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☆ Who is in Putin's delegation to China - and who stayed in Moscow?
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] Russian President Vladimir Putin arrives for the opening ceremony of the Belt and Road Forum in Beijing, China, October 18, 2023. Sputnik/Dmitry Azarov/Pool via REUTERS Acquire Licensing RightsMOSCOW, Oct 18 (Reuters) - Russian President Vladimir Putin is currently on a visit to China, his second only trip outside the former Soviet Union since the February 2022 invasion of Ukraine. Who is in the Russian delegation with Putin - and who stayed in Russia? Before Putin left for China, he was shown at a meeting with defence and spy chiefs at his Novo-Ogaryovo residence outside Moscow. The following top officials are thought to be in Russia.

Persons: Vladimir Putin, Dmitry Azarov, Alexander Novak, Sergei Lavrov, Yuri Ushakov, Maxim Oreshkin, Dmitry Peskov, Central Bank Governor Elvira Nabiullina, Anton Siluanov, Maxim Reshetnikov, Dmitry Shugaev, Yuri Chikhanchin, Dmitry Chernyshenko, Igor Morgulov, Igor Sechin, Alexei Miller, Alexei Likhachev, Andrei Kostin, Igor Shuvalov, Leonid Mikhelson, Oleg Belozyorov, Kirill Dmitriev, Putin, Sergei Shoigu, Nikolai Patrushev, Alexander Bortnikov, Dmitry Medvedev, Anton Vaino, Sergei Kiriyenko, Mikhail Mishustin, Viktor Zolotov, Sergei Naryshkin, Guy Faulconbridge, Muralikumar Organizations: Forum, Sputnik, REUTERS Acquire, Rights, Soviet Union, Putin, Kremlin, Central Bank Governor, Federal Service for Military, Gazprom, VEB, Russian, Russian Direct Investment, Russia Security, Federal Security Service, Russia's Foreign Intelligence, Reuters, Thomson Locations: Beijing, China, Ukraine, Russia, CHINA, North Korea, China BUSINESSPERSONS, Moscow, Russian

REUTERS/Wu Hong/Pool/File Photo Acquire Licensing RightsMOSCOW/BEIJING, Oct 16 (Reuters) - Russian President Vladimir Putin will travel to China this week to meet Xi Jinping, the Kremlin chief's first trip outside the former Soviet Union this year. What are the five things to watch for at the meeting? Li was sanctioned by the U.S. in 2018 for an arms deal he secured with Russia in an earlier role. Xi also awarded Putin a friendship medal in 2018, saying that "Putin is my best close friend". Putin said in March that he had invited Xi to his private apartment in the Kremlin.

Persons: Xi Jinping, Vladimir Putin, Wu Hong, Li Shangfu, Li, General Liu Zhenli, Putin, Xi, Alexei Miller, Igor Sechin, Maxim Reshetnikov, Guy Faulconbridge, Alison Williams Organizations: Xiamen International Conference and Exhibition Center, REUTERS, Kremlin, Russia, People's Liberation Army, PLA, U.S . Department of Defence, China, United, Gazprom, Reuters, Thomson Locations: Russian, Xiamen, Fujian Province, China, MOSCOW, BEIJING, Soviet Union, U.S, Russia, Xiapu, Ukraine, United States, India, Moscow, Kremlin, Siberia, Mongolia, Asia, Germany

Russian President Vladimir Putin shakes hands with Chinese President Xi Jinping during a signing ceremony following their talks at the Kremlin in Moscow, Russia March 21, 2023. China and Russia declared a "no limits" partnership in February 2022 when Putin visited Beijing just days before he sent tens of thousands of troops into Ukraine, triggering the deadliest land war in Europe since World War Two. Biden has referred to Xi as a "dictator" and has said Putin is a "killer" and a leader who cannot remain in power. Since the Ukraine war, Putin has mostly stayed within the former Soviet Union, though he visited Iran last year for talks with Supreme Leader Ayatollah Ali Khamenei. The United States has warned China against supplying Putin with weapons as Russia, a $2 trillion economy, battles Ukrainian forces backed by the United States and the European Union.

