Russia Financial News

Oil prices rose on Friday after the U.S. tightened its sanctions programme against Russian crude exports, raising supply concerns in an already tight market, and global inventories are forecast to decline through the fourth quarter. Brent futures rose 36 cents, or 0.4%, to $86.36 per barrel and U.S.

By Andrea Shalal

The Treasury Department has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap

(Corrects spelling of Morley (not Morely) in paragraph 5)

Narendra Modi and Russian President Vladimir Putin may be in pipeline this year. The venue and timings of the meeting are yet to be finalised while the two sides are in touch to finalise they meet, ET has learnt. The two last met at Samarkand in 2022 on the sidelines of the Shanghai Cooperation Organisation (SCO) Summit sidelines.

Anonymous hackers of the now-defunct exchange FTX have been moving large amounts of assets stolen from the platform, with new transactions occurring just as the trial of FTX founder Sam Bankman-Fried gets underway.

India's retail inflation eases to 5.02% in September, comes within RBI's tolerance mark after two months Most experts expected retail inflation to be in the range of 5.3 per cent to 5.5 per cent as they pointed out a significant decline in select food items. The recent drop in inflation to a three-month low is a significant positive development on the macroeconomic front. Notably, the September CPI inflation rate at 5.02 per cent is below the upper threshold of the RBI's acceptable range of 2 to 6 per cent.

By Humeyra Pamuk

NATO will hold a major nuclear exercise next week, the alliance's chief said Thursday, in an announcement that came after Russia warned it would pull out of a global nuclear test ban agreement. NATO's «Steadfast Noon» exercise is held annually and runs for about a week. It involves fighter jets capable of carrying nuclear warheads but does not involve any live bombs.

By Timothy Gardner and Daphne Psaledakis

By Jonathan Landay

Blinken vowed on a visit Thursday that the United States will «always» back Israel but said the Palestinians also have «legitimate aspirations» not represented by militant group Hamas. «You may be strong enough on your own to defend yourself,» Blinken said during a meeting with Prime Minister Benjamin Netanyahu as war raged between Israel and Hamas. «But as long as America exists, you will never, ever have to.

General Liu Zhenli, the head of the military body responsible for China's combat operations and planning, has emerged as the top contender to replace the country's defence minister, who has not been seen in public for more than six weeks, according to five people familiar with the matter. The appointment of Liu to replace Defence Minister Li Shangfu — which one of the people said was likely to happen before Beijing holds an international security forum later this month — could boost military engagement with the United States amid regional tensions, three military analysts told Reuters. Li was sanctioned by the U.S. in 2018 for an arms deal he secured with Russia in an earlier role.

Belgium’s prime minister says his country, which has the biggest interest in the global diamond trade in the European Union, is supporting a ban on Russian diamonds as part of sanctions targeting President Vladimir Putin’s government for its war agains...

IEA) on Thursday lowered its forecast for growth in oil demand in 2024, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. In its monthly report, the IEA forecast demand for oil will rise by 880,000 barrels per day (bpd) in 2024, down from its previous forecast of 1 million bpd, based on broader economic concerns and a faster adoption of electric vehicles among other energy efficiency measures. However, the Paris-based agency that advises the United States and other industrialised countries, raised its 2023 demand forecast to 2.3 million bpd, from a previous estimate of 2.2 million. OPEC and its allies, known as OPEC+, began limiting supplies in 2022 to support prices. In September, global benchmark Brent hit 10-month highs after Saudi Arabia and Russia extended their combined 1.3 million bpd cuts until the end of the year. «If extra cuts are unwound in January, the balance could shift to surplus, which would go some way to help replenish depleted inventories,» the agency said. Although Russia pledged to cut crude exports until the end of 2023, according to the IEA's estimates Moscow's total exports of crude oil and products in September rose by 460,000 bpd to 7.6 million bpd, with crude accounting for 250,000 bpd of the increase. The jump in exports highlights the difficulty the West has faced in trying to reduce Russian exports and revenue to Moscow amid its war with Ukraine. Last year, the IEA predicted harsh Western sanctions would lead to a collapse in Russian energy exports. ECONOMIC HEADWINDS, GEOPOLITICAL RISK Oil prices fell sharply last week as a darkening economic outlook intensified fears of slower growth in demand, eclipsing supply concerns.

IEA) on Thursday lowered its forecast for growth in oil demand in 2024, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. In its monthly report, the IEA forecast demand for oil will rise by 880,000 barrels per day (bpd) in 2024, down from its previous forecast of 1 million bpd, based on broader economic concerns and a faster adoption of electric vehicles among other energy efficiency measures. However, the Paris-based agency that advises the United States and other industrialised countries, raised its 2023 demand forecast to 2.3 million bpd, from a previous estimate of 2.2 million. OPEC and its allies, known as OPEC+, began limiting supplies in 2022 to support prices. In September, global benchmark Brent hit 10-month highs after Saudi Arabia and Russia extended their combined 1.3 million bpd cuts until the end of the year. «If extra cuts are unwound in January, the balance could shift to surplus, which would go some way to help replenish depleted inventories,» the agency said. Although Russia pledged to cut crude exports until the end of 2023, according to the IEA's estimates Moscow's total exports of crude oil and products in September rose by 460,000 bpd to 7.6 million bpd, with crude accounting for 250,000 bpd of the increase. The jump in exports highlights the difficulty the West has faced in trying to reduce Russian exports and revenue to Moscow amid its war with Ukraine. Last year, the IEA predicted harsh Western sanctions would lead to a collapse in Russian energy exports. ECONOMIC HEADWINDS, GEOPOLITICAL RISK Oil prices fell sharply last week as a darkening economic outlook intensified fears of slower growth in demand, eclipsing supply concerns.

By Ahmad Ghaddar

Russia’s Central Bank thinks its digital ruble could let citizens pay abroad without making use of the SWIFT banking platform – and wants to let foreign banks use its CBDC.

Belgium’s prime minister says his country, which has the biggest interest in the global diamond trade in the European Union, is supporting a ban on Russian diamonds as part of sanctions targeting President Vladimir Putin’s government for its war agains...

Investing.com — Saudi Arabia is truly “balancing” the oil market by preparing to ship full volumes required by its North Asian customers, notwithstanding its output cuts — an act that’s costing it in price-per-barrel.

Moneycontrol reported Gill as saying. The good news, however, “basically ends there", he quipped.