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☆ Factbox: China's incumbent and upcoming LNG traders
▼ + stars: | 2023-08-21 | by ( Chen Aizhu | ) www.reuters.com time to read: +5 min

A liquefied natural gas (LNG) tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan November 13, 2017. Below is a list of China's main gas traders and their operations globally, according to information from company sources and traders. In May, PCI became the first Chinese firm to gain long-term access to gas storage at a European gas terminal. CNOOC also plans to create a London desk in the coming year or two, following PCI and Unipec. Sumitomo Corp (8053.T), which has a desk to trade piped gas in London is considering expanding into LNG trading, said a company spokesperson.

Persons: Issei Kato, Keith Martin, Wang Bingsi, CNOOC, Norinco, ENN, Chen Aizhu, Yuka Obayashi, Florence Tan, Tom Hogue Organizations: REUTERS, Rights, PetroChina International, PCI, London, Gazprom, China National Offshore Oil Company, Gas Co, ENN, LNG, Beijing Gas, Zhejiang Energy, Zhejiang Energy Zhejiang Energy, Exxon Mobil, Mexico, China Gas Holding, China Gas, JOVO Energy, Privately, SOUTH, Mitsubishi Corp, Marubeni Corp, Tokyo Gas, Korea's SK E, Sumitomo Corp, Thomson Locations: Futtsu, Tokyo, Japan, London, Singapore, Beijing, Dubai, Houston, Sinopec, China, Jiangsu province, ENN, U.S, Hebei, Shenzhen, CNOOC, Zhejiang Energy Zhejiang, Zhejiang, Ningbo, Wenzhou, Zhejiang province, HK, Guangxi province, Yantai, Shandong province, Guangdong, Guangzhou, JAPAN, SOUTH KOREA, Asia

☆ The West’s ‘see no evil’ approach to Serbia’s Vucic is destabilizing the Balkans
▼ + stars: | 2023-08-14 | by ( Christian Edwards | ) edition.cnn.com time to read: +20 min

The result is that, despite Serbia’s professed hopes to join the EU, Vucic has continued to walk a tightrope between Moscow and western powers. A Pristina government official told CNN that they did not want to “surrender” official government buildings to protesters. A decade on, these municipalities have not been created, leaving disputes to fester over the degree of autonomy for Kosovo Serbs. After such episodes, Joseph told CNN that the “see no evil” approach to Vucic’s regime may be starting to crack. “The situation is clear who the bully of the Balkans still is,” Meliza Haradinaj, Kosovo’s former foreign minister, told CNN.

Persons: Moscow’s, Aleksandar Vucic, Vladimir Putin, Daniel Mihailescu, ” Jasmin Mujanovic, Vucic, “, Mujanovic, Alicia Kearns, ”, –, Serbia's Aleksandar Vucic, Albin Kurti, Serbia’s, you’ll, Kearns, wouldn’t, Putin, Viktor, Orban, ” Majda, you’re, Quint, ” Kurti, Kurti, Edward Joseph, Laura Hasani, He’s, Shqiprim Arifi, Arifi, Ben Kilb, ” Dusan, Milorad Dodik, Oliver Bunic, Boris Grdanoski, ” Joseph, Viktor Oban, Joseph, Biden, Aleksandar Vulin, ” “ He’s, ‘ we’re, ’ He’s, I’ve, ” Vucic, Meliza Organizations: CNN, European Union, Putin, Belgrade, Getty, Serbian Progressive Party, SNS, NATO, National Security, United Nations, Kosovo's, EU, Anadolu Agency, Gazprom, Serbian, European Council, Foreign Relations, ”, US, Kosovo Serbs, Kosovo’s, Johns Hopkins University, …, Kosovo Serb, Reuters, British, Kosovo, Kosovar Business Alliance, Kosovar, Serbs, “ Association of, Bloomberg, ASM, Russian, AP, Serbia ”, KFOR, NATO’s Kosovo Force, Red Star, Red Star Belgrade soccer Locations: Russia, Ukraine, United States, Serbia, Europe, Belgrade, West, Kosovo, Kosovo’s, Kosovar, AFP, Russian, Balkan, Western Balkans, British, United, EU, Brussels, Belgium, Moscow, ” Kosovo, Serbs, France, Germany, Italy, Balkans, Pristina, … Serbia, Zvecan, Serbian, Presevo, Albanian, Leposavic, Republika Srpska, ” Republika Srpska, Bosnia, Herzegovina, Dayton, Banja Luka, Kurti, Ohrid, North Macedonia, Republic of Serbia, appeasing Serbia