Persons: Vladimir Putin, Xi Jinping, Mikhail Tereshchenko, Putin, Xi Putin, Xi, Joe Biden, Graham Allison, Bill Clinton, Biden, Ayatollah Ali Khamenei, Mao Zedong, Alexander Gabuev, Gabuev, Li Shangfu, Alexei Miller, Igor Sechin, Guy Faulconbridge, Alison Williams Organizations: Kremlin, Sputnik, Forum, Soviet Union, U.S, Harvard University, Reuters, Soviet, United, European Union, Carnegie Russia Eurasia Center, Gazprom, Thomson Locations: Moscow, Russia, China, USSR, MOSCOW, BEIJING, United States, Beijing, Hague, Ukraine, Europe, U.S, Soviet Union, Iran, Communist China, Ukrainian, Siberia, Mongolia

The sources said other senior Russian energy officials would also be in the delegation. Gazprom, the world's biggest natural gas producer, and Rosneft, Russia's biggest oil producer, did not immediately reply to requests for comments. The proposed pipeline would bring gas from the Yamal peninsula fields in western Siberia to China, the world's top energy consumer and a growing gas consumer. China and Russia have yet to agree on the terms of gas deliveries via the route, including pricing. Negotiations are complex, in part because China is not expected to need more gas until after 2030, industry analysts said.

Persons: Vladimir Putin, Rosneft Igor Sechin, Yuri Trutnev, Alexei Miller, Igor Sechin, Vladimir Putin's, Putin, Xi Jinping, Sechin, Xi, Vladimir Soldatkin, Gareth Jones, Guy Faulconbridge, Barbara Lewis Organizations: Zvezda, Gazprom, Reuters, China's, Moscow, Thomson Locations: Bolshoy Kamen, Vladivostok, Russia, Ukraine, MOSCOW, China, Beijing, Moscow, Russian, Asia, Europe, Siberia, Mongolia

The quarterly production dropped 2.2% to 3.9 million barrels per day, Rosneft said, adding that its first-half sales reached 3.9 trillion roubles ($41 billion), down by more than a quarter from the previous year due to weaker oil prices. Still, revenue in the reported quarter increased 12.1% to 2 trillion roubles. Profits for global oil majors this year have dropped by about half from a bumper 2022, when Russia's actions in Ukraine sent oil and gas prices soaring. Russia divested its oil sales away from Europe to Asia and other global regions after the West imposed sanctions, including an embargo on Russia sea-borne oil purchases, over Moscow's actions in Ukraine. Rosneft's earnings before interest, taxes, depreciation and amortization (EBITDA) in the January-June period declined 5.1% to 1.4 trillion roubles.

Persons: Sechin, Rosneft, Igor Sechin, Vladimir Putin, Vladimir Soldatkin, Jacqueline Wong, Sherry Jacob, Phillips Organizations: OPEC, Gazprom, of, Petroleum, Kremlin, Thomson Locations: Russia, Ukraine, Europe, Asia, India, China

☆ Opinion: In tough times, Russia turns to a Cold War comrade
▼ + stars: | 2023-07-20 | by ( Opinion Jeremi Suri | ) edition.cnn.com time to read: +10 min

CNN —After decades of somewhat distant relations, Russia and Cuba are working closely together again — this time, as part of Vladimir Putin’s war in Ukraine. Cuba's Minister of Foreign Affairs, Bruno Rodriguez, and Russian Foreign Minister, Sergey Lavrov, meet in Havana on April 20, in a show of deepening ties between the countries. In addition to deepened connections with Russia, Cuba has allowed China to build a secret espionage facility on the island. Washington will respond to Russian military escalation in Cuba with its own escalating force, as it already has done with the recent deployment of a nuclear submarine. Military escalation around Cuba is a dangerous temptation for Russia and a difficult trap for the US.

