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☆ A petition calling for a sanctioned Russian oligarch's superyacht to be used as a hotel for Ukrainian refugees has gained almost 30,000 signatures
▼ + stars: | 2022-11-07 | by ( Stephen Jones | ) www.businessinsider.com time to read: +3 min

A petition is calling for a seized superyacht to become a hotel for Ukrainian refugees. A retired engineer set up the petition to reuse Amore Vero, which is linked to oligarch Igor Sechin. The 80-foot Amore Vero was seized by French authorities in March and is being held in the port of La Ciotat, east of the city of Marseille on France's southern coast. The owner of the Amore Vero is not publicly known, although it has been heavily linked to Igor Sechin, chief executive of the Russian oil giant PJSC Rosneft. In September, officials in Gibraltar completed the first sale of a seized superyacht since the beginning of the war.

How Putin and Friends Stalled Climate Progress A handful of powerful world leaders rallied around Russia and undercut global cooperation. Mr. Putin has gained from this as the increasingly autocratic Mr. Xi finds common cause with the Kremlin. “Much depends on whether authoritarian leaders perceive climate action to be in their self-interest.”Though their actions help Mr. Putin, their track records on climate are mixed. Mr. Xi called Mr. Putin his “best friend.”He was returning the favor from a year earlier, when Mr. Putin hosted Mr. Xi at the Grand Kremlin Palace and awarded him one of Russia’s highest medals for foreign dignitaries. At a news conference with Mr. Putin, Mr. Bolsonaro thanked his “dear friend,” saying that Mr. Putin had offered him support when other world leaders were criticizing his Amazon policy.

☆ Factbox: Companies count the cost of ditching Russia
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +6 min

INDITEX (ITX.MC)Zara owner will book a provision of 216 million euros after agreeing to sell its Russia stores to UAE-based Daher Group. TRATON (8TRA.DE)Volkswagen's (VOWG_p.DE) truck division Traton in September said disposing of some assets in Russia would cause a 550 million euro loss. CREDIT AGRICOLE (CAGR.PA)Credit Agricole provisioned more than 500 million euros related to its Russian exposure in Q1. LINDEThe world's largest industrial gases company's exit from Russia recorded impairments of $993 million from its Russia exit. SIEMENS (SIEGn.DE)The Munich-based engineering and tech firm said in May it would take a 600 million euro hit in Q2 for exiting Russia.

☆ Rosneft says BP should return to Russia, promises dividend
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

Rosneft's Chief Executive Officer Igor Sechin said last week that BP is entitled to $700 million in second-half 2021 dividends, which Rosneft transferred into special "C" accounts in Russia, while BP remained Rosneft's "shadow" shareholder. Many Western companies, including oil majors, have left Russia since Moscow sent its armed forces into Ukraine on Feb. 24. "We can only heartily advise our colleagues from BP to remove the issue of exiting assets in Russia from the agenda and return to their native bosom," Rosneft said. Rosneft also said that nothing stops BP from using dividends on investments in developments of joint projects in Russia. (This story has been officially corrected after Rosneft corrected expected amount of interim dividend for BP for nine-month 2022 to $700 million from $600 million in paragraph 6.)

☆ Russia's expanding 'dark fleet' of tankers won't prevent its oil exports from crashing, top energy trader says
▼ + stars: | 2022-11-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

He predicted Russia's exports could drop as much as 1 million barrels per day this winter, despite "dark fleets" of tankers. Russian oil exports have held up this year, with nations like India and China stepping up purchases. China and India this year have ramped up imports of Russian oil, stepping in as big buyers of supplies as Western nations turn away from doing business with Moscow. Vitol, for example, used to be one of the largest carriers of Russian oil but said it has since halted working with companies like Russia's Rosneft. An analyst from Norway's SEB estimated that Russia's existing "dark fleet" totaled about 270 ships, according to the Financial Times, and the expert said Russian crude flows will face disruptions moving forward.

BAKU, Oct 27 (Reuters) - One of Russian President Vladimir Putin's closest allies, oil chief Igor Sechin, on Thursday heaped praise on China's leadership, quipping that Taiwan would return to its "native harbour" on time. Sechin, the head of Russia's largest oil producer Rosneft (ROSN.MM), also said that Saudi Arabia's position on the global oil market was "reasonable" and based on analysis of oil supply and demand. Russia has moved to forge closer ties with Asia, especially energy-hungry China, to offset Western sanctions on Moscow over Ukraine. Sechin said U.S. attempts to create its own complex microchip industry showed that "Taiwan's return to its native harbour" was "on schedule". Reporting by Nailia Bagirova and Olesya Astakhova; writing by Vladimir Soldatkin; editing by Guy FaulconbridgeOur Standards: The Thomson Reuters Trust Principles.

