North Asia

Maria Zakharova, spokeswoman for the Russian Foreign Ministry, said that on Wednesday, the West had been involved both directly and indirectly in Ukrainian "terrorist" attacks against civilian targets within Russia. The U.S. President Donald Trump’s Ukraine envoy stated that the risk of an escalation in the war in Ukraine had "gone way up" since Ukrainian forces used drones against nuclear-capable aircraft at several airbases inside Russia. The Russian State Investigative Committee accused Ukraine on Tuesday of "acts" of terrorism by blowing two railway bridges up in Russia at the weekend. The explosion of a highway overpass in Russia was a...

The Finance Ministry reported on Wednesday that liquid assets in Russia's National Wealth Fund fell from $40.4 billion to $36.2 billion or 1.3% projected GDP. The ministry bought foreign currency in recent months to replenish the fund, despite plans to use the wealth fund this year to cover the deficit. The Ministry of Transport said that it has transferred 300 billion Russian roubles (about $3.83 billion) in the form of a subordinated loan this month to major banks to finance construction of an high-speed rail between Moscow and St. Petersburg. The finance ministry announced on Monday that the total assets...

Russian authorities announced early Sunday that at least seven people had died and 30 others were hospitalized after "illegal intervention" caused a collapsed bridge and train derailment in the Bryansk region of Russia, which borders Ukraine. Russian Railways announced on Telegram that the train's locomotive, along with several cars, had derailed due to "the collapse of a span-structure of the road bridge in response to an illegal interference with the operation of transportation." Alexander Bogomaz said that two children, including one in a critical condition, were hospitalized. The state-run Russian news agencies cited medics to report that the driver of...

A government minister announced on Friday that Ukraine will need an initial 500 millions euros (566 million dollars) to rebuild its most important infrastructure at the Black Sea ports, which were destroyed by Russian drone and missile attacks. In the course of more than three war years, Russians have damaged almost 400 port infrastructure facilities. Ukraine relies heavily on its seaports, as it ships over 90% of all exports via the sea. Andriy Kazhuba, deputy Minister of Territorial Development, said at the Black Sea Security Forum held in Odesa: "The critical infrastructure for ports and shipping facilities that we've already...

LSEG data and two traders indicate that the imports of Urals oil by Turkey are expected to increase in May, after a top Turkish refiner (Tupras) resumed importing Russian Crude now that its price is below $60 per barrel. Tupras began buying Urals crude again in April, after stopping purchases in February because of U.S. sanctions. Data shows that the price of uranium in Russian ports has been below $60 per barrel since April 3. Tupras did not immediately respond to an inquiry for comment. The Group of Seven (G7) countries have introduced a price cap that prevents Western companies...

Two sources familiar with data on Thursday reported that Black Sea CPC blend oil exports were down to 1.6 million barrels a day in April, or 6.093 millions metric tons. This is down from 1.7million bpd for March. The Caspian Pipeline Consortium does not comment on the results of its operations. According to sources, April shipments comprise 5.523 million tons of Kazakhstan-originated oil from 5.942 million in March, and 0.570 million tons originated from Russia, compared to 0.660 million tons in March. Two industry sources previously stated that CPC Blend oil exported for May was set at 1.5 millions bpd...

Four traders reported that spot premiums for Russian ESPO blend crude oil dropped in June compared to May, amid abundant supply following OPEC+'s agreement to increase output for a 2nd month. They said that the premiums for June-loading shipments fell to between $1.50 and $1.70 per barrel compared to ICE Brent, on a basis of delivered cargoes in Chinese ports. Two traders reported that May-loading crude oil cargoes were trading at premiums of up to $2.50 against ICE Brent despite a large export plan. Early in May, the producer group OPEC+ decided to increase oil production for a second month...

Calculations based on official sources and data showed that Kazakhstan increased its oil exports from January to March by 7%, to 19.51 million metric tonnes (1.63 millions barrels per day), thanks to an increase in supply via the Caspian Pipeline. The oil output and exports of Kazakhstan, a country that ranks among the top 10 oil producers, are in the spotlight. This is because the Central Asian nation has exceeded the quotas set by the OPEC+ group, which has angered several members, including Saudi Arabia. The Caspian Pipeline Consortium exports oil via the Black Sea from Kazakhstan. Drone attacks have...