Persons: Jeremi Suri, Mack Brown, America’s, Vladimir Putin’s, Jeremi Suri Korey Howell, Nikolai Patrushev, Igor Sechin, Rosneft, Sergey Lavrov, —, Manuel Marrero Cruz, Putin, Alvaro Lopéz Miera, Sergei Shoigu, Shoigu, ” Shoigu, ”, Gerardo Peñalver, Bruno Rodriguez, Ramon Espinosa, Miguel Diaz, Canel, Obama, White, Nikita Khrushchev, John F, Kennedy, Khrushchev, Biden, — Khrushchev Organizations: Leadership, Global Affairs, University of Texas, History Department, LBJ School, Democracy, CNN, Russian Security Council, Cuban, Russian, Cuba's, Foreign Affairs, Russian Foreign, Getty Images, year’s, Russian Navy, Caribbean Military, Trump, Biden, Soviets, Pentagon, US, USS, Cuban Ministry of Foreign Affairs, US Navy, West, Washington, Hulton, Getty, White, Republican, Russia, Ukraine, Twitter, Cuban Missile Locations: Austin, Russia, Cuba, Ukraine, Russian, Havana ., — Venezuela, Nicaragua, Moscow, Caribbean, Washington, Havana, Getty Images Cuba, America, China, Lourdes, USS Pasadena, Guantanamo, American, Soviet, West Berlin, Europe, Putin, Florida, Afghanistan, Turkey

☆ Putin ordered 2 Western corporate giants to be seized after Kremlin-friendly businessmen expressed an interest in them: report
▼ + stars: | 2023-07-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Putin ordered Danone and Carlsberg seized after Kremlin-friendly businessmen expressed interest, per the FT.A Chechen leader and a businessman close to Putin have taken over the companies' assets in Russia. Russia seizing the local operations of Danone and Carlsberg was not the first time the country took control of Western firms. Managers from Rosneft, a state energy company headed by Putin ally Igor Sechin, took over both energy companies. Independent Russian newspaper Novaya Gazeta reported on Thursday, Russian businessmen bought the assets of 110 Western companies "that have fully or partially left Russia" at bargain-bin prices. Danone said in a Sunday statement it was "preparing to take all necessary measures to protect its rights as shareholder."

Persons: Putin, Vladimir Putin, Moscow, Yakub Zakriev, Ramzan Kadyrov —, Taimuraz, Igor Sechin, Ekaterina Kurbangaleeva, Kurbangaleeva, Hassan Malik, Loomis Sayles, Danone, Carlsberg Organizations: Danone, Carlsberg, Kremlin, Observers, Service, Financial Times, Vedomosti, Rosneft, Analysts, Russia's, Independent Russian, Novaya Gazeta, Carnegie Endowment, International, Boston Locations: Russia, Wall, Silicon, Russian, Moscow, Ukraine

☆ Exclusive: Russia sets plans for oil export cuts in August - sources
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +3 min

Moscow this month pledged to cut exports by 500,000 bpd in August, while Saudi Arabia extended its 1 million bpd output cuts. Russia exports oil and products via the Pacific and a direct pipeline to China as well as its European ports. Three sources familiar with the matter told Reuters that Russia had instructed oil companies to reduce supply plans for the next month. Russian offline primary oil refining capacity is seen rising by 40% in August from July, making additional oil export cuts next month even tougher for many. If Russia wants to cut oil exports in August from July, companies may postpone some planned works to autumn months to increase domestic oil consumption, or cut oil production, traders said.

Persons: Alexander Novak, Novak, Igor Sechin, Rosneft, Jan Harvey Organizations: Pacific, Reuters, OPEC, Thomson Locations: Russia, Ukraine, MOSCOW, Moscow, Saudi Arabia, OPEC, Ust, Luga, Baltic, China

SummarySummary Companies Russia to cut oil exports 500,000 bpd in AugustRussia's Novak announces cut just after Saudis extend their cutOil prices rise 1.6% on Saudi and Russian announcementsPutin spoke to Crown Prince Mohammed bin Salman on June 27MOSCOW, July 3 (Reuters) - Russia will cut oil exports by 500,000 barrels per day (bpd) in August, President Vladimir Putin's point man on oil said on Monday, as Moscow seeks to nudge up global oil prices in concert with Saudia Arabia. Novak's spokeswoman declined to say whether Russian oil output would decline by the same amount as its exports. It has already pledged to reduce its output by 500,000 barrels per day (bpd) to 9.5 million bpd from March until year-end. Russia is the world's second largest oil exporter after Saudi Arabia, whose crown prince, Mohammed bin Salman, spoke to Putin on June 27. Sechin said some OPEC+ countries were exporting as much as 90% of their output, whereas Russia puts only half of its production onto the global market.

