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Oil is all Russia's economy has left following its invasion of Ukraine earlier this year, according to Amos Hochstein, special presidential coordinator for President Joe Biden. "Oil is the only thing they have left in that economy … Putin has destroyed the rest of the economy," Hochstein told CNBC's Hadley Gamble Monday. "All he's got left is the stuff that comes out of the ground. He won't sell his gas to Europe anymore, so all he has is oil, so that's what funds this war." The Russian economy shrunk by 4% year-on-year over the second quarter, and the Central Bank of Russia expects the downturn to deepen in the quarters ahead.
In this article BP.-GB Follow your favorite stocks CREATE FREE ACCOUNTBP CEO Bernard Looney photographed in Texas on March 8, 2022. During a panel discussion on Oct. 31, 2022, Looney said his firm's strategy was to "to invest in hydrocarbons today, because today's energy system is a hydrocarbon system." F. Carter Smith | Bloomberg | Getty ImagesBP's strategy is centered around investing in hydrocarbons whilst simultaneously putting money into the planned energy transition, the oil and gas supermajor's CEO said Monday. A major producer of oil and gas, BP says it's aiming to become a net-zero company by the year 2050 or before. He described it as "delusional" and called for an abandonment of fossil fuel finance.
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