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☆ Ukraine lawmakers just passed a bill that'll allow the country to mimic Russia's tactic of drafting convicts to fight in the war
▼ + stars: | 2024-05-09 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

The bill, if enacted, imitates the Russian approach of using prisoners to fuel its war efforts. AdvertisementLawmakers in Ukraine passed a bill on Wednesday that would allow the country's military to recruit prisoners to fight on the battlefield. The bill, which has yet to be signed into law by Ukrainian President Volodymyr Zelenskyy, will allow Ukraine to mimic the Russian tactic of drafting convicts for their war effort. Related storiesBut while Russia hasn't imposed many restrictions on which prisoners they conscript, the Ukrainian bill is a lot more particular on who gets selected. The passing of the bill comes at a precarious time for Ukraine, which has to reckon with what US officials are calling a reinvigorated Russian army.

Persons: —, Volodymyr Zelenskyy, Vsevolod Vukolov, Russia hasn't, Shulyak, Christopher Cavoli, didn't Organizations: Service, Lawmakers, Russian, Kommersant, Washington Post, Pravda, US, Armed, BI Locations: Russia, Ukraine, Russian

☆ Russia Will Keep U.S. Soldier in Custody for Months, Local Media Reports
▼ + stars: | 2024-05-07 | by ( Anatoly Kurmanaev | More About Anatoly Kurmanaev | ) www.nytimes.com time to read: 1 min

An American soldier detained in Russia last week will remain in jail until at least July while the authorities investigate theft charges against him, the Russian news media reported on Tuesday, citing local court officials. The soldier was detained in the port city of Vladivostok in the east of Russia on Thursday, a spokeswoman for the local court told the Russian business newspaper Kommersant. His detention came to light on Monday, when the U.S. State and Defense Departments said that he was being held. An American military official identified him as Staff Sgt. Gordon Black, 34, an Army sergeant in the process of returning home to Texas after being stationed in South Korea.

Persons: Gordon Black Organizations: Kommersant, U.S . State, Defense, American Locations: American, Russia, Vladivostok, Texas, South Korea

☆ Ukraine war live updates: Moscow says ties with China are at post-Cold War peak; Russia scrambles to deal with massive floods
▼ + stars: | 2024-04-09 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +2 min

An aerial picture taken on April 8, 2024 shows the flooded part of the city of Orsk, Russia's Orenburg region, southeast of the southern tip of the Ural Mountains. On April 7, Russia declared a federal emergency in the Orenburg region, where the Ural river flooded much of the city of Orsk and is now reaching dangerous levels in the main city of Orenburg. Much of the city of Orsk has been flooded after torrential rain burst a nearby dam. Citing the local branch of Russia's Ministry of Emergency Situations, TASS news agency reported that at least 4,000 homes could also be affected. "Preventive measures are already being taken there, rescue teams have been strengthened, and the forces and means of the Russian Ministry of Emergency Situations have been put on high alert," the ministry said.

Persons: Anatoliy Zhdanov, ANATOLIY ZHDANOV, Vladimir Putin, Alexander Kurenkov, Putin, — Organizations: Getty, Russia's Ministry, TASS, Russian Ministry Locations: Orsk, Russia's Orenburg, Russia, Siberia, Orenburg, Kurgan, Ural, Kazakhstan, Tyumen, Urals, Moscow

☆ Analysis: As Putin sails to re-election, Russia’s leader has a succession problem
▼ + stars: | 2024-03-11 | by ( Nathan Hodge | ) edition.cnn.com time to read: +7 min

CNN —Russian President Vladimir Putin is widely expected to sail to re-election in a nationwide vote that begins on March 15, securing a fifth term in office and a full third decade as Russia’s paramount leader. As Kremlin chairman, Russian Prime Minister Mikhail Mishustin would become the country's leader temporarily if Putin were to die or be incarcerated while in office. In 2008, Putin reached the end of his second presidential term, and stepped aside for a handpicked placeholder, Dmitry Medvedev. Some Russian political observers speculate that the real competition to succeed Putin is not likely until the 2030s, when Putin reaches his sixth term. Even the former president Medvedev, who lost the number two slot in 2020 when he stepped down in a government shakeup, may still have aspirations.

