Premarket stocks: How Russia’s war could knock out Europe’s economy
2 years, 10 months ago

Premarket stocks: How Russia’s war could knock out Europe’s economy

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Western sanctions imposed following Russia’s invasion of Ukraine have caused global energy prices to spike and consumer confidence to plummet in Europe. A complete ban on Russian energy imports would drive Brent crude prices to $160 per barrel and push the eurozone into its third recession since the start of the coronavirus pandemic, according to Capital Economics. “A collapse in Russian energy trade would precipitate power rationing in parts of Europe, which in turn would rupture supply chains and could stoke additional inflationary pressure globally,” said economist Caroline Bain. “It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” Russian Deputy Prime Minister Alexander Novak said on state television, according to Reuters.

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History of this topic

To Shorten the War in Ukraine, Tighten Oil Sanctions for Real
1 week ago

To Shorten the War in Ukraine, Tighten Oil Sanctions for Real

Live Mint  

-- As Bloomberg News has reported, President Joe Biden is considering ramping up sanctions on Russia before he leaves office, hoping to pressure Russian President Vladimir Putin ahead of possible talks to end the war in Ukraine. Outside of greater military support, it would be hard to send a more powerful message of resolve than to squeeze the oil and …

Russia earns less from oil and spends more on war. So far, sanctions are working like a slow poison
1 year, 4 months ago

Russia earns less from oil and spends more on war. So far, sanctions are working like a slow poison

Associated Press  

The Russian ruble’s wobble in value has exposed a crack in President Vladimir Putin’s fortress economy, a vulnerability quickly plastered over by the Kremlin’s economic team in a move that allowed the currency to regain its footing, at least for now. Longer term, however, Russia’s economy is facing a “slow burn” under pressure from sanctions and Putin’s war spending, said …

Russia’s ruble has tumbled. What does it mean for the wartime economy?
1 year, 4 months ago

Russia’s ruble has tumbled. What does it mean for the wartime economy?

Associated Press  

Russia’s ruble has fallen a long way in recent months, and the country’s central bank has stepped in to try to halt the slide. Previously, Russia saw a large trade surplus — which typically supports a country’s currency — because of high oil prices and plummeting imports after invading Ukraine. But oil prices have dipped this year, and it’s more …

Europe’s economic outlook brightens a little after avoiding recession. But inflation still squeezes
1 year, 7 months ago

Europe’s economic outlook brightens a little after avoiding recession. But inflation still squeezes

Associated Press  

FRANKFURT, Germany — The European Union’s executive body raised its economic growth forecast, saying Europe had dodged a winter recession that was feared amid an energy crisis but warning that stubbornly high inflation is likely to keep hurting the economy by sapping people’s ability to spend. The outlook for the 20 countries using the euro currency improved to growth of …

Russia’s economy holds up, but growing challenges test Putin
1 year, 9 months ago

Russia’s economy holds up, but growing challenges test Putin

Associated Press  

Western sanctions have hit Russian banks, wealthy individuals and technology imports. Economists say sanctions on Russian fossil fuels only now taking full effect — such as a price cap on oil — should eat into earnings that fund the military’s attacks on Ukraine. “We have had even worse periods of time in history, and we coped,” he said, but added …

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 …

How China and India’s appetite for oil and gas kept Russia afloat
1 year, 10 months ago

How China and India’s appetite for oil and gas kept Russia afloat

Al Jazeera  

Despite Western-led sanctions aimed at punishing Russia over its war in Ukraine, growing demand for Russian energy imports has helped keep the country’s besieged economy afloat. China and India, both of which have declined to condemn Russia or impose sanctions over the war, became the biggest buyers of Russian crude oil last year as Western countries restricted imports and imposed …

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 …

Putin threatens to stop European energy exports if price cap on gas is enforced
2 years, 4 months ago

Putin threatens to stop European energy exports if price cap on gas is enforced

Live Mint  

Russian President Vladimir Putin threatened to halt all energy shipments to Europe if Brussels goes ahead with a proposal to cap the price of Russian gas and suggested restricting a U.N.-brokered deal for Ukrainian grain exports via the Black Sea. Ukraine remained guarded about its counter-offensive in the east but its top general warned Russia could turn to nuclear weapons …