☆ Turkmenistan rebukes Russia over 'gas union' comments
▼ + stars: | 2023-08-12 | by ( ) www.reuters.com time to read: +2 min

A 3D printed natural gas pipeline is placed in front of displayed Turkmenistan flag in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/File PhotoASHGABAT, Aug 12 (Reuters) - Turkmenistan warned Russia on Saturday against trying to extend its influence over the Central Asia-China natural gas supply chain after Moscow said more countries could join its "gas union" with Kazakhstan and Uzbekistan. Turkmenistan, Uzbekistan and Kazakhstan all pump gas to China via a pipeline crossing the three countries; the lion's share of gas comes from Turkmenistan as the two other countries have faced strong growth in domestic gas demand. Russia, trying to open up new Asian markets for its gas after Western sanctions, said last year it was forging a gas union with Kazakhstan and Uzbekistan that would streamline shipping and exporting gas to them and to third parties. Russia's foreign ministry said this week the gas union could be expanded as other countries were interested in joining it; it did not name any.

Persons: Dado, Marat Gurt, Olzhas, David Evans Organizations: REUTERS, Central, Gazprom, Thomson Locations: Turkmenistan, ASHGABAT, Russia, Central Asia, China, Moscow, Kazakhstan, Uzbekistan, Ashgabat

☆ Gazprom subsidiary files $472-million lawsuit against UniCredit in Russia
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

Unicredit Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoMOSCOW, Aug 7 (Reuters) - RusKhimAlyans, 50%-owned by Russian gas giant Gazprom (GAZP.MM), has filed a lawsuit seeking 45.7 billion roubles ($472 million) from Italy's UniCredit [RIC:RIC:UCCDB.UL], a guarantor of a project held up by EU sanctions, Russian court documents show. The court documents were filed at the Court of Arbitration of St Petersburg and the Leningrad Region. In January, the same court ordered nearly $500 million of assets belonging to Linde , to be frozen at RusKhimAlyans's request. ($1 = 96.8150 roubles)Reporting by Elena Fabrichnaya; Writing by Alexander Marrow; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Linde, Elena Fabrichnaya, Alexander Marrow, Kevin Liffey Organizations: REUTERS, Gazprom, Deutsche Bank, Linde, Industries, Ust, Thomson Locations: Petersburg, Leningrad Region, Baltic, Ust, Russia, Ukraine

REUTERS/Jennifer Hiller/File PhotoSINGAPORE, Aug 4 (Reuters) - Surging U.S. crude exports in 2023 are pushing down oil prices in Europe and Asia, proving a key source of supply as producers cut output and sanctions on Russian crude disrupt trade flows. U.S. crude exports are also easing the loss of supply after Saudi Arabia deepened output cuts from July, above what major producers agreed to in June. The widening exports illustrate the increasing influence of crude from the U.S., the world's biggest oil producer, in the global market. U.S. crude exports have averaged 4.08 million barrels per day so far in 2023, up from an average of 3.53 million bpd in 2022, according to the Energy Information Administration. PRESSURE EXTENDSThe pressure exerted from the WTI Midland exports is even extending to Asian markets for Middle Eastern crude.

