Hungary: US exemption of gas payments from Russia Gazprombank sanctioned
In a video on social media, Hungarian Minister of Foreign Affairs Peter Szijjarto stated that the United States had granted exemptions for gas payments from the sanctions they imposed against Russia's Gazprombank. The U.S. implemented sanctions against Gazprombank in November, creating a barrier for European gas buyers. Gazprombank was used by buyers to pay for their purchases. Hungary…
Turkey talks with U.S. and Russia about sanctions waivers on energy imports
Turkish officials said that Turkey was in talks with both the United States of America and Russia to try and secure a waiver from U.S. Sanctions so it could continue paying Gazprombank in order to import Russian natural gas. The United States has imposed new sanctions against Russia's Gazprombank last week as President Joe Biden intensifies his efforts to punish Moscow for its invasion in Ukraine before he leaves the office in January.
Finland seizes $4.25 billion in Russian assets as part of the Naftogaz case
Documents from a Finnish court show that the court ordered the confiscation of assets worth $4.25 billion owned by Russia and located in Finland at the request Naftogaz. The Finnish Enforcement Authority confirmed it was executing this order. Since 2016, Naftogaz has taken legal action against Russia to seek compensation for the expropriation by Moscow of Naftogaz's property during Russia's annexation of Crimea in 2014.
EU's von der Leyen announces 35 bln euro loan in Kyiv visit
Ursula von der Leyen, President of the European Commission during her visit to Kyiv last Friday, announced a loan for Ukraine up to 39 billion dollars ($35 billion), saying that it was necessary to protect the country from Russian attacks and to help it survive the winter. Zelenskiy, standing next to her, said that the loan will be used for energy procurement, air defences, and arms procurement.
Moscow claims that the EU has lost its mind over increased military aid to Ukraine
The Russian Foreign Ministry said on Friday that the European Union has "lost their mind" and is heading towards ruin by providing additional military aid to Ukraine. According to a letter from the German finance ministry, Germany will approve an additional 400 million euros ($450 millions) of military aid for Ukraine to help it fight Russia. These funds will be added to the 8 billion euro budget for Ukraine in 2024.
US sanctions 16 Venezuelan officials with Maduro's links
The Biden administration announced on Thursday that it would impose U.S. Sanctions on 16 allies to Venezuelan President Nicolas Maduro as a response to voter fraud during the country's elections and the subsequent crackdown by his government on the political opponents. This move comes just days after Edmundo Gonzales, who was recognized as the winner of the presidential election on July 28…
Malaysia won't stop South China Sea exploration, despite China protests says PM
Anwar Ibrahim, Malaysia's Prime Minister, said that the country would not stop oil and gas exploration on the South China Sea in spite of Beijing's claims that Malaysia had infringed on its territory. Anwar, who is currently in Russia on an official visit, stated that Malaysia's exploration was within its own territory, and it wasn't meant to be provocative towards China. Anwar stated…
China and South Africa agree on balanced trade, increased investments
A joint statement released on Tuesday revealed that China and South Africa's top leaders, who met in Beijing, had agreed to promote a balanced trade, and also discussed the importance of boosting bilateral investments between their commercial and industrial communities. President Xi Jinping met with his South African counterpart Cyril Ramaphosa on Monday ahead of the ninth Forum on China-Africa Cooperation.
