European leaders call for new Russia sanctions after renewed violence in Ukraine January 27, 2015 European leaders have written a joint statement saying they will back new sanctions against Russia, after renewed violence in eastern Ukraine. Heads of state from all 28 European Union (EU) nations condemned the killing of civilians – said to have been deliberate – in the Ukrainian city of Mariupol over the weekend. We note evidence [...]
Mikhail Fridman and LetterOne fund attack UK government attempt to block North Sea oil and gas fields deal March 2, 2015 Russian oligarch Mikhail Fridman has issued a stinging attack on the government over its attempts to block a deal which would see his fund LetterOne take ownership of North Sea oil and gas fields. A letter to the UK government called the decision “not rational” and criticised its last minute decision just days before the [...]
Putin and the rouble: EU leaders stick to their guns over sanctions December 19, 2014 Even as the rouble continues its inexorable decline, hand in hand with global oil prices, EU leaders are refusing to budge over sanctions on Russia. At a summit meeting in Brussels all the talk was of “stay[ing] the course” and taking “further steps if necessary,” not relaxing the sanctions swaddling the Russian economy. Chief among [...]
Plummeting oil prices and Western sanctions have cost Russia $140bn, its finance minister says November 24, 2014 Plummeting oil prices and Western sanctions have caused as much as $140bn to flood out of Russia this year, finance minister Anton Siluanov said today. While sanctions against its businesses are hurting the country's economy, falling oil prices are having the biggest impact. Oil and gas makes up the majority of Russian exports – 68 [...]
Putin has won in Ukraine – but the West can still salvage the long game September 1, 2014 There’s only one way to make a fortune, and that’s to down the fellow who’s up against you." W Somerset Maugham, on poker ONE OF the many wonderful traditions at St Andrews University is that, if a student did well, they did not have to sit final exams until their last year. As a result, [...]
Russian economy contracts for the first time in five years as rouble crisis takes hold December 29, 2014 The Russian economy contracted by 0.5 per cent in November, its first fall since October 2009, according to official figures released today. The news came as President Putin signed a law doubling the deposit guarantee for banks to 1.4m roubles (£16,000). Officials of the Russian government added that they expect a total GDP fall of [...]
Rouble plummets again on oil and China woes December 1, 2014 The rouble fell at its fastest rate since the Russian crisis in 1998 this morning, as it approaches the end of the year as the world's worst-performing currency. The currency fell 3.1 per cent to 52.00 against the dollar, at 2.5 per cent to 64.55 against the euro during early trading. In the past week [...]
These five charts show why Russia is edging towards recession December 3, 2014 It's not been a good year for Russia. Yesterday the country revealed it had lowered its growth forecasts, and is now expected to enter recession in the first quarter of 2015 – the first time in five years. The deputy economic development minister Alexei Vedev announced the drop – from 1.2 per cent growth [...]
Tough year for Rosneft could impact on BP December 21, 2014 OIL FIRM BP could feel the impact of problems with the Russian economy as a result of its 19.75 per cent stake in Rosneft, bought in March 2013. The $25bn (£16bn) deal, which saw BP sell its 50 per cent stake in TNK-BP to state-controlled Rosneft for $12.3bn in cash plus stock, was seen as [...]
The FTSE 100 slumps to a new yearly low amid crumbling oil prices December 15, 2014 Britain's FTSE 100 closed down again today taking the index to its lowest level this year, as crumbling oil prices and fresh concerns about Russia's economy scared investors. The FTSE 100 shed another 1.9 per cent to close down 117.9 points at 6,182.7 which was its lowest closing level since mid-2013. It fell 6.6 per [...]