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• Kremlin: Ukrainian strike on CPC Terminal is outrageous due to its international importance

  The Kremlin stated on Monday that the attack by Ukrainians on Caspian Pipeline Consortium infrastructure (CPC) over the weekend was outrageous, given its international importance and international participation. The CPC project, including Russian, Kazakh, and U.S. investors, announced on Saturday that a Ukrainian drone had damaged one of three moorings at its Novorossiysk Terminal in Russia and that operations were halted. Dmitry Peskov, the Kremlin's spokesman, called the Ukrainian attack on oil tankers "outrageous". He also criticized the Ukrainian drone attacks in the Black Sea. Chevron U.S., an investor in CPC and a major oil company, announced late Sunday that the loading of crude oil from its Tengizchevroil joint venture was continuing at Novorossiysk, Russia. (Reporting and writing by Dmitry Antonov, Editing by Andrew Osborn.)

• VTB CEO: Russian banks ready to restructure Russian Railways debt

  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 attended by officials from the central bank. Kostin stated that banks are willing to restructure and defer payment of loans, as long as the central bank doesn't increase reserve requirements. Starting in 2025, the central bank permitted banks to restructure corporate loans without requiring an increase in reserves. This was provided the debts were serviced timely and that the companies submitted a three-year plan. Kostin stated that Russian Railways' creditors have now asked the central bank to extend the measure into the following year. The central bank is able to do so. The central bank can keep reserves at their current level, allowing us to, for instance, postpone interest payment for Russian Railways until a later time. Kostin stated that Russian Railways' creditors had rejected the idea of converting 400 billion roubles in the company's debt to shares. This idea was floated during government meetings. "The conversion of debt into shares is an extremely complex process for the banks. This is because the central bank does not support such investments. It is also difficult for banks to maintain capital. Kostin stated that the largest banks would not convert. (Reporting and editing by Guy Faulconbridge; Elena Fabrichnaya, Gleb Bryanski)

• Wizz Air CEO: Wizz Air to open hub in Israel in April

  Wizz Air Chief Executive Jozsef Vasradi announced that Wizz Air will open a hub for Israel by April. The Israeli government hopes this move will lower the cost of aviation. Varadi met last week with Israel's Transportation Minister Miri regev and stated in a Sunday statement that Wizz was working to resolve regulatory issues and other matters by the end January. Varadi told Regev on Thursday that Wizz was "fully committed" to the idea of opening a Wizz facility in Israel. Varadi stated that lowering the cost of living was a major concern for governments all over the world. He said: "This is where... we can add value by creating an affordable air traffic infrastructure." Wizz operates 36 bases across 19 countries. The Hungary-based carrier is looking at establishing a base either at Ben Gurion International Airport, near Tel Aviv where it operates flights currently, or at the smaller Ramon Airport, near the Red Sea resort of Eilat, at Israel's southernmost tip. Israeli media reported Wizz will invest $1 billion over the next 3 years in the Israeli market by adding 50 routes, stationing 10 aircraft and creating 4,000 new jobs. Regev stated that Israel faces high living costs and that competition would be the only way to lower them. She acknowledged that Israeli carriers were responsible for the majority of travel during the Gaza War, as other airlines had ceased operations. However, she said that the increase in airfares and the public's anger was a result. Regev stated in a statement that "we are committed to lowering the prices, increasing seat capacity and improving service." Regev's plan is not fair to two of Israel's carriers, Israir & Arkia. They don't object to competition but Regev's plan is not fair. Israir claimed that it created "unjustified gaps" between Israeli and other airlines, which directly harms the Israeli public. It also reduces the local flight supply and leaves Israel vulnerable to dependence on foreign airlines, who will then sharply increase prices. Oz Berlowitz, CEO of Arkia, said in an interview on Army Radio Sunday that Wizz should be required to pay high security costs like Israeli carriers. The main Israeli labour union also expressed concerns about the plan.

• Moldova claims that Russian drones have again entered its airspace, posing a threat to aviation.

