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Russian oil tanker grounded in north Pacific

MOSCOW — Russian emergency services say cleanup operations are underway after an oil tanker was grounded, damaging one of its fuel tanks. The tanker Nadezhda hit a reef during a storm on Saturday near the port city of Nevelsk on Sakhalin Island in Russia’s Far East. It was carrying 786 tons of fuel oil and diesel fuel. The amount of ...

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More Russian oil drilling shows its resolve to OPEC

MOSCOW – Russian oil firms are drilling more, showing the world’s top crude producer is ready for a longer fight for market share with OPEC, as its industry can carry on even if oil prices reach $35 per barrel. As OPEC prepares to meet on Friday in Vienna, Russia is sending a low key delegation for talks which are very ...

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Russia offers gas, oil swap deals to Iran

MOSCOW – Russian Energy Minister Alexander Novak said on Friday Kremlin-controlled gas producer Gazprom has offered gas supplies to Iran under a swap arrangement, and similar oil deals were also under consideration. Moscow has boosted efforts to foster political and economic ties with Tehran and increased its activity after a decision in July to lift international sanctions on Iran in ...

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Russia to see bigger slump as global outlook worsens: Reuters poll

MOSCOW – Russia’s economy is heading for a bigger contraction this year than previously expected as a lower oil price and weaker global economy weigh, a Reuters poll of analysts predicted on Monday. Economists are revising down their forecasts after a renewed slide in the international oil price, exacerbated by global concerns focused on China’s weakening economy. The poll of ...

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Russian oil firms raise profits and output, spurred by rouble weakness

MOSCOW – Russian oil firms are increasing their rouble profits and raising production as a weak currency protects their business, which has turned into one of the world’s most profitable. Russia has kept its production, which includes gas condensate, near post-Soviet highs as its producers benefit from getting the bulk of their export revenues in dollars while most of their ...

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Russia could postpone gas pipe to China touted by Putin

MOSCOW – Russia may postpone completion of a huge pipeline to bring gas from two new fields to China, three sources with direct knowledge of the plans of export firm Gazprom said, delaying one of President Vladimir Putin’s signature projects. The sources, speaking on condition of anonymity, said the “Power of Siberia” project may be put off until Moscow completes ...

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Russian economy still at risk from oil, sanctions

russia

MOSCOW – The Russian economy and rouble are still at risk from oil price volatility, Western sanctions and speculative behavior on the foreign exchange market, the central bank’s First Deputy Governor Ksenia Yudayeva said on Friday. “It’s premature to say that crisis trends in the economy have been overcome,” she told the Federation Council, Russia’s upper house of parliament. She ...

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Ukraine eyes IMF credit lifeline in early 2015

KIEV – Ukraine expects the International Monetary Fund to disburse new and overdue loans after a visit next month and still hopes a $17 billion bailout program can be expanded, its central bank chief said on Tuesday. Valeria Gontareva declined to give a value for the payment, even when pressed by journalists, but it is likely to total more than ...

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EDITORIAL: The sanctions (with help) are working

This is the price Russia is paying for Vladimir Putin’s imperial dreams: An economy in shambles. It has been a devastating one-two punch: Sanctions from the West aimed at punishing the Russian president and his cronies for Moscow’s aggression in Ukraine, coupled with the plummeting price of oil. The Russian economy has been simplistically described as a petroleum conglomerate subsidizing ...

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Russia’s Gazprom says gets first debt repayment from Ukraine

MOSCOW, Nov 5 – Russia’s top natural gas producer Gazprom said on Wednesday it had received $1.45 billion from Ukrainian energy firm Naftogaz in repayment for unpaid debt, the first step towards Russia resuming gas supplies to Ukraine. The payment by Naftogaz is the first to Gazprom since May, when a row over gas pricing and unpaid debts escalated between ...

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