Persons: Russia's Novak, Putin, Prince Mohammed bin Salman, Vladimir Putin's, Brent, Alexander Novak, Novak's, Mohammed bin Salman, Igor Sechin, Sechin, Guy Faulconbridge, Kevin Liffey Organizations: Saudia, Thomson Locations: Saudi, MOSCOW, Russia, Moscow, Saudi Arabia, Riyadh, Russian Urals

A number of major banks have cut their 2023 gross domestic product growth forecasts for China after May data last week showed the post-COVID recovery in the world's second-largest economy was faltering. The oil and gas rig count, an early indicator of future output, fell by 8 to 687 in the week to June 16, lowest since April 2022. , , . Earlier this month, OPEC+ had agreed on a new oil output deal. The group's biggest producer Saudi Arabia also pledged to make a deep cut to its output in July. Reporting by Katya Golubkova in Tokyo and Emily Chow in Singapore; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent, Tina Teng, PBOC, Edward Moya, Moya, Igor Sechin, Sechin, Katya Golubkova, Emily Chow, Tom Hogue Organizations: NK Rosneft, U.S, West Texas, People's Bank of China's, CMC Markets, Reuters, of, Petroleum, Thomson Locations: TOKYO, United States, China, U.S, Russia, OPEC, Saudi Arabia, Tokyo, Singapore

OPEC+ accounts for around 40% of global oil production, while Rosneft takes the same share of Russia's oil output. In remarks published later on Rosneft's website from Sechin's speech, he said Saudi Arabia is voluntarily cutting oil production, while also increasing production capacity. He said Saudi Arabia may increase the amount of drilling rigs by at least a quarter in the next two years. Speaking at the forum, Sechin also said it was more difficult for OPEC countries to find common ground due to differences in economic structure and oil production. "In coming years, humanity will face the problem of production capacities and OPEC countries will no longer be able to meet the growing demand," he said.

Persons: Igor Sechin, Vladimir Putin, Sechin, Rosneft, Olesta Astakhova, Vladimir Soldatkin, Louise Heavens, David Holmes Organizations: Russia, Organization of, Petroleum, Thomson Locations: MOSCOW, United States, OPEC, Russia, Saudi Arabia, Saudi

☆ Head of Russia's crime agency suggests nationalising key parts of economy
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: +1 min

May 13 (Reuters) - The head of Russia's federal crime agency on Saturday suggested that key sectors of the economy should be returned to state ownership to support Moscow's war in Ukraine. "Let's go along the path of nationalising the main sectors of our economy." Russia's economy and government coffers rely heavily on production of oil, gas and metals. Gazprom (GAZP.MM), Russia's largest natural gas producer, is already controlled by the state. Its largest oil company, Rosneft (ROSN.MM), is not formally under government control but is headed by Igor Sechin, a long-standing ally of Putin.

☆ A mysterious Indian firm likely tied to Russia's Rosneft amassed an enormous tanker fleet in just 18 months and has become a top shipper of Russian crude, report says
▼ + stars: | 2023-05-05 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

An India oil firm that's become the top shipper of Russian crude is likely tied to Rosneft, the FT reported. That comes amid India's growing appetite for deeply discounted Russian crude. It's unclear who owns Gatik, though industry experts have suggested the company is likely tied to Rosneft, Russia's largest state-run oil firm. Russian oil makes up 30% of India's crude consumption, up from the 1% prior to Russia's invasion of Ukraine, according to official trade statistics. Russia, in response, has built up its fleet of shadow ships, which are believed to transport Russian crude to the west via uninsured and under the radar vessels.

☆ Russia is landing new buyers for its sanctioned diesel all over the world and Brazil's taking advantage of the steep discounts.
▼ + stars: | 2023-04-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Today we're talking energy — and I'm sharing a conversation with a leading expert on Russian diesel flows. Phil Rosen: You shared some data on how Brazil is seeing a dramatic uptick in Russian diesel imports, and a decrease in diesel imports from other sources, including the US. It really does appear that Russian diesel is muscling in on US market share in Brazil. How does this data on Brazil's diesel imports fit into the broader picture with China and India? Russian diesel is displacing traditional suppliers to these countries, while trade flows are changing to backfill the loss of Russian diesel into Europe.