  The Moldovan authorities reported on Saturday that Russian drones entered the country's skies, posing an aviation threat. This is the third incident of this kind in nine days. The president of Moldova, Maia Sandu has condemned the Russian war in Ukraine, and accused Moscow for trying to destabilise this ex-Soviet country, located between Ukraine and EU Member Romania. The latest incident occurred at the same time as a massive Russian attack against Kyiv and Ukrainian targets that killed three people and injured nearly 30 others. Volodymyr Zelenskiy, the Ukrainian president, said that Russia launched 36 missiles and 600 drones. The interior ministry of Moldova said that it had identified the drones as Russians and they had flown above Moldovan territory. This led to the closure of Moldova's airspace. The report added that they later flew onto Ukrainian territory. The civil aviation authority ordered that the Moldovan airspace be closed from 22.43 until 23.53 (from 2043 to 2153 GMT). Sandu wrote on the X platform: "On their path to kill civilians Russian drones violated Moldovan's airspace again, forcing it temporary closure. We condemn these strikes and stand with Ukraine." Moldova, which had complained about a similar intrusion in November and earlier this week as well, has described the latest incident in the context the conflict in Ukraine. It also denounced the "illegal and danger actions" posing a risk to civil flights and the lives of people. Oleg Ozerov has been summoned repeatedly to the Foreign Ministry of Russia over these incidents. Ozerov said the incidents were meant to worsen already bad relations between Moscow and Chisinau. Since Sandu's first election in 2020, Moscow accuses Moldova of being behind unfriendly acts and stirring up anti-Russian feelings. (Reporting and writing by Alexander Tanas; editing by Alexander Smith, Diane Craft, and Ron Popeski)

• Moldova claims that Russian drones have again entered its airspace, posing a threat to aviation.

  The Moldovan authorities reported on Saturday that Russian drones entered the country's skies, posing an aviation threat. This is the third incident of this kind in nine days. The president of Moldova, Maia Sandu has condemned the Russian war in Ukraine, and accused Moscow for trying to destabilize the ex-Soviet country, located between Ukraine and EU Member Romania. The interior ministry of Moldova said that it had identified the drones as Russians and they had flown above Moldovan territory. This led to the closure of Moldova's airspace. The report added that they later flew onto Ukrainian territory. The civil aviation authority ordered that the Moldovan airspace be closed from 22.43 until 23.53 (from 2043 to 2153 GMT). Moldova, which had complained about a similar intrusion in November and earlier this week as well, has described the latest incident in the context the conflict in Ukraine. It also denounced the "illegal and danger actions" posing a risk to civil flights and the lives of people. Oleg Ozerov has been summoned repeatedly to the Foreign Ministry of Russia over these incidents. Ozerov questioned this week whether the drones displayed outside the ministry were involved in any intrusion. He suggested that the incidents were meant to worsen the already bad relations between Moscow and Chisinau. Since Sandu's first election in 2020, Moldovan relations with Russia are under strain. Moscow accuses it of being behind unfriendly acts and stirring up anti-Russian feelings. The Moldovan parliament ordered this week the closure of an Russian cultural center in Chisinau. They said it could be used to promote narratives that pose a threat to national safety. (Reporting and writing by Alexander Tanas; editing by Alexander Smith).

• Security official: Ukraine drones hit two tankers in the Black Sea that are part of a shadow fleet

  An official of the SBU said that Ukraine had used marine drones to hit two Russian tankers in the Black Sea which were exporting oil and avoiding Western sanctions. An anonymous official confirmed that the SBU, along with the Ukrainian navy, conducted a joint operation against the vessels of the so-called "shadow fleet". Turkish authorities said two shadow fleet tanks were damaged by explosions near Turkey's Bosphorus Strait, causing them to catch fire. Rescue operations for the crews aboard were also launched. SBU officials said that both tankers – identified as the Kairos & Virat – were empty, and they were on their way to Novorossiysk a major Russian oil port. The video (footage), which shows the damage done to both tanks, is shocking. They were taken out of service. The official stated that this will be a major blow to Russian oil transport. The strikers did not specify when they took place. Ukraine has repeatedly called for stronger international measures against Russia's "shadow fleet", which, it claims, is helping Moscow to export huge quantities of oil while funding its war in Ukraine. (Reporting and writing by Tom Balmforth; editing by Toby Chopra and Kirovan).