Persons: Jennifer Hiller, Brent, it's, Joel Hanley, Rohit Rathod, Adi Imsirovic, John Evans, Muyu Xu, Alex Lawler, Arathy, Florence Tan, Simon Webb Organizations: REUTERS, Midland, P, Energy Information Administration, WTI Midland, United, Dubai, Surrey Clean Energy, Gazprom Marketing, Organization of, Petroleum, Exchange, Futures, Thomson Locations: Texas, U.S, SINGAPORE, Europe, Asia, Saudi Arabia, United Arab Emirates, Midland, Dubai, Africa, Brazil, Singapore, WTI, Saudi, London, Houston

Companies Uniper SE FollowGazprom PAO FollowDUESSELDORF, Aug 1 (Reuters) - Uniper (UN01.DE) announced plans on Tuesday to triple its green investments in the coming years as it confirmed strong financial results in the first half driven by favourable market conditions in a turnaround for Germany's bailed-out utility. Uniper said it would invest 8 billion euros ($8.79 billion) through 2030 for its green transformation alone, triple its average annual investments of the past three years. In May, it flagged profits of more than 2 billion euros expected from hedging its gas supply commitments. Expecting no further financial losses from procuring replacement gas volumes, Uniper said on Tuesday no further capital increases from the German state would be necessary. Its credit line from the KfW state lender has been reduced ahead of schedule to 11.5 billion euros from 16.5 billion euros, the company said.

Persons: Germany's, Uniper, Michael Lewis, Vera Eckert, Rachel More, Friederike Heine, Muralikumar Organizations: Gazprom, Thomson

There is no suggestion the trades break sanctions, although they may make it difficult for sanctions enforcement agencies in Europe and the United States to track Russian oil transactions and prices. The new trading network and practices raise financial risks for Russian oil companies dealing with unknown entities with limited credit history. "We recognise that (sanctions on Russia are) going to change the shape and structure of the Russian oil markets," the official told reporters. In May, Russian seaborne oil supplies to India, which was a rare buyer of Russian oil before the war, reached a record of 1.95 million bpd while China imported 2.29 million bpd. A source with one major Russian oil company said his company was prepared to deal with higher credit risks from buyers for the sake of having stable and rising oil exports.

Persons: Russia's, Rosneft, Everest, Coral, Washington, Lukoil, Dmitry Zhdannikov, Nidhi Verma, Timothy Gardner, Laura Sanicola, Simon Webb, Frank Jack Daniel Our Organizations: NEW, Liberian, Reuters, Shell, Group, European Union, Bellatrix Energy, Leopard, Guron, SEA, Coral Energy, Everest Energy, U.S . Treasury, EU, UK, Treasury, UAE dirham, Shipping, Hindustan Petroleum, Gazprom Neft, Covart Energy, Orion Energy, Media, Rosneft, Nidhi, Thomson Locations: Russia, Ukraine MOSCOW, NEW DELHI, Russia's Ust, Hong Kong, India, Moscow, Asia, Ukraine, Refinitiv, Europe, United States, Australia, China, U.S, UAE, Dubai, Visakhapatnam, Surgutneftegaz, Russian, Geneva, Singapore, Rosneft, Venezuela, MOSCOW, LONDON, Washington, New York

Russia's gas, in contrast to its oil, is not subject to Western sanctions, although Brussels is considering extending its embargo on Russian fuel. Gazprom's gas exports, mainly to Europe, almost halved last year because of the political crisis over Ukraine and after undersea Nord Stream pipelines were damaged by unexplained blasts last September. Timchenko had long challenged Gazprom's monopoly on Russian gas exports, saying in 2012 that Europeans wanted to have an alternative to Gazprom. "I believe that Gazprom Export's marketing campaign led to its European share decrease ... Liquefied natural gas has already come to the market. In essence, a new, cheaper gas market is emerging; one has to see such things," Timchenko told the Forbes magazine in 2012.