☆ Rosneft's Sechin says EU proposals to cap Russian gas prices 'unthinkable'
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: 1 min

BAKU, Oct 27 (Reuters) - Igor Sechin, the head of Russia's largest oil producer Rosneft (ROSN.MM), said on Thursday that proposals by the European Commission to introduce cap prices for Russian gas were "unthinkable". Speaking at an international forum in Baku, Sechin said that Western sanctions were destroying corporate law while the refusal to buy Russian hydrocarbons is leading to an "acute energy deficit", boosting global inflation. Reporting by Nailia Bagirova and Olesya Astakhova; writing by Vladimir Soldatkin; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

[1/2] People buy food at stalls promoting China's digital yuan, or e-CNY, during the 2022 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. REUTERS/Tingshu WangHONG KONG/SHANGHAI, Oct 27 (Reuters) - China's digital yuan took the centre stage in the world's largest cross-border central bank digital currency (CBDC) trial to date, a report showed, pointing to how Beijing is speeding up yuan globalization efforts amid rising geopolitical tensions. China's digital currency, or e-CNY, was the most issued, and actively transacted token in the $22 million pilot that used CBDCs to settle cross-border trades, a Bank of International Settlement (BIS) report showed. The PBOC's participation in m-Bridge represents its ambition to eventually promote global, wholesale use of the e-CNY. But China's yuan internationalisation, digital or not, faces challenges amid a slowing economy ravaged by COVID flare-ups, and a property debt crisis.

In Spain, six vessels were frozen following sanctions imposed after Russia's invasion of Ukraine in February. The "majority" of the owners are paying their maintenance, crew, docking and insurance fees, a source with knowledge of the matter said. In March, Spain's Prime Minister Pedro Sanchez vowed, when announcing the freezing of one yacht in Spain, to hit Putin's allies "decisively" and "hard". read more read moreProposals by the United States and European Union to sell seized Russian assets and give the proceeds to Ukraine have stalled. In France, five yachts have been frozen.

Some of the electronics obtained through the scheme have been found in Russian weapons platforms seized in Ukraine, prosecutors said. They used a German company to ship the military technologies, as well as Venezuelan oil, to Russian purchasers, prosecutors said. The U.S.-origin technologies can be used in fighter aircraft, ballistic and hypersonic missile systems, smart munitions, and other military applications, Treasury said. After the initial round of U.S. sanctions on PDVSA, Russia's Rosneft emerged as a key intermediary for Venezuelan crude. After Washington sanctioned Rosneft subsidiaries over their dealings with PDVSA, dozens of firms with no track record of oil trading have been intermediating in sales of Venezuelan oil to Chinese buyers.

☆ EXCLUSIVE Exxon exits Russia empty-handed with oil project 'unilaterally terminated'
▼ + stars: | 2022-10-17 | by ( Sabrina Valle | ) www.reuters.com time to read: +5 min

BP, TotalEnergies, Equinor, and Shell have all transferred properties to Russian partners or left operations behind. The company said it "safely exited" Russia after the government earlier this month "unilaterally terminated" its interests in the Sakhalin-1 oil and gas project, its largest in the country. On Oct. 7 Putin seized Exxon shares in the oil production joint venture and transferred them to a government-controlled company. By July, output at the Sakhalin-1 project fell 10,000 barrels per day (bpd), from 220,000 bpd before Russia invaded Ukraine. About 700 Russia-based employees that kept operations running will be transferred to the new Russia company taking over the asset, Exxon said.

☆ EXCLUSIVE Rosneft moves into tanker chartering as EU ban looms
▼ + stars: | 2022-10-17 | by ( Nidhi Verma | ) www.reuters.com time to read: +5 min

Some of the G7 countries are working to introduce a price ceiling on Russian oil though it is not yet clear how this will work in practice. FIRST CHARTER The three sources said Rosneft is using its Rosnefteflot subsidiary to handle the shipping costs for buyers. The volumes have steadily increased and in October Rosneft chartered almost 1 million tonnes, mainly via Rosnefteflot, based on trade sources and Refinitiv Eikon data. That represents nearly 40% of the planned 2.5 million tonnes of Rosneft Urals crude tanker exports scheduled for October, according to Refinitiv Eikon and traders' data. Unlike Russia's second biggest oil company, Lukoil, and oil producer Gazpromneft, Rosneft does not have a chartering arm.