Putin: Russia may halt energy exports if West caps prices
2 years, 4 months ago

Putin: Russia may halt energy exports if West caps prices

Associated Press  

MOSCOW — Russian President Vladimir Putin on Wednesday threatened to completely cut energy supplies to the West if it tries to cap prices of Russian exports. Speaking at an annual economic forum in the far-eastern port city of Vladivostok, Putin scoffed at the EU plans for a cap on Russian oil and gas prices as a “stupid” idea that “will …

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 …

Putin warns sanctions risk energy price spike ‘catastrophe’
2 years, 6 months ago

Putin warns sanctions risk energy price spike ‘catastrophe’

Al Jazeera  

Russian president says Western calls to reduce reliance on Russian energy have made global markets spike in oil and gas. Signalling that the Kremlin was in no mood for compromise, President Vladimir Putin on Friday said continued sanctions against Russia over the war in Ukraine risked triggering catastrophic energy price rises for consumers around the world. Addressing leaders of Russia’s …

Explained | The impact of the Ukraine-Russia crisis on global agricultural markets
2 years, 6 months ago

Explained | The impact of the Ukraine-Russia crisis on global agricultural markets

The Hindu  

The story so far: Russia’s invasion of Ukraine has not only created instability in the region and displaced millions of people but has also led to a global food shortage. FAO’s forecasts, considering that war-related disruptions can persist, say that Ukraine’s wheat export could decline by 50 per cent in 2022-23, compared to the already reduced 2021-22 level. Sunflower seed …

K.C. Singh | A fine balance? Liberalism on lips; realpolitik at home
2 years, 6 months ago

K.C. Singh | A fine balance? Liberalism on lips; realpolitik at home

Deccan Chronicle  

India and four other democracies attended the Group of Seven summit of the seven most advanced economies of the world on June 26-28. It is also correctly realised that the global liberal democratic order, now under challenge by resurgent autocratic powers like Russia and China, cannot be defended without strengthening democracy within nations and shepherding the transition of the world …

Russian oil, shunned by the West, finds eager buyers in India and China
2 years, 6 months ago

Russian oil, shunned by the West, finds eager buyers in India and China

LA Times  

India, China and other Asian nations are becoming an increasingly vital source of oil revenues for Moscow despite strong pressure from the U.S. not to increase their purchases, as the European Union and other allies cut off energy imports from Russia in line with sanctions over the war on Ukraine. Since Russia’s invasion of Ukraine in late February, global oil …

Russia-Ukraine war threatens prolonged effect on global economy
2 years, 7 months ago

Russia-Ukraine war threatens prolonged effect on global economy

Al Jazeera  

The OECD has slashed its outlook for global growth and doubled inflation projection, warning fallout from war could worsen. The world economy will pay a “hefty price” for the war in Ukraine encompassing weaker growth, stronger inflation and potentially long-lasting damage to supply chains, the OECD said. While the OECD said it’s warranted for all monetary authorities to pare back …

Europeans weigh costs of cutting Russian energy over Ukraine
2 years, 8 months ago

Europeans weigh costs of cutting Russian energy over Ukraine

Associated Press  

MILAN — Across Europe, rising energy prices are testing the resolve of ordinary consumers and business owners who are caught between the continent’s dependence on cheap Russian energy and its revulsion over President Vladimir Putin’s invasion of Ukraine. European Union countries import 40% of gas and 25% of oil from Russia, and the current EU timetable doesn’t foresee energy independence …

Russian war, China lockdowns roil oil markets as OPEC+ meets
2 years, 8 months ago

Russian war, China lockdowns roil oil markets as OPEC+ meets

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. Increasing production beyond the quotas would complicate relations among …

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 …

Europe’s Russia oil embargo risks flaring already hot inflation
2 years, 8 months ago

