Gazprom Swings to Net Loss on Weak Ruble
Russian state gas giant PAO Gazprom reported a smaller-than-expected loss for the third quarter of last year, with the weak ruble boosting export revenues even as it caused a foreign-exchange Continue Reading
Russian Premier Sees Budget Danger Rising From Dramatic Oil Drop
Russia’s budget is facing substantial risks from any further oil-price decline as crude is trading at a 12-year low, Prime Minister Dmitry Medvedev said Friday. “The dramatic movement of oil Continue Reading
Gazprom posts strong European sales
Russian energy company Gazprom said it sold more natural gas to European companies and yielded more profit for the nine months ending Sept. 30. Gazprom reported financial figures, stating total Continue Reading
Russia says coordinated oil output cuts with OPEC unlikely
Russian Energy Minister Alexander Novak said on Friday coordinated oil production cuts with OPEC to support falling oil prices were unlikely and would be inefficient if they did happen anyway. Continue Reading
Ruble Extends Weekly Drop With Oil as RBS Says Selloff Not Over
The ruble fell, extending the biggest drop in emerging markets this week, as the Royal Bank of Scotland Plc said it has a bearish outlook on concern oil will continue Continue Reading
Despite oil spending cuts in 2016, Mideast and Russia race on
Oil companies could slash 2016 spending by around 20 percent in the face of a persistent downturn, with North America taking the brunt of the cuts while Middle Eastern and Continue Reading
Russia Stock Swings Widen as Oil Rout Dims Investor Outlook
Price swings in Russian equities have risen to the widest in four months as a selloff in oil dimmed the outlook for Europe’s biggest crude exporter, which already has been Continue Reading
Putin: At best, Russian economy is No. 5 in the world
As the national economy declines under pressure from sanctions and low oil prices, Russia’s president said there are no claims to a role as a superpower. Lower crude oil prices Continue Reading
Russia to cut expenditure by 10%
Russia is slashing budget expenditure by 10 per cent as it scrambles to cope with lower revenues following the latest big drop in oil prices. Ministries and other government departments Continue Reading
Putin says economy under threat
With oil prices collapsing below 10-year lows, Russian President Vladimir Putin said one of the greatest threats to his country was an economic one. During his final address to Cabinet Continue Reading