Tag Archives: Russia

The EU’s fifth round of sanctions against Russia following the its attack on Ukraine will hit hard on the country’s energy industry. Among the points in the restrictive measures is an export ban on goods such as quantum computers and advanced semiconductors, high-end electronics, software, sensitive machinery and transportation equipment. …

“Compared to previous oil shocks, this is a different world.” Vehicle industry expert John DeCicco, an engineer at the University of Michigan in Ann Arbor, says that history may not teach us much about how consumers are going to respond to skyrocketing oil prices. In the past, oil price sticker …

It has been exactly six weeks since Russia invaded Ukraine, with no end in sight to one of humanity’s biggest existential crises in modern times. In response to Russia’s unprovoked and unjustified war, the United States and the West have hit the rogue nation with a plethora of sanctions, with …

A driver refuels a vehicle at a petrol station in Gimpo, South Korea. Asia’s fourth-largest economy almost entirely relies on imports for its fossil fuel needs. Photo: Bloomberg South Korea is worried about knock-on effects from the Ukraine war on the prices of raw materials it needs to produce goods …

Replacing Russian natural gas in Europe could be challenging in short term and it will keep gas prices high, Fitch Ratings said on Friday. Europe imports around 60% of its total natural gas demand, as Russia is supplying about a third of the continent’s consumption – 152 billion cubic meters …

Germany could end Russian oil imports this year, Chancellor Olaf Scholz said on Friday, signaling the urgency driving Europe’s biggest economy to wean itself off energy from Russia. “We are actively working to get independent from the import of (Russian) oil and we think that we will be able to …

Ukraine’s gas grid warned that flows through Europe could be affected as Russia and illegal armed forces are disrupting operations at a key compressor station. Occupiers are interfering with operations at the Novopskov gas compressor station in the in Luhansk region, Gas TSO of Ukraine said in a statement. The …

At least two Indian refiners plan to buy less Saudi oil than usual in May, after the kingdom raised the official selling price (OSP) to record highs for Asia, two sources said on Wednesday, as India increases purchases of cheap Russian crude. India, the world’s third biggest oil importer and …

Hungary said on Wednesday, April 6, it was prepared to pay roubles for Russian gas, breaking ranks with the European Union which has sought a united front in opposing Moscow’s demand for payment in the currency. Hungary will pay for shipments in roubles if Russia asks it to, Prime Minister …

Russia’s invasion of Ukraine has given a new boost to long-running efforts of Eastern Mediterranean states to tap into regional gas reserves amid concerns over energy security in Europe, experts have said. On Tuesday, Israeli Foreign Minister Yair Lapid travelled to Athens to meet with his Greek and Cypriot counterparts, …