Dmitry Peskov, Kremlin spokesperson, told reporters: "For the moment, we can note with satisfaction his (Magyar) willingness to engage in pragmatic dialogue." "In this instance, there is a?mutual?willingness...

Holders of bonds issued by Ukraine's Naftogaz, the state energy giant, have hired lawyers to prepare for what appears to be a second debt restructuring since Russia's invasion in 2022. Source familiar with the matter confirmed that the funds hired Cleary Gottlieb Steen & Hamilton - the same firm which represented VR Capital and bondholders when Naftogaz wrote off its debt in?2023. In the face of ongoing Russian attacks, the Ukrainian state energy company, which has recently hired Rothschild to be its debt advisor, is struggling with how to pay a repayment of nearly 700 million euros ($821million) due in...

Leaked recordings purportedly showed Hungary's Foreign Minister offering to send his Russian counterpart an?document on Ukraine's European Union membership, as the latest sign of Budapest's warm relationship with Moscow. The audio 'clips' released by a group of investigative news - outlets, including VSquare.org, were the latest of a series leaked conversations purporting to show that Prime Minister Viktor Orban of Hungary has been working to serve Russian interests while undermining EU efforts to help Ukraine. Orban, who has ordered an investigation after Orban's previous statement that wiretapping his calls was "a huge scandal", was unable independently to verify the authenticity....

JD Vance, the U.S. vice president, slammed the European Union on Tuesday for its "disgraceful interference" in an election held in?Hungary. He also praised Prime Minister Viktor Orban in his role as an ally to Donald?Trump when it comes to the defence of Western civilization. Here are some key quotes from the joint press conference in Budapest. VANCE ON HUNGARIAN ELSECTION "What happened in this country and what happened during this election campaign is one of worst examples of foreign interference in elections that I have ever read or seen ..." "The bureaucrats at Brussels have tried to destroy Hungary's...

Two industry sources said that NORSI, Russia’s fourth largest oil refinery, suspended operations on April 5, following an attack by a Ukrainian drone. The temporary 'closure' of the refinery will increase the uncertainty in Russia's energy industry, which has already been hit by a series of Ukrainian attacks including those that have targeted its major oil-exporting terminals on the Black Sea or the Baltic Sea. Russian authorities announced on Sunday that a drone had attacked the NORSI oil refinery, causing it to catch fire. Gleb Nikitin said that two facilities at the plant had been hit, and a power station,...

Analysts at A95 Consulting Group reported late Monday that Ukraine's imports of diesel jumped 27% in March over February to a five-year-high of 577,000 tons, despite the difficulties associated with the war? in the Persian Gulf. After Russian missile attacks virtually destroyed Ukraine's refining capability, the country became?entirely reliant on imported fuel. It sourced supplies elsewhere in Europe. The consultancy stated in a report that "Importers operations in March were hindered by the effects of the war in the Middle East which made it extremely difficult to secure supplies." The report also stated that ORLEN, Poland's largest supplier, had suspended...

Estonia's chief of foreign intelligence said that Russian President Vladimir Putin is limited in his options for a victory in Ukraine, as his military forces are unable to make significant progress on the battlefield and Western sanctions are eroding his resources. Kaupo Rosin is a leading'spy' on NATO’s eastern flank. He told us that Russia was losing more men in its?fifth full-scale year of war than they were recruiting. A general mobilisation, he said, would be unpopular and could undermine stability. "All these factors are creating a scenario where some people, including those at the highest levels in Russia, understand...

The National Crisis Management Centre of the Lithuanian government said that a suspected Ukrainian military drone crashed in Lithuania on Sunday. Reporters were told that the drone had not been detected upon its entry into Lithuania and it was not armed. The centre reported that the drone was found in the village of Samane. This is about 40 kilometers from the Latvian border and 55 kilometers from Belarus. Kyiv is yet to comment on this issue. Separately the 'Latvian Army' said that a drone alert had been issued Sunday morning along the border with Russia. NATO fighters from a Baltic...

Edgars Rinkevics, the Latvian president, proposed Andris Kubergs as the next prime minister after 'Evika Silina' resigned. Silina announced on Thursday that she would be stepping down. This caused the collapse of her entire coalition, just months ahead of an October election. Kulbergs will be able to take office as the leader of United List, the largest opposition bloc in Parliament if his cabinet and he are approved by lawmakers. "Given recent events, I believe the new 'prime minister' should come from the opposition parties," said?Rinkevics at a press conference. Silina fired Defence Minister Andris SPruds at the weekend, after...