Europe’s Russia oil embargo risks flaring already hot inflation

Al Jazeera  

Most Eastern European countries still depend on Russia for more than half of their crude imports. While European Commission President Ursula von der Leyen promises the planned embargo will be implemented “in a way that allows us and our partners to secure alternative supply routes,” German Economy Minister Robert Habeck has warned the region’s top economy will suffer, citing possible …

Sanctions hit Russian economy, although Putin says otherwise
2 years, 8 months ago

Sanctions hit Russian economy, although Putin says otherwise

Associated Press  

NEW YORK — Nearly two months into the Russian-Ukraine war, the Kremlin has taken extraordinary steps to blunt an economic counteroffensive from the West. Russian President Vladimir Putin felt emboldened and proclaimed — evoking World War II imagery — that the country had withstood the West’s “blitz” of sanctions. A closer look, however, shows that the sanctions are taking a …

Sanctions Hit Russian Economy, Although Putin Says Otherwise
2 years, 8 months ago

Sanctions Hit Russian Economy, Although Putin Says Otherwise

Huff Post  

LOADING ERROR LOADING NEW YORK — Nearly two months into the Russian-Ukraine war, the Kremlin has taken extraordinary steps to blunt an economic counteroffensive from the West. Russian President Vladimir Putin felt emboldened and proclaimed — evoking World War II imagery — that the country had withstood the West’s “blitz” of sanctions. A closer look, however, shows that the sanctions …

Sanctions hit Russian economy, although Putin says otherwise
2 years, 8 months ago

Sanctions hit Russian economy, although Putin says otherwise

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. Russian President Vladimir Putin felt emboldened and proclaimed — …

UN: Ukraine War Threatens To Devastate Many Poor Nations
2 years, 8 months ago

UN: Ukraine War Threatens To Devastate Many Poor Nations

Huff Post  

LOADING ERROR LOADING UNITED NATIONS — Russia’s war on Ukraine threatens to devastate the economies of many developing countries that are now facing even higher food and energy costs and increasingly difficult financial conditions, a U.N. task force warned Wednesday. “As many as 1.7 billion people ― one-third of whom are already living in poverty ― are now highly exposed …

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 …

Janet Yellen warns of ‘enormous’ economic repercussions from war in Ukraine
2 years, 9 months ago

Janet Yellen warns of ‘enormous’ economic repercussions from war in Ukraine

CNN  

New York CNN Business — US Treasury Secretary Janet Yellen warned Wednesday about the economic shock waves set off by the war in Ukraine, including disruptions to the global flow of food and energy. “Russia’s actions represent an unacceptable affront to the rules-based, global order, and will have enormous economic repercussions in Ukraine and beyond,” Yellen said during her testimony …

Oil dips as Russia signals it’s de-escalating conflict in Ukraine
2 years, 9 months ago

Oil dips as Russia signals it’s de-escalating conflict in Ukraine

Al Jazeera  

Developments with the war in Ukraine and ensuing sanctions on Russia have caused a wild price rollercoaster in the oil market. Oil slumped as Russia said it was taking steps to “de-escalate” the conflict in Ukraine, while floating the possibility of a meeting between President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelenskiy. “Fundamental traders and investors have taken their …

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 …

Premarket stocks: The West is going to hit Russia with more sanctions
2 years, 9 months ago

Premarket stocks: The West is going to hit Russia with more sanctions

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. London CNN Business — Western sanctions are decimating Russia’s economy and sending shockwaves through global markets. “It may be somewhat symbolic … but symbols can help sow uncertainty and panic in Russian markets and further diminish confidence in the Russian economy,” said O’Toole and Fried. “Carveouts …

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 …

Premarket stocks: Energy markets are changing in big ways
2 years, 9 months ago

Premarket stocks: Energy markets are changing in big ways

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. And we definitely can talk about oil, because it is the biggest revenue to the Russian budget,” Gabrielius Landsbergis, Lithuania’s foreign minister, said Monday ahead of a meeting of EU ministers. “Looking at the extent of the destruction in Ukraine right now, it’s very hard — …

Sticker shock: OECD warns Ukraine war to push prices even higher
2 years, 9 months ago