• A tanker sanctioned by the Turkish government is hit and a rescue operation is underway.

  A tanker belonging to Russia's shadow navy exploded in the Black Sea, near the Bosphorus Strait in Turkey, on Friday. The explosion caused a fire in its engine room. 25 people were rescued. The Turkish Maritime Affairs Directorate reported that the tanker Kairos was en route from Turkey to Russia's Novorossiysk when it reported an "external impact" causing a 28 nautical mile fire. According to a person who has direct knowledge, a second oil tanker named Virat also suffered an explosion further east, in the Black Sea. According to LSEG, both Kairos and Virat appear on a list containing ships that are subject to sanctions imposed by Russia after its full-scale invasion in Ukraine 2022. Tribeca shipping agency reported that the Kairos was under Gambian flag, and in ballast at the time of the incident. The report said that reports indicated the ship could have hit a mine, and was in danger of sinking. Rescue tugboats and Coast Guards were sent to help. The Turkish Maritime Affairs Directorate issued a press release on X saying that the condition of 25 crew members on board was good. Rescue units were dispatched in the area to evacuate the crew. A shipping source reported that a ship nearby evacuated some of the crew. The agency reported that shipping traffic continued through the strait. Reporting by Can Sezer and Ezgi Erkoyun; Editing by Aidan Lewis

• Strikes against PM Meloni disrupt transport in Italy

  The protests and strikes in Italy against Giorgia's Meloni government on Friday caused dozens of flight cancellations and disruptions to train services throughout the country. The USB hardline union and smaller worker organizations called for the one-day strike against the government’s plans to increase military spending and support for Israel. In recent years, the USB has emerged as a grass-roots movement that is challenging the dominance of three major confederations: the CGIL (left-wing), the CISL (centrist) and UIL (right-wing). Bologna has cancelled 17 flights while Malpensa in Milan has cancelled 27. Milan Linate Airport, Naples and Venice are also affected. ITA Airways, Italy's largest airline, said that it has cancelled 26 domestic flights because of the strikes. Protests stopped trains at the smaller Milan station Lambrate after train cancellations in Rome, Turin and Milan. In Rome and other cities, public transport was disrupted. In Turin, hundreds of protesters marched, some waving Palestinian flags. Yanis Varoufakis, former Greek Finance Minister, and Francesca Albanese, Special Reporter on Palestinian Rights for the U.N., also attended a pro-Gaza demonstration in Genoa. Police used water cannons to disperse activists who had blocked the entrance of Leonardo, an Italian defence group. USB organised a national protest day on Saturday to protest what they call Meloni's 'war budget. They claim that the financial bill for 2026 favors military expenditures over needed investments in health, education, and welfare. The budget of Prime Minister Meloni (in power since 2022) has been described as "serious and balanced" by the PM. She cited income tax reductions for middle-income earners, which she said could help Italy's slowing economy. The CGIL, Italy’s largest union and the more mainstream one, announced a nationwide walkout of its members on December 12 over budget issues. (Reporting and writing by Anna Uras; Editing by Keith Weir).

• Russia loses its seat in the UN Shipping Agency's governing Council

  Russia did not win enough votes on Friday to rejoin the U.N. Shipping Agency's governing Council despite its appeal to countries to support its nomination to reclaim a seat that it lost in 2023. This is yet another setback for Russia, which failed to gain enough support to be elected to the United Nations Aviation Agency's governing board in September. It was seen as a criticism of Moscow regarding its invasion of Ukraine 2022. The International Maritime Organization, based in London, is responsible for regulating safety and security and preventing pollution. It has 176 members. Moscow is an IMO member and has been re-elected in the IMO Council every year since 1958. The Russian transport ministry failed to respond immediately Friday to a comment request. The Russian Federation was one of 48 countries that applied for 40 seats on the Council, which oversees the activities of the organization. The only country to be rejected from the 10 countries with the greatest interest in international shipping, which also included the United States of America and China. In a letter sent to IMO member countries before the elections, Russia stated that it "participates openly and actively in all IMO body's work". In a submission to the IMO, Russia stated that "the IMO has started to deviate from... its impartial role in international matters by giving greater attention to politics largely outside of its clearly defined mandat." Ukraine, which was vocal about its opposition to Russian efforts in various U.N. organizations and did not stand for election to the IMO Council urged IMO members states to not support the candidate, saying Moscow "undermines the global shipping safety" and "cannot claim a leadership role in global maritime government". (Reporting and Editing by Peter Graff.)

