Rouble falls to record low against the dollar on ceasefire worries September 15, 2014 Scottish independence may be hitting the headlines over here, but morning trading showed markets' main concerns are still over the situation in Ukraine and the associated sanctions hitting Russian businesses. While the pound fell slightly against the dollar – 0.02 per cent – on jitters over what will happen north of the border on Thursday, [...]
Which European countries would be hardest hit by a Russian gas embargo? September 3, 2014 With relations between Europe and Russia at their worst point since the fall of the Berlin wall, the Institute of Energy Economics (EWI) has taken it upon itself to examine what would happen to various European nations if Russia imposed a gas export embargo in November 2014. The good news for the UK is that [...]
Russia’s counter-sanctions: Used cars and clothes September 12, 2014 The new EU sanctions to be levelled at Russia from this morning will be harsh. They will further restrict Russian oil firms such as Rosneft, Transneft and Gazprom from borrowing or raising capital on the EU markets. This is a big deal for the Russian companies, with Rosneft already having gone cap in hand to the [...]
Ukraine will need a much bigger bailout to stabilise economy, IMF says September 2, 2014 As the crisis in the east of Ukraine continues to harm the nation's economy, The International Monetary Fund (IMF) has warned that a much bigger international bailout will be needed than was originally planned. In a review of the already agreed $16.7bn standby facility, the fund described the figure as being built on “totally [...]
Russia, Ukraine and EU agree to talks on trade August 14, 2014 GAS AND a Ukraine-EU free trade deal will top the agenda when leaders from the bloc, Kiev and President Vladimir Putin next meet – although no venue or time has been set. The talks between Putin, Ukrainian President Petro Poroshenko and European Commission President Jose Manuel Barroso would be face-to-face. Raising discussions of the disputes [...]
Deadline for Ukraine gas debt arrives as talks fail to bear fruit June 16, 2014 THE DEADLINE for Ukraine’s $1.95bn (£1.15bn) gas bill falls today, after talks that were due to continue yesterday were unexpectedly stalled. The Ukrainian government’s debts to Gazprom, the energy giant in which the Russian government holds a majority stake, were due to be paid this morning. Talks mediated by European Union energy commissioner Gunther Oettinger [...]
Russia, Tesco and Alex Salmond feature in the seven biggest losers of 2014 December 17, 2014 It’s Christmas. The time of year when we’re all supposed to be a little more caring, charitable and considerate of those not feeling so swell. But for every champagne toast to success, there is regret at the bottom of a bottle. So summon some of that Christmas spirit for this sorry lot, the seven [...]
Europe can cut reliance on Russian gas, report claims September 9, 2014 The European Union can – and should – reduce its reliance on Russia as a source of gas, a new report into climate change has suggested. Think tank Institute for Public Policy Research (IPPR) claims that a 35 per cent cut in the EU's energy usage by 2030 – recommended by the European Commission [...]
EU aims for end in Gazprom antitrust probe November 4, 2013 THE EUROPEAN Commission expects to wrap up an investigation by the spring into suspected anti-competitive market practices by Russian gas export monopoly Gazprom, the EU energy commissioner said yesterday. The Commission’s action against Gazprom is likely to ratchet up the tension between Europe and Russia, which has criticised EU attempts to boost competition in the [...]
Bulgaria stand-off over Russian pipe June 9, 2014 Bulgaria will not resume work on the Russian-led South Stream gas pipeline project until it receives the all clear from the European Commission, Prime Minister Plamen Oresharski said yesterday. In a move that could inflame tensions between Russia and the European Union, the bloc’s executive arm last week asked the Balkan country to suspend work [...]