Tag Archives: Russia

Russia hiked its fuel oil and vacuum gasoil (VGO) exports to India and Turkey in May as buyers preferred to purchase more fuel oil amid falling prices, according to shipping and trade data reviewed by Reuters. Russia’s oil products have been banned in the EU and other Western countries since …

For years, Russian gas was seen as the bedrock of Europe’s industrial competitiveness, reliable, abundant, and above all, cheap. But as Europe transitions away from Russian energy, the true cost of that dependency is finally coming into view. This article reconsiders the myth of cheap Russian gas, showing that beyond …

The combined net profits of Russia’s oil and gas companies nearly halved in the first quarter from a year earlier, while petroleum revenues for the budget have been falling with the decline in oil prices in recent months. The net profits of the Russian oil and gas firms slumped to …

The European Commission is set to unveil later on Tuesday its new sanctions package against Russia, which will include a proposal to lower the oil price cap for Russia’s crude to $45 per barrel and to ban the use of Nord Stream infrastructure, sources with knowledge of the plan told …

Per Japanese government instructions, refiner Taiyo Oil has bought a cargo of Russia’s Sakhalin crude to ensure stable production of the LNG plant that supplies gas to Japan, a company spokesperson told Reuters on Tuesday. “At the request of the Ministry of Economy, Trade and Industry, we have decided to …

Russian gas monopoly Gazprom increased its gas supplies to Europe via the TurkStream pipeline in May by 10.3% compared to April, from 41.7 million to 46 million cubic meters per day, Reuters reported on June 2. After the cessation of supplies through the Yamal-Europe pipeline and Nord Stream, and the …

A supertanker carrying 2.1 million barrels of Russia’s Far Eastern ESPO crude grade has been anchored near China for days in what traders say is an unusual pattern that could suggest weaker demand in the Asian market. The Big Star supertanker loaded ESPO from three smaller vessels near Russia’s Zarubino …

Russian military vessels are escorting oil tankers traversing the Gulf of Finland, Finland’s defense minister told media this weekend, saying this was “a completely new development.” The news follows an attempt last week by the Estonian navy to stop a tanker carrying Russian oil, which prompted the appearance of a …

The European Commission is already preparing its 18th package of sanctions against Russia, which will disconnect about 20 banks from the SWIFT payment system and impose trade bans exceeding €2.5B in value. The EU also intends to impose sanctions on the Nord Stream gas pipeline projects for the first time. …

Finance ministers and central bank governors from the Group of Seven democracies agreed during a meeting in western Canada that Russia could face further sanctions if it resists a push toward a cease-fire in its war in Ukraine. The G7 finance chiefs condemned Russia’s “brutal war” in a communique on …