China has been focusing on harnessing resources from the Russian Far East and Arctic but such efforts are facing hurdles and reservations, according to people with knowledge of the matter. Construction of one of Russia’s key natural gas projects in Siberia to supply gas to China is likely to be slower than expected, they said, … Read more
Western sanctions that put a price cap on Russian oil exports from December 2022 aimed to cause the country significant economic pain after its invasion of Ukraine last year. The idea was to curtail the amount Russia makes from its oil while ensuring it continues to flow into the global market to reduce price pressures … Read more
External Affairs Minister S. Jaishankar, centre, with Union Ministers Piyush Goyal and Rajeev Chandrashekhar meets with High Representative of the European Union (EU) for Foreign Affairs and Security Policy Josep Borrell Fontelles, second from right, in Brussels on Tuesday. | Photo Credit: ANI Days after saying the European Union (EU) had to curb the import … Read more
India leads five countries named as the “Laundromat” countries that buy Russian oil and sell processed products to European countries, thus sidestepping European sanctions against Russia, says a Helsinki-based group. File. | Photo Credit: Reuters India leads ‘Laundromat’ countries buying Russian crude and selling oil products to Europe: report India leads five countries named as … Read more
Russia has started to make ship-to-ship (STS) transfers of diesel near African ports as it seeks transatlantic sales, according to traders and Refinitiv Eikon data. A full EU embargo on Russian oil products on Feb. 5 has boosted Russian diesel exports to Asia, Africa and the Middle East, with STS loadings in the Mediterranean helping … Read more
Global oil prices have held relatively steady since November last year. Despite several geopolitical factors affecting its fundamentals, it has been congested inside $83-70 per barrel throughout this period. Amid fears of a global supply glut, the G7-led price cap on Russian oil and Moscow’s plan for a drastic production cut had little impact on … Read more
A fuel trucks drives along a highway in Frankfurt, Germany. European Union governments tentatively agreed Friday Feb. 3, 2023, to set a $100-per-barrel price cap on sales of Russian diesel to coincide with an EU embargo on the fuel. File photo | Photo Credit: AP European Union governments tentatively agreed Friday, February 3, 2023, to … Read more
Commerce and Industry Minister Piyush Goyal co-chaired the India-Sweden Business Round Table meeting along with his Swedish Counterpart Johan Forssell. Photo: Twitter/@PiyushGoyalOffc NEW DELHI: Sweden will not interfere with India’s energy policy especially in the context of increased Indian purchase of Russian oil. Interacting with a select group of media here, Sweden’s Minister for International … Read more
A price cap that Group of Seven (G7) countries want to impose on Russian oil will provide buyers with leverage to get better prices, a U.S. Treasury official said on Wednesday. The United States has held “positive dialogue” with China and India, two major importers of Russian crude, Ben Harris, assistant secretary for economic policy … Read more
Russia’s finance ministry is proposing to raise the cut-off oil price for its fiscal rule – the level at which Moscow starts buying foreign currency with profits on energy sales – to $60 a barrel, the Vedomosti daily reported on Tuesday. Under the mechanism, Russia buys foreign currency with its booming energy profits – a … Read more