Persons: Vladimir Putin, Alexey Navalny, Joseph Stalin, Putin, Dmitry Peskov, Putin “, Joe Biden, Putin’s, …, ”, Andreas Umland, “ Putin, ” Umland, Wagner, Yevgeny Prigozhin –, “ It’s, Umland, Mikhail Mishustin, Gleb Schelkunov, Dmitry Medvedev, Medvedev, Irina Buzhor, Leonid Brezhnev, Alexander Lukashenko, Xi Jinping, Nursultan Nazarbayev, Nazarbayev, President Kassym, Tokayev, Andrey Pertsev Organizations: CNN, Stockholm Centre, Eastern European Studies, Russian, Russian Federation, Soviet, Air Force One, United Russia, Russian Security Council, AP, Chinese Communist Party, country’s Security, Kremlin Locations: Soviet, Ukraine, Moscow, Russia, Russian, Belarusian, Kazakhstan

☆ Russia's economy appears resilient, but companies are going bankrupt by the hundreds
▼ + stars: | 2024-03-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementRussia's economy appears resilient after two years of war with Ukraine, but a rising number of companies in the country are in trouble. The number of companies in Russia that have gone bankrupt has soared in the first two months of 2024, Russian business daily Kommersant reported on Thursday. In January, 571 companies in Russia declared bankruptcy — a rise of 57% from 364 a year ago, Kommersant reported, citing data from the federal register for bankruptcy. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Kommersant, Business Locations: Russia, Ukraine

☆ Russia’s presidential election is nearing. We already know who the winner will be
▼ + stars: | 2024-02-25 | by ( Rob Picheta | ) edition.cnn.com time to read: +10 min

CNN —Russia is nearing a presidential election that is all but certain to extend Vladimir Putin’s rule throughout this decade and into the 2030s. The president’s dominance over the Russian electoral system has already been reinforced as the election looms. Voting will be held from Friday March 15 until Sunday March 17, the first Russian presidential election to take place over three days. The region makes up more than a third of Russia’s total territory but has only about 5% of its population. In order to vote against Putin, you just need to vote for any other candidate,” Navalny said on February 8.

Persons: Vladimir Putin’s, Putin, Alexey Navalny, Maxim Shemetov, Joseph Stalin, Putin’s, Dmitry Medvedev, ” Callum Fraser, Nikolay Kharitonov, Leonid Slutsky, Vladislav Davankov, Davankov, Vladimir Zhirinovsky, Boris Nadezhdin, Yekaterina Duntsova, Duntsova, Leonid Volkov, Volkov, Vladimir Nikolayev, euphemistically, Abbas Gallyamov, Gallyamov, Alexey Navalny –, –, ”, ” Navalny, Yulia Navalnaya, “, “ Putin, Don’t Organizations: CNN, Russian, Duma, Federal, Reuters, Kommersant, CEC, Royal United Services Institute, Communist Party, Slutsky, Liberal Democratic Party of Russia, Kremlin, Freedom, Putin, Levada, EU, Foreign Affairs Council, European Union Locations: Russia, Ukraine, Russia’s, Soviet, AFP

☆ Dozens of journalists detained in Moscow as military wives protest mobilization
▼ + stars: | 2024-02-03 | by ( Darya Tarasova | Amy Cassidy | ) edition.cnn.com time to read: +2 min

CNN —A number of people, including journalists from foreign press organizations, have been detained in Moscow after authorities cracked down on protesters at Russian President Vladimir Putin’s election headquarters, independent outlets reported Saturday. Independent Russian media group Mediazona reported Saturday that among those held are journalists working for Kommersant, France Press and Spiegel, as well as human rights activists. Another seven journalists covering the rally were taken to the Basmanny police station, OVD-info said. One state media employee has since been released from Kitay-Gorod along with three minors, according to OVD-info on Telegram. They said: “Police officers told them that they planned to soon release the rest of the employees of federal and foreign media, but to leave ‘foreign agents’ media representatives in the police station.