According to LSEG data and traders, India's purchases of ESPO blend oil from Russia increased in April to their highest level since August 20,24 due to a decline in demand from Chinese companies. ESPO Blend, the flagship grade of light crude oil that Russia exports from Kozmino to Asian markets is most popular with Chinese refiners. Chinese state refiners reduced their purchases of ESPO blend oil in March and April due to sanctions against Russian companies, seasonal maintenance and other factors. This left more barrels for India, the second largest buyer of Russian oil. According to LSEG data and traders,...

Three trading sources reported that Greek shipowners have returned to the Russian Urals oil market, as the price has fallen below the Western price ceiling of $60 per barrel. This allows them to offer transport and insurance while still complying with the sanctions. The Group of Seven countries has introduced a price cap that prohibits Western companies from providing insurance or transport services to Russian oil above $60 per barrel sold at the port of loading. Since December 2022, most Western shipowners have avoided working with Russian oil because of relatively high oil prices that kept Urals near or above...

Nikolai Patrushev is one of the Kremlin’s senior hawks. He said that the trust between Russia and the United States, the "great powers", should be restored. Moscow was also ready to resume its cooperation with America on the Arctic. Donald Trump, the U.S. president, has shifted his focus towards Russia to try to end the three year war in Ukraine. He and his administration see China as the greatest threat to the United States. The Kremlin welcomed the opportunity to restore relations with the United States, after the confrontation about Ukraine caused what diplomats in both countries described as the...

Two traders reported that the freight rates for Russian oil shipments to India from Baltic ports are dropping further from their recent highs in April, as Urals crude is trading well below $60, increasing tanker supply. The Group of Seven, together with the EU, will impose a $60 per barrel price cap on Russian crude oil by late 2022. This will restrict access to Western shipping services and insurance for purchases above this limit in an effort to reduce Moscow's funding of war. Costs of shipping Urals Oil from the Baltic Ports of Primorsk & Ust-Luga, to India have fallen...

Khnatsakh residents are anxious at nightfall. Locals claim that every evening, around 10 pm, Azerbaijani soldiers fire into the night skies from their positions high above. Villagers say that bullets have been hitting houses regularly, but no one has been injured so far. Azerbaijan has denied that its troops are firing across the border and accused Armenian forces of violating ceasefire. Karo Andranyan (66), a retired mechanic, said, "It is very tense at home because we have children, little ones and elderly." Azerbaijani flags and a military position on a hillside are only 100 metres away from his door. This...

According to industry sources and calculations, the Caspian Pipeline Consortium has reduced daily oil production in May from April by 6% to 5,906 million metric tonnes (1.51 millions barrels per day). CPC, the company that carries over 80% of Kazakh oil exports connects Tengiz in western Kazakhstan, and other fields, with the CPC terminal at Yuzhnaya Ozereyevka in Russia, near Novorossiisk. Sources said that Kazakh exports of oil via CPC dropped to 5.386 millions tons in may from 5.523 in April, while Russian oil supplies via CPC reached 0.52 million tonnes in May compared with 0.57 million in April. The...

The European Commission's proposal to lower the price of Russian oil to punish Moscow for the war in Ukraine would not help stabilize the global energy market, Kremlin spokesperson Dmitry Peskov stated on Wednesday. The European Commission proposed on Tuesday to lower the price cap of the Group of Seven Nations on Russian crude oil from $60 to $45 per barrel, in an attempt to reduce the country's revenue. Peskov, when asked about the EU proposal he called Western sanctions such as these illegal. Peskov said that such actions "do not contribute to stabilising international energy markets or the oil...

According to European Commission President Ursula von der Leyen, the 18th package against Russia has been proposed. It targets its energy revenues, banks, and military industry. The new package proposes to ban transactions with Russia's Nord Stream Gas Pipelines as well as banks who engage in sanctions-circumvention. Von der Leyen said at a press conference that "Russia will only understand the language of strength" if it imposes the rule by force. In an effort to reduce Russia's revenues from energy, the Commission also proposed that the price cap for Russian crude oil be lowered to $45 per barrel. It was...

