Author: Steven Sahiounie

Moscow’s Finance Minister has said it may redirect supplies due to the EU price cap, even as costs riseRussia will halt oil supplies to nations that impose a price cap on its crude exports, the country’s finance minister, Anton Siluanov, said on Sunday. He also admitted the possibility of cuts to production.The minister said that Russia would seek new markets and logistics solutions even if they are more expensive.“We won’t sell oil under contracts that will specify price limits offered by Western countries. This is out of the question,” Siluanov said in an interview with Saudi media outlet Asharq News.“How…

The upcoming recession is expected to trigger a wave of payment defaultsAs the cost-of-living crisis squeezes British households, many have fallen behind on their bills, according to the Which? Consumer Insight Tracker.Data released on Wednesday shows that an estimated 1.9 million households have failed to make at least one mortgage, rent, loan, credit card, or other bill payment over the last month. The figure is up from 1.7 million households this time last year.The report indicated that missed payment rates generally tend to be lower in the lead-up to the holiday period and peak in January, when many households have…

Zimbabwe seeks to prevent losses from illegal mining and prop up the country’s struggling economyThe government of Zimbabwe has slapped heavy restrictions on the export of raw lithium, to curb black market sales and prevent billions of dollars in mineral proceeds going to foreign firms.The measures, which came into effect on December 21, are aimed at boosting revenue and helping the southern African nation repay its external debt, which is nearing $14 billion.According to a document published by Zimbabwe’s Ministry of Mines and Mining Development, the government seeks to “ensure that the vision of the president to see the country…

The decision could impact Tokyo’s oil and gas importsThree Japanese companies will stop providing insurance services for war damage to vessels in Russian waters, the Nikkei news outlet reports on Friday, citing unnamed sources.The decision was reportedly prompted by reinsurance companies refusing to take on risks related to the military operation in Ukraine, launched by Moscow in February.Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance have reportedly started notifying ship owners of plans to stop providing coverage for war damage anywhere in Russian waters, including the country’s Far East, which is thousands of kilometres from…

The potential buyout will reportedly be funded by MoscowRussian air carriers have held preliminary negotiations with at least one major leasing firm on using state funds to buy some of the 400 aircraft stranded in Russia due to sanctions, Reuters reported on Friday, citing documents and sources.In September SMBC Aviation Capital, one of the world’s largest aircraft lessors, said it was in talks with Russia’s biggest carrier Aeroflot, and AlfaStrakhovanie, the airline’s insurer. According a letter issued by SMBC, the lessor was offered $644.2 million for 17 jets leased by Aeroflot, minus $82 million already paid in deposits and reserves.According…

A growing number of Europeans have been making their homes more energy-efficient as heating costs rise, according to the news outletThe energy crisis and soaring heating costs have pushed Europeans toward energy-efficient home improvements and so-called “passive houses,” buildings with ultra-low energy consumption, Bloomberg reported on Friday.According to a survey by a Sweden-based research company Novus, two thirds of Swedish households have made energy-saving home improvements in the last six months, from installing efficient lighting to changing windows and doors to more modern versions.Another survey cited that the report showed that 70% of Germans have bought energy-saving products this year.…

Pollution levels in the country have at times reached those of India and South Africa, the outlet reportsEnergy shortages and surging power prices have pushed Germany to boost coal use despite the country’s commitment to fighting climate change, Bloomberg reported on Thursday.To keep the lights on, Europe’s largest economy is now burning coal at the fastest pace in at least six years, despite the government’s ambitions to phase out the fossil fuel. According to Bloomberg, Germany will be one of the few countries to increase coal imports next year.Facing the dilemma of whether to cut carbon emissions or guarantee energy…

Gazprom has been banned from buying gas from its projects with Western partners at above a price to be set by KremlinRussian President Vladimir Putin signed a decree on Thursday that partially relieves state energy major Gazprom from fulfilling its obligations to its foreign partners who hail from countries that have imposed sanctions on Moscow.According to the decree, published on the official government portal, Gazprom and its subsidiaries are prohibited from paying for gas, or for its production and transport, from joint projects with its EU partners in Russia if the amount of payment is higher than the cost established…

Energy bills, rent, and mortgage payments are the most commonly-reported financial burdensConsumers in the UK have slashed spending on Christmas gifts this year as household incomes across the country have suffered amid the biggest jump in prices in 40 years, Bloomberg reported on Friday, citing a survey published by the Office for National Statistics (ONS).Six in ten adults surveyed admitted they were planning to cut the amount they spend during this festive season by buying fewer and less expensive presents. Meanwhile, British charities have reported booming sales as cash-strapped shoppers are looking for second-hand Christmas gifts.With disposable income hit by…

Brussels has granted Russia’s securities depository a general license to release funds that belong to non-sanctioned investorsThe Belgian Finance Ministry on Thursday authorized the release of “certain frozen funds and economic resources” that belong to Russian investors, by granting a general license to Russia’s National Settlement Depository (NSD). The assets in question had been blocked due to EU sanctions against the NSD earlier this year.According to a statement on the ministry’s website, Belgium’s settlement and clearing system Euroclear is to release the funds to the NSD, but only if they belong to Russian individuals not subject to EU sanctions.Euroclear has…