Persons: Vladimir Putin’s, Mediazona, Andrei Zaiko, ”, “ Organizations: CNN, ”, Independent, Kommersant, France Press, Spiegel, Fuji, “ Police, Kremlin Locations: Moscow, Ukraine, Putin’s, Independent Russian

☆ Russia is using electronic-warfare devices to stop Ukraine's drones — but it's messing up its internet access
▼ + stars: | 2024-01-30 | by ( Tom Porter | ) www.businessinsider.com time to read: +2 min

Russia is deploying electronic-warfare systems to counter drone attacks. The report, citing Russian telecommunications sources, said that LTE wireless broadband and electronic-warfare units both operate on the same frequencies. AdvertisementIt said that Russia may have turned off internet services while it tested electronic-warfare systems, or redeployed its air defenses. Electronic-warfare units work by scrambling the systems used to navigate drones to their targets. AdvertisementAccording to reports, GPS data in Poland and the Baltic region was recently disabled as a result of possible Russian electronic-warfare exercises.

Persons: it's, —, Russia's Organizations: Service, Kommersant, NATO Locations: Russia, Ukraine, Leningrad, Novgorod, Pskov, US, St Petersburg, Poland, Baltic

☆ Ukraine conducts new attack on Russian railway deep in Siberia - source
▼ + stars: | 2023-12-01 | by ( Tom Balmforth | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsKYIV, Dec 1 (Reuters) - Ukraine's domestic spy agency has detonated explosives on a Russian railway line deep in Siberia, the second attack this week on military supply routes in the area, a Ukrainian source told Reuters on Friday. The train had been using a backup railway line after an attack on a nearby tunnel a day earlier caused trains to be diverted, the source said. The Ukrainian source, who said both operations were conducted by the Security Service of Ukraine (SBU), gave a similar assessment of the damage, citing Russian Telegram channels. Russia's Trans-Siberian Railway is widely seen as more important for Russian freight transport than the Baikal-Amur Mainline. A Russian industry source who declined to be identified said the backup route was functioning and being used by trains carrying freight on Friday afternoon.

Persons: Dado Ruvic, Tom Balmforth, Gleb Stolyarov, Timothy Organizations: REUTERS, Rights, Security Service of Ukraine, Russian, Reuters, Russian Railways, Russia's, Railway, Timothy Heritage, Thomson Locations: Ukraine, Siberia, Ukrainian, Russia, Siberia's Buryatia, Mongolia, Russian, Buryatia, Moscow, Chertov, Russia's Baikal, Russia's, Baikal, Amur, Kyiv

☆ Investigators Find Train in Russian Tunnel Was Blown up in 'Terrorist Act' - Newspaper
▼ + stars: | 2023-12-01 | by ( Dec. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Investigators have concluded that a train that caught fire in Russia's longest tunnel on Wednesday was blown up in a "terrorist act" by unidentified individuals, the Kommersant newspaper reported on Friday. At 9.5 miles (15.3 km) long, the tunnel on the Baikal-Amur Mainline railway is Russia's longest, excluding urban underground railway tunnels. Preliminary findings suggested that explosives had been placed beneath the train, Kommersant cited a source as saying. Reuters could not independently verify whether the rail route is used for military supplies. Russian Railways had said the train was stopped when smoke was spotted coming from a tank containing diesel fuel.

Persons: Andrew Osborn, Kevin Liffey Organizations: Reuters, Kommersant, Security Service of Ukraine, Russian Railways Locations: Russia's, Ukrainian, Siberia, Russia, Buryatia, Mongolia, Amur, Ukraine, Moscow

☆ Investigators find train in Russian tunnel was blown up in 'terrorist act' - newspaper
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

Dec 1 (Reuters) - Investigators have concluded that a train that caught fire in Russia's longest tunnel on Wednesday was blown up in a "terrorist act" by unidentified individuals, the Kommersant newspaper reported on Friday. At 9.5 miles (15.3 km) long, the tunnel on the Baikal-Amur Mainline railway is Russia's longest, excluding urban underground railway tunnels. Preliminary findings suggested that explosives had been placed beneath the train, Kommersant cited a source as saying. Reuters could not independently verify whether the rail route is used for military supplies. Russian Railways had said the train was stopped when smoke was spotted coming from a tank containing diesel fuel.

