Marathon Petroleum opens UK office ahead of EU’s Russia sanctions
Marathon Petroleum Corp, the largest fuelmaker in the US, is opening a small office in London, according to people familiar with the matter.
Russian sanctions
Baker Hughes sells Russian oilfield services unit to local management
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.
US says Russia oil cap needed as EU sanctions not yet priced in
The oil market hasn’t 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 country’s exports to avoid a price spike, according to a US Treasury Department official.
Gazprom’s shunned Nord Stream 2 wins spat over EU pipeline rules
Russia’s 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 EU’s energy market-opening requirements, after the bloc’s top court said its appeal can be heard.
China and India funnel $24 billion to Putin in energy spree
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.
Ban on Russian exports spurs energy transition and LNG, says WoodMac
A “rewriting” 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.
UK spent £5bn on Russian energy imports last year
The UK spent around £5 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.
Russian oil output set to dive in 2023 amid EU ban, EIA says
The European Union’s ban on seaborne imports of Russian petroleum in response to Russia’s invasion of Ukraine will lead to an 18% drop in the country’s fuel output by the end of next year.
US seizes Russian oligarch’s £259m superyacht in Fiji
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 (£259 million) vessel.
Households across the north and north-east could face winter black outs
Millions of households across the UK could face energy rationing measures not seen since the 1970s as Europe grapples with a supply crisis.
Equinor confirms exit from all Russian joint ventures
Equinor said it has now fully exited all joint ventures in Russia, concluding a process begun in February following the country's invasion of Ukraine.
EU targets clean power, LNG in plan to cut Russia dependence
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.
KCA Deutag filings chart impact of ‘sophisticated’ ransomware attack
Drilling contractor KCA Deutag has disclosed the impact of a “sophisticated attempted ransomware attack” on the company last year.
Oil extends slump as Europe softens Russian sanction proposals
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.
BP, Shell to count cost of Russian exit but record cash flow set to continue
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.
German minister says full embargo on Russian oil ‘manageable’
Economy Minister Robert Habeck said Germany has already cut its reliance on Russian oil enough to make a full embargo “manageable,” potentially laying the groundwork for a continent-wide ban that would upend the global trade in petroleum.
Russia’s Lukoil CEO Alekperov resigns after being sanctioned
Russia’s second-largest oil producer Lukoil PJSC said Chief Executive Officer Vagit Alekperov will resign, in the latest sign of growing pressure on the nation’s energy industry since the invasion of Ukraine.
Zelensky praises oil sanctions as Truss travels to Washington
Foreign Secretary Liz Truss will meet with officials in Washington today to discuss further support for Ukraine after both the UK and US were thanked by Ukrainian President Volodymyr Zelensky for their moves to sanction Russian oil.
UK to ‘phase out’ Russian oil by end of 2022, says Kwarteng
The UK will cease importing Russian crude oil by the end of this year, Business and Energy Secretary Kwasi Kwarteng said, while exploring options to do the same for Russian gas supplies.
Oil services firms under pressure as Scot Gov says to ‘sever links’ with Russia
Oil and gas services firms are under increasing pressure to cut links with Russia, in a bid to ratchet up economic pressure in the wake of Russia’s invasion of Ukraine.
VIDEO: Greenpeace confronts tanker of Russian gas diverted by UK workers
Greenpeace has released video of it confronting a tanker containing Russian gas which was turned away by UK dockworkers last week.
Lukoil calls for end to ‘conflict’ in Ukraine
The board of Russia’s second-largest oil company, Lukoil, has called for an end to conflict in Ukraine as its shares collapse amid ongoing divestments from the Russian energy sector.
IEA issues 10-point plan to reduce EU’s Russian gas dependence
New analysis from the International Energy Agency (IEA) suggests adopting a suite of measures could enable the European Union to reduce its imports of Russian gas by more than one-third within a year.
Germany signals opposition to embargo on Russian energy
Germany opposes a ban on imports of Russian oil, gas and coal, even as it underlines the urgency to reduce reliance on Moscow for energy supplies.
Scottish Government urges businesses: Stop trading with Russia
Businesses in Scotland are being urged to withdraw from trading with Russia, following its invasion of Ukraine.