Tag Archives: Russia

Russia’s oil industry—a vital source of budget revenues—is already showing signs of slowdown as Western buyers shun Russian oil while Moscow struggles to replace lost sales in the West with sales in emerging Asian markets. The war Putin started in Ukraine is hitting home: storage capacity is full, infrastructure and …

Some of Russia’s natural gas customers have agreed to pay in rubles for Russian gas, Deputy Prime Minister Alexander Novak said on Friday. Last month, Vladimir Putin said that “unfriendly” nations should pay in rubles for natural gas. Russia had set a March 31 deadline for the countries it considers …

The European Union has started drafting its proposal for an embargo on Russian oil imports as its latest response to the war in Ukraine, the New York Times reported, citing Brussels officials and diplomats. The embargo will most likely be introduced in a gradual way, similar to the planned Russian …

The leaders of the European Union member states are expected to discuss at their summit at the end of May the idea of jointly buying natural gas to avoid competing with each other for non-Russian supply as the EU seeks to cut its dependence on Moscow, Bloomberg reported on Thursday, …

Russian state-owned gas producer Gazprom continued to supply natural gas to Europe via Ukraine on Friday in line with requests from European consumers, the company said. Requests stood at 71.6 million cubic metres for Friday, down from 81.1 million cubic metres on Thursday.

Back in early February, reports were mounting that Russia was preparing to invade Ukraine. Videos of Russian troops training, working out, and preparing for battle were circulating around the internet, and Vladimir Putin was giving veiled and vague warnings and threats of the impending war. As it became clear that …

Greece plans to step up efforts to explore for natural gas in an attempt to reduce its 40-percent reliance on Russian gas, Greek Prime Minister Kyriakos Mitsotakis said on Tuesday. “Accelerating the exploitation of the country’s national energy resources will allow us, if we are lucky and we have exploitable …

A “real embargo” on Russian oil could end the war in Ukraine in a matter of months, the BBC has reported, citing a former chief economic adviser to President Putin. According to Andrei Ilarionov, who resigned in 2005, if the West “would try to implement a real embargo on oil …

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 …