☆ U.S. imposes fresh sanctions on financial network linked to Russian oligarch Alisher Usmanov
▼ + stars: | 2023-04-12 | by ( Amanda Macias | ) www.cnbc.com time to read: +2 min

WASHINGTON — The Biden administration imposed fresh sanctions aimed at the financial network linked to Russian billionaire and business tycoon Alisher Usmanov. Last year, German authorities seized the world's largest superyacht following official confirmation that the vessel had links to Usmanov. Read more: World’s largest yacht, linked to Russian billionaire Usmanov, is seized by GermanyUsmanov and his superyacht entered the crosshairs of the U.S. and its allies following coordinated global sanctions on Russian elites with Kremlin ties. Last March, French authorities seized a massive yacht they say is linked to Igor Sechin, a Russian billionaire who is CEO of state oil company Rosneft. The Lady M, known to be the property of Russian billionaire Alexei Mordashov, was previously seized in Italy.

☆ Exclusive: India's Bank of Baroda stops clearing payment for above-cap Russian oil - sources
▼ + stars: | 2023-04-04 | by ( Nidhi Verma | ) www.reuters.com time to read: +4 min

"Bank of Baroda is extremely cautious in settling payments for Russian oil bought (at levels) above the price cap," one of the sources said. After Western sanctions on Moscow for its invasion of Ukraine, Indian refiners have been gorging on discounted Russian oil. Russia has replaced Iraq as the top oil supplier to India in the last few months, data from trade sources showed. It was not clear if Axis Bank had also stopped settling trades for Russian oil sold above the price cap. India does not recognise the Western price cap on Russian oil, a senior oil ministry source said last month.

☆ Exclusive: Russia shifts to Dubai benchmark in Indian oil deal - sources
▼ + stars: | 2023-04-03 | by ( Nidhi Verma | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/IllustrationNEW DELHI, April 3 (Reuters) - Russia's largest oil producer Rosneft (ROSN.MM) and India's top refiner Indian Oil Corp (IOC.NS) agreed to use the Asia-focused Dubai oil price benchmark in their latest deal to deliver Russian oil to India, three sources familiar with the deal said. Rosneft's chief executive Igor Sechin said in February that the price of Russian oil would be determined outside of Europe as Asia has emerged as largest buyer of Russian oil since the West imposed progressively tighter sanctions on the export. Under the new deal, announced on March 29, Rosneft will nearly double oil sales to Indian Oil Corp (IOC.NS), two of the sources told Reuters. The European Union nations stopped buying Russian oil from Dec. 5 and the Group of Seven (G7) countries joined the EU in imposing a price cap on Russian crude of $60 per barrel. The move was aimed at cutting Russia's oil revenue while maintaining stability on the global oil market.

☆ Russia's Rosneft signs deal to boost oil supplies to India
▼ + stars: | 2023-03-29 | by ( Olesya Astakhova | ) www.reuters.com time to read: +2 min

SummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, March 29 (Reuters) - Russia's largest oil producer Rosneft (ROSN.MM) and India's top refiner Indian Oil Corp (IOC.NS) have signed a term agreement to substantially increase oil supplies and diversify oil grades delivered to India, Rosneft said on Wednesday. The deal was signed during a working trip to India by Rosneft CEO Igor Sechin, the company said. "The parties also discussed ways of expanding cooperation between Rosneft Oil Company and Indian companies in the entire value chain of the energy sector, including possibilities of making payments in national currencies," it added. Deliveries to India are set to account for more than 50% of all seaborne Urals exports this month, with China in second place. Deputy Prime Minister Alexander Novak said on Tuesday that Russian oil sales to India jumped 22-fold last year, but he did not specify the volume sold.

☆ Cuba's president meets CEO of Russia's Rosneft amid fuel shortage
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +2 min

HAVANA, March 5 (Reuters) - Russian oil firm Rosneft's CEO Igor Sechin met with Cuba's President Miguel Diaz-Canel late on Saturday, the island's leader said, amid an acute fuel shortage that has service stations temporarily shuttered and hours-long gasoline queues. Several tweets on Cuba's Presidency account emphasized the good relations between the two countries, but did not specify the reason for the visit by the state-run oil firm's boss. Cuba's former leader Raul Castro has also flown to Caracas for the occasion, Cuban state-run media said. Russia, hit by Western sanctions over the conflict in Ukraine, is looking to strengthen political and economic ties with other countries opposed to what it calls U.S. hegemony. Cuba has been under a U.S. economic embargo since 1962 after a Communist revolution led by former leader Fidel Castro.

