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Tag: International Sanctions

  • Why Russia and China Are Sitting Out Venezuela’s Clash With Trump

    For two decades, Venezuela cultivated anti-American allies across the globe, from Russia and China to Cuba and Iran, in the hope of forming a new world order that could stand up to Washington.

    It isn’t working.

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    Kejal Vyas

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  • Mystery Blasts Rock Russia-Linked Oil Tankers Off Turkey’s Coast

    Explosions rocked two tankers sanctioned for carrying Russian oil, the latest in a spate of blasts on such vessels, sparking a rescue operation off Turkey’s Black Sea coast.

    The 900-foot Kairos was en route from Egypt to Russia when it suffered a blast and caught fire, according to Turkish authorities. Emergency response vessels managed to evacuate its 25 crew members. Meanwhile, the 820-foot Virat began spewing heavy smoke from its engine room after being hit at a point farther east along the coast. The 20 personnel on board were in good condition, authorities said.

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    Georgi Kantchev

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  • Trump Administration Blocks Gunvor Takeover of Russian Oil Assets

    Gunvor pulled its offer to buy the international assets of sanctioned Russian oil producer Lukoil after the U.S. Treasury Department said it opposed the deal and called the Swiss commodities trader the “Kremlin’s puppet.”

    The move signals the Trump administration is taking a hard-line approach in its recently launched effort to use economic pressure on Moscow to end the war in Ukraine.

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    Georgi Kantchev

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  • China Is Filling Up Its Oil Reserves Fast

    China has spent months building up its oil reserves. That might come in handy in the wake of the new sanctions the U.S. recently imposed on Russian crude.

    During the first nine months of the year, the world’s second-largest economy imported on average more than 11 million barrels of oil a day, an amount above the daily production of Saudi Arabia, according to official customs data. Analysts estimate 1 million to 1.2 million of those barrels were stashed in reserves each day.

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    Rebecca Feng

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  • As Putin Digs In, a Long—and Different—War With Ukraine Looms

    Russia’s refusal of a cease-fire and an aborted peace summit in Budapest have raised the grim prospect that the war in Ukraine will rage for years to come—even as the nature of the conflict transforms.

    President Vladimir Putin remains convinced that Russia will eventually wear down its smaller neighbor, causing a collapse of the Ukrainian economy and society. An elusive victory would allow him to make the case that the devastating war he unleashed nearly four years ago was worth it, after all.

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    Yaroslav Trofimov

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  • Russia’s Central Bank Cuts Key Rate as New Sanctions Loom

    Russia’s central bank on Friday lowered its key interest rate for a fourth straight meeting as an already slowing economy braces for the impact of fresh sanctions from the U.S. and the European Union in response to President Vladimir Putin’s continued war on Ukraine.

    The Bank of Russia cut its key rate to 16.5% from 17%, having begun to lower borrowing costs from a recent peak of 21% in June. The move was smaller than previous cuts.

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    Paul Hannon

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  • U.S. Imposes Substantial New Sanctions on Russian Oil Giants

    WASHINGTON—President Trump has announced substantial new sanctions on Russia’s two biggest oil companies as frustration in Washington grows over the war in Ukraine.

    The new sanctions, which would be the first direct U.S. measures on Russia during the second Trump administration, target Lukoil and Rosneft as well as nearly three dozen of their subsidiaries. Oil is one of Russia’s largest sources of revenue.

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    Robbie Gramer

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  • Opinion | Ukraine is Starving Russia of Oil

    Ukrainian President Volodymyr Zelensky has labeled his military’s strikes on Russia’s oil infrastructure “the most effective sanctions.” Meanwhile, reports indicate that alongside urging Europe and India to halt purchases of Russian oil, Washington plans to share additional intelligence with Ukraine on Russian refineries, pipelines and other energy infrastructure.

    Most discussions about these “sanctions” have focused on their financial implications for Russia. Vladimir Putin relies heavily on corruption and patronage, with oil and gas serving as key revenue streams. Disrupting the flow could force Mr. Putin to choose between sustaining the war and maintaining the payouts to oligarchs and citizens that secure his political backing—though such an economic squeeze would take some time.

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    Michael Bohnert

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  • The Black Market for Oil Blunts Trump’s India Tariffs

    Based on what’s happening in the black market for oil, the White House’s new import levy on India is backfiring.

    President Trump last week doubled India’s tariff rate to 50% to punish it for buying sanctioned Russian oil. Indian refineries have become major buyers of Moscow’s crude since the war in Ukraine began.

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    Carol Ryan

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  • Russian miner Mechel makes production cuts amid deepening losses

    Russian mining company Mechel has reportedly suspended some of its coal operations amid deepening financial losses.

    The company has temporarily halted operations at one mine as well as certain open-pit coal mine sections, while significantly reducing production of unprofitable coal grades, according to a report by Reuters.

    In its half-year report, Mechel stated: “Under the current circumstances, we have decided to suspend production of unprofitable product types, partially redirecting resources toward products that are more in demand in today’s realities.”

