North Asia

Ukraine officials reported on Friday that Russia had attacked two civilian boats with drones, one of which was flying a foreign flag, in the southern Odesa area, killing a Syrian citizen and injuring a second. In the last two month, Moscow has intensified its attacks on Ukraine's sea export routes in retaliation to attacks on tankers of Russia's "shadow fleet", which were heading there to export oil. Oleksiy Kuleba, Deputy Prime Minister, said in a press release that a ship was sailing along Ukraine's export route to pick up grain cargoes at the port Chornomorsk. The ship was flying the...

Officials from Ukraine said that Russia had attacked two'seaports' in the Odesa region of Ukraine on Wednesday. One person was killed and eight injured. In recent weeks, Russia has attacked Ukraine's port and foreign-flagged ships sailing from it. This is after Vladimir Putin promised to cut Ukraine from the sea as a retaliation for Kyiv's attacks on unregulated oil tanks sailing to Russia. The Ukrainian'seaport' administration stated that the ports attacked were Chornomorsk & Pivdennyi. Both are 'key export arteries' for Ukraine's commodities-heavy economy. Oleksiy Kulba, deputy prime minister of Ukraine, said: "This is another attack on port infrastructure by...

By Robert Harvey LONDON - On Monday, January 6, the Caspian Pipeline Consortium terminal, near the Russian Black Sea Port of Novorossiysk, resumed loading crude oil after several days?of weather-related interruptions that also delayed maintenance?work.?Two industry sources said on Tuesday. The poor weather conditions and Ukrainian attacks against infrastructure caused a drop in Kazakhstan's oil production and exports. About 80% of Kazakhstan’s crude oil exports are handled by the CPC Terminal. One of the sources claimed that crude oil loadings began again from the 'one single point docking' (SPM-1), in the afternoon of 5 January. CPC Terminal stopped oil exports...

Three sources familiar with the decision told reporters that Venezuela's PDVSA, the state-owned oil company, is asking joint ventures to reduce crude production due to an "export paralysis". This will add pressure to an interim government struggling to hold on to power. These include?shutting down oilfields and well clusters, as the stocks onshore increase. The company also runs out of diluents needed to mix Venezuela's heavy crude before shipping. Caracas is currently in a political crisis, under an interim government. This comes after U.S. troops rescued President Nicolas Maduro on Saturday. Oil exports from the OPEC nation, which are its'main...

The regional administration reported that a Ukrainian drone attacked the port infrastructure and a gas pipe in a residential area in Russia's Black Sea Port of Tuapse on Wednesday. No injuries were reported. The operational headquarters of Krasnodar Region said via the Telegram messaging application that emergency crews had been dispatched to repair damage. The port's dock had been damaged. A Telegram news channel with Russian security service sources said that a series of explosions were heard late Tuesday over Tuapse and residents in one area reported a fire. On?Telegram, several Ukrainian media outlets, including RBC-Ukraine, published photos that appeared...

According to a source in the industry, Urals crude differentials remained stable on Monday, while Kazakh oil output fell by about 6% 'in December, following a Ukrainian drone strike that damaged Russia's Black Sea Exporting Terminal. According to the person who spoke on condition of anonymity because the situation was sensitive, oil and gas condensate production?from Kazakhstan has decreased in the period December 1-28 to 1,93 million barrels per a day. Sources say that production at Tengiz, an oilfield located in northwest Kazakhstan, on the northeastern coast of the Caspian Sea, has dropped by 10% in the period December 1-28...

Ukraine's deputy premier said that overnight Russian drone attacks damaged vessels with flags of Liberia, Palau, and Slovakia in the ports of Odesa, Ukraine. Russian officials have said that Moscow has intensified its attacks in recent weeks on the southern Odesa region, while Ukrainian officials claim Moscow is attempting to cut Ukraine from the Black Sea and sow chaos among civilians. Oleksiy Kulba, in a Telegram message, said that there were no casualties in Friday's strikes. However, the attacks damaged elevators, civilian warehouses, and caused power outages in the Odesa area. Kuleba also said that drones had damaged a locomotive...

