Gazprom PJSCโs exports to its key foreign markets almost halved in 2022 โ reaching the lowest since at least the start of the century โ as flows to Europe were slashed following the invasion of Ukraine.
Prime Minister Justin Trudeauโs government is revoking the waiver that exempted Nord Stream pipeline turbines from Canadian sanctions on Russiaโs oil and gas industry.
Russiaโs budget surplus more than quadrupled in November despite the financial drain of the war in Ukraine, recording another month of improvement thanks largely to dividends and a windfall tax paid by Gazprom.
Lukoil is considering splitting its oil-trading unit and selling a refinery in Italy as it seeks to limit the impact of sanctions and a forthcoming European Union embargo on Russian crude.
OPEC+ will consider cutting oil output by more than 1 million barrels a day, according to delegates, when it meets in person on Wednesday for the first time in more than two years.
Baker Hughes (NASDAQ: BKR) has signed an agreement to sell its oilfield services business in Russia to its local management team, in the wake of ongoing sanctions.
The oil market hasnโt yet priced in the impact of European Union sanctions aimed at Russian supplies, which adds impetus to a US plan to cap the price of the countryโs exports to avoid a price spike, according to a US Treasury Department official.
Russiaโs shunned Nord Stream 2 gas pipeline won a legal boost in its pre-war challenge against European Union rules that subjected all new and existing pipelines involving foreign suppliers to the EUโs energy market-opening requirements, after the blocโs top court said its appeal can be heard.
Russia has pocketed $24 billion from selling energy to China and India in just three months following its invasion of Ukraine, showing how higher global prices are limiting efforts by the US and Europe to punish President Vladimir Putin.
A โrewritingโ of energy trade flows is now underway according to Wood Mackenzie analysts, as Europe's move to wean itself off exports from Russia boosts investment in energy transition and LNG, but increases supply chain risks.
The UK spent around ยฃ5 billion on imports of Russian oil, gas and coal in the year to April 2022 according to a House of Commons research briefing, as the government looks to halt supplies by the end of this year.
The European Unionโs ban on seaborne imports of Russian petroleum in response to Russiaโs invasion of Ukraine will lead to an 18% drop in the countryโs fuel output by the end of next year.
The United States won a legal battle on Tuesday to seize a Russian-owned superyacht in Fiji and wasted no time in taking command of the $325 million (ยฃ259 million) vessel.
The European Union unveiled a raft of measures ranging from boosting renewables and LNG imports to lowering energy demand in its quest to cut dependence on Russian supplies.
Oil extended its biggest drop in more than five weeks after the European Union softened its proposed sanctions on Russian crude exports and as economic growth concerns weighed on sentiment.
Next week will see supermajors BP and Shell publish results for one of the most turbulent quarters in recent memory, as they each look to reconcile continued bumper cash flows with the write-down of Russian investments.
Economy Minister Robert Habeck said Germany has already cut its reliance on Russian oil enough to make a full embargo โmanageable,โ potentially laying the groundwork for a continent-wide ban that would upend the global trade in petroleum.
Russiaโs second-largest oil producer Lukoil PJSC said Chief Executive Officer Vagit Alekperov will resign, in the latest sign of growing pressure on the nationโs energy industry since the invasion of Ukraine.