Russia Financial News

Vladimir Putin and Kim Jung Un gifted each other rifles when they met in Far Eastern Russia, the Kremlin said on Thursday, confirming the isolated Russian leader will visit North Korea as Moscow woos another pariah state. The Russian president, who has sought to strengthen alliances with other hardline leaders ostracised by the West, met with Kim on Wednesday amid speculation they would agree on an arms deal. Russia is eager for ammunition to continue fighting in Ukraine, while North Korea wants Moscow's help to develop its missile programme. Putin «gave (Kim) a rifle from our production of the highest quality. In return, he also received a North Korean-made rifle,» Kremlin spokesman Dmitry Peskov said. Putin also gifted the North Korean leader a «glove from a space suit that has been to space several times.» Kim, who seldom leaves his country, held talks with Putin at the Vostochny cosmodrome.

Oil India is exploring legal as well as diplomatic channels to repatriate its dividends worth $150 million from Russia, said its chairman, Ranjit Rath. Oil India, Indian Oil Corporation, BPCL and ONGC have participating interests in multiple oil and gas projects in Russia from which they earn dividends periodically. Companies have been receiving dividends but have been unable to transfer them out of Russia since February 2022 due to the banking restrictions in the wake of the Ukraine war and the western sanctions on Moscow. Indian Oil and BPCL have similar amounts of dividends stuck in Russia, totalling $450 million for the three companies, Rath said. This is a «temporary phenomenon» and the company is «very positive about investments in Russia», he said, adding that the company is exploring legal, banking and government-to-government options to get the dividends back. The production at Russian fields in which Oil India has stakes hasn't been affected by the output cut decisions made by the producer cartel OPEC+ of which Russia is a key member, Rath said. Oil India will primarily focus on domestic exploration and production, said its chairman. Rising oil prices won't change the company's investment trajectory, he said. A windfall tax since last year has capped the crude price realisation for Indian state-run producers.

Eighteen months after Russia’s invasion of Ukraine, Western countries still haven’t swung the developing world behind supporting Kyiv. Europe, Ukraine and the U.S. have successfully orchestrated several United Nations votes condemning Russia’s invasion.

RIYADH, Saudi Arabia—American defense giant RTX and a Saudi weapons firm were heading toward a multibillion-dollar deal when it was abruptly called off early this year. The reason, say people familiar with the talks, was RTX’s concerns that its Saudi partner’s companies were pursuing business with sanctioned Chinese and Russian entities. That unease was a deciding factor for an advisory board of retired American military officers to resign from the Saudi company, Scopa Defense, the people said.

₹7,502 per bbl, having swung between ₹7,364 and ₹7,505 per bbl during the session so far, against a previous close of ₹7,338 per barrel. The continuing supply cuts could lift Brent futures above the $100 a barrel threshold before the end of the year, according to analysts at Bank of America. -Earlier this month, oil producers Saudi Arabia and Russia extended their voluntary oil output cuts of a combined 1.3 million barrels per day (bpd) to the end of the year which resulted in a sharp surge in international crude prices - reaching a 10-month high peak.

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LONDON : Russia has stepped up imports of the aluminium feedstock alumina from India in recent months to supply its vast Siberian plants, a move that diversifies the sanctions-hit country's supply, helps reduce dependence on China and cuts costs. After invading Ukraine, the world's second biggest producer of aluminium lost two crucial sources of alumina, used to make aluminium metal, as a refinery in Ukraine suspended production and Australia banned supplies to Russia. While Russia and China are on friendly terms, aluminium production in China is rising, leaving less price flexibility for Russia to buy alumina.

The protective services detail with North Korean leader Kim Jong Un spent several minutes disinfecting the chair that Kim sat during a summit with Russian President Vladimir Putin, the Kommersant newspaper reported Thursday. A video footage published by the newspaper showed a North Korean security official in white gloves wiping down Kim's black chair and spraying around an unidentified substance.

Maritime Corridor (EMC) between Vladivostok and Chennai. Both the nations also agreed on training for seafarers in polar and Arctic waters at Russian Maritime Training Institute in Vladivostok.

The United States is sanctioning more than 150 businesses and individuals as it tries to crack down on evasion and deny Russia access to technology, money and financial channels that fuel Moscow's war in Ukraine

Investing.com — Oil prices climbed to the year’s highest levels as expectations of growing supply tightness overshadowed concerns over weaker economic growth and rising U.S. inventories.

(Reuters) — Delta Air Lines (NYSE:DAL) on Thursday cut current-quarter forecasts for operating margins and profit, owing to increased fuel expenses amid supply cuts by Russia and Saudi Arabia.

Rising diesel prices are inflating the bills Brett McMahon is getting from the companies that truck in the plywood, rebar and other supplies his concrete-contracting business needs. Asking his clients to renegotiate contracts to ease that pain, he said, has been “hit or miss." “In the private construction world, you’re not going to get a terribly sympathetic ear for that," said McMahon, chief executive of Bethesda, Md.-based Miller & Long. “It’s, ‘Hey, you knew the risks when you signed the deal.’" Diesel, jet and marine fuel prices are soaring, pressuring the construction companies, transportation businesses and farmers that are the biggest users.

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OPEC reduces 2023 oil demand by 1 lakh bpd to 29 mbpd, Saudi output cut leads to 3 mbpd shortfall Experts see a possibility of crude oil prices rising above the $100 per barrel level because of supply cuts and anticipation of economic recovery in China. "Yes, it is quite possible for the global oil price to breach the $100 mark a barrel. Significant efforts of Saudi Arabia and Russia to curtail oil supply and also extend the schedule of oil supply cuts could lead oil to breach this psychological mark," said G.

foreign exchange and fiscal revenues. Perhaps no company in the world is as closely linked to its country’s collapse as Venezuela’s state oil firm, PDVSA. At its peak in 1998, it provided 5% of global supply.

Covid pandemic and Russia’s invasion of Ukraine, both of which caused disruption in energy markets. There have been speculations as who will be new boss.

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Russia-Ukraine crisis, though it stopped short of direct condemnation. From a Karachi resident's perspective, India's effective hosting of the summit signals not only an honour for the nation but also a potentially significant economic boost. This sentiment contradicts the usual rivalry between the neighbouring countries and acknowledges India's growing importance on the world stage.

Russia on Thursday said the United States was hypocritical to criticise President Vladimir Putin's summit with North Korean leader Kim Jong Un because Washington had sown chaos and sent weapons to allies across the world. «The United States has no right to lecture us on how to live,» Russia's ambassador to the United States, Anatoly Antonov, said in a statement. For the United States and allies, the burgeoning friendship between Kim and Putin is a concern: Washington has accused North Korea of providing arms to Russia, but it is unclear whether any deliveries have been made. The United States, Antonov said, had built up a coalition in Asia, expanded military drills near the Korean peninsula and was supplying billions of dollars of weapons to Ukraine. «It is time for Washington to throw its economic sanctions into the rubbish dump,» Antonov said.