• Venezuela revokes flight rights for six airlines amid escalating US tensions

  Six major international airlines have lost their operating rights in Venezuela after suspending flights to the nation following an advisory from the U.S. Federal Aviation Administration. Venezuela's civil Aviation Authority revoked the permits of Iberia and other airlines, including TAP, Avianca Latam Colombia Turkish Airlines, Gol. Caracas said in a press release that the carriers "joined state terrorism, promoted by the United States", by "unilaterally halting" commercial flights. The U.S. FAA warned major airlines last week of a "potentially dangerous situation" if they flew over Venezuela because "the security situation is worsening and there are increased military activities in or around the country." Caracas has said that the U.S. Safety Alert says it does not have authority over its airspace. Since months, the U.S. has deployed forces in the Caribbean to combat what they have portrayed as President Nicolas Maduro’s role in supplying drugs illegally that killed Americans. Maduro denies the allegations, and claims that U.S. president Donald Trump wants to remove him. In recent days, several international airlines have cancelled flights to Venezuela, ignoring Caracas’s 48-hour deadline for resuming services. Iberia has stated that it will resume flights to Venezuela once all safety conditions have been met. Air Europa and Plus Ultra suspended their flights, but they did not lose their permits. (Reporting and editing by Kevin Buckland; Additional reporting by Corina Poons)

• Sources say that Russia is considering how to support Russian Railways, which has a debt of $51 billion.

  Two people familiar with the situation said that the Russian government is looking at different options to support Russian Railways. The company, which is 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 pay off its debt, which is mainly owed to banks of state. Sources said that these include increasing the price of cargo, increasing subsidies, reducing taxes, or even using money from the National Wealth Fund. The sources said that raising the prices of railway cargo would hurt Russian exporters who are already suffering due to high interest rates and economic slowdown. One source said that Russian officials met in late November to discuss the current situation and will meet again in December. Requests for comments were not responded to by Russian Railways, Russian Government and Transport Ministry. There are some ideas that haven't been discussed yet at the level of government, such as capping interest rates for Russian Railways to 9% and converting debts into stakes. This would give state banks a piece of the company. Proposed DEBT-TO EQUITY CONVERSION According to a source, one of the proposals was to convert 400 milliards roubles in debt of Russian Railways into shares. According to the source, this measure would save 64 billion Rubbles in interest over three years. Sources portrayed the measures as a "save" Russian Railways. Russian Railways operates the third longest railway network in the world after the United States of America and China. One source said that it was not clear what the final government decision would be due to the differences in opinion between the representatives of the Finance, Economy, Transport and Trade Ministries. According to international standards, Russian Railways has reported revenues for 2024 of 3.3 trillion Russian roubles. Its expenditures are 2.8 trillion Russian roubles. The debt crisis raises alarm bells The company's financial statement for 2025 shows a net debt of 3,3 trillion roubles at June 30. This includes 1.8 trillion of short-term loans. The debt spiked by 0.7 trillion rubles in only half a calendar year. Russian Railways has been a leading indicator of the health of the Russian economy for many years. It transports oil, passengers and cargoes from the Pacific Ocean to the Black Sea and Baltic Sea. The state's war economy is a major challenge. Its struggles are a reflection of the challenges faced by too-big to fail companies that are indebted with state-owned banks. This leaves the state on a hook, at he same time as Russia spends record amounts on military spending and the war in Ukraine enters its fourth year. The war economy of PUTIN cools sharply In the first two years of Vladimir Putin's presidency, from 2000 to 2008. Russia's GDP grew from $200 billion to $1.7 trillion. Now, Russia's nominal GDP of $2.2 trillion, is about the same as it was in 2013, just before Russia annexed Crimea, and the economy will slow down sharply this coming year. The International Monetary Fund, however, has downgraded their 2025 forecast from 0.9% to 0.6%. The West claims it wants to cripple Russia’s economy in order to force the Kremlin into changing its course on Ukraine. However, Putin has stated that Russia will not bow to foreign pressure. Russian officials also claim the economy is secondary compared to the goals of the war. Putin claims that the economy performed better than anyone could have expected, despite the thousands of Western sanctions. He also says that it has a debt-free status in comparison to Western countries. He acknowledged that there were some issues with investments and the pain caused by high interest rates. Sberbank's senior executive, who is the country's biggest lender, said that Russia's economy has been "continuing cooling". Growth will be around 1% in next year, and business activity will remain weak for at least four or five quarters. $1 = 78.7500 Rubels (Additional reporting by Darya Korsunskaya and in Moscow; Editing by Guy Faulconbridge and Tomaszjanowski and Ros Russell).

