Author: Steven Sahiounie

The Eurasian Economic Union strives for the stable economic development of its member states, the Russian president insistsThe countries of the Russia-led Eurasian Economic Union (EEU) uphold free-market principles in order to deepen cooperation within the bloc, Russian President Vladimir Putin claimed on Friday at a summit in Bishkek, Kyrgyzstan.The Russian president met with the leaders of Armenia, Belarus, Kazakhstan and Kyrgyzstan at the summit.“We [the EEU] do not close anything, unlike some other countries. We do not violate the principles of a market economy; we do not impose any restrictions on each other,” Putin said.The Russian leader stressed that on the…

The world economy is expected to grow in 2023 by less than previously expected, says Fitch RatingsInternational agency Fitch Ratings said on Tuesday it has once again revised down global gross domestic product (GDP) forecasts for next year. It attributed the outlook cut to rising inflation and the worsening prospects for China’s property market.Fitch now expects world GDP to grow by 1.4% in 2023, revised down from the 1.7% figure in its September Global Economic Outlook.The ratings agency lowered its forecast for US growth next year to 0.2%, from 0.5%, as the pace of monetary policy tightening increases. It also…

Trading crude above the $60 limit set by Western countries could mean Moscow is covering freight and insurance expensesRussia’s ESPO crude from the Far East is being sold above the Western-imposed $60 per barrel price cap in Asia, Bloomberg reported on Friday, concluding that Moscow might be using its own tankers and insurance to bypass sanctions.The export price for ESPO grade for January deliveries was estimated at $67.11 by independent price information provider Argus Media on Thursday, and a number of China’s independent refiners that have already booked oil cargos for that month.The price cap on Russian seaborne oil exports…

The Trade Ministry has set an import tax of 35% on shampoo and toothpaste, as well as civilian weapons and bulletsMoscow has introduced a levy of 35% on goods imported from nations violating Russia’s economic interests, according to a resolution published by the Ministry of Industry and Trade late on Friday.The measure, which is valid until December 31, 2023, targets personal care products and detergent imported from the US, UK, Canada, Australia and Poland including shampoo, hair products, toothpaste, shaving creams and deodorants.The 35% tax also applies to civilian weapons and ammunition, including smoothbore single-barrel firearms, sporting and hunting rifles,…

The measure is reportedly encouraged to help avoid power outages this winterGermany’s BNetzA gas-network regulator has asked households and companies to reduce heating as the nation tries to conserve supplies during the energy crisis, Bloomberg reported on Friday.The report highlighted that industrial gas consumption in the country declined by 12% in the week through last Sunday while household and commercial consumption dropped by 13%.The regulator previously said that Germany needs to slash gas consumption by at least 20% to help offset the loss of supplies from Russia.Citizens should “perhaps not turn the heating up all the way and think carefully about…

CEO Alexey Miller and President Erdogan discussed a Turkish natural gas hub. The head of Russian state-run natural gas monopoly Gazprom has spoken on Saturday of progress made on plans for a natural gas hub in Türkiye, following his meeting with Turkish President Recep Tayyip Erdogan.CEO Alexey Miller discussed the creation of a gas hub with the Turkish leader during a Gazprom delegation’s visit to Istanbul on Friday.The sides also negotiated issues relating to Russian gas supplies to Turkish consumers, according to a statement on Gazprom’s official Telegram channel.The idea of creating a base for gas supplies in Türkiye was proposed…

TotalEnergies will lose billions of dollars as it is unable to sell its stake in a Russian gas giantFrench oil and gas giant TotalEnergies has announced on Friday it is giving up its stake in Russian gas producer Novatek and withdrawing its two representatives from the company’s board.The exit will result in a “record” impairment of about $3.7 billion in the fourth quarter as Total will “no longer equity account for its 19.4% stake in Novatek.”The French company said in a statement that the two directors have had to abstain from voting in Novatek board meetings, “in particular on financial matters,” due to Western sanctions…

The embargo on Russian crude may lead to unexpected results for most industrialized nations, an energy economist warnsThe latest EU sanctions on Russian oil exports will fail to strip the country of its revenues, but are already causing global oil supply disruptions, a senior energy economist at CER-Centro Europa Ricerche told Sputnik news agency on Wednesday.The EU embargo took effect on Monday and was accompanied by a $60 price cap on Russian crude, supported by G7 countries and Australia. Any transactions over this limit are now barred from receiving brokerage, shipping, or insurance services.Demostenes Floros said that although the price…

Seoul’s trade minister says Washington’s actions will have a discriminatory impact on South Korean and European producersSeoul and Brussels should coordinate their responses to a large-scale subsidy package adopted by the US, South Korean Trade Minister Dukgeun Ahn said on Friday in an interview with EURACTIV.The Inflation Reduction Act (IRA), a $430 billion climate protection and social investment plan adopted by the US Congress in August, is designed to battle inflation and reduce energy prices, as well as tackling climate change.However, it also includes massive subsidies for US-produced electric cars and batteries, sparking major concerns that European and South Korean…

 The region’s gas demand is projected to soarEU countries will need to dramatically increase their imports of liquified natural gas (LNG) in 2023 to grapple with probable shortages arising from severely curtailed Russian flows and growing demand, analysts from commodities trading giant Trafigura Group predict. Prices for gas in the region will need to remain high to attract LNG away from other buyers across the globe, the analysts said, adding that the security of this supply would remain an issue beyond next winter.“We expect gas and LNG markets to remain volatile,” the Singapore-based trading house said on Thursday in its annual report. “While…