Russia Archives — City Business News

March 21, 2024 No Responses

Russian Firm, Rosatom Commences Exploration Of Lithium In Edo

One of Europe’s largest nuclear energy companies, Rosatom, has commenced exploration of lithium in Edo State and has gotten the state government’s approval to build a lithium processing plant. The Commissioner of Mining and Energy, Enaholo Ojiefoh, who disclosed this...

September 29, 2023 No Responses

Oil Prices Fall As Russia, Saudi Arabia Boost Supply

Oil prices fell in early trade on Friday after a recent rally, as profit-taking and expectations of supply increases by Russia and Saudi Arabia outweighed forecasts of positive demand from China during its Golden Week holiday. Reuters report that Brent.....

September 19, 2023 No Responses

Oil Prices Rise On Supply Deficit Concerns

Oil prices rose on Tuesday for the fourth consecutive session, as weak shale output in the U.S. spurred further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia. Reuters report that U.S. West Texas...

August 27, 2023 No Responses

Heineken Sells Off Russian Business For €1

Heineken has finally sold off its Russian business for €1 – or 86p – nearly a year and a half after first pledging to do so. The Dutch brewer said it will take a loss of €300m on the division,...

April 14, 2023 No Responses

OPEC Predicts 2m Barrels Per Day Shortfall By Year End

The oil market is heading for a significant shortfall of around two million barrels per day at the end of the year as a result of a production cut by major producers. The Organisation of the Petroleum Exporting Countries (OPEC)...

February 13, 2023 No Responses

Oil Falls On Demand Concerns

Oil prices eased on Monday morning after rising 2% in the previous session as investors shrugged off the impact of Russian output cuts, instead focusing on short-term demand concerns stemming from refinery maintenance in Asia and the United States. ...

February 4, 2023 No Responses

G7, EU Announce Price Cap On Russian Diesel

The Group of Seven (G7) industrialized countries, the European Union and Australia agreed to limit the price of Russian diesel on Friday. The new price cap focuses on refined oil products, following up from a previous price cap on Russian...

February 3, 2023 No Responses

Price Cap On Russian Refined Fuels To Disrupt Trade

The European Union’s ban on imports of Russian refined oil products, including diesel and jet fuel, will disrupt global flows once it takes effect on Sunday and could hurt Moscow more than an embargo on crude oil. Although Western sanctions...

December 8, 2022 No Responses

UK To Double US Gas Imports

The United Kingdom has agreed to double imports of US gas over the next year as it tries to stabilise soaring energy prices. Prime Minister Rishi Sunak said the plan would “bring down prices for British consumers and help end Europe’s...

September 26, 2022 No Responses

Toyota Shuts Russian Factory

Toyota has concluded plans to close its assembly line near Saint Petersburg, in a new example of supply chain problems dogging firms operating in the sanctions-hit country. The industrial site spanning over 224 hectares suspended production in...

August 26, 2022 No Responses

Citi Bank To Close Russian Branches

US bank Citigroup is to close its remaining branches and consumer banking operations in Russia as it exits the country in protest at the war in Ukraine. The move, which affects 2,300 staff in the country, follows an exodus of...

May 3, 2022 No Responses

EU Divided Over Russian Energy Supplies

European Union countries are split on how soon they wind down dependence on Russian energy supplies. BBC reports that while sanctions have been applied to other areas of business, the EU remains heavily reliant on Russian oil and gas. Germany’s...

March 29, 2022 No Responses

Why India Is Buying More Russian Oil

(BBC) Russia is seeking new markets for its oil exports as Western sanctions tighten – and India has been taking advantage of discounted prices to ramp up imports from the country. The US has said that although these oil imports...

March 7, 2022 No Responses

Shell Defends Decision To Buy Russian Crude Oil

Shell has defended its decision to purchase Russian crude oil despite the invasion and bombardment of Ukraine. The oil giant said in a statement that the decision to purchase the fuel at a discounted price was “difficult”. It confirmed ...