Sticker shock: OECD warns Ukraine war to push prices even higher

Al Jazeera  

War in Ukraine will stunt global growth and disrupt already-snarled supply chains, pushing prices higher, the Organisation for Economic Co-operation and Development warned. Russia’s war in Ukraine will disrupt commerce and clog up supply chains, slashing economic growth and pushing prices sharply higher around the globe, the Organisation for Economic Co-operation and Development warned Thursday. In a grim new assessment, …

How the Russia-Ukraine war will cause the price of international flights to skyrocket
2 years, 9 months ago

How the Russia-Ukraine war will cause the price of international flights to skyrocket

Daily Mail  

Airfares are likely to skyrocket over the coming weeks and months as Russia's invasion of Ukraine causes global oil prices to rise. Airfares could soar by as much as 15 per cent amid Russia's invasion on Ukraine After two years of domestic and international borders closures it doesn't look to be smooth sailing just yet for international travel On Tuesday, …

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 …

Editorial: What’s better than a ban on Russian oil imports? Ending our dependence on fossil fuels
2 years, 10 months ago

Editorial: What’s better than a ban on Russian oil imports? Ending our dependence on fossil fuels

LA Times  

President Biden’s announcement Tuesday that the U.S. will ban imports of Russian oil and gas underscores the inherent instability and danger of our reliance on fossil fuels. Europe is far more dependent on Russian oil and gas than the U.S., which gets less than 10% of its imported oil from Russia, and the European Union is already proposing swift action …

Global stagflation risk: The Hindu Editorial on why India needs to cut fuel taxes
2 years, 10 months ago

Global stagflation risk: The Hindu Editorial on why India needs to cut fuel taxes

The Hindu  

As Russia’s invasion of Ukraine is set to enter the third week, the economic costs of the conflict in Eastern Europe threatens to stall the shaky global recovery from the COVID-19 pandemic. While the expansive financial sanctions imposed on Russia by the U.S. and its western allies have sent the value of the rouble plunging by more than 60% against …

Russia warns of ‘catastrophic’ fallout if West bans oil imports
2 years, 10 months ago

Russia warns of ‘catastrophic’ fallout if West bans oil imports

Al Jazeera  

Kremlin official threatens to cut Europe’s gas supplies and warns oil prices could top $300 per barrel in the event of a ban on Russian oil. In a statement on state television on Monday, Russian Deputy Prime Minister Alexander Novak said it was “absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market”. …

Biden’s ‘posturing’ on Russian oil risks wider conflict: Analysts
2 years, 10 months ago

Biden’s ‘posturing’ on Russian oil risks wider conflict: Analysts

Al Jazeera  

The global economy could be facing one of the largest energy-supply shocks ever, oil experts warn. New York City, US – US President Joe Biden on Tuesday announced a ban on Russian oil and gas imports to the United States in retaliation for Russia’s military offensive in Ukraine, injecting more uncertainty into how the conflict and energy crisis will be …

The battle to keep the lights on without Russian oil and gas
2 years, 10 months ago

The battle to keep the lights on without Russian oil and gas

The Telegraph  

As US and European officials mull a ban on Russian oil and gas imports, investors fretting about a global supply crunch have sent prices rocketing. Putin's deputy prime minister Alexander Novak warned a ban on Russian oil imports would lead to "catastrophic consequences" and prices more than doubling to $300 per barrel. Tom Edwards, a British energy analyst and modeller, …

Iran’s ally Russia may spoil nuclear talks to keep oil price high
2 years, 10 months ago

Iran’s ally Russia may spoil nuclear talks to keep oil price high

CNN  

Abu Dhabi, UAE CNN — A revival of the 2015 Iran nuclear deal appeared to be imminent by the end of last week. France warned Russia not to resort to “blackmail.” A restoration of the 2015 nuclear agreement between world powers and Iran could see over a million barrels of sanctioned Iranian oil coming back to the market. Western sanctions …

