Russia Financial News

STOCKHOLM (Reuters) — Sweden's government promised tax cuts and more money for welfare, defence and the criminal justice system in its 2024 budget on Wednesday, but said spending had to be limited by the need to keep a lid on inflation.

King Charles III of the United Kingdom starts a three-day state visit to France meant to highlight with great pomp both nations’ friendship

Zelenskyy lashed out at Russia, accusing it of «weaponising» food and energy and attacking children during the war in Ukraine reported the New York Post. Zelenskyy framed Russia's war on his country as an attack on the «international order» and urged the world leaders to «act united to defeat the aggressor» «Let unity decide everything openly,» Zelenskyy said. «While Russia is pushing the world to the final war, Ukraine is doing everything to ensure that after Russian aggression no one in the world will dare to attack any nation.». «Weaponization must be restrained, war crimes must be punished, deported people must come back home and the occupier must return to their own land.

(Reuters) — Russia struck the Kremenchuk oil refinery in the central Poltava region of Ukraine in an overnight drone attack, causing a fire, Governor Dmytro Lunin said on Wednesday.

Investing.com-- Oil prices fell slightly in Asian trade on Wednesday as markets digested signs of a large drawdown in U.S. crude inventories, while anticipation of a Federal Reserve interest rate decision kept sentiment subdued. 

Lloyd Austin urged allied defense leaders Tuesday to «dig deep» and provide more air defense systems for Ukraine to help it block increasing barrages of Russian missiles, even as debate grows in Congress over aid to Kyiv. But while the allies said they will discuss how they can best help Ukraine's counteroffensive in the coming winter months, they appeared no closer to commitments on the longer-range missiles that Kyiv's leaders insist they need as they struggle to retake land gained by Russia earlier in the conflict. «Air defense is saving lives,» Austin said. «I urged allies and partners to dig deep and donate whatever air defense munitions they can as Ukraine heads into another winter of war.» Speaking at the close of the meeting of the Ukraine Defense Contact Group at Ramstein Air Base in Germany, Austin said allies have done a «credible job» of getting some air defenses to the war, «but there's much more work to be done.

surging oil prices drive inflation and set the scene for the Federal Reserve to project interest rates staying higher for longer. Brent crude futures eased from 10-month highs overnight but at $94.26 a barrel are up 30% in three months thanks to Saudi Arabia and Russia vowing to extend output cuts. Higher energy costs led to a bigger-than-expected spike in Canadian inflation, overnight data showed, lifting the loonie and triggering selling in the Treasury market. Benchmark 10-year Treasury yields hit their highest since 2007 at 4.371% overnight and were last at 4.36%. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2%, as did Japan's Nikkei. Overnight on Wall Street the S&P 500 also slipped 0.2%. Futures pricing implies almost no chance of a Fed hike at 1800 GMT, but traders, who have begun winding back bets on cuts in 2024 and will be closely focused on the U.S.

Oil prices rose in early trade on Wednesday, hovering near 10-month highs hit the previous day, as a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output reinforced fears of tight crude supply for the rest of 2023. Global benchmark Brent crude futures climbed 6 cents, or 0.1%, to $94.40 a barrel by 0034 GMT, staying near the highest since November of $95.96 hit on Tuesday. U.S.

Russia, Ukrainian President Volodymyr Zelenskyy, while accusing Moscow of being the aggressor and perpetrating «genocide» in his homeland, proposed a «peace formula» at the 78th session of the United Nations General Assembly (UNGA) on Tuesday. Addressing the UNGA session, Zelenskyy claimed that Ukrainian children in Russia were being taught to «hate» their homeland, adding that all ties that Ukraine nationals have with their family members back home were being snapped. «We're trying to get (Ukrainian) children back home, but time goes by. What will happen to them? Those children in Russia are told to hate Ukraine and all ties with their families are broken.

Russia launched a massive drone attack on the western city of Lviv early Tuesday, burning down a warehouse said to house humanitarian supplies and killing one man, Ukrainian authorities said. It was one of at least three deadly attacks in different cities.Ukraine intercepted most of the 30 Shahed drones overnight, the country's air force said.

Russia is set to “integrate” its CBDC, the digital ruble, into its tax system, with legislation set to roll out before the year’s end.

Oil surged to a 10-month high — extending a powerful rally that may rekindle inflation — as supply cuts from OPEC+ tightened the market and Saudi Arabia's energy minister shied away from any change in course. Global benchmark Brent topped $95 a barrel for the first time since November. The tighter market has ignited a flurry of predictions that $100 oil could return in a roster than runs from industry heavyweights such as Chevron Corp.

Investing.com — U.S. crude oil stockpiles tumbled in the just-ended week, after surging the prior week, while inventories of top fuel product gasoline rose, according to a report by petroleum industry group API. 

Ukraine is filing a complaint at the World Trade Organization against Hungary, Poland and Slovakia after they banned grain and other food products coming from the war-torn country

public health and geopolitical instability that are impeding efforts to address pressing global issues. The theme of the 78th session of the UNGA is “Rebuilding trust and reigniting global solidarity: Accelerating action on the 2030 Agenda and its Sustainable Development Goals towards peace, prosperity, progress and sustainability for all." Beside President Joe Biden of the United States, none of the leaders of the five permanent members of the Security Council—namely the US, Russia, China, France and Britain—are attending the UNGA session.

WASHINGTON (Reuters) -The U.S. Securities and Exchange Commission (SEC) on Tuesday charged Concord Management and its owner with failing to register with regulators while operating as an investment adviser to an unidentified billionaire former Russian official.

Also Read: Week Ahead: US Fed Policy, crude oil prices, FII mood among key market triggers this week as Nifty stares at record-high "This crude price rally doesn't want to stop," said OANDA analyst Edward Moya. “The oil market will likely be tight throughout the winter," reported news agency Reuters. The US continued to witness a fall in its shale oil output.

Biden appealed to world leaders at the U.N. General Assembly on Tuesday to stand with Ukraine against Russian invaders, hoping Republicans in Congress will also take notice. «Russia believes that the world will grow weary and allow it to brutalize Ukraine without consequence,» Biden said in his speech to UNGA.

By Steve Holland

BIR REBAA, Algeria—Once-obscure corners of the energy world, from offshore Congo to Azerbaijan, are booming as Europe finds new sources of natural gas to replace the Russian supplies that once powered the continent. The shift is redrawing the world’s energy map at a rapid clip. In Bir Rebaa, deep in the Sahara, the Italian energy company Eni and Algeria’s state-owned energy company are drilling dozens of wells, producing gas from previously untapped fields in a matter of months.

The Federal Reserve is confronting a familiar nemesis as it tries to pilot the economy into a rarely-seen soft landing: rising oil prices.