The price cap on Russian crude oil exports is starving President Vladimir Putin’s budget of income, though it likely won’t force him to ratchet down spending for years thanks to a $45 billion buffer of yuan reserves.
ExxonMobil (NYSE:XOM) has completed its exit from Russia, calling the departure an “expropriation” of its main Russian operation and potentially setting up a future legal challenge.
President Vladimir Putin signed a decree to transfer operations of the Sakhalin-1 oil and gas project to Russia, a move that could lead to the final withdrawal of ExxonMobil from the nation’s Far East.
Gazprom PJSC said it will shift its contract to supply gas to China to rubles and yuan from euros, as the Kremlin steps up efforts to move trade out of currencies it considers “unfriendly” amid US and European sanctions.
Exxon Mobil took the first step toward filing a lawsuit against Russia after Vladimir Putin blocked the oil major from exiting its only remaining operation in the country.
Oil slipped back below $100 a barrel as investors assessed signs of lacklustre US gasoline demand and expanding stockpiles.
Russia stepped up the use of energy as a weapon by further cutting natural gas shipments via its biggest pipeline to Europe, prompting Germany to accuse the Kremlin of trying to drive up prices.
The state-run oil champion led by a close ally of President Vladimir Putin has seen the largest drop in production since the invasion of Ukraine.
Oil steadied in Asia after rallying back above $100 a barrel as Russian President Vladimir Putin vowed to continue the war in Ukraine, which has rattled markets and tightened global crude supply.
US president Joe Biden has told Indian Prime Minister Narendra Modi that increasing oil imports from Russia is not in India’s interest.
Boris Johnson has declared Saudi Arabia and the United Arab Emirates "key international partners" in efforts to reduce dependence on Russian energy after the invasion of Ukraine.
Roman Abramovich is said to be suspected to be part of an organised crime group which cheated the Russian government out of a $2.7 billion oil deal.
The UK has imposed sanctions on the chief executives of Russian energy giants Rosneft and Gazprom.
Oil soared at the open as energy and commodity markets were thrown into a state of disarray after Western nations unleashed more sanctions to isolate Russia following its invasion of Ukraine.
Russia’s lower house of parliament, the State Duma, unanimously ratified the Kremlin’s treaties recognizing two self-proclaimed republics in eastern Ukraine.
With winter fast approaching and a stunning energy price surge pummelling Europe, Russian President Vladimir Putin chose an opportune moment to use his country’s leverage as an oil and gas superpower.
A global deal to cut oil supply and stem a historic price rout hung in the balance on Sunday as negotiators raced to find an agreement with just hours to go until the market opens.
Russian President Vladimir Putin will refuse to submit to what the Kremlin sees as oil blackmail from Saudi Arabia, signalling the price war that’s roiling global energy markets will continue.
Vladimir Putin’s poll ratings are down after a tax hike squeezed cash-strapped consumers. But the Kremlin has opened the coffers to give as much as $8 billion this year to another key constituency: oil companies awash in record profits.
President Vladimir Putin has said that Russian gas supplies to Europe via Ukraine may continue even after the launch of a prospective Germany-bound pipeline under the Baltic Sea.
As Russia’s President Vladimir Putin oversees the official start of a $27 billion liquefied natural gas plant in the snow-covered tundra of northern Siberia, his mind may wander to its biggest competitor more than 3,000 miles away in Qatar.
The United States will respond by September 1 to Russia’s attempt to force a major reduction in American diplomatic staff, Rex Tillerson has said.
Few know the content of this month’s maiden powwow between US President Trump and Russian President Vladimir Putin. Yet given Trump’s suggestion that the US is open for business in Europe regarding natural gas, it would be odd if the Russian leader hadn’t brought up the subject of his country’s standing as one of the region’s main suppliers.
The Paris climate deal will be less effective without its key participants, the Kremlin has claimed.
Glencore's chief Ivan Glasenberg and a top executive from Qatar's state wealth fund QIA will likely join the board of Russia's Rosneft this year, according to sources.