Three traders reported a record discount of $7 to $8 per barrel for Russian ESPO blend crude delivered in Chinese ports in January compared to?ICE Brent, due to the pressure from Western sanctions on this?grade. The deeper discounts have revived interest in buying, especially among China's independent private refiners known as "teapots". Earlier in December, ESPO discount prices at Chinese ports ranged from $5 to $6 per barrel as refiners stayed out of the market following harsh Western sanctions against Russian oil majors Rosneft, and Lukoil. Beijing has issued new import quotas and cheaper barrels to lure private refiners back...

The regional governor said that Russian forces attacked Ukraine's Black Sea Port of Odesa on?Monday evening and damaged port infrastructure and a vessel. This was the second attack in the region within less than 24 hours. Oleh Kiper wrote on Telegram that emergency crews are tackling the aftermath after the latest attack, but did not provide any further details. He stated that no injuries were reported. A previous overnight attack on port and energy infrastructure hit Odesa Region, causing a fire in a major Port and disrupting the electricity supply to tens if not thousands of people. Ukraine's Black Sea...

A senior Ukrainian official reported that Russian troops attacked port and energy infrastructure during an overnight attack in Ukraine's Odesa Region. They allegedly caused a fire to break out at a major harbor and disrupted electricity for tens if not hundreds of thousands?of people. Ukraine's Black Sea port is crucial to its export-driven economic system. Their security and functionality has been vital to the country's survival during nearly four years of war since Russia invaded Ukraine in February 2022. Oleksiy Kuleba, the Deputy Prime Minister of Russia, said in a Telegram message that "Russia is attempting to disrupt maritime logistic...

Russian officials reported that Russia had attacked the port of Pivdennyi in southern Ukraine on Saturday. They said this as they intensified'strikes' along the Black Sea coast, including the energy facilities, and the route leading to the Moldovan border. After Moscow threatened to "cut off" fuel and foreign trade supplies to Ukraine, Russia launched a drone and missile attack against a region that is critical for the country's foreign commerce and fuel supply. Ukraine from the Sea Even as the U.S. continues its diplomatic efforts to end the war, airstrikes continue to escalate. U.S. negotiators are set to meet Russian...

Seven people were killed and 15 injured in a Russian missile strike on Friday night, late at night, against port infrastructure around the Black Sea port city of Odesa. Oleksiy Kuleba, Deputy Prime Minister Oleksiy Kuleba's Telegram post said: "Russia attacked port infrastructure in Odesa with ballistic missiles late at night." Oleh Kiper, regional governor of Kuleba-Odesa, said preliminary reports indicated that seven people were killed, and fifteen injured. According to a?source with knowledge of the matter, the attack took place at Pivdennyi - one of the three ports in the region. Odesa is a major exporter of Ukrainian grain,...

Data from the London Metal Exchange showed that the share of China-made Copper among the available London Metal Exchange stock fell in December. This was due to the outflows?of the inventory in the LME registered?warehouses?in Asia. The percentage of copper stocks that are available - or those on warrant The data revealed that 79% of the - in LME's warehouses were of Chinese origin at the end last month. This was down from 85%?in November. A LME warrant is an ownership document. The absolute number of Chinese copper stock on the LME dropped to 87,475 tons by the end last...

Russian Railways announced on Monday that the board of directors has approved spending for 2026 of 713.6 billion rubles ($9.15 billion), down from this year's 890.9 billion roubles. The Russian government is looking at ways to support the country's largest commercial employer. This company has accumulated a?debt pile of 4 trillion roubles ($50.8 billion), despite falling revenues caused by a sharp drop in Russia's war economy. Russian Railways announced that 531.4 billion rubles of the approved expenditure will go towards maintaining the 'infrastructure, safety and security. Another 161.7 billion roubles is earmarked for the purchase of railcars, and 120 billion...

Data from the London Metal Exchange showed that, in November, the share of copper made in China among all available stocks increased. A favorable price arbitrage encouraged Chinese exports. The percentage of copper stock that is available or on a warrant The data revealed that the percentage of - of Chinese Origin in LME Warehouses had increased to 85% by the end of the last month from 82% at the beginning of October. A LME warrant is an ownership document. The absolute amount of Chinese copper stocks on the LME rose to 130,225 tonnes at the end last month from...

Data released on Monday showed that the cargo volumes handled by Russia's largest commercial employer, state-owned Russian Railways, continued to decline in November. Russian Railways released a statement saying that November cargo volumes fell by 1.5% on an annual basis to 94.2 millions tonnes. Volumes from January to November also dropped by 5.6%, to 1.021 billion tonnes. The Russian government is examining different options to support Russian Railways. It has accumulated a debt of 4 trillion roubles ($50,8 billion). The railway cargo volume, a key economic indicator of the strength of Russia's export economy, fell to its lowest level in...