☆ Exxon's Russian oil output collapsed after rejecting local tanker insurance - sources
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Sergei KarpukhinHOUSTON/NEW DELHI, Oct 17 (Reuters) - Oil output at the giant Exxon-led (XOM.N) Sakhalin-1 Russian Pacific project collapsed following the U.S. major's refusal to accept local insurance for tankers after Western insurers pulled out due to sanctions, several industry sources told Reuters. The developments have unfolded as the European Union is due to impose a ban on Russian oil tanker insurance and shows the major impact ship insurance and re-insurance guarantees can have on operations. Russia's state oil champion Rosneft (ROSN.MM), a partner in the Sakhalin-1 project, has blamed Exxon for falling output, saying that since mid-May the project produced hardly any oil. Russian newspaper Kommersant was first to report on Monday that production at Sakhalin-1 collapsed following Exxon's refusal to work with Sovcomflot. Oil output at the Sakhalin-1 project fell to just 10,000 barrels per day (bpd) earlier this year from 220,000 bpd before Russia invaded Ukraine on Feb. 24.

☆ EXCLUSIVE Schlumberger faces employee backlash in Russia over cooperation on draft
▼ + stars: | 2022-10-14 | by ( Liz Hampton | ) www.reuters.com time to read: +5 min

Human rights groups are watching how the company responds to the concerns. Schlumberger suspended new investments and technology deployment in Russia, but unlike some of its peers and customers, decided to remain. Schlumberger leaves decision-making on Russia employment policies to local managers, the U.S.-based spokesperson said. The Business & Human Rights Resource Centre requested information from Schlumberger and other non-Russian companies with operations in the country on their handling of the mobilization. Schlumberger rivals Baker Hughes (BKR.O) and Halliburton (HAL.N) are selling or have sold their oilfield services units in Russia.

REUTERS/Alexander ManzyukNEW YORK, Oct 12 (Reuters) - The United States is already starting to see success with discussions of a Russian oil price cap, as Washington has heard countries are negotiating deals with Russia to buy oil far below the benchmark Brent crude price, a top U.S. Treasury official said Wednesday. A price cap on Russian seaborne oil deliveries is being developed by the United States and other G7 countries to cut Russia's oil revenues, while encouraging Moscow to continue to produce oil. Governments and companies restricted purchases of Russian oil after Moscow invaded Ukraine in on Feb. 24. The price cap on Russian oil was agreed in principle last month by the Group of Seven rich countries. The United States will look at historical data for what Russia has earned in the past for their oil to set the price cap, Adeyemo said.

☆ Oil prices extend decline on recession fears, China Covid curbs
▼ + stars: | 2022-10-12 | by ( ) www.cnbc.com time to read: +3 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening Covid-19 curbs in China. Brent crude futures fell 51 cents, or 0.5%, to $93.78 a barrel by 0033 GMT. "Hotter-than-expected data may again tip investors' sentiment over the edge, which will intensify the current recession fears, pressing on oil prices further," Teng said. The oil market is also being pressured by tightening Covid-19 curbs in China, the world's second-largest oil consumer.

☆ Factbox: Companies sell their businesses in Russia
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +9 min