Persons: Andrew Osborn, Kevin Liffey Organizations: Kommersant, Security Service of Ukraine, Reuters, Russian Railways, Thomson Locations: Russia's, Ukrainian, Siberia, Russia, Buryatia, Mongolia, Amur, Ukraine, Moscow

☆ Ukraine says its Patriot missile system once took out 5 Russian aircraft in 5 minutes
▼ + stars: | 2023-11-28 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

A Ukrainian official said Ukraine took out 5 Russian aircraft in May. The official said the planes were taken down using a Patriot missile system donated by the the West. AdvertisementA Ukrainian official said the country military shot down five Russian aircraft in five minutes in a frenzied counterattack in May of this year. Patriot systems have a range of around 100 miles, and are considered to be among the world's most effective air-defense systems. The US and Germany provided Ukraine with Patriot systems last December, as Russia launched waves of attacks on Ukrainian cities and infrastructure.

Persons: —, Yuriy Ihnat, Ilhnat, Ihnat Organizations: Patriot, Service, West, Ukrainian Air Force, Kommersant, CNN, Air Force Locations: Ukraine, Ukrainian, Bryansk Oblast, Russia, Chernihiv, Bryansk, Russian, Russians, Germany

☆ Russia says it thwarts 20 Ukrainian drones, Moscow attacked
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: 1 min

MOSCOW, Nov 26 (Reuters) - Russia said on Sunday that it had thwarted a major Ukrainian drone attack with at least 20 drones shot down over Russian regions, including Moscow. Russia's defence ministry said Ukrainian drones were shot down over regions including Moscow, Tula, Kaluga and Bryansk. "A mass drone attack was attempted overnight," Moscow Mayor Sergei Sobyanin said. Ukrainian drones were shot down in several areas of the Moscow region, Russian officials said. The Kommersant newspaper said that flights were delayed or cancelled at Moscow's main airports due to the drone attack.

Persons: Alexei Dyumin, Sergei Sobyanin, Guy Faulconbridge, William Mallard, Edmund Klamann Organizations: Kommersant, Thomson Locations: MOSCOW, Russia, Ukrainian, Moscow, Tula, Kaluga, Bryansk

☆ Russia says it thwarted Ukrainian drone and missile attack
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +1 min

Summary Russia says shoots down 24 Ukrainian dronesRussia says Ukraine fired missiles over Sea of AzovUkraine reported biggest Russian drone attack on KyivRussian controlled region says energy system struckMOSCOW, Nov 26 (Reuters) - Russia thwarted a Ukrainian attack on Russian regions involving at least 24 drones and two missiles, the Russian defence ministry said on Sunday. One person was injured in Tula when an intercepted drone hit an apartment building, the region's governor, Alexei Dyumin, said. "A mass drone attack was attempted overnight," said Moscow Mayor Sergei Sobyanin, adding that Ukrainian drones were shot down in several areas of the Moscow region. The Kommersant newspaper said that flights were delayed or cancelled at Moscow's main airports because of the drone attack. Ukraine said on Saturday that Kyiv had been hit by Russia's largest drone attack of the war.

Persons: Alexei Dyumin, Sergei Sobyanin, Guy Faulconbridge, William Mallard, Edmund Klamann, David Goodman Organizations: Moscow, Kommersant, Thomson Locations: Russia, Ukraine, Azov Ukraine, Russian, MOSCOW, Moscow, Tula, Kaluga, Smolensk, Bryansk, Azov, Donetsk

☆ Russia Says It Thwarts 20 Ukrainian Drones, Moscow Attacked
▼ + stars: | 2023-11-26 | by ( Nov. | At A.M. | ) www.usnews.com time to read: 1 min

MOSCOW (Reuters) -Russia said on Sunday that it had thwarted a major Ukrainian drone attack with at least 20 drones shot down over Russian regions, including Moscow. Russia's defence ministry said Ukrainian drones were shot down over regions including Moscow, Tula, Kaluga and Bryansk. "A mass drone attack was attempted overnight," Moscow Mayor Sergei Sobyanin said. Ukrainian drones were shot down in several areas of the Moscow region, Russian officials said. The Kommersant newspaper said that flights were delayed or cancelled at Moscow's main airports due to the drone attack.

