Russia’s domestic LPG prices halve in December following EU embargo on exports amid Ukraine war
2 weeks ago

Russia’s domestic LPG prices halve in December following EU embargo on exports amid Ukraine war

Live Mint  

Domestic prices of liquefied petroleum gas in Russia halved in December from the previous month due to an influx of fuel, exports of which have been curbed by European sanctions. According to calculations by news agency Reuters, the European Union sanctions against Russia's LPG took effect on December 20. According to Reuters calculations based on local commodity exchange, a sharp rise in LPG supplies to the domestic market led to a collapse in wholesale prices in Russia to around 14,000 roubles per metric ton in December from 28,000 roubles at the end of November. Russia also exports LPG to Afghanistan, though market participants say payment issues constrain the supplies. Meanwhile, Russia launched a massive missile and drone barrage targeting Ukraine's energy infrastructure, striking a thermal power plant and prompting Ukrainians to take shelter in metro stations on Christmas morning.

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History of this topic

Dutch companies "avoiding Russian sanctions" via third countries
4 weeks, 1 day ago

Dutch companies "avoiding Russian sanctions" via third countries

Dutch News  

Dutch companies are defying sanctions against Russia by exporting goods to neighbouring countries, sometimes using false papers, research by the statistics agency CBS and the Rijksuniversiteit Groningen has found. The CBS recorded a 74% increase in the value of exports of sanctioned goods to seven countries labelled “high risk” in 2022 and a 90% rise in 2023, compared to the …

Russia wants to become the second-largest oil producer in the world
1 month, 3 weeks ago

Russia wants to become the second-largest oil producer in the world

China Daily  

Russia is reportedly considering a major oil-sector shakeup by merging three of its largest oil companies: state-backed Rosneft and Gazprom Neft and privately-held Lukoil. Notably, the consolidation could allow Russia to command higher prices for crude oil exports to major buyers like India and China. This shift is driven by Russia’s substantial discounts on crude oil, which have made it …

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU
1 month, 4 weeks ago

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU

The Hindu  

India's export of fuels like diesel to the European Union jumped 58% in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. "In the 13 months since the oil price cap took effect, over one-third of India's exports of oil products to sanctioning countries was …

Russia raises estimates for oil and gas export sales
4 months ago

Russia raises estimates for oil and gas export sales

Live Mint  

Sept 6 - Russia's economy ministry revised up its forecasts for export sales of oil and gas, key sources of budget revenue, by $17.4 billion from a previous estimate to $239.7 billion this year thanks to a more positive price outlook, a document seen by Reuters showed. Following is a table of the ministry's key updated forecasts. Previous estimates made …

What can Russia do to sell its unwanted oil?
10 months ago

What can Russia do to sell its unwanted oil?

Hindustan Times  

ON FEBRUARY 22ND, two days before Russia invaded Ukraine, a German-flagged vessel left the Russian port of Primorsk loaded with 33,000 tonnes of oil. On March 24th the volume of Russian seaborne oil exports, at 2.3m barrels per day, was nearly 2m below the level on March 1st, reckons Kpler, a data firm. In May 2018 America imposed “maximum pressure” …

Sanctions on Russian oil have failed. Were they ever meant to succeed?
1 year ago

Sanctions on Russian oil have failed. Were they ever meant to succeed?

Al Jazeera  

Last December, the European Union banned imports of Russian crude oil in a bid to starve the Russian war machine into submission over its invasion of Ukraine. Sanction-proof tankers Anticipating this, the EU, along with the G7, last year placed a $60-per-barrel price cap on Russian oil sold to third parties. “It’s basically a sanction-proof tanker.” Western protection-and-indemnity-insured tankers dropped …

Pakistan gets first shipment of LPG from Russia, second major energy purchase for cash-strapped nation
1 year, 3 months ago

Pakistan gets first shipment of LPG from Russia, second major energy purchase for cash-strapped nation

Firstpost  

The shipment of 100,000 metric tonnes of LPG was delivered by Russia to Pakistan through Iran’s Sarakhs Special Economic Zone, the Russian embassy in Islamabad said. Pakistan has said it had paid for the Russian crude in Chinese currency but the value of the deal was never disclosed Pakistan has received the first shipment of liquefied petroleum gas from Russia, …

US says price caps on Russia’s oil are cutting revenue nearly in half and weakening its economy
1 year, 6 months ago

US says price caps on Russia’s oil are cutting revenue nearly in half and weakening its economy

