Russian President Vladimir Putin has ordered the government to provide state funding to ensure a smooth heating season, including by imposing regulations on the prices of fuel oil for home heating in some regions, the Kremlin said on Thursday. Russia has been facing a fuel shortage and rising prices in …
Read More »Manufacturing in Russia grew at its fastest pace in more than 6 years
Factory activity in Russia grew at the fastest pace in more than six years in September, and employment in the sector increased at the fastest rate in more than two decades, a survey showed on Monday. The Standard & Poor’s Global Manufacturing Purchasing Managers’ Index rose to 54.5 from 52.7 …
Read More »Russia makes minor amendments to the fuel export ban
A government document showed on Monday that the Russian government agreed to some amendments to the fuel export ban, lifting restrictions on fuel used to supply some ships, and diesel that contains a high percentage of sulfur. Moscow also lifted restrictions on the export of fuel that Russian Railways and …
Read More »Russia and China will build an oil shipping complex worth $686 million
The Russian Congress Fund said on Monday that Russia’s United Oil and Gas Chemical Company and China’s Shanyuan Industrial Development Company have agreed to pump joint investments worth five billion yuan ($686 million) to build an oil shipping complex in Russia’s far east. The complex will facilitate the export of …
Read More »The Russian Central Bank raises interest rates by 100 basis points
The Russian Central Bank raised the interest rate by about 100 basis points to 13% levels, contradicting expectations of its stabilization. According to the decision issued today, Friday, September 15, the bank indicated that inflationary pressures are still high, that the growth of domestic demand has exceeded the capacity to …
Read More »Minister of Energy: Russia’s oil production will fall by 1.5 percent in 2023
Russian Energy Minister Nikolai Shulginov was expected to decline by 1.5 percent to 527 million tons (10.54 million barrels per day) this year from 535 million in 2022, Izvestia newspaper reported, citing Russian Energy Minister Nikolai Shulginov on Wednesday. Russia, the second largest oil exporter after Saudi Arabia, has stopped …
Read More »Putin warns of economic difficulties if inflation gets out of control
Russian President Vladimir Putin said on Tuesday that rising inflation rates forced the central bank to raise interest rates to 12 percent last month, warning that the Russian economy would suffer if prices were allowed to get out of control. “In the event of high inflation, it will be practically …
Read More »Was Russian simple oil trick successful in evading sanctions?
The G7 oil price cap has been evaded by Russia’s oil exporters, resulting in an extra $1.2 billion in extra shipping costs for oil shipments to India alone. The cap targets G7-based insurers, brokers, and other service providers, allowing Western governments to cut back on Russia’s income without affecting the …
Read More »Oil rises as China seeks to allay economic concerns
Oil prices rose on Thursday after China’s central bank sought to rein in mounting pessimism about the country’s real estate market and broader economy. Prices fell in the previous session, fueled by concerns about the impact of fuel demand on a major crisis in the real estate sector that impedes …
Read More »The drop in oil due to weak growth in China and fears of raising US interest rates
Oil prices fell in early trading on Thursday, continuing to decline for the fourth consecutive session, amid fears that slowing growth in China and a possible hike in interest rates in the United States will lead to a decline in fuel demand in the two largest economies in the world. …
Read More »