Persons: Maxim Shemetov, Russia's, Ronald Smith of, Novatek, Vladimir Putin, Alexei Miller, Putin, Miller, Gennady Timchenko, Timchenko, Oksana Kobzeva, Vladimir Soldatkin, Barbara Lewis Organizations: Gazprom, REUTERS, Stream, EU, Kremlin, European Union, Novatek, BCS, Forbes, Thomson Locations: Russia, Europe, MOSCOW, Ukraine, Brussels, Siberia, LNG, Ronald Smith of Moscow, Germany, Italy, Soviet, St Petersburg, Moscow, Russian

☆ Ex-McDonald's in Russia feeds waste cooking oil to fuel Gazprom Neft's vessels
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

ST PETERSBURG, Russia, July 20 (Reuters) - Russia's successor to McDonald's has teamed up with energy company Gazprom Neft (SIBN.MM) to fuel marine vessels with biofuel produced using waste cooking oil an effort to lower their carbon footprints, the companies said on Thursday. Russia has said it was still committed to its climate targets despite the deepest political rift with the West in decades. It said the new fuel is in compliance with technical regulations and can be used for most sea and river vessels. Vkusno & tochka already supplies waste cooking oil for production of biofuel used for heating of electric-powered buses in Moscow and has been recycling used cooking oil for over a decade. Irina Korshunova, in charge of sustainable development at Vkusno & tochka, said the company processes around 5,500 tonnes of waste cooking oil each year.

Persons: McDonald's, Gazprom Neft Marin Bunker, Anton Soboled, Irina Korshunova, Olesya Astakhova, Vladimir Soldatkin, Alexander Marrow, Angus MacSwan Organizations: Gazprom Neft, Biofuels, Gazprom Neft's, Thomson Locations: PETERSBURG, Russia, Baltic, St . Petersburg, McDonald's, Ukraine, Moscow

☆ Oilfield firm SLB halts all shipments to Russia
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

July 14 (Reuters) - Top oilfield services firm SLB (SLB.N) on Friday said it is halting shipments of products and technology into Russia from all its operations over an expansion of Western sanctions. SLB, the world's largest oil service and equipment provider, was one of the few providers to continue working the country's oil sector following Russia's invasion of Ukraine. The Curacao-domiciled firm recently had 9,600 employees working for top Russian oil and gas companies such as Gazprom Neft and Rosneft. The changes included barring Russia employees from accessing certain software and messaging systems, and walling off the unit from other operations. U.S. oilfield rivals Halliburton and Baker Hughes sold or put their Russian operations on the block soon after the February, 2022, invasion.

Persons: SLB, walling, Baker Hughes, Gary McWilliams, David Gregorio Our Organizations: Schlumberger, European Union, Canada, Gazprom Neft, Reuters, Russia, Halliburton, Thomson Locations: Russia, Ukraine, Curacao, Paris, Houston, London, The Hague, U.S

☆ Russian oil tops price cap set by Western countries for first time
▼ + stars: | 2023-07-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

London CNN —The price of Russian crude oil has risen above a price cap set by the Group of Seven nations, in the first “real test” of whether the West can enforce one of its key sanctions against Moscow. “This is the first real test of the price cap sanctions,” Matthew Wright, a senior freight analyst at Kpler, told CNN. “High interest rates, declining economic activity in China, and a potential recession in the West,” have depressed oil prices globally. The smaller gap shows that the G7 price cap is “having a diminishing impact on Russian oil revenues,” Richard Bronze, co-founder and head of geopolitics at Energy Aspects, told CNN. Despite rising oil prices, buyers like India are unlikely to turn their backs on Russian oil, said Wright at Kpler.