Associated Press  

WASHINGTON — A top Treasury Department official said Thursday that the cap on the price of Russia’s oil is severely curtailing its greatest source of revenue as it wages war in Ukraine. When the United States and other economic powers in the Group of Seven, along with the European Union and Australia, last year announced an ambitious plan to cap …

Russia launches intense air raid on Kyiv, top Chinese diplomat to tour Ukraine and Russia
1 year, 7 months ago

Russia launches intense air raid on Kyiv, top Chinese diplomat to tour Ukraine and Russia

ABC  

Russia launched an exceptionally intense air attack on Kyiv in the early hours of Tuesday, using drones, cruise and probably ballistic missiles, city officials said, as the Ukrainian capital suffered its eighth air raid this month. Key points: Russia fired six ballistic missiles from aircraft, nine cruise missiles from ships in the Black Sea and three missiles from land Ukraine …

Russia’s shadowy energy trade is raising fears of a devastating oil spill
1 year, 8 months ago

Russia’s shadowy energy trade is raising fears of a devastating oil spill

CNN  

London CNN — The waters of the Bay of Lakonikos, on the south-eastern side of Greece’s Peloponnese peninsula, are a bright turquoise color. “Smaller vessels come in from Russian ports, they transfer the cargoes onto larger vessels, and then those larger vessels will head off to Asia.” A satellite image taken on March 20, 2023 shows two tankers conducting a …

India and China Snapping up Majority of Russian Oil Above Western Price Cap
1 year, 8 months ago

India and China Snapping up Majority of Russian Oil Above Western Price Cap

The Hindu  

India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations. The latest data from Refinitiv Eikon suggest Russian Urals oil cargoes that loaded in the first half of April are mostly heading to India's and China's ports. …

Russian oil exports back above pre-Ukraine war levels as India and China buy 90%
1 year, 8 months ago

Russian oil exports back above pre-Ukraine war levels as India and China buy 90%

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Russia’s oil exports are back to pre-war levels
1 year, 8 months ago

Russia’s oil exports are back to pre-war levels

CNN  

London CNN — Russia’s oil exports have bounced back to levels last seen before it invaded Ukraine, despite a barrage of Western sanctions. Moscow’s exports of crude oil and oil products rose in March to their highest level since April 2020, jumping by 600,000 barrels a day, the International Energy Agency said in its monthly oil report Friday. The IEA …

Russia says oil sales to India soared 22-fold last year
1 year, 9 months ago

Russia says oil sales to India soared 22-fold last year

Al Jazeera  

Sales to India surged in 2022 as European buyers turned to other markets after the Ukraine war, Russian deputy PM says. Russian oil sales to India surged more than 22-fold last year as European buyers turned to other markets following the conflict in Ukraine, Russia’s deputy prime minister has said. Russia shifted its oil exports to India and China last …

Russian oil becomes more pricey with pool of Asian buyers expands
1 year, 10 months ago

Russian oil becomes more pricey with pool of Asian buyers expands

Live Mint  

The price of Russian crude and fuel is rising for buyers in Asia as a pool of bigger customers from China and India expands, putting pressure on smaller refiners that have eagerly consumed the cheap oil. The larger refiners have muscled in to a patch typically dominated by China’s smaller independent processors, known as teapots, which have been consistent consumers …

Russia may cut March oil production by 5L barrels a day, says Dy PM
1 year, 10 months ago

Russia may cut March oil production by 5L barrels a day, says Dy PM

Live Mint  

Russia plans to cut its March oil production by 500,000 barrels a day in response to the western price caps, said Deputy Prime Minister Alexander Novak. “Russia believes that the mechanism of price caps on Russian oil and petroleum products is an intervention in market relations and an extension of destructive energy policies of the collective West,” Novak said in …

Russia bans sales of oil to countries imposing price cap
2 years ago

Russia bans sales of oil to countries imposing price cap

Live Mint  

Russia on Tuesday banned the sale of its oil and petroleum products to countries that put a cap on their sales price, in a move that threatened more uncertainty ahead for global energy markets. Many of Russia’s crude exports are now selling at market prices well below the $60 cap, primarily to countries like India, China and Turkey that haven’t …

Russia bans oil exports for countries using price cap: Why Moscow made move, who will be affected?
2 years ago

Russia bans oil exports for countries using price cap: Why Moscow made move, who will be affected?