☆ Dozens of sanctioned superyachts seized from Russian oligarchs still hang in limbo, racking up millions in maintenance
▼ + stars: | 2023-03-02 | by ( Grace Kay | Sam Tabahriti | ) www.businessinsider.com time to read: +6 min

Seized yachts owned by sanctioned Russian oligarchs hang in limbo as US and European authorities decide next steps. Annual maintenance for some of the yachts costs as much as $115.6 million. Earlier this week, CNBC reported that billions of dollars in oligarch's assets — from yachts and villas to private jets — are still frozen. And while the Russian oligarchs are still technically responsible for paying for yacht maintenance, they're unlikely to fork over the maintenance cost or authorities will encounter difficulty collecting the funds due to sanctions on financial transactions with the billionaires. According to Maltby, the maintenance cost of a yacht usually totals about 15% to 20% of its overall value.

"Judging by the customs statistics, some of the benefit was captured by refiners in India and China, but the main beneficiaries must be oil shippers, intermediaries and the Russian oil companies," he added. As a further complication, some Russian oil grades, including Pacific grade ESPO, are also worth more than Urals. After decades of low profits or losses, sections of the global shipping industry are enjoying a financial boom from moving Russian oil. A year ago, a similar journey would have cost a seller of Russian oil $0.5-$1.0 million depending on shipping rates. Nayara is 49%-owned by Russian state oil major Rosneft, run by Putin's ally Igor Sechin, meaning some of the profits are indirectly captured by Russia.

☆ Russia ready to meet India's oil needs at 'market price', Rosneft says
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, India, Feb 6 (Reuters) - Russia was willing to meet India's oil needs at 'market price', the CEO of top Russian oil major told Reuters on Monday. Russia has emerged as the largest supplier of oil to India, replacing Iraq. When asked if Russia will give an additional stake to ONGC Videsh or other Indian companies in its Sakhalin-1 project, Rosneft CEO Igor Sechin said the decision to do so lay with the Russian government. Russia last year approved the requests of ONGC Videsh, the overseas investment arm of state-run Oil and Natural Gas Corp (ONGC.NS), and Sakhalin Oil and Gas Development Co (SODECO), a consortium of Japanese firms, to retain their 20% and 30% stake respectively in the project. Reporting by Nidhi Varma in Bengaluru, writing by Shilpa Jamkhandikar; Editing by Kim Coghill and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Putin has a plan to flee to South America if he loses the war in Ukraine, former aide says
▼ + stars: | 2022-12-08 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +3 min

The Kremlin started coming up with an evacuation plan for Putin in the spring, a former aide said. Putin first considered a plan to evacuate to China — but later rejected the idea, Gallyamov said. "The leader's entourage does not exclude that he will lose the war, lose power and he will have to urgently evacuate somewhere," he added. Sechin, who is Putin's right-hand man, has been put in charge of the evacuation plan, Gallyamov said. He has regularly commented on the state of the war in Ukraine since the start of Russia's invasion on February 24.

☆ Russia's Rosneft says net income hit by assets transfer in Germany
▼ + stars: | 2022-12-07 | by ( Vladimir Soldatkin | ) www.reuters.com time to read: +2 min

The company also said it boosted oil sales to Asia amid growing rift with Europe over what Moscow calls a "special military operation" in Ukraine. Rosneft said nine-month net income was 591 billion roubles ($9.4 billion), without providing comparison. This was down 15% from a record-high 696 billion roubles reported for the same period in 2021. The transfer of assets also resulted in a 76 billion roubles reduction in cash. The company is facing more headwinds from the price caps on Russian oil imposed by the West.

☆ Russia's Rosneft to pay $3.6 bln in first nine-month dividend
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

Reuters calculations found the payout would be 216 billion roubles. In reply to a Reuters request, Rosneft said the board had recommended paying the nine-month dividend as 50% of net profits earned in the first six months, declining further comments. In January-October, the budget showed a surplus of 128.4 billion roubles, reflecting a one-off mineral extraction tax (MET) on Gazprom. To meet the 1.25 trillion roubles in MET hike, Gazprom cancelled dividends for first time since 1998. Next year, the finance ministry forecasts the deficit will double to 3 trillion roubles, or 2% of GDP, and analysts say the gap could be up to 4.5 trillion roubles.

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