?Poland's air force intercepted an?Russian reconnaissance aircraft in international waters of the?Baltic Sea. The Russian flight was deemed a provocative act and a potential threat. The machine flew in international airspace with its?transponders off and without a flight plan. The Polish army stated in a social media post that there was no violation to?Polish airspace. Defence Minister Wladyslaw KsiniakKamysz stated that flights without transponders could be a 'threat to other aircraft' and 'that its pilots would always respond immediately. "Our aircraft intercepted an Il-20 Russian reconnaissance aircraft in international waters of the Baltic Sea." "This is yet another aggressive act...

Hungary summoned Russia’s embassy over a drone strike on western Ukraine, said Prime Minister Peter Magyar?on Wednesday. Russia launched a drone attack against Ukraine on Wednesday morning, killing three people and damaging critical infrastructure. Magyar stated during a press conference held following the first cabinet meeting of the new Hungarian Government that the Russian ambassador was summoned on Thursday morning to the Foreign Ministry to meet with Anita Orban. Orban, who will attend the meeting, will ask the ambassador to tell him when Russia intends to end its four-year war with Ukraine. Orban had earlier said on Wednesday in a...

The office of Sergei Sobyanin, Moscow's mayor, announced on Wednesday that the city has imposed restrictions on the publication and distribution of images and videos depicting the 'aftermath' of "terrorist attacks", including drone strikes. A directive posted on the official website of the mayor, referring the "Anti-Terrorist Commission", stated that the order was intended to "prevent the dissemination of unreliable or false information". The law prohibits the media as well as individuals and emergency services from publishing pictures or videos depicting "terrorist attacks", including drone attacks, until these images or videos appear on the websites of either city governments or...

Ukraine resumed drone attacks on Russia’s oil refineries on Wednesday, just two days after the three-day ceasefire that was proposed by U.S. president Donald Trump had expired. As the four-year conflict continues, Ukraine has targeted Russian oil infrastructure to reduce Moscow's revenue from the energy industry and dent its military strength. The Russian defence ministry announced on Wednesday that two-hundred and eighty-six Ukrainian drones were intercepted, destroyed and destroyed over Russian regions. Authorities in southern Krasnodar said that a 'drone fragment' fell near an industrial facility and caused a fire. The village of Volna is where the oil products terminals...

The deputy economy minister stated on Tuesday that Ukraine's grain production forecast for this year is 60.4 million tonnes, which is a similar level to the previous year despite the wartime challenges and a wet, cold spring. He added that farmers are expected to harvest 22.4 million tonnes of wheat. This will be enough to meet Ukraine’s domestic demand and preserve export possibilities. The cold and wet soils that delayed sowing some crops made this year's spring sowing campaign more difficult. In a recent statement, Taras Vysotskiy said that the weather risks are mainly affecting?corn. This crop is dependent on...

The Kremlin said on Saturday that the United States was in a hurry to clinch a peace agreement to end the Ukraine War, but that it would be a long time before they could reach any kind of agreement because the issues are so complex. Russia and Ukraine confirmed that they had agreed on a three-day ceasefire, which will run from May 9 through May 11. U.S. president Donald Trump said he hoped that it would be prolonged. Pavel Zarubin, a reporter for state television, was told by Kremlin spokesperson Dmitry Peskov that it is understandable why the Americans are...

The 'foreign minister' of Ukraine said on Friday that the country is considering sending a team to help improve air security in the Baltic States after two drones, allegedly from Ukraine, crashed into Latvia. NATO members Latvia and Lithuania, which border Russia have reported several incidents of this nature in the last few months, as Ukraine intensified its 'long-range attacks' against their enemy. Andrii Sybiha said that if it is confirmed that the drones were Ukrainian and were intentionally knocked from their course by Russia's electronic war, we will sincerely apologize to our Latvian Friends. He said that "we are...

Ukraine has accused Russia of violating the ceasefire that was initiated by President Volodymyr Zelenskiy on Wednesday at midnight. Officials reported one death and three injuries in frontline areas of the north and east. Andrii Sybiha, Ukrainian Foreign Minister, said that Russia violated the ceasefire initiated between midnight on May 5th and 6, when it was announced by Ukraine. Sybiha reported that Russian attacks continued through the night and included morning strikes in Kharkiv, Zaporizhzhia. He said that "this shows that Russia rejects the peace and their fake calls for ceasefire on May 9th has nothing to do diplomacy." Sybiha...

Ukraine has used drones to strike what it claims is an oil pumping facility in Russia, near the Ural Mountains. President Volodymyr Zelenskiy said Kyiv will continue to increase its range. Kyiv has intensified its?attacks in Russia over the past few weeks. It aims to destroy oil refineries and depots, and to cripple Moscow's main source of funding to wage war in Ukraine. Zelenskiy, in a blog post on X, said that Ukraine's security services had reported a success strike deep within Russia. He called it "a new phase in the use Ukrainian weapons to 'limit the potential' of Russia's...