Iranian Oil Exports End 2022 at a High, Despite No Nuclear Deal
Iranian oil exports hit new highs in the last two months of 2022 and are making a strong start to 2023 despite U.S. sanctions, according to companies that track the flows, on higher shipments to China and Venezuela.Tehran's oil exports have been limited since former U.S. President Donald Trump in 2018 exited a 2015 nuclear accord and reimposed sanctions aimed at curbing oil exports…
India Hopes Saudis Will Help Build Oil Stores
India hopes to sign a pact with Saudi Arabia for participation in Delhi's strategic petroleum reserves (SPRs) during Prime Minister Narendra Modi's visit to the kingdom next week, a government official said on Thursday.India, the world's third biggest oil importer, is scouting for partners to fill the reserves and also to build storage to hold oil reserves and cut costs.India has built SPRs at three locations in southern India with combined capacity of 5.33 million tonnes…
Chinese Ship Returns to Vietnam's EEZ
A Chinese survey ship returned to Vietnam's exclusive economic zone off its coast on Tuesday, ship tracking data showed, less than a week after it left the area where vessels from the two countries were locked in a month-long standoff.The Haiyang Dizhi 8 first entered the zone under Chinese coast guard escort in July and appeared to conduct a seismic survey of waters that are a potential…
Vietnam: Chinese Vessel Violated its Sovereignty
Vietnam on Friday accused a Chinese oil survey vessel and its escorts of violating its sovereignty and demanded that China remove the ships from Vietnamese waters.Vietnam and China have for years long been embroiled in a dispute over the potentially energy-rich stretch of waters in the South China Sea.On Wednesday, two U.S.-based think tanks reported that Chinese and Vietnamese vessels…
Cyprus Issues Arrest Warrants for Turkey Drill Ship Crew
Cyprus has issued arrest warrants for the crew of a Turkish drill ship anchored close to its coast for allegedly infringing territory over which the island has rights to explore for oil and gas, a foreign ministry official said on Thursday."We can confirm that warrants were issued. It's a double digit number," the Cypriot official said, declining further comment.Turkey said on June…
Oil Prices Fall After Trump's Tariff Threat Against China
Oil prices fell on Monday after U.S. President Donald Trump said he would sharply raise tariffs on Chinese goods this week, risking the derailment of trade talks between the world's two biggest economies.U.S. West Texas Intermediate (WTI) crude futures were at $61.68 per barrel at 1338 GMT, down 26 cents. WTI hit $60.04 earlier in the session, its lowest since March 29.Brent crude futures were broadly steady at $70.88 per barrel…
Oil Hits 2019 High
Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington said it will eliminate in May all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions."The geopolitical risk premium is back in the oil market, in a big way," said John Kilduff, a partner at Again Capital LLC in New York.
Oil Hits 2019 High on U.S. Plan to Tighten Squeeze on Iran
Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington said it will eliminate in May all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions."The geopolitical risk premium is back in the oil market, in a big way," said John Kilduff, a partner at Again Capital LLC in New York.
Norway's Snow Crab Ruling Boosts Oil Claim
A court delivered a painful nip to European Union fishermen on Thursday by tightening Norway's grip on snow crab catches in the Arctic, a ruling that may also let Oslo claw more control of oil and gas from other nations.Fishermen from the European Union must ask permission from Oslo to catch snow crab — whose meat is a delicacy for gourmets from Canada to Japan — in Arctic waters north of Norway…
Turkey Warns Against Energy Exploration with Greek Cypriot Govt
Turkey warned energy companies on Sunday against working with the Greek Cypriot government in carrying out exploratory drilling in the eastern Mediterranean, saying such activities could damage regional stability.The eastern Mediterranean is believed to be rich in natural gas, and attempts to tap resources there have revived tensions between Turkey and Greece, which has a defense pact…
Oil Up as U.S. Imposes Sanctions on Iran
Oil prices recovered some ground on Monday after five days of heavy losses as the United States imposed a range of punitive sanctions on Iran, aiming to curb exports by the Islamic Republic, including its sales of fuel.The move is part of a wider effort by U.S. President Donald Trump to curb Iran's missile and nuclear programmes and diminish its influence in the Middle East.Iran said…
Turkey's Tupras Reduces Iranian Crude Purchases as U.S. Sanctions Loom
Turkey's biggest oil importer Tupras has cut back purchases of Iranian crude since May, when the United States said it would re-impose sanctions on Tehran, and analysts say Tupras is likely to stick to lower volumes in coming months.NATO member Turkey depends heavily on imports to meet its energy needs and neighbouring Iran has been one of its main sources of oil because of its proximity…