Persons: Alexei Dyumin, Sergei Sobyanin, Guy Faulconbridge, William Mallard, Edmund Klamann Organizations: Kommersant Locations: MOSCOW, Russia, Ukrainian, Moscow, Tula, Kaluga, Bryansk

☆ Russia relishes divisions between China and the U.S., pouring cold water on Xi-Biden talks
▼ + stars: | 2023-11-15 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +8 min

Russian President Vladimir Putin speaks during his press conference at the Konstantin Palace on July 29, 2023 in Saint Petersburg, Russia. Russian media have already reveled in pouring cold water on the Asia-Pacific Economic Cooperation (APEC) summit where Xi and Biden are due to meet Wednesday. Russian President Vladimir Putin was not invited due to U.S. sanctions so Deputy Prime Minister Alexei Overchuk is representing Russia at the summit. A range of Russian newspapers including Kommersant, Izvestia, Argumenty i Fakty, Nezavisimaya Gazeta and Komsomolskaya Pravda did not feature any news on the APEC summit or Xi-Biden talks. China's President Xi Jinping and U.S. President Joe Biden at the G20 Summit in Nusa Dua on the Indonesian island of Bali on Nov. 14, 2022.

Persons: Vladimir Putin, Konstantin, Xi Jinping, Joe Biden, Xi, Biden, Katherine Tai, Tai, David Paul Morris, Xi's, Alexei Overchuk, Dmitry Peskov, Kamala Harris, Kent Nishimura, Komsomolskaya, Putin, — Xi, Sergei Guneyev, Ian Bremmer, Saul Loeb Organizations: Getty, U.S, Economic Cooperation, Novosti, APEC, U.S . Trade, Russian Federation, San Francisco International Airport, American, Bloomberg, Getty Images Bloomberg, Israel, Kremlin, SAN FRANCISCO, Merchant Exchange Club, Tass, Kommersant, Izvestia, Gazeta, Komsomolskaya Pravda, Sputnik, AFP, West, Analysts, Eurasia Group, China's, Afp Locations: Saint Petersburg, Russia, Russian, San Francisco, China, Beijing, Washington, Moscow, Asia, United States, San Francisco , California, Ukraine, Pacific, U.S, CALIFORNIA, Taiwan, Nusa Dua, Indonesian, Bali

"The decision has been made - he will run," said one of the sources who has knowledge of planning. Three other sources said the decision had been made: Putin will run. A foreign diplomatic source, who also requested anonymity, said Putin made the decision recently and that the announcement would come soon. Peskov said in September that if Putin decided to run, then no one would be able to compete with him. "Russia is facing the combined might of the West so major change would not be expedient," one of the sources said.

Persons: Vladimir Putin, Kuzma Minin, Dmitry Pozharsky, Mikhail Metzel, Putin, Boris Yeltsin, Josef Stalin, Leonid Brezhnev's, Dmitry Peskov, Peskov, Mikhail Gorbachev grappled, Yevgeny Prigozhin, Prigozhin, Alexei Navalny, Oleg Orlov, Guy Faulconbridge Organizations: Unity, Sputnik, Kremlin, Reuters, Kommersant, West ., KGB, Soviet, Cuban Missile, West, NATO, China, European Union, Thomson Locations: Red, Moscow, Russia, MOSCOW, West . RUSSIA, Soviet Union, Ukraine, United States, European, Soviet Russia, Afghanistan

Captives will not be released until a ceasefire is agreed with Israel, Hamas representative Abu Hamid said, as a delegation of the group visited Moscow. Al-Qassem, the armed wing of Hamas, also posted on its Telegram account that it estimates 50 "prisoners" have been killed in Israeli bombardment. CNBC could not independently verify the figures, and the Israel Defense Forces did not immediately respond to a request for comment. The IDF has previously said that Hamas captured roughly 224 people, of which only four have been released to date. Some questions have risen over the accuracy of numbers reported by Hamas and Hamas-controlled facilities, such as the death toll supplied by the Gaza Health Ministry.

