Tag: Russia

Russia Warns New US Energy Sanctions Will Destabilize Global Markets

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New-Russia

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 our ability to counteract them,” Kremlin spokesman Dmitry Peskov stated. Peskov cautioned that such sanctions would inevitably disrupt international energy and oil markets. “We will closely monitor the repercussions and…

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Era of Russian Gas to Europe Ends as Ukraine Transit Stops

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natural gas prices

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 was anticipated, it contrasts sharply with the disruption in 2022 that sent European gas prices soaring, exacerbating a cost-of-living crisis and threatening the bloc’s economic competitiveness. This time, European Union…

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Pakistan and Russia in Talks Over Oil Import Deal Amid Challenges

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PAK-Russia

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 Refinery Limited (PRL) imported a Russian oil cargo under a previously established framework using a public-sector special purpose vehicle (SPV) and Chinese currency. However, the caretaker government revised the approach,…

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Pakistan, Russia Sign MoU to Strengthen Cooperation in Trade, Energy, and Defence

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Pak-Russia

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 Minister Shehbaz Sharif. During the talks, both sides underscored the importance of expanding their partnership across various domains. Prime Minister Sharif reiterated that strengthening ties with Moscow is a priority…

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Russia Implements Six-Month Ban on Gasoline Exports from March 1

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Russia-Implements

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 Minister Novak emphasized the necessity of stabilizing prices amidst increased demand for petroleum products. The decision, which follows a proposal from Novak, underscores the government’s commitment to ensuring stability in…

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