VTB CEO Andrei Kostin said in an interview that Russian banks were willing to restructure some Russian Railways' debt, as long as their central bank did not increase the reserve requirements on these loans. The Russian government is examining different options to support Russian Railways. This company, the largest commercial employer in Russia, has accumulated a debt of 4 trillion roubles ($50.8 billion), according to a report on Nov. 25, VTB is the second largest Russian bank and Russian Railways' largest creditor. The bank's top managers participate in weekly government discussions on how to handle the debt. These meetings are...

VTB CEO Andrei Kostin said in an interview that Russian banks were willing to restructure Russian Railways' debt, as long as their central bank did not increase the reserve requirements on these loans. The Russian government is examining different options to support Russian Railways. This company, which is the largest employer in the country, has accumulated a debt of 4 trillion roubles ($50.8 billion), according to a report on Nov. 25, VTB is the second largest Russian bank and Russian Railways' largest creditor. The bank's top managers participate in weekly government discussions on how to handle the debt. These meetings...

Two people familiar with the situation said that the Russian government is looking at different options to support Russian Railways. The company, the largest employer in the country, has accumulated a debt of 4 trillion roubles ($50.8 billion). The state-owned Russian Railways employs 700,000 workers and has seen its revenues fall amid the sharp slowdown of Russia's wartime economy. Meanwhile, debt costs are on the rise, driven by interest rates that have reached their highest levels in 20 years. Two people, who requested anonymity because the subject was sensitive, said that Moscow had been discussing ways to help the railways...

The giant Russian railcar and tank manufacturer Uralvagonzavod said Friday that it would be restructuring its operations in order to reduce costs. A local report had stated the company planned to cut its workforce by 10%. The Uralvagonzavod plant, located in Nizhny Tagil about 1,400 km east of Moscow in Nizhny Tagil, has been sanctioned for its role in providing tanks to Moscow's Ukraine war. The factory is owned by a state-controlled conglomerate that has ties to one of Vladimir Putin's closest allies. It claims publicly to produce T-90M battle tank and modernise T-72B3M. Local news outlet E1 reported on...

Interfax reported Friday that Russian Railways, the state-owned railway company in Russia, plans to cut management positions as it faces lower freight volumes, and a general slowdown of the Russian economy. The Russian industrial giants - from automakers and railways to producers of metals, coal and cement - are suffering due to a weakening demand at home, low cost Chinese imports, rising interest rates, and shrinking markets. Sources say that Russian Railways (which employs 700,000 people) has already asked its central office staff to take 3 unpaid days per month. Other Russian companies such as carmaker Avtovaz and cement maker...

LME data on Thursday showed that the proportion of aluminium stock of Russian origin registered in warehouses at the London Metal Exchange fell to 66% from 69% in may, but the proportion of Indian origin rose to 34%. The LME has prohibited metal produced in Russia from its warehouse system after April 13, 2024 to comply with U.S., British and European sanctions imposed due to Russia's invasion of Ukraine 2022. Metal made before this date can still trade. Stocks of aluminium with Russian origin, or those on warrant The end of June saw little change, with 221,875 tons. A LME...

Data from the London Metal Exchange showed that the proportion of aluminium with Russian origin registered in the warehouses of the London Metal Exchange fell to 69% from 89% in the month of April. The percentage of Indian origin increased to 30% from 10%. To comply with U.S., British and European sanctions over Russia's invasion of Ukraine in 2022, the LME has banned all metals produced in Russia from its warehouse system after April 13, 2024. Metal made before April 13, 2024 can still be traded. Stocks of aluminium with Russian origin, or those on warrant The number of metric...

Russia and North Korea are planning to resume direct passenger trains between Moscow and Pyongyang, the capital of North Korea in this month. This will be the first time that the service has been offered since 2020. Russian Railways announced that it had reached an agreement with the North Korean railways ministry on a two-monthly service to resume between the capitals of the country. The journey, which took eight days, was said to be the longest direct train journey in the entire world, covering over 10,000 km (6 213 miles). Two days later, another service will be launched between Pyongyang,...