(Bloomberg) — European natural gas prices halted a record-breaking rally after Russia boosted flows to the continent and U.S. sanctions targeting Moscow excluded the energy sector. Benchmark futures fell as much as 33%, after four consecutive days of gains. On Thursday, prices jumped 51%, the most since at least 2005, amid uncertainty over how Russia’s […]
Read More(Bloomberg) — Banks are taking precedence for President Vladimir Putin as Russia devises a domestic response to sanctions rolled out by western governments over the invasion of Ukraine. Russian state aid will initially focus on assisting lenders hit with penalties, according to two people who attended a closed meeting with Putin to address the impact […]
Read More(Bloomberg) — Russia’s flagship crude oil was offered for sale at a record discount as some buyers and shipping companies fretted over potential sanctions by the West following the country’s invasion of Ukraine. Oil freight transportation costs boomed. The nation’s Urals crude was offered at $11.60 a barrel below Dated Brent, a marker for physical […]
Read More(Bloomberg) — Russia’s rout on Thursday is the fifth-worst plunge in equity market history in local currency terms as investors sold the nation’s assets following the country’s invasion of Ukraine. The benchmark MOEX Russia Index closed 33% lower in Moscow, erasing $189 billion in shareholder wealth, as Western leaders vowed to step up penalties on […]
Read More(Bloomberg) — Russian assets nosedived as military attacks across Ukraine prompted emergency central bank action and investors braced for the toughest round of Western sanctions yet, wiping out as much as $259 billion in stock-market value. The ruble sank to a record low, the cost of insuring Russian debt against default soared to the highest […]
Read MoreThe gold address plaque of Bank Rossiya is seen outside the bank’s head office in St. Petersburg. Western countries are responding to Russia’s incursion on eastern Ukraine with a series of sanctions targeting the country’s financial sector. Russian troops have entered two breakaway regions in Ukraine that were recognized as independent by president Vladimir Putin […]
Read More(Bloomberg) — Russia’s controversial Nord Stream 2 gas pipeline is all but dead. At least for now. German Chancellor Olaf Scholz effectively froze the $11-billion link’s approval process by having the Economic Ministry withdraw its assessment that the project doesn’t pose a threat to security of supply. Without that, the operator of the pipeline connecting […]
Read MoreLet’s imagine that a few years ago in early 2014 that Vladimir Putin had tossed a coin in a wishing well and asked for a more supportive market for Russian oil and gas, their chief source of foreign currency. A mere seven years ago, after the Russian invasion and takeover of Crimea, the country was […]
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