The logo of French tyre maker Michelin is seen at a company building in Boulogne-Billancourt, near Paris, France, August 6, 2022. REUTERS/Sarah Meyssonnier/File PhotoOct 10 (Reuters) - Some Western companies have agreed to sell their Russian assets or hand them over to local managers as they seek to comply with sanctions over the Ukraine conflict and deal with threats from the Kremlin that foreign-owned assets may be seized. Below is a list of firms by sector that have sold their businesses in Russia:AUTOS** British car distributor Inchcape (INCH.L) sold its Russian business to local managementRegister now for FREE unlimited access to Reuters.com Register** Italian truck and bus maker Iveco (IVG.MI) transferred its 33% stake in its AMT truck assembly joint venture in Russia to a local partner** French tyre maker Michelin (MICP.PA) intends to transfer its activities in Russia to a new entity under local management by end-2022** French carmaker Renault (RENA.PA) sold its majority stake in Avtovaz (AVAZI_p.MM) to a Russian science institute, and transferred all shares in Renault Russia to the city of Moscow** MAN Truck & Bus and Scania, units of German truck maker Traton (8TRA.DE), expect to sell their sales companies in Russia to local partners along with Scania's Russian financing business by Q1 2023BANKS** Britain's HSBC (HSBA.L) agreed to sell its Russian business to Expobank, subject to regulatory approvals in Russia** Czech investment group PPF sold its Russian banking assets, including consumer lender HCFB and its subsidiaries, to investors led by Ivan Tyryshkin** France's Societe Generale (SOGN.PA) sold its Russian business Rosbank (ROSB.MM) to Interros Capital, a firm linked to Russian oligarch Vladimir PotaninCONSUMER ELECTRONICS** Swedish home appliance maker Electrolux (ELUXb.ST) transferred its business in Russia to local management** Its Electrolux Professional (EPROb.ST) branch also sold its Russian business to local management** Whirlpool (WHR.N) sold its Russian operations to Turkey's Arcelik (ARCLK.IS)ELECTRICAL COMPONENTS & EQUIPMENT** Finland's Boreo (BOREO.HE) sold its 90% stake in YE Russia to companies controlled by its current director Yrjö Pönni** U.S. industrial firm Emerson Electric (EMR.N) agreed to sell its Russia business to the local management** Finnish elevator maker Kone (KNEBV.HE) expects to close the sale of its Russian business to local management in Q4 2022** France's Schneider Electric (SCHN.PA) expects to close the sale its Russian unit to local management by end-2022** U.S. elevator maker Otis (OTIS.N) sold its Russia business to local investment firm Ice DevelopmentENERGY** French industrial gases producer Air Liquide (AIRP.PA) agreed to shift its Russian assets to local management, subject to regulatory approvals in Russia** Baker Hughes (BKR.O) agreed to sell its oilfield services business in Russia to local management, with closing expected in H2 2022** Italian utility Enel (ENEI.MI) sold its 56.43% stake in Enel Russia to Lukoil (LKOH.MM) and private fund Gazprombank-Frezia** Norway's Equinor (EQNR.OL) transferred assets of its Russian oil and gas joint ventures to state-owned partner Rosneft (ROSN.MM), and its 30% stake in the Arctic Kharyaga oilfield to state-controlled Russian operator Zarubezhneft** U.S. oilfield services firm Halliburton (HAL.N) sold its Russia operations to a management team made up of former employees** Oil major Shell (SHEL.L) sold its Russian retail and lubricants business to Lukoil** Singapore-based commodities trader Trafigura sold its 10% stake in Vostok Oil project in Siberia to Hong Kong-registered trading firm Nord Axis** Total Energies (TTEF.PA) sold its remaining 20% interest in the Kharyaga oil project to Zarubezhneft, and its 49% stake in Terneftegaz to joint venture partner NovatekFOOD & BEVERAGES** Finland's Atria (ATRAV.HE) sold its fast food business in Russia, Sibylla Rus, to Russian meat producer Cherkizovo (GCHE.MM)** Finland's Fazer sold its Russian unit to Moscow's Kolomenskij Bakery and Confectionery Holding** Irish ingredients giant Kerry Group (KYGa.I) sold its Russian subsidiary to local management and agreed to offload its Belarusian unit to a local operator** Fast food chain McDonald's (MCD.N) sold its Russian business to its licensee Alexander Govor** Finnish food and drinks company Paulig sold its operations in Russia to private Indian investor Vikas Soi** Yum Brands (YUM.N) sold its Pizza Hut business in Russia to a local operator** Finnish food processing firm Raisio (RAIVV.HE) sold its consumer business in Russia to Copacker Agro** Finnish dairy producer Valio sold its Russian business to GK VelkomINDUSTRIAL MACHINERY** Polish measuring devices maker Apator's (APTP.WA) Powogaz unit divested its entire stake in Russia-based AO Teplovodomer** Danish industrial firm Danfoss agreed to sell its Russian and Belarusian business to local management, subject to approval by shareholders and regulatory approvals in Russi

Industrial facilities of the PCK oil refinery are pictured in Schwedt/Oder, Germany, May 9, 2022. REUTERS/Hannibal HanschkeWARSAW/BERLIN, Sept 22 (Reuters) - Poland will only help supply oil to Germany's PCK Schwedt refinery if Russia's Rosneft (ROSN.MM) is completely removed as a shareholder, Poland's climate ministry said, raising pressure on Germany to completely nationalise the refiner. Germany took control of the Schwedt refinery, which was majority owned by Rosneft Deutschland, last Friday as Berlin strives to shore up energy supplies. It put Rosneft Deutschland under a trusteeship of the German industry regulator but Rosneft still holds 54% of the company's shares. The Schwedt refinery previously received most of its crude from Russia and Berlin is now looking to other countries to supply Schwedt.