Four traders who are active in the market stated on Friday that spot supply has tightened and reduced discounts for Russian Urals crude oil to be delivered to Indian ports by July. This is the lowest discount since 2022. Indian refiners are being pushed by tight supplies and narrowing discounts to look for alternative products through purchasing tenders. Sources said that spot discounts for Urals crude for cargoes arriving to India in July decreased to an average of $2.25 per barrel, compared to $2.70 to $3.10 a barrel for dated Brent delivered ex-ship basis the previous month. This is the...

The English Court of Appeal denied Russian tycoon Ziyavudin Magomedov, who is currently in jail, permission to appeal a ruling that dismissed his $14 billion lawsuit filed against Russian oil pipeline monopoly Transneft as well as other companies. Magomedov filed a lawsuit against the company, as well as several other defendants at London's High Court. He claimed that his arrest in 2018 on embezzlement allegations triggered a Russian government-supported scheme designed to strip him of valuable port operators. Transneft and the U.S. private equity company TPG, among other companies, were successful in their bids to block Magomedov’s London lawsuit. Transneft...

Officials from Russia in Ukraine said that drone and shelling attacks by the Ukrainians caused power outages in large areas of Russian-controlled territory, including in Zaporizhzhia region and Kherson region in south Ukraine. Officials have said that the Zaporizhzhia Nuclear Power Station - Europe's biggest nuclear facility - has not been affected by the Russian invasion in February 2022. The Russian officials who run the plant have said that radiation levels are normal in the facility. It is currently shut down and does not produce any power. The governors of the two regions, who are Russian-installed, said that the Ukrainian...

According to LSEG and shipping data cited from an industry source, Russia has increased its supplies of oil to Syria. Syria needs it for its refineries. Russia has considered Syria a major gateway for its military and commercial operations in the Middle East. The Kremlin announced in January that Moscow was in negotiations with Syria's newly islamist-led government to maintain its bases in the west. According to LSEG and a source, a tanker that was hit by U.S. sanction, Mitzel, has loaded 140,000 metric tonnes of Russian oil at the Arctic port Murmansk. It is now heading to Baniyas, which...

Slovnaft, the Slovak refinery, has found alternative crude oil supplies to continue diesel exports to Czech Republic after EU exemptions that allowed the company to export products made from Russian oil expired on June 5, said MOL. Slovnaft has exported about half its production and relies mainly on Russian oil via the Druzhba Pipeline. It was granted a temporary exemption to EU sanctions, which allowed the company to process oil for both the domestic and international markets. After June 5, the Russian oil-based product will no longer be permitted to be exported, but they can still be used on the...

A Ukrainian official told reporters on Wednesday that Ukraine had protested at the International Atomic Energy Watchdog over reports that Russia was building power lines in order to connect its Zaporizhzhia Nuclear Plant to their own grid. Yuriy Vitrenko is Ukraine's representative at international organizations in Vienna. He told Ukrainian news agency Ukrinform, that Kyiv views any attempt made by Russia to connect its grid to the occupied plant as a gross violation to international law and Ukrainian sovereignty. The New York Times cited on Tuesday a Greenpeace report that found Russia building over 50 miles (80km) of powerlines between...

CPC, the operator of the Caspian Pipeline Consortium in Russia, said that a pumping station damaged in February has been restored to service. This route is Kazakhstan’s main way of exporting crude oil. It also transports Russian oil from the Black Sea to be exported by tanker. A drone attack was said to have damaged the Kropotkinskaya pumping stations. The General Staff of Ukrainian Armed Forces has acknowledged that Moscow accuses Ukraine of having struck the site. CPC delivered products while the pumping station is being repaired. The pipeline transports more than 1% daily oil supply in the world. The...

Thorsten Frei is the chief of staff to Germany's new chancellor. He said that Europe must step "outside its comfort zone" in order to consider more severe sanctions against Russia. These could include a ban on uranium or gas, or tapping into frozen Russian assets. The EU and Britain have announced new sanctions on Russia for its invasion of Ukraine. They are focusing on the "shadow fleet" (oil tankers and financial companies) that has helped Moscow avoid other sanctions. Frei told an interviewer in his new office at the Chancellery that the next round of EU sanction measures, which are...