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oil and energy

Gazprom to exempt Ukraine rebel-held areas

Moscow - Kremlin-controlled Gazprom said on Thursday it would exempt gas supplies to rebel-held regions from its main contract with Ukrainian Naftogaz, days before Kiev uses up gas volumes it has already paid for. The dispute flared up last week .

finance and politics

Ukraine currency in limbo after trade’s ban

Kiev - The value of Ukraine’s free-falling hryvnia was in limbo on Wednesday after the central bank banned nearly all commercial currency trading until the end of the week, a decision denounced by the prime minister as bad for the economy


China to repay $14 million debt to Crimea

Sevastopol - China will pay Crimea the balance $14 million for the purchaseof Zubr-class air-cushioned landing craft from Crimea’s Feodosia Shipbuilding Company and Fiolent plant instead of Ukraine. In 2009, China had signed a contract worth $315 million for purchase of landing craft from Ukraine

finance and politics

Russia forecasts economic slump

Moscow - Slumping oil prices have put Russia’s economy on course for a sharp recession next year, its finance minister said on Friday, as authorities scaled up their bailout for the first bank to succumb to the recent rouble crisis

road rail air transport

Metrorex auction for 51 new trains

Bucharest - Bucharest metro operator Metrorex has postponed until March, the results of the bid for 51 new trains for the fifth metro line, Drumul Taberei-Pantelimon. Metrorex received offers from Alstom (France), CAF (Spain), CSR (China), Pesa (Poland) and Astra Vagoane (Romania)


Oil Spill Threatens Black Sea Coastline

Novorossysk - A leak on Tikhoretsk-Tuapse-2 pipeline caused an oil spill in the Black Sea, close to Russia’s port of Tuapse, covering some 70,000 square meters, according to preliminary estimates. According to Rescue & Environmental Operations Centre OJSC (ECOSPAS), the photos show that the spill is quite large

finance and politics

Russia says rouble crisis over as reserves dive

Moscow - Russia said on Thursday its currency crisis was over even though its forex reserves have plunged and annual inflation has climbed above 10 percent, adding to the problems facing the government as it fights its worst economic crisis since 1998

finance and politics

Russia scales up Trust Bank bailout

Moscow - Russian authorities significantly scaled up rescue funds for mid-sized lender Trust Bank on Friday, saying they would provide up to $2.4 billion in loans to bail out the first commercial banking victim of the country’s currency crisis

oil and energy

Ukraine says Russia has resumed gas flow

Kiev - Russia resumed gas flows to Ukraine on Tuesday after halting them six months ago in a dispute over prices and unpaid debts, Ukraine’s gas transport monopoly said. “Ukraine has started receiving Russian gas. The volume of imports is around 43.5 million cubic meters per day,” Ukrtransgaz said


Action against FoC ships kicks off in Black Sea

Odessa - On December 1, 2014 the Action Week against ‘flag of convenience’ ships was launched in the ports based in the Black Sea region, the Seafarers’ Union of Russia (SUR) press release said.This year,it is the second action week in a row carried out by the unions of the Black Sea and the third one since its launch

oil and energy

South Stream falls victim to Ukraine crisis

London - Russia’s $40 billion South Stream gas pipeline project has fallen victimto plunging energy prices, stalling European demand and the political standoff between the European Union and Moscow over the crisis in Ukraine

shipyard and offshore

France postpones decision on Mistral carriers

Paris - France suspended indefinitely on Tuesday delivery of the firstof two Mistral helicopter carrier warships to Russia, citing conflict in eastern Ukraine where the West accuses Moscow of fomenting separatism. Russia’s Deputy Defence Minister Yuri Borisov told would not for now pursue claims against France

oil and energy

Russia, Iran sign nuclear construction deal

Moscow - Russia will build two new nuclear power plant units in Iran under an agreementsigned in Moscow on Tuesday between subsidiaries of the two countries’ state atomic agencies. The agreement precedes a Nov. 24 deadline for a deal at talks between Iran and world powers