Persons: ” Matthew Wright, Wright, “ It’s, Russia —, That’s, ” Richard Bronze, Natalia Kolesnikova, “, Tim Lister Organizations: London CNN, Group, Moscow, Argus Media, European Union, Argus, EU, CNN, Organization of, Petroleum, Gazprom, US Treasury, International Energy Agency, IEA Locations: China, India, Europe, Russia, OPEC, Ukraine, Brent, Moscow, AFP, Western, Kpler, Russian, Saudi Arabia

☆ Dynamo Kyiv criticise Fenerbahce for pre-season games in Russia
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

July 9 (Reuters) - Ukrainian club Dynamo Kyiv said Fenerbahce were a club "without honour and conscience" in a strongly-worded statement after the Turkish side travelled to Russia to play in a pre-season tournament. "The bloody money of (Russian energy giant) Gazprom has eclipsed everything for you, left you without honour and conscience," Dynamo said in a statement. Dynamo accused the Turkish club of accepting "bloody handouts from the sponsors of terrorism," and added: "Nothing can justify this step. Last year, Fenerbahce were given a one-game partial stadium closure, suspended for two years, after their fans chanted Russian President Vladimir Putin's name in a game against Dynamo Kyiv. UEFA's Appeals Body had fined Fenerbahce 50,000 euros ($54,835) and ordered the partial closure of their stadium.

Persons: Vladimir Putin's, Body, Rohith Nair, Clare Fallon Organizations: Dynamo Kyiv, Fenerbahce, Zenit St, Red Star Belgrade, Neftci, Pari, Gazprom Arena, FIFA, UEFA, Gazprom, Dynamo, Turkish, Thomson Locations: Ukrainian, Turkish, Russia, Zenit St Petersburg, Red, Azerbaijan, St Petersburg, Russian, Ukraine, Moscow, Bengaluru

☆ Gazprom subsidiary files lawsuits against Deutsche Bank and Commerzbank
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, July 4 (Reuters) - RusKhimAlyans, a subsidiary of Russian gas giant Gazprom (GAZP.MM), has filed lawsuits seeking a total of 31 billion roubles ($348 million) from Deutsche Bank (DBKGn.DE) and Commerzbank (CBKG.DE), Russian court documents show. RusKhimAlyans, in which Gazprom has a 50% stake, is seeking more than 22 billion roubles from Deutsche Bank and over 8 billion roubles from Commerzbank, according to the documents filed at the Court of Arbitration of St Petersburg and the Leningrad Region. In 2021, Linde and Renaissance Heavy Industries signed an engineering, procurement and construction (EPC) contract with Gazprom and its partners for the Ust-Luga gas complex. Linde notified the customer in May and June 2022 that it had suspended work under the contract due to European Union sanctions imposed after Russia sent thousands of its troops into neighbouring Ukraine. ($1 = 89.0585 roubles)Reporting by Vladimir Soldatkin; Editing by David Goodman and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Linde, Vladimir Soldatkin, David Goodman, Emelia Organizations: Gazprom, Deutsche Bank, Linde, Renaissance Heavy Industries, Ust, Thomson Locations: MOSCOW, Commerzbank, Petersburg, Leningrad Region, Baltic, Ust, Luga, Russia, Ukraine

☆ Weak gas prices worsen outlook for Gazprom's revenues from sales to Europe
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

Gazprom's gas sales to Europe, once its primary source of foreign currency revenues, have plummeted due to the crisis in relations between Moscow and the West. Gazprom has not provided forecasts for gas exports this year and has not replied to a request for comment. Ronald Smith, a seasoned analyst at Moscow-based BCS brokerage, expects Russian gas prices in Europe to average $445 per 1,000 cubic metres this year. He forecasts Russian gas exports to Europe and Turkey will reach 50 bcm this year. If Russia keeps its gas exports to Turkey steady, it might reach 22 bcm in 2023, then sales to Europe would total 28 bcm.