Firstpost  

While the G7, EU, and Australia will be affected by Russia’s ban if they adhere to the $60 per barrel price cap, experts say the move may benefit India and China – giving them further leverage to lower the price they pay for Moscow’s oil Russia has announced that countries and companies complying with the price cap on oil set …

Ukraine war: Vladimir Putin has been weaponising energy for years. Here’s what to look for next
2 years ago

Ukraine war: Vladimir Putin has been weaponising energy for years. Here’s what to look for next

Firstpost  

Russia shifted its strategy to attrition, specifically targeting energy infrastructure, after failing to force a quick, decisive victory against Ukraine Not since the 1970s oil crisis has the West seen such a focus on energy security. Vladimir Putin’s regime had been using selective gas supply cuts as a pressure tool against Ukraine since at least the winter of 2005-06, when …

Drivers are stuck in limbo as world’s oil supply reshuffles
2 years ago

Drivers are stuck in limbo as world’s oil supply reshuffles

Associated Press  

NEW YORK — At a gas station outside New York City, retired probation officer Karen Stowe was faced with a pump price she didn’t want to pay. Drivers now hope the situation doesn’t get worse after a series of cutbacks tied to Russia’s war in Ukraine, accidents and the slowing global economy have strained the world’s oil supply. “But it …

Russian oil price cap, EU ban aim to limit Kremlin war chest
2 years, 1 month ago

Russian oil price cap, EU ban aim to limit Kremlin war chest

Associated Press  

FRANKFURT, Germany — Major Western measures to limit Russia’s oil profits over the war in Ukraine took effect Monday, bringing with them uncertainty about how much crude could be lost to the world and whether they will unleash the hoped-for hit to a Russian economy that has held up better than many expected under sanctions. “And that depends not only …

Russian oil price cap, EU ban aim to limit Kremlin war chest
2 years, 1 month ago

Russian oil price cap, EU ban aim to limit Kremlin war chest

Associated Press  

FRANKFURT, Germany — Major Western measures to limit Russia’s oil profits over the war in Ukraine took effect Monday, bringing with them uncertainty about how much crude could be lost to the world and whether they will unleash the hoped-for hit to a Russian economy that has held up better than many expected under sanctions. “And that depends not only …

G7 price cap on Russian oil kicks in, Russia will only sell at market price
2 years, 1 month ago

G7 price cap on Russian oil kicks in, Russia will only sell at market price

The Hindu  

The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production. It allows Russian oil to be shipped to third-party countries using G7 and …

Russian oil revenues could weather EU ban, G7 price cap
2 years, 1 month ago

Russian oil revenues could weather EU ban, G7 price cap

The Hindu  

Russian oil output could fall by 500,000 to 1 million barrels per day early in 2023 after the European Union imposes a ban on seaborne imports from Monday, two sources at major Russian producers said. They are seeking to strike a difficult balance to limit Moscow's oil income while avoiding oil price shocks on international markets that surged around the …

Europe's import of Russian gas jumps 42% amid Russia-Ukraine war: Report
2 years, 1 month ago

Europe's import of Russian gas jumps 42% amid Russia-Ukraine war: Report

Hindustan Times  

The European Union witnessed a 42 percent increase in the imports of Russian Liquefied Natural Gas between January-October, compared to the same period last year, Financial Times reported. The report said that EU has imported 62.1 billion cubic meters of natural gas this year compared to 17.8 billion cubic meters last year. This comes as Lithuanian Foreign Minister Gabrielius Landsbergis …

The war in Ukraine has reshaped the world’s fuel markets
2 years, 3 months ago

The war in Ukraine has reshaped the world’s fuel markets

The Economist  

Briefing | Docks, stocks and many floating barrels The war in Ukraine has reshaped the world’s fuel markets The Gulf will be a big winner I n 2017 Qatar lifted a 12-year ban on developing the world’s biggest natural-gas field, most of which lies under the waters of the Persian Gulf. The pivot to Asia Russia, seaborne crude-oil exports, barrels …

Russia sees 38% rise in energy export earnings this year: Report
2 years, 4 months ago

Russia sees 38% rise in energy export earnings this year: Report

Al Jazeera  

Russia is expected to pocket $337.5bn this year on energy exports alone, according to an economy ministry document seen by Reuters news agency. Higher oil export volumes, coupled with rising petrol prices, will boost Russia’s earnings from energy exports to $337.5bn this year, a 38 percent rise from 2021, according to an economy ministry document seen by Reuters news agency. …

Russia is about to play its most dangerous cards – and the west is not ready
2 years, 5 months ago

Russia is about to play its most dangerous cards – and the west is not ready

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. It said that if Russia completely …

Russia’s Oil Is in Long-Term Decline – And the War Has Only Added to the Problem
2 years, 6 months ago

