Author: Steven Sahiounie

Ukraine will significantly raise transit fees for Russian oil running through the Druzhba pipeline on its territory to the EU on June 1, TASS reported on Tuesday, citing data from Russian oil and gas transport company Transneft. It is expected that Kiev will increase tariffs for transporting crude to Hungary and Slovakia by €3.4 per ton to €17 ($18), bringing the total hike to 25%. The planned increase in transit costs will be the second this year, after Kiev raised the tariff by 18.3% in January. Prior to that, the tariff was hiked twice last year. Ukraine has cited the…

Sources in the Investment Authority in the Sultanate of Oman denied to RT the validity of the news that the agency plans to pump investments in Egypt during the coming period. This came, after news circulated through the media about the plans of the Omani Investment Authority to study possible investment opportunities in Egypt, where the sources denied to RT the validity of this news. Last Sunday, Egyptian President Abdel Fattah El-Sisi received Sultan of Oman Haitham bin Tariq Al Said, where an official reception ceremony was held, the two national anthems were played, and the guard of honor was…

Oil prices continue to rise, in trading today, Wednesday, in light of optimism about the demand for crude and the continued monitoring of markets for developments of the debt ceiling crisis in the United States. By 09:01 Moscow time, US crude futures were trading at $73.77 a barrel, an increase of 1.18% from the previous closing price. Brent crude futures were traded at $77.61 a barrel, an increase of 1% from the previous settlement price, according to Bloomberg agency data. Yesterday, black gold contracts recorded more than 1%, and US crude closed at $76.84 a barrel, and Brent crude at…

Russian Prime Minister Mikhail Mishustin said that 70 percent of cross-border settlements between Russia and China are carried out in the two countries’ national currencies, the ruble and the yuan. This came during talks between Mishustin and his Chinese counterpart, Premier Li Qiang, in Beijing on Wednesday. “I am sure that this year we will not only fulfill the task set by our heads of state, which is to increase the volume of mutual trade to 200 billion dollars ahead of schedule, but we will also exceed this significant indicator,” Mishustin added. This article was originally published by RT.

Saudi Energy Minister Prince Abdulaziz bin Salman confirmed that he would keep the short sellers “in pain,” calling on them to be “cautious,” days before a scheduled meeting of the “OPEC +” coalition to discuss the oil market. Prince Abdulaziz bin Salman said in a session held within the framework of the Qatar Economic Forum: “I do not worry, but rather think, I keep my job by not worrying and focus on thinking, so I do not worry, but consider the speculators as is the case in every market they remain in. He continued advising them that they will suffer.…

Lebanese media reported that the Central Bank decided to print a banknote of 500,000 pounds, after the monetary mass exceeded 97.08 trillion Lebanese pounds by the end of 2022. The information stated that while awaiting the meeting of the General Assembly of the Parliament to approve the final amendments to the law, preparations are in full swing at the Banque du Liban, which has settled the matter of printing the 500,000 pounds, while discussions are underway to choose between printing the denomination of 250,000 pounds or one million pounds, noting that printing the categories The large ones save the Bank…

Today, Wednesday, Sberbank announced the launch of a new product for its customers in UAE dirhams, as it began receiving deposits in the UAE currency, with an annual interest rate of up to a maximum of 2.02%. The largest Russian bank said in a statement today: “As of May 24, Sberbank launched a new deposit in Emirati dirhams. The maximum annual interest will be 2.02% annually, and interest income depends on the amount and term of the deposit.” Funds can be deposited in AED for 1, 3, 6 or 12 months, the interest is calculated on a monthly basis and…

Experts and analysts warn that the failure of the United States to pay its debt threatens to undermine the position of the American global currency and the occurrence of a global financial crisis, which will deal a blow to companies and families in the world. Some experts believe that default is likely to affect the dollar’s global standing, as governments and companies will be forced to pay their bills in another currency. Experts mentioned that most of the countries’ foreign trade exchanges take place in the US currency, and pointed out that following the policy of brinkmanship with the debt…

Egypt is preparing to open a huge national project that carries great wealth for the country, as the government plans to open a complex for the production of quartz slabs. Egypt has the finest and purest types of quartz in the world in the city of Marsa Alam, and it has a crushing and grinding plant, and another plant for producing quartz. Egypt is also considered the second in the Middle East for producing quartz. Quartz is a very important raw material and is characterized by many qualities, as it is antibacterial, antivirus, infrared, violet, high temperatures and all kinds…

Inflation in Russia has continued to slow through May, Prime Minister Mikhail Mishustin told a Shanghai business forum on Tuesday, noting that the indicator is currently the lowest in Europe. “As of early May, inflation slowed to 2.3% year-over-year. This is the lowest figure among all European countries,” Mishustin stated. The indicator continued to fall after a sharp drop to 3.51% in March from 10.99% in February. It is currently well below the government target of 5% for the year. In comparison, Switzerland recorded 2.6% inflation in April, the second-lowest after Russia. The region’s largest economy, Germany, saw prices grow at a rate…