Persons: Ronald Smith, That's, Oksana Kobzeva, Vladimir Soldatkin, Christina Fincher Organizations: Gazprom PAO, Gazprom, Economy Ministry, Thomson Locations: MOSCOW, Europe, Ukraine, Moscow, Turkey, Russia

☆ Putin’s Options for Dealing With the Wagner Group Aren’t Great - The New York Times
▼ + stars: | 2023-07-04 | by ( Colin P. Clarke | ) www.nytimes.com time to read: +3 min

(Those who did participate could join Mr. Prigozhin in Belarusian exile.) Even if Wagner fighters do decide to join Russian military units en masse, it won’t be easy for Moscow to integrate them. Another option would be for Mr. Putin to leave Wagner’s overseas operations as is, and install a new leader to replace Mr. Prigozhin. Mr. Prigozhin was revered by Wagner fighters, many of whom may chafe at the prospect of new leadership or a drastic change in organizational culture. Corporation is another Russian private military company, founded by Russian nationalist Igor Mangushev, with some experience abroad, but is much less influential and experienced than Wagner.

Persons: Putin, Wagner, Prigozhin, Sergei Shoigu, —, Prigozhin’s, Sergei Lavrov, ”, Wagner’s, Igor Mangushev Organizations: Russian, Ministry of Defense, Russian Ministry of Defense, Central African, Corporation, Gazprom Locations: Russia, Russian, Moscow, Cameroon, Burkina Faso, Equatorial Guinea, South Africa, Zimbabwe, Kenya, Africa, Mali, Central African Republic . Russia, Syria, Burundi, Central African Republic, Gabon, Yemen

☆ Exclusive: India refiners start yuan payments for Russian oil imports -sources
▼ + stars: | 2023-07-03 | by ( Nidhi Verma | ) www.reuters.com time to read: +5 min

It could not immediately be determined how much Russian oil Indian refiners have bought with yuan, although Indian Oil has paid in yuan for multiple cargoes, sources said. The rise in yuan payments has given a boost to Beijing's efforts to internationalise its currency, with Chinese banks promoting its use specifically for Russian oil trade. Indian refiners have also settled some non-dollar payments for Russian oil in the United Arab Emirates' dirham, sources have said. One private refiner has also been using the same mechanism for payments for Russian oil, one of the sources said. Another state refiner, Bharat Petroleum Corp Ltd (BPCL.NS), is also exploring yuan payment for Russian oil, a separate source said.

Persons: IOC's, Rosneft, Nidhi Verma, Tony Munroe, Tom Hogue Organizations: U.S, Indian Oil Corp, Reliance Industries Ltd, Nayara Energy, HPCL Mittal Energy Ltd, Oil, Gazprom Neft, Reuters, United Arab, State Bank of India, NS Bora, Sun Ship Management, European Union, IOC, ICICI Bank, Bank of China, Bharat Petroleum Corp Ltd, Thomson Locations: DELHI, Russia, Moscow, Ukraine, India, China, Saudi Arabia, Indian, Dubai, United Arab Emirates, Iraq, United Kingdom, Bank, Rosneft, ICICI

By 1156 GMT, the rouble was 1.8% weaker against the dollar at 89.15 after earlier hitting 89.3275, its weakest point since March 29, 2022. It lost 1.8% to trade at 96.74 versus the euro , also a 15-month low. It shed 1.4% against the yuan to 12.23 <CNYRUBTOM=MCX>, a more than 14-month low. The rouble lost a key support factor on Wednesday as a month-end tax period that typically sees exporters convert foreign currency revenues to meet local liabilities passed. Brent crude oil , a global benchmark for Russia's main export, was up 0.1% at $74.41 a barrel.

Persons: C.bank, Yevgeny Prigozhin's, Vladimir Putin's, Alexei Zabotkin, Zabotkin, Alexander Marrow, Jamie Freed, Robert Birsel, Jane Merriman, Mark Heinrich Our Organizations: Alor Broker, Bank of Russia, Brent, Gazprom, Thomson Locations: Moscow, Russian, Alor, Russia, Ukraine

June 30 (Reuters) - The Russian rouble slumped to a more than 15-month low against the dollar and euro on Friday, weighed down by domestic political risk concerns after an aborted armed mutiny over the weekend and lacking support drivers. By 0734 GMT, the rouble was 0.8% weaker against the dollar at 88.26 after earlier hitting 88.6775, its weakest point since March 29, 2022. It lost 0.9% to trade at 95.97 versus the euro after also hitting a 15-month low of 96.3225. The rouble lost a key support factor on Wednesday as a month-end tax period that typically sees exporters convert foreign currency revenues to meet local liabilities passed. The rouble-based MOEX Russian index (.IMOEX) was 0.4% lower at 2,785.8 points.

