MOSCOW: The Kremlin has criticized the latest US sanctions targeting the Russian energy sector, warning of potential destabilization of global oil markets. Moscow vowed to take measures to mitigate the impact of the sanctions, which were announced on Friday. “These actions by the United States are an attempt to undermine our companies through non-competitive means, but we are confident in…
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Era of Russian Gas to Europe Ends as Ukraine Transit Stops
MOSCOW: Russian gas exports through Soviet-era pipelines via Ukraine officially ceased on New Year’s Day, marking a historic end to Moscow’s decades-long dominance over Europe’s energy supply. The gas flow, which persisted even amidst nearly three years of war, stopped at 0500 GMT after Ukraine declined to renew a transit agreement, according to Russian energy giant Gazprom. While the halt…
Read MorePakistan and Russia in Talks Over Oil Import Deal Amid Challenges
ISLAMABAD: Pakistan and Russia are actively discussing terms for the import of Russian oil, with Petroleum Minister Musadiq Malik highlighting the complexities involved, including shipping logistics, insurance, and potential secondary US sanctions. Speaking at a media briefing, Malik refrained from disclosing the oil price but clarified that such deals require intricate planning. He noted that Pakistan State Oil (PSO)’s Pakistan…
Read MorePakistan, Russia Sign MoU to Strengthen Cooperation in Trade, Energy, and Defence
ISLAMABAD: In a move to bolster bilateral relations, Pakistan and Russia signed a Memorandum of Understanding (MoU) on Thursday, paving the way for enhanced cooperation in key sectors including trade, energy, connectivity, and defence. The MoU was formalized by Russian Deputy Prime Minister Alexei Overchuk and Pakistan’s Deputy Prime Minister Ishaq Dar, following a high-level meeting between Overchuk and Prime…
Read MoreRussia Implements Six-Month Ban on Gasoline Exports from March 1
In a move to stabilize domestic prices and facilitate refinery maintenance, Russia has announced a six-month prohibition on gasoline exports starting March 1. The ban, approved by Prime Minister Mikhail Mishustin and confirmed by Deputy Prime Minister Alexander Novak, aims to address surging demand from consumers and farmers while mitigating the impact of recent attacks on Russian refineries. Deputy Prime…
Read MoreRefineries shun Russian crude as fuel oil prices dip
KARACHI: Local refineries are reluctant to import the Russian crude oil as the global prices of furnace oil, a by-product of the Russian oil, have plunged, industry sources told The News on Tuesday. “We need the Russian crude oil at a discounted price because the price for the earlier cargo is not feasible in the present times when the furnace…
Read MoreForeign shareholders freeze participation in Russia’s Arctic LNG 2
MOSCOW: Foreign shareholders suspended participation in the Arctic LNG 2 project due to sanctions, renouncing their responsibilities for financing and for offtake contracts for the new Russian liquefied natural gas (LNG) plant, the daily Kommersant reported on Monday. The project, seen as a key element in Russia’s drive to boost its LNG global market share to 20 percent by 2030…
Read MorePakistan eyes BRICS membership, seeks Russia’s help
ISLAMABAD: Pakistan has applied for BRICS membership and sought Russia’s support, the country’s envoy to Moscow Muhammad Khalid Jamali has said. There has been no comment from the Foreign Office without whose approval Jamali (who is yet to present his credentials) would not have made this revelation. According to media reports, Jamali was talking to the Russian news agency TASS…
Read MorePlan for G2G oil deal with Russia shelved
Govt allows refineries to enter into direct commercial contracts with Russian firms ISLAMABAD: The government has decided to shelve plans for a long-term oil import deal with Russia under a government-to-government (G2G) arrangement and has allowed refineries to strike direct commercial agreements with companies of the European nation. Earlier, Pakistan and Russia agreed to set up a Special Purpose Vehicle…
Read MoreRiyadh, Moscow talk oil amid ME crisis
MOSCOW: Saudi Arabia and Russia, the world’s top two oil exporters, on Wednesday discussed the situation on the oil market and prices amid the escalating conflict between Israel and Hamas, President Vladimir Putin’s top oil official said. Crude oil prices spiked in the wake of a massive incursion into Israel from Gaza launched by Hamas on October 7. Russian Deputy…
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