    The move comes as the country’s coal sector grapples with low prices, international sanctions and a strong rouble, which is undermining the competitiveness of its exports, highlighted the news agency.

    Mechel reported a 28% decline in coal output to 3.66 million tonnes (mt) in the first half of 2025 (H1 2025).

    Sales of coking coal concentrate dropped 15% to 1.7mt and thermal coal sales slumped 21% to 1.37mt.

    Its H1 loss widened to Rbs40.5bn ($501.17bn), compared to Rbs16.7bn in the previous year.

    The company’s financial position is also strained by a net debt burden of Rbs252.7bn, exacerbated by high interest rates.

    The Russian Government introduced measures in May to support the country’s coal sector, including deferring tax payments.

    Mechel secured a three-year deferral on payments of tax arrears, fees and insurance premiums totalling Rbs13.8bn.

    Despite these efforts, the industry continues to face significant headwinds.

    Mechel attributed the industry’s struggles to declining coking coal concentrate prices, rising operational costs, rouble appreciation and sanctions-related constraints.

    The company is in ongoing discussions with creditors to secure further deferrals on principal debt repayments.

    According to the Rosstat statistics service, the combined net losses of Russian coal companies surged to Rbs185.2bn in H1 2025, up from Rbs7.1bn in the same period last year.

    Industry officials have warned that around 30 enterprises with a collective annual output of approximately 30mt are at risk of bankruptcy.

    “Russian miner Mechel makes production cuts amid deepening losses” was originally created and published by Mining Technology, a GlobalData owned brand.

     


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  • Saudi Arabia, U.A.E. Scoop Up Russian Oil Products at Steep Discounts

    Saudi Arabia, U.A.E. Scoop Up Russian Oil Products at Steep Discounts

    Saudi Arabia, U.A.E. Scoop Up Russian Oil Products at Steep Discounts

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  • Oil Could Rise After Latest EU Sanctions on Russia. Why a Rally May Not Last.

    Oil Could Rise After Latest EU Sanctions on Russia. Why a Rally May Not Last.

    The European Union’s ban on seaborne imports of Russian oil, along with the Group of Seven’s plan to cap prices of oil from Russia early next month won’t guarantee that prices for the commodity will see a lasting rally, or that supplies will tighten further in the days ahead.

    “In isolation, the sanctions on Russia should be bullish for prices,” says Matt Smith, lead oil analyst, Americas, at Kpler. However, they may have a limited effect, as Russian barrels get “rerouted and not taken off the market,” while a price cap still has so much uncertainty surrounding it that its impact may be “muted due to workarounds or may simply be ineffective.”

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  • Russian oil imports holding up, IEA says as it increases oil-demand view

    Russian oil imports holding up, IEA says as it increases oil-demand view

    More than 1 million barrels a day of Russian oil exports are set to be upended by Western sanctions expected to come into force within weeks, shipments Moscow will struggle to redirect elsewhere which threatens to further tighten global energy markets, the International Energy Agency said Tuesday.

    Russian crude oil exports, including to the European Union, were largely unchanged last month, despite the prospect of an imminent EU ban on Russian crude oil imports and a separate plan to cap prices for Russian crude oil sales, the Paris-based agency said in a monthly report.

    Russian exports to the EU were 1.5 million barrels a day in October, of which 1.1 million barrels a day will be halted when the bloc’s ban comes into effect on December 5, the IEA said.

    It was unclear how much of those supplies Russia would be able to redirect to customers elsewhere in the world, the IEA said. India, China and Turkey have snapped up discounted Russian crude shipments, but buying from those nations has stabilized in recent months, the IEA said. Meanwhile, the volume would be too large for the remaining nations to absorb, the agency said.

    The warning comes as the IEA predicted additional demand this year and next would come from China as the nation slowly eases its Covid-19 lockdown measures–though global demand growth will be sluggish as economies are expected to struggle.

    The agency upped its 2022 global oil demand forecasts by 170,000 barrels a day to 99.8 million barrels a day. For 2023, the IEA raised its oil demand forecasts by 130,000 barrels a day to 101.4 million barrels a day.

    Russia’s declining oil output will drag on global supplies which will grow at an anemic rate next year, failing to keep pace with growing oil demand. The IEA said global oil supplies would rise to 100.7 million barrels a day in 2023, 100,000 barrels a day more than it was forecasting last month, but still 700,000 barrels a day short of the world’s expected appetite for oil
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    Write to Will Horner at william.horner@wsj.com

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  • North Korea fires another missile, flies warplanes near border

    North Korea fires another missile, flies warplanes near border

    North Korea early Friday local time launched a short-range ballistic missile toward its eastern waters and flew warplanes near the border with South Korea, further raising animosities triggered by the North’s recent barrage of weapons tests.

    South Korea’s military also said it detected North Korea firing about 170 rounds of artillery from eastern and western coastal areas near the border region and that the shells fell inside maritime buffer zones the Koreas established under a 2018 military agreement on reducing tensions.

