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Baghdad has long tried to stop the pipeline flows. Ankara said to be on the hook for $1.5bn compensation.
Russia’s federal budget deficit for the first ten days of March has already exceeded the planned RUB2.9bn for the entire year of 2023, Russian Prime Minister Mikhail Mishustin admitted on March 24.
Chinese President Xi Jinping is visiting Putin in Moscow as formal talks take place as part of a three-day visit. With the strength of Sino-Russian ties under strong focus, this infographic shows how crucial China has become to the Russian economy.
Chinese President Xi Jinping just arrived in Moscow on a three-day state visit to Russian President Vladimir Putin that provides the Kremlin with a fig leaf of legitimacy for its military campaign in Ukraine and also promotes China to the top table.
Russian GDP contracted by 2.1% last year. For the current year, we expect an economic decline of similar magnitude.
Tashkent is eager not to be seen as endorsing anti-war positions.
Iranian Oil Minister Javad Owji said at the weekend that crude oil and gas condensates would be sold to foreign customers on the Iran Energy Exchange (IRENEX). They would be available to domestic buyers at the same price during a particular period.
Turkey has abruptly stopped exporting goods to Russia and one of Russian President Vladimir Putin’s strongest advocates in Europe, Hungarian Prime Minister Viktor Orban, has said that he might “rethink” his relations with Russia in the future.
Agreement could have implications on reviving nuclear deal and could even help build ties between Moscow, Beijing, Tehran and Riyadh.
French President Emmanuel Macron is in Africa. US Secretary of State Antony Blinken has just been to Central Asia before visiting India, and Russian Foreign Minister Sergei Lavrov has just completed a tour of Africa, India and the Caucasus.
An unexpected surge in public spending and private investment cushioned Russia’s economy from the widely expected sharp economic fall in 2022, government statistics show. However, the economy is now reeling from the oil product sanction shocks.
Russia's oil product exports have slumped by 20% in February, marking the lowest level since May 2022, according to tanker tracking data reported S&P on March 2 in a note. Shipborne exports of crude, however, have held up well and remain robust.
Russia starts reducing its oil output by 500,000 barrels per day from March 1 in a one-month production cut that is intended to “stabilise the market,” according to Deputy Prime Minister Alexander Novak.
The discounts Russia is being forced to offer on its oil exports after twin sanctions were imposed look big, but thanks to huge changes in the market the real price Russia gets for its oil is much higher.
EU sanctions on Russia’s oil products went into effect on February 5 and will take several months to make themselves felt. The products market is very different to the crude oil market.
Despite major efforts by the US, the EU and other countries to restrict Russia's fossil fuel revenues, the country is still earning more than half a billion dollars from oil and gas sales per day.
Hungary to send delegation to Sweden and Finland to to resolve political disputes over bids to join defence alliance.
After the twin price cap sanctions were imposed on Russian oil exports, Ukraine’s supporters cheered as the price of the key Urals blend collapsed. The trouble is, Russian refineries in Europe make the price of Urals increasingly irrelevant.
How many ships are in Russia’s “ghost fleet” of tankers? No one has a clear idea: estimates run from 100 to 600 tankers depending on what you include in the fleet.
Beijing’s top diplomat, Wang Yi, has arrived in Moscow and is due to have a closed-door meeting with Russian President Vladimir Putin on February 22, where he will try to broker a peace deal to end the Russo-Ukraine war.