Persons: Yevgeny Prigozhin's, Vladimir Putin's, Alexander Marrow, Jamie Freed, Robert Birsel Organizations: Alor Broker, Gazprom, Thomson Locations: Russian, Alor, Russia, Ukraine, Moscow, Brent

☆ International Boxing Association is stripped of its recognition, Olympic Committee says
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +3 min

[1/2] International Boxing Association(IBA) president Umar Kremlev speaks during the opening ceremony of Women's World Boxing Championships at Indira Gandhi Indoor stadium in New Delhi, India, March 15, 2023. REUTERS/Anushree Fadnavis/File PhotoLAUSANNE, Switzerland, June 22 (Reuters) - The International Boxing Association's (IBA) recognition as the global body for the sport was stripped on Thursday by the International Olympic Committee (IOC) due to its failure to complete reforms on governance, finance and ethical issues. While the IOC regularly removes or adds sports to the Olympic Games programme to make them more attractive to younger audiences, it is extremely rare for the Olympic body to strip an international sports federation's recognition. "This is a hugely significant moment for the sport," World Boxing said in a statement. "We urge every national federation ... to join and support World Boxing in its efforts to ensure boxing remains at the heart of the Olympic movement."

Persons: Umar Kremlev, Anushree, Karolos Grohmann, Alan Baldwin, Jon Boyle, Ken Ferris, Toby Davis Organizations: Boxing Association, Indira Gandhi, REUTERS, International Olympic Committee, IBA, Sport, IOC, Tokyo, Tokyo Games, Gazprom, Olympic Games, Thomson Locations: New Delhi, India, LAUSANNE, Switzerland, Ukraine, Russian, Los Angeles

☆ Russia gas flows through Ukraine could stop next year - FT
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

The chances of Kyiv and Moscow agreeing to a renewal of the five-year transit contract first signed in 2019 were slim, even though the route through Ukraine accounts for almost 5% of Europe's total gas imports, the newspaper reported. Russian gas giant Gazprom (GAZP.MM) warned in April that Europe's ability to maintain ample gas stocks in the 2023/2024 winter hinges on Asia's demand given "critically low" supplies from Russia. European gas prices rose last year on Gazprom's threat to cut flows to Moldova, as the supply route, which goes through Ukraine, is the last functioning Russian gas corridor to Europe. The European Union last year invested heavily in LNG imports and adopted regulation to boost storage to fend off any shortage after Russian gas supplies to Europe shrank following Moscow's special military operation in Ukraine. Reporting by Baranjot Kaur in Bengaluru; Editing by Christopher Cushing and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Galushchenko, Baranjot Kaur, Christopher Cushing, Sonali Paul Organizations: Gazprom PAO, Gazprom, Financial Times, German, European Union, Thomson Locations: Russia, Europe, Ukraine, Kyiv, Moscow, Moldova, Bengaluru

☆ Russian companies doubled their revenues to $15 trillion last year because the energy market did so well — but that doesn't mean they're reaping massive profits
▼ + stars: | 2023-06-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

But it's not all good news for Russian companies: Due to sanctions, their profits grew just 6% on-year. That's nearly double the 655 trillion rubles Russian companies made in 2021, per the tax service department's statistics. In particular, Russian energy giant Gazprom posted record profits in the first half of 2022, prompting Moscow to impose windfall taxes on the company. Russia's energy revenues have also been hit heavily by restrictions against its exports, particularly after the European Union — a major customer of Russian energy — banned Russian crude oil starting December 5. In the first quarter of 2023, Russia posted a deficit of almost 2.4 trillion rubles — sharply reversing a surplus of more than 1 trillion rubles in the first quarter of 2022.