Oil prices soar, stocks tank as Russia-Ukraine war rages
2 years, 10 months ago

Oil prices soar, stocks tank as Russia-Ukraine war rages

Al Jazeera  

The price of crude oil has jumped more than $10 a barrel and shares were sharply lower as the conflict in Ukraine deepened amid mounting calls for harsher sanctions against Russia. Elevated oil prices may pose a threat to firms’ margins and consumer spending outlook.” Some analysts say sanctioning Russian oil will not necessarily harm Moscow. “If Russia gets to …

It keeps getting worse for stocks. Dow sinks and enters what's called a correction
2 years, 10 months ago

It keeps getting worse for stocks. Dow sinks and enters what's called a correction

NPR  

It keeps getting worse for stocks. Dow sinks and enters what's called a correction Enlarge this image toggle caption Spencer Platt/Getty Images Spencer Platt/Getty Images Stocks sank on Monday, with the Dow Jones Industrial Average falling nearly 800 points after crude prices touched their highest level since 2008, raising fears about the global economy. Potential ban on Russian oil imports …

Explained | Will sanctions against Russia impact long-term supply of wheat, oil, metals and other goods?
2 years, 10 months ago

Explained | Will sanctions against Russia impact long-term supply of wheat, oil, metals and other goods?

The Hindu  

The story so far: Commodity prices have gone into a tizzy after Russian forces invaded Ukraine last month. Many fear that a drop in the supply of essential commodities such as oil, metals, and agricultural goods could negatively affect the global economy that is still recovering from the pandemic. Commodity traders have been unwilling to purchase oil and other commodities …

Russia-Ukraine War: Europe’s Costly Energy Transition Has Accelerated the Great Power Contest
2 years, 10 months ago

Russia-Ukraine War: Europe’s Costly Energy Transition Has Accelerated the Great Power Contest

News 18  

The interplay between great power competition and the green energy transition has in large part brought forth the spectre of inflation. Energy price inflation soared, damaging industrial competitiveness, reducing consumers’ disposable income, pressuring central banks and threatening Europe’s economic recovery. Great Power Competition and Energy Wars Europe’s increased dependency on gas has played a role in Russia’s geopolitical calculus. Such …

Oil has wildest week on record as Ukraine crisis roils markets
2 years, 10 months ago

Oil has wildest week on record as Ukraine crisis roils markets

Al Jazeera  

Oil resumed climbing at the end of a week where prices have swung within a $20 range since Russia’s invasion of Ukraine roiled global markets and fueled fears of a supply crunch. “There has been nothing to take the edge out of this market and we’ve had single direction volatility, meaning prices higher,” said Rob Haworth, senior investment strategist at …

Russia's Ukraine invasion could push Australian petrol prices above $2 a litre and raise interest rates
2 years, 10 months ago

Russia's Ukraine invasion could push Australian petrol prices above $2 a litre and raise interest rates

ABC  

Trade sanctions on Russia will have little direct impact on Australian producers, but higher prices will still be felt here, analysts say. Key points: Russia is the world's second-largest crude oil producer Tough sanctions on Russia will impact Australia's economy in different ways Petrol prices could reach $2.10 a litre Russia's attacks on Ukraine have seen the global oil price …

Russian energy: Europe scrambles to reduce its dependency
2 years, 10 months ago

Russian energy: Europe scrambles to reduce its dependency

Associated Press  

FRANKFURT, Germany — Europe is scrambling to reduce its dependence on Russia for energy and bracing for potential disruption to critical natural gas supplies as Russia’s war in Ukraine sends prices to new highs. The Paris-based International Energy Agency said Thursday that Russian gas imports could be cut by one-third this year through steps including letting existing gas contracts with …

Why Western sanctions aren’t hitting Russia where it would hurt the most: Oil and gas
2 years, 10 months ago

Why Western sanctions aren’t hitting Russia where it would hurt the most: Oil and gas

LA Times  

People stand in line last week to withdraw money from a cash machine in St. Petersburg, Russia. The disruption of global energy markets and the subsequent surge in oil and gas prices would likely add to inflation that’s already at a 40-year high. Although the U.S. is largely energy independent — it’s the world’s largest producer of oil and liquefied …

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