Persons: Abu Hamid, Joe Biden Organizations: CNBC, Israel Defense Forces, IDF, Hamas, Gaza Health Ministry, U.S Locations: Gaza, Russian, Israel, Moscow

☆ A man is accused of trying to poison 77 people at a Russian pilot graduation party by gifting them a massive cake and whiskey: report
▼ + stars: | 2023-10-25 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

A man is accused of trying to poison 77 attendees of a Russian pilots' banquet with cake and whiskey. Yegor Semenov brought the bottles of whiskey and a 44-pound cake to the banquet, Kommersant reported. AdvertisementAdvertisementA man in Russia is accused of delivering poisoned cake and whiskey to a military pilots' school banquet, according to local reports. FSB officials said the cake and whiskey were poisoned, and claimed that the gifts were arranged by Ukraine's spy services, per Kommersant. Baza reported that Semenov is 32, and had tried to fly out of the region from Stavropol after delivering the cake and whiskey.

Persons: Yegor Semenov, —, Semenov, Ukraine's, he'd, Baza Organizations: Kommersant, Service, Jameson, Higher Military Aviation School, Pilots, Federal Security Service, ., RIA Novosti, Russian Telegram, Fighter Bomber, Security Services of Ukraine Locations: Russian, Ukraine, Russia, Armavir, Krasnodar, Stavropol

☆ Moscow tells officials to buy Russian Ladas, Chinese cars
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Alexey Malgavko//File Photo Acquire Licensing RightsOct 20 (Reuters) - Russia's government on Friday published a list of domestically-produced cars that state officials should buy, all either Russian or Chinese brands, highlighting Beijing's infiltration of Russia's automobile industry since the Ukraine war. As the West shuns Russia, Russia has shunned Western corporations. The Russian cars listed were five Lada models, produced by Russia's largest carmaker Avtovaz, as well as the UAZ, Aurus and Moskvich brands, and Evolute electric cars. The Moskvich, a revived Soviet-era car, is emblematic of China's growing sway over Russia's car industry. Five models of Chinese carmaker Haval, which has been producing cars at its plant in the Tula region, 200 kilometres from Moscow, since 2019, were listed.

Persons: VAZ, Alexey Malgavko, Vladimir Putin, Sehol, Haval, Gleb Stolyarov, Alexander Marrow, Barbara Lewis Organizations: Lada, REUTERS, Renault, Nissan, West shuns, Kommersant, Apple, Industry and Trade Ministry, Russia's, Reuters, Thomson Locations: Soviet, Izhevsk, Russia, Ukraine, West shuns Russia, Moscow, Tula

The government said the lifting of restrictions applies to companies that supply at least 50% of the produced diesel fuel to the domestic market. Restrictions on railway diesel exports remain in place, with the exception on exports to some ex-Soviet states. A resumption of Russian diesel exports will have the biggest impact on Turkey and Brazil, Russia's two biggest buyers this year. Traders expect the lifting of the diesel ban could mean Asian diesel cargoes which would have replaced Russian exports in Africa and Turkey will now stay in the region, adding to already ample supplies. The diesel ban will have the biggest impact because Russia is the world's top seaborne exporter of the fuel, just ahead of the United States.