Russia’s Oil Is in Long-Term Decline – And the War Has Only Added to the Problem

The Quint  

Yet despite all these restrictions, oil prices fell from their March highs. Asian buyers also welcomed the “opportunity” to buy Russian crude oil at discounted prices: the main product, known as Urals, used to sell at around US$1 per barrel below Brent, but the gap is currently over US$30. In its April report, it expected Russian oil supply that month …

Oil price cap could strike Russia’s war chest — if enforced
2 years, 6 months ago

Oil price cap could strike Russia’s war chest — if enforced

Associated Press  

GARMISCH-PARTENKIRCHEN, Germany — Leaders of the world’s biggest developed economies are weighing a cap on the price of Russian oil meant to strike at the main pillar of the Kremlin’s finances following its invasion of Ukraine — and to limit the havoc that high energy prices are wreaking worldwide. “Should the G-7 agree on a price cap for Russian oil, …

Oil price cap could strike Russia's war chest — if enforced
2 years, 6 months ago

Oil price cap could strike Russia's war chest — if enforced

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Should the G-7 agree on a price cap for …

China oil imports from Russia surge amid Ukraine war sanctions
2 years, 6 months ago

China oil imports from Russia surge amid Ukraine war sanctions

Al Jazeera  

China’s crude oil imports from Russia up 55% in May compared to a year earlier, displacing Saudi Arabia as top supplier. China ramped up crude oil imports from Russia in May, helping to offset Moscow’s losses from Western nations scaling back Russian energy purchases over its invasion of Ukraine. Chinese customs data on Monday showed that crude oil imports from …

Russia ‘earned’ $98bn in fuel exports in 100 days of Ukraine war
2 years, 6 months ago

Russia ‘earned’ $98bn in fuel exports in 100 days of Ukraine war

Al Jazeera  

A new report says most exports went to European countries as Kyiv urges the West to sever all trade with Moscow. Russia has earned $98bn from fossil fuel exports during the first 100 days of its war in Ukraine, with the European Union being the top importer, according to new research. According to CREA’s report, the EU took 61 percent …

European shipping firms ‘making a mockery’ of Russia sanctions as oil cargoes double
2 years, 7 months ago

European shipping firms ‘making a mockery’ of Russia sanctions as oil cargoes double

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

China’s Russia dealings irk US, but don’t breach sanctions
2 years, 7 months ago

China’s Russia dealings irk US, but don’t breach sanctions

Associated Press  

BEIJING — China’s support for Russia through oil and gas purchases is irking Washington and raising the risk of U.S. retaliation, foreign observers say, though they see no sign Beijing is helping Moscow evade sanctions over its war on Ukraine. President Xi Jinping’s government declared ahead of Russia’s Feb. 24 attack that it had a “no limits” friendship with Moscow …

China's Russia dealings irk US, but don't breach sanctions
2 years, 7 months ago

China's Russia dealings irk US, but don't breach sanctions

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy China’s support for Russia through …

Oil prices surge as Europe signals ban on Russian imports
2 years, 8 months ago

Oil prices surge as Europe signals ban on Russian imports

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Oil prices surged on Wednesday …

China's independent refiners secretly buying Russian oil at steep discount? Reports suggest so
2 years, 8 months ago

China's independent refiners secretly buying Russian oil at steep discount? Reports suggest so

India TV News  

Highlights This comes at a time when Western countries are mulling an embargo on Russian oil Refineries have not publicly reported deals with Russian oil suppliers State trading companies have mostly declined to sign new supply contracts China's independent refiners are discreetly buying Russian oil at steep discounts, reports in the UK media have claimed. This comes at a time …

What you should know about the EU plan to ban Russian oil imports
2 years, 8 months ago

What you should know about the EU plan to ban Russian oil imports

Al Jazeera  

The European Commission has proposed a plan to phase out imports of Russian crude and refined oil in response to Russia’s invasion of Ukraine. European Commission President Ursula von der Leyen said on Wednesday the embargo “will be a complete import ban on Russian oil, seaborne and pipeline, crude and refined”, that will take place in stages to give states …

West's sanctions and Putin's search for new energy markets: Can Europe cope with oil, gas shortages?
2 years, 8 months ago

West's sanctions and Putin's search for new energy markets: Can Europe cope with oil, gas shortages?