• Sources: Russia is weighing up how to support Russian Railways, which has a debt of $51 billion.

  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 pay off its debt, which is mainly owed to banks of state. Sources said that these include increasing the price of cargo, increasing subsidies, reducing taxes, or even using money from the National Wealth Fund. One source said that Russian officials met in late November to discuss the current situation and will meet again in December. Requests for comments were not responded to by Russian Railways, Russian Government or the Transport Ministry. There are some ideas that haven't been discussed yet at the level of government, such as capping interest rates for Russian Railways to 9% and converting debts into stakes. This would give state banks a piece of the company. According to one source, a proposal would be to convert 400 billion Russian roubles in debt of Russian Railways into shares. Sources portrayed the measures as a "save" Russian Railways. Russian Railways operates the third longest railway network in the world after the United States of America and China. According to international standards, Russian Railways has reported revenues for 2024 of 3.3 trillion Russian roubles. Its expenditures are 2.8 trillion Russian roubles. The company's financial statement for 2025 first half reported a net debt of 3.3 billion roubles at June 30. This included 1.8 trillion of short-term loans. The debt grew by 0.7 trillion rubles in only half a calendar year. Russian Railways has been a leading indicator of the health of the Russian economy for many years. It transports oil, passengers and cargoes from the Pacific Ocean to the Black Sea and Baltic Sea. The state-dominated war-economy is a major challenge. Its struggles are a reflection of the challenges faced by too-big to fail companies that have debts with state-owned institutions. This leaves the state responsible for the debts at a time when Russia spends record amounts on its military, as the conflict in Ukraine enters its fourth year. RUSSIA SLOWS In the first two years of Vladimir Putin's presidency, from 2000 to 2008. Russia's GDP grew from $200 billion to $1.7 trillion. Currently, Russia's nominal GDP of $2.2 trillion, is about the same as it was in 2013, just before Russia annexed Crimea, and the economy will slow down sharply this coming year. The International Monetary Fund, however, has reduced its forecast for 2025 to 0.6% from 0.9%. The West claims it wants to cripple Russia’s economy in order to force the Kremlin into changing its course on Ukraine. However, Putin has stated that Russia will not bow to foreign pressure. Russian officials also claim the economy is secondary compared to the goals of the war. Putin claims that the economy performed better than anyone could have expected, despite the thousands of Western sanctions. He also says that it has remained debt-free unlike many Western countries. Despite this, he has acknowledged that there are some issues with investments and the pain caused by high interest rates. Sberbank's senior executive, who is the country's biggest lender, said that Russia's economy has been "continued cooling". Growth will be around 1% in next year, and business activity will remain weak for at least four or five quarters. $1 = 78.7500 Rubels (Additional reporting by Darya Korsunskaya and in Moscow; editing by Guy Faulconbridge, Tomaszjanowski).