Persons: Transneft, Serena Huang, Maxim, Alexander Novak, Vortexa, William Maclean Organizations: TASS, Traders, REUTERS, Kommersant, Kremlin, FGE Energy, Thomson Locations: MOSCOW, LONDON, SINGAPORE, Russia, Soviet, Baltic, Turkey, Brazil, Africa, Konstantinovo, Moscow, United States

☆ Oil falls over $2 on demand fears, Saudi confirms cuts to year-end
▼ + stars: | 2023-10-04 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsLONDON, Oct 4 (Reuters) - Oil fell on Wednesday, as pledges by Saudi Arabia and Russia to continue crude output cuts to the end of 2023 were offset by demand fears stemming from macroeconomic headwinds. Brent crude oil futures were down $2.02, or 2.22%, to $88.90 a barrel at 1228 GMT, while U.S. West Texas Intermediate crude (WTI) fell $2.10, or 2.35%, to $87.13 per barrel. Russian Deputy Prime Minister Alexander Novak said joint voluntary cuts by Russia and Saudi Arabia have helped to balance oil markets. As the trade currency of oil, a strong dollar makes oil comparatively expensive for holders of other currencies, which can dampen demand.

Persons: Agustin Marcarian, Brent, Callum Macpherson, Alexander Novak, Novak, John Evans, Robert Harvey, Laura Sanicola, Muyu Xu, Mark Potter, Louise Heavens Organizations: REUTERS, U.S, West Texas, Wednesday, Saudi, Kommersant, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, OPEC

☆ Oil falls over $1 on demand fears, Saudi confirms cuts to year-end
▼ + stars: | 2023-10-04 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsLONDON, Oct 4 (Reuters) - Oil fell on Wednesday, as pledges by Saudi Arabia and Russia to continue crude output cuts to the end of 2023 were offset by demand fears stemming from macroeconomic headwinds. Brent crude oil futures were down $1.51, or 1.66%, to $89.41 a barrel at 1206 GMT, while U.S. West Texas Intermediate crude (WTI) fell $1.59, or 1.78%, to $87.64 per barrel. Saudi Arabia's energy ministry confirmed on Wednesday it will continue its voluntary 1 million barrel per day (bpd) crude supply cut until the end of this year. As the trade currency of oil, a strong dollar makes oil comparatively expensive for holders of other currencies, which can dampen demand.

Persons: Agustin Marcarian, Brent, Callum Macpherson, John Evans, Robert Harvey, Laura Sanicola, Muyu Xu, Mark Potter, Louise Heavens Organizations: REUTERS, U.S, West Texas, Wednesday, Saudi, Kommersant, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, OPEC

TASS news agency cited Energy Minister Nikolai Shulginov as saying the government "at all levels" had been discussing partial permission for fuel exports. Europe could also fill some of the gap left by the Russia gasoline ban. Northwest European suppliers, which lost market share in West Africa to Russian supplies this year, could step in, FGE said. Since banning Russian fuel imports, Europe has been seeking suppliers elsewhere, including from the Middle East. As a result, traders said they expected Northeast Asian refiners in China and South Korea to boost diesel exports to Europe.

Persons: Tatiana Meel, Alexander Novak, Vortexa, Nikolai Shulginov, JP Morgan, FGE, Edmund Blair, Mark Potter Organizations: REUTERS, Traders, Kremlin, Kommersant, TASS, Analysts, FGE Energy, WHO, BE, European Union, Gulf, Diesel, Northwest, Competition, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, LONDON, SINGAPORE, Soviet, United States, Ukraine, Europe, Brazil, Turkey, North, West, East, Gulf, gasoil, India, Africa, Kpler, U.S, Gulf Coast, America, West Africa, China, South Korea

☆ Russia may partially lift ban on diesel exports soon - Kommersant
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tatiana Meel/File photo Acquire Licensing RightsOct 4 (Reuters) - The Russian government is ready to partially lift its ban on diesel exports in coming days, the daily Kommersant reported on Wednesday, citing unidentified sources. The ban on gasoline exports will remain in force for now. Russian exports of diesel are the largest of all types of oil products. Russia's gasoline and diesel prices have continued to slide on the local exchange. Since the ban was introduced, gasoline prices have declined by almost 10%, while diesel prices plummeted by 23%.

Persons: Tatiana Meel, Alexander Novak, Novak, JP Morgan, Lidia Kelly, Vladimir Soldatkin, Simon Cameron, Moore, Kim Coghill Organizations: REUTERS, Kommersant, FGE Energy, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, Russian, Melbourne, Moscow

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