Persons: That's, it's, —, Andrei Belousov Organizations: Service, RBC, Gazprom, European Union, RBC TV Locations: Ukraine, Russia, Moscow

☆ Russia has lost so much money due to the Ukraine war that it's now trying to raise $4 billion by slapping a windfall tax on its oligarchs
▼ + stars: | 2023-06-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Russia will slap windfall taxes on large companies making over 1 billion rubles in profits since 2021. Russia approved a draft bill to slap up to a 10% one-off windfall tax on large Russian companies, according to a Tuesday announcement by the country's finance ministry. "They understand that they had huge windfall profits for 2021 and 2022, simply massive, bigger than the budget," Belousov said, per Interfax. This instance isn't the first time Russia's imposing windfall taxes to fund the war in Ukraine. Russia's energy revenues have also been majorly hit by sweeping restrictions against its exports, particularly after the European Union — a major customer of Russian energy — banned Russian crude oil starting December 5.

Persons: —, It's, Andrei Belousov, Belousov, Timur Nigmatullin Organizations: RBC TV, Service, RBC, Financial Times, Gazprom, European Union Locations: Russia, Ukraine

☆ International Boxing Association to appeal stripping of IOC recognition at CAS
▼ + stars: | 2023-06-12 | by ( Karolos Grohmann | ) www.reuters.com time to read: +2 min

June 12 (Reuters) - The International Boxing Association (IBA) will appeal to the Court of Arbitration for Sport (CAS) against the International Olympic Committee's (IOC) decision to strip it of recognition, a source familiar with the matter told Reuters. The decision now needs the rubber-stamping of an extraordinary IOC session, to be held remotely on June 22. The IOC executive board recommended that the IOC Session decide "the IBA should not organise the Olympic Games LA28 boxing tournament." In an IBA report sent to the IOC recently, the boxing association blamed the Olympic body for intransigence and false statements. The newly formed boxing body includes the United States and Britain as well as New Zealand, Germany, Netherlands and Sweden, who joined the Swiss-registered World Boxing in April.

Persons: Kremlev, Karolos Grohmann, Aadi Nair, Christian Radnedge Organizations: Boxing Association, Sport, Reuters, IBA, IOC, Games, Tokyo, Gazprom, Swiss, Boxing, Thomson Locations: Tokyo, Russian, Ukraine, United States, Britain, New Zealand, Germany, Netherlands, Sweden

☆ Nord Stream sabotage probe turns to clues inside Poland, Wall Street Journal reports
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +2 min

June 10 (Reuters) - German investigators are examining evidence suggesting a sabotage team used Poland as an operating base to damage the Nord Stream pipelines in the Baltic Sea in September, the Wall Street Journal reported on Saturday. The investigators have reconstructed the two-week voyage of the "Andromeda", a 50-foot (15-metre) yacht suspected of being involved in the sabotage of the Nord Stream 1 and 2 pipelines, the newspaper said. The Journal cited people familiar with the voyage as indicating the sabotage crew had placed deep-sea explosives on Nord Stream 1, before they set the vessel on a course towards Poland. The destruction of the Nord Stream pipelines hastened the region's switch to other energy suppliers. Nord Stream 1 and Nord Stream 2, each consisting of two pipes, were built by Russia's state-controlled Gazprom to pump 110 billion cubic metres (bcm) of natural gas a year to Germany.

Persons: Stanislaw Zaryn, Volodymyr Zelenskiy, Shivani Tanna, Karol Badohal, William Mallard, Helen Popper Our Organizations: Wall Street, Germany's Federal Criminal Police, Polish, Special Services, Twitter, Nord, Gazprom, Washington Post, Wednesday, Thomson Locations: Poland, Baltic, Germany, Germany's, Russian, Warsaw, Kiev, Ukraine, Nord, Sweden, Denmark, Ukrainian, Bengaluru

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