☆ Russian rouble, stocks off lows after mobilisation triggers slump
▼ + stars: | 2022-09-21 | by ( Alexander Marrow | ) www.reuters.com time to read: +3 min

Woman holds Russian Roubles in front of U.S. Dollar banknotes in this illustration taken May 30, 2022. The benchmark rouble-based MOEX index (.IMOEX) hit its lowest point since Feb. 24, the day Russia sent tens of thousands of troops into Ukraine, before paring some losses. The MOEX index was down 2.4% at 2,162.4 points, after earlier hitting a low of 2,002.73 points. The dollar-denominated RTS index (.IRTS) was down 2.6% to 1,124.5 points, after earlier reaching its lowest point since April 27. For Russian equities guide seeFor Russian treasury bonds seeRegister now for FREE unlimited access to Reuters.com RegisterReporting by Alexander Marrow Editing by Mark Heinrich and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Alexander Manzyuk//File PhotoSummary Registry by NGOs Carbon Tracker, Global Energy MonitorFirst global registry of world's fossil fuel assetsShows burning all known reserves would blow CO2 targetsLONDON, Sept 19 (Reuters) - Carbon Tracker and Global Energy Monitor said on Monday they had launched the first global registry of oil and gas reserves, production and emissions with data for more than 50,000 fields. It could also help activists in their efforts to pressure producers or governments to cut fossil fuel output. The Global Registry of Fossil Fuels contains data for fields in 89 countries, covering 75% of global production the non-governmental organisations which developed it said. While there is little doubt that much of the world's oil and gas reserves will have to stay underground to avoid a dramatic worsening of the climate, the registry has put a number on this. It is not straightforward to calculate the life-cycle emissions of a unit of oil, gas or coal, often relying on calculations rather than measurements which can differ widely.

☆ Germany to sign LNG contracts in UAE - German economy minister
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

German Chancellor Olaf Scholz addresses the media after Germany placed the German subsidiary of Russian oil giant Rosneft under trusteeship amid the energy crisis following the Russian invasion of Ukraine, in Berlin, Germany, September 16, 2022. REUTERS/Christian MangBERLIN, Sept 19 (Reuters) - German Chancellor Olaf Scholz is expected to sign contracts for liquefied natural gas (LNG) during his visit to the United Arab Emirates on Sunday, his deputy chancellor said, as Germany looks for new partners to replace Russian energy imports. In May, sources told Reuters that LNG talks between Germany and Qatar were fraught with differences over key conditions, including the duration of any contract. [nL5N2WW7BO]Register now for FREE unlimited access to Reuters.com RegisterGerman is acquiring LNG terminals as part of its efforts to diversify away from Russian gas. "There is a good, realistic chance ... that the two FSRU vessels there will be able to feed into the German gas network from the turn of the year," he said.

Berlin/London (CNN Business) The German government has seized control of three Russian-owned oil refineries to secure supplies of gasoline, diesel and aviation fuel. Germany's economy ministry announced on Friday that it had temporarily taken over Russian oil giant Rosneft's subsidiaries in the country. Rosneft Deutschland and RN Refining & Marketing account for about 12% of Germany's oil refining capacity, the ministry said in a statement. Europe has been embroiled in a bitter energy standoff with Russia since Moscow invaded Ukraine in late February, and its imports of Russian oil and natural gas have fallen sharply. Germany's Federal Network Agency, which regulates its gas and electricity industries, will control Rosneft's shares in three refineries: PCK Schwedt, near Berlin, MiRo, near Heidelberg, and Bayernoil in Bavaria.

☆ Saudi Arabia's Kingdom Holding invested over $500 million in Russian energy companies around the time Russia invaded Ukraine
▼ + stars: | 2022-08-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Kingdom Holding invested in Russia's Gazprom, Rosneft, and Lukoil from February to March this year. Saudi Arabia's sovereign wealth fund owns 17% of Kingdom Holding. Kingdom Holding, one of Saudi Arabia's highest profile companies, is mostly owned by Prince Alwaleed bin Talal. Kingdom Holding posted details of the transactions into Russian energy companies Gazprom, Rosneft, and Lukoil on Twitter on Sunday. The tweets show the company invested 1.37 billion Saudi riyals, or $365 million, in Gazprom and 196 million riyals in Rosneft in February 2022.

☆ Factbox: How much crude oil does the EU still import from Russia?
▼ + stars: | 2022-06-01 | by ( ) www.reuters.com time to read: +3 min

Outside the EU, Russia's top crude oil export markets are China, India and Turkey. Some Russian oil will continue to flow into the EU via pipelines as the ban excludes some landlocked refineries. read moreHOW MUCH DOES THE EU DEPEND ON RUSSIAN CRUDE IMPORTS? Russian oil exports by destinationGermany, the Netherlands and Poland were the top importers of Russian oil in Europe last year, but all three have capacity to bring in seaborne crude. Russian crude oil flows, based on loading data in August, rose month-on-month to Italy and the Netherlands, where Russian oil major Lukoil owns refineries, according to the IEA.

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