    The North Korean moves suggest it would keep up a provocative run of weapons tests designed to bolster its nuclear capability for now. Some experts say North Korea would eventually want the United States and others to accept it as a nuclear state, lifting economic sanctions and making other concessions.

    South Korea’s Joint Chiefs of Staff said in a statement the missile lifted off from the North’s capital region at 1:49 a.m. Friday (1649 GMT Thursday; 12:49 p.m. EDT Thursday). It said the North’s artillery firings were a clear violation of the 2018 agreement, which created buffer zones along land and sea boundaries and no-fly zones above the border to prevent clashes and that the military has boosted its surveillance and defense posture in close coordination with the United States.

    Friday’s ballistic launch extended a record number of missile demonstrations by North Korea this year as it exploits the distraction created by Russia’s war on Ukraine to accelerate its arms development and increase pressure on Washington and its Asian allies.

    In response to North Korea’s intensifying testing activity and hostility, South Korea on Friday imposed unilateral sanctions on the North for the first time in five years, targeting 15 North Korean individuals and 16 organizations suspected of involvement in illicit activities to finance North Korea’s nuclear weapons and missile program

    Japanese Defense Minister Yasukazu Hamada said the missile flew on an “irregular” trajectory — a possible reference to describe the North’s highly maneuverable KN-23 weapon modeled on Russia’s Iskander missile.

    “Whatever the intentions are, North Korea’s repeated ballistic missile launches are absolutely impermissible and we cannot overlook its substantial advancement of missile technology,” Hamada said. “North Korea’s series of actions pose threats to Japan, as well as the region and the international community, and are absolutely intolerable.”

    The South Korean and Japanese militaries assessed that the missile traveled 650 to 700 kilometers (403-434 miles) at a maximum altitude of 50 kilometers (30 miles) before landing in waters between the Korean Peninsula and Japan.

    The U.S. Indo-Pacific Command said in a statement the North Korean launch didn’t pose an immediate threat to U.S. personnel or territory, or to its allies, adding that the U.S. commitments to the defense of South Korea and Japan remain “ironclad.”

    It was the latest in a series of missile launches by North Korea in recent weeks.

    North Korea said Monday that its missile tests in the past two weeks simulated nuclear attacks on key South Korean and U.S. targets. It said the tests included a new intermediate-range missile that flew over Japan and demonstrated a potential range to reach the U.S. Pacific territory of Guam, and a ballistic missile fired from an inland reservoir, a first for the country.

    North Korea said the weapons tests were meant to issue a warning to Seoul and Washington for staging “dangerous” joint naval exercises involving a U.S. aircraft carrier.

    Friday’s launch was the North’s second since its announcement on the simulation of nuclear strikes. Some observers had predicted North Korea would likely temporarily pause its testing activities in consideration of its major ally China, which is set to begin a major political conference Sunday to give President Xi Jinping a third five-year term as party leader.

    North Korea said leader Kim Jong Un supervised the test-launches Wednesday of long-range cruise missiles that he said successfully demonstrated his military’s expanding nuclear strike capabilities.

    After the tests, Kim praised the readiness of his nuclear forces, which he said were fully prepared for “actual war to bring enemies under their control at a blow” with various weapons systems that are “mobile, precise and powerful.” He also vowed to expand the operational realm of his nuclear armed forces, according to KCNA.

    The urgency of North Korea’s nuclear program has grown since it passed a new law last month authorizing the preemptive use of nuclear weapons over a broad range of situations.

    Most of the recent North Korean tests were mostly of short-range nuclear-capable missiles targeting South Korea. Some experts say North Korea’s possible upcoming nuclear test, the first of in five years, would be related to efforts to manufacture battlefield tactical warheads to be placed on such short-range missiles.

    These developments sparked security jitters in South Korea, with some politicians and scholars renewing their calls for the U.S. to redeploy its tactical nuclear weapons in South Korea as deterrence against intensifying North Korean nuclear threats.

    South Korea’s Joint Chiefs of Staff said in a separate statement that North Korea had flown warplanes, presumably 10 aircraft, near the rivals’ border late Thursday and early Friday, prompting South Korea to scramble fighter jets.

    The North Korean planes flew as close as 12 kilometers (7 miles) north of the inter-Korean border. South Korea responded by scrambling F-35 jets and other warplanes, according to the Joint Chiefs of Staff.

    There were no reports of clashes. A similar incident took place last week, but it was still uncommon for North Korea to fly its warplanes near the border. Also, in the previous flight last week, North Korean warplanes flew much farther away from the border.

    North Korea’s military early Friday accused South Korea of carrying out artillery fire for about 10 hours near the border. It didn’t say whether the artillery fire was an exercise or firing at North Korea. The North Korean military said it took unspecified “strong military countermeasures” in response.

    “The (North) Korean People’s Army sends a stern warning to the South Korean military inciting military tension in the front-line area with reckless action,” an unidentified spokesman for the General Staff of the Korean People’s Army said in a statement carried by KCNA.

    The public affairs office at the South Korean Defense Ministry said it had no immediate comment.

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