India Today  

Faced with several sanctions, especially in the energy sector, Russia is now looking toward alternative markets for its energy exports. Russia’s power over the European market was seen when gas prices suddenly dropped in October 2021, following Putin’s comments on stepping in to “stabilize” the energy market. Although OECD Europe received most of Russia’s crude oil and natural gas exports …

World’s top oil trader will stop buying Russian crude
2 years, 8 months ago

World’s top oil trader will stop buying Russian crude

CNN  

London CNN Business — Vitol Group, the world’s top independent oil merchant, will stop trading Russian crude oil and products by the end of the year, a source with knowledge of the situation told CNN. “For now, there are no signs of increased volumes going to China.” Vitol’s revenues almost doubled last year to $279 billion as global demand for …

Oil climbs as EU considers beefing up sanctions on Russian crude
2 years, 9 months ago

Oil climbs as EU considers beefing up sanctions on Russian crude

Al Jazeera  

Prices were also higher with the Caspian Pipeline Consortium’s export terminal on the Black Sea halting loadings. Oil pushed higher ahead of high-level meetings that may result in fresh sanctions on Russia, and as storm damage to a vital Black Sea export terminal compounded supply risks. Prices were also higher on Wednesday with the Caspian Pipeline Consortium’s export terminal on …

Europe is talking about joining the Russian oil embargo
2 years, 9 months ago

Europe is talking about joining the Russian oil embargo

CNN  

London CNN Business — Europe will consider joining a US-led embargo of Russian oil this week as the West looks for new ways to punish President Vladimir Putin for waging his devastating war in Ukraine. Russia is the world’s second biggest exporter of oil, behind Saudi Arabia, and despite the chilling effect of unprecedentedWestern financial sanctions and an embargo announced …

Russia-Ukraine conflict: A look at how Moscow's oil flows from Berlin to Beijing
2 years, 9 months ago

Russia-Ukraine conflict: A look at how Moscow's oil flows from Berlin to Beijing

Firstpost  

Russia is one of the world’s biggest oil producers and a vast majority of its oil exports are purchased by Europe and China. The data sourced from Bloomberg shows that Russia in 2020 exported about five million barrels of crude oil each day of which almost half went to various countries in Europe. According to a UN Comtrade report of …

Explained | The surge in oil and natural gas prices
2 years, 9 months ago

Explained | The surge in oil and natural gas prices

The Hindu  

The story so far: On March 8, President Joe Biden announced that the U.S. was banning the import of Russian oil, liquefied natural gas, and coal to the country, a move aimed at depriving Russia of the economic resources needed to continue its war in Ukraine. In January 2022, Russia’s total oil production was 11.3 million barrels per day, of …

Russia-Ukraine Conflict: Moscow Retaliates Against Sanctions, Bans Export Of 200 Goods, Equipment
2 years, 9 months ago

Russia-Ukraine Conflict: Moscow Retaliates Against Sanctions, Bans Export Of 200 Goods, Equipment

ABP News  

New Delhi: Responding to West sanctions, Russia approved a list of 200 goods and equipment on Thursday to temporarily prohibit their export from the country. It has been adopted as a follow up to the ‘Presidential Executive Order On Application of Special Economic Measures in Foreign Economic Activity to Ensure the Security of the Russian Federation,’ the release added. In …

Russia: We have enough oil and gas buyers even with sanctions
2 years, 9 months ago

Russia: We have enough oil and gas buyers even with sanctions

Al Jazeera  

The United States has banned imports of Russian oil and other fossil fuels, a move that sent prices of commodities from energy to metals to grains surging. Russia has enough buyers for its oil and gas even as Western nations and their allies impose sanctions in response to the invasion of Ukraine, according to a top Kremlin official. “We will …

Explained | The major financial and commercial sanctions on Russia
2 years, 10 months ago

Explained | The major financial and commercial sanctions on Russia

The Hindu  

Owing to its geopolitical actions in the Ukraine, Russia has been the subject of a wide spectrum of financial and economic sanctions from the West. Energy The European Union on February 25 introduced an export ban on Russia pertaining to equipment and technologies relevant to oil refining and related services. White House, earlier in March, stated that the Commerce Dept …

Removing Russian oil from market would raise prices to over $300/barrel: warns Moscow
2 years, 10 months ago

Removing Russian oil from market would raise prices to over $300/barrel: warns Moscow

India TV News  

Highlights Removing Russian oil from market would make oil prices skyrocket to $300/barrel: Russia's dy.PM Russia is not dependent on the West and can "reroute" its supplies elsewhere, he said. Moscow has "full right" to stop supplying gas via Nord Stream 1 pipeline: Moscow slams Germany. Removing Russian oil from the market would make energy prices skyrocket to over $300 …

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