Tag Archives: Russia

Ukraine is urging the G7 to slash the price cap on Russian oil to $30 per barrel, down from the current $60, in a bid to tighten the financial screws on the Kremlin as its war drags into a third year. Foreign Minister Andriy Sybiha made the case in Brussels …

The EU is already working on the 18th sanctions package against Russia, which will include a lower price cap, sanctions on the Nord Stream 1 and 2 gas pipelines, more shadow fleet tankers designated, and additional sanctions on the Russian financial sector, European Commission President Ursula von der Leyen said …

Nord Stream 2, the Switzerland-based company behind the gas pipeline project, has reached an agreement with its creditors to restructure its debt, a Swiss court in Zug said on Friday. Friday, May 9, was the deadline set by the court for Nord Stream 2 to restructure its debt and repay …

Russia saw its budget revenues from oil and gas drop by 12% in April from a year earlier, due to the oil price rout last month, the Russian finance ministry said on Wednesday. Oil and gas revenues for the Kremlin dipped to $13.45 billion (1.09 trillion Russian rubles) in April, …

Slovakia criticized on Wednesday the European Commission’s roadmap to phase out imports of all kinds of Russian energy by 2027, particularly natural gas, claiming that it is “economic suicide” that will hurt the EU more than Russia. The European Union’s executive arm, the European Commission, on Tuesday unveiled a roadmap …

Iran and Russia are enhancing further their energy cooperation as Russian companies signed a deal to develop oilfields in Iran and the countries discuss the creation of a natural gas hub in the Islamic Republic. Iran’s Oil Minister Mohsen Paknejad is currently on a visit to Moscow, where the two …

New oil well drilling in Russia has accelerated to the fastest in five years despite the recent oil price decline, Bloomberg has reported, suggesting the pick-up in activity anticipates a further reversal in OPEC+ production cuts and the possibility for the removal of U.S. sanctions. The current level of drilling …

Chinese state-controlled refining giant Sinopec has returned to buying Russian crude oil after halting purchases last month due to concerns about the U.S. sanctions on Russia’s oil trade and shadow tanker fleet imposed in January, trade sources told Reuters on Wednesday. Sinopec, the biggest refiner in Asia by processing capacity, …

Iran imported non-oil commodities valued at $1.3 billion from Russia in the past Iranian calendar year 1403, which ended on March 20, 2025, according to an official with the Islamic Republic of Iran Customs Administration (IRICA). Abolfazl Akbarpour, the deputy head of IRICA for planning and international affairs, said that …

Turkey’s top oil refiner, Tupras, has resumed purchasing Russian Urals crude oil after a brief halt earlier this year prompted by U.S. sanctions on Moscow. According to trading sources and shipping data reviewed by Reuters, the company restarted imports following a drop in Urals prices below the G7’s price cap, …