NEWSWATCH: “General Frost to the Rescue: cold helps Russia comply with OPEC deal” – Reuters

Map of Russia and Russian Flag adapted from images at state.gov

“… Russia … in the past … accused of dragging its feet in implementing oil production and exports deals, reduced production by 100,000 barrels a day in the first few days of January … a third of the way towards the total cut Russia promised to deliver by mid-2017. … [at least partly] the result [of]  …unusually cold temperatures in […]

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Rosneft Privatization Deal Closed As Italian Financing Comes Through

File Photo of Rosneft and Russian Flags Next to Rosneft Banner

(Moscow Times – themoscowtimes.com – January 4, 2017) The tumultuous privatization saga of Russia’s largest oil company appears to be drawing to a close. Swiss-British commodities trading firm Glencore and the Qatari Sovereign Wealth Fund have closed a deal to purchase 19.5 percent of state-controlled Rosneft, according to a statement on Glencore’s website. The news was followed by an announcement […]

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Russia Sets Oil Production Record in 2016

Oil Well file photo

(Moscow Times – themoscowtimes.com – January 2, 2017) Russia set a record for annual oil extraction in 2016 amid some of the lowest oil prices in recent history. In 2016, Russia extracted 527,499 million tons of oil and gas condensate, a 2.5 percent increase from 2015. The figure represents a previously unseen high, according to data from Russia’s Fuel and […]

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Could Tillerson Open Up The Russian Arctic For Exxon Again?

Arctic Map

(Oilprice.com – Nick Cunningham – December 16, 2016) If the ExxonMobil CEO is confirmed as the new U.S. Secretary of State, the evolving relationship between Russia and the United States will take an interesting turn. Rex Tillerson could be in a position to hand his former company a major victory if he helps orchestrate a removal of U.S. sanctions on […]

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NEWSWATCH: “In Moscow, Trump’s tapping of Tillerson lifts hope of U.S. rapprochement; Russian experts know ExxonMobil CEO and Secretary of State nominee Rex Tillerson well, and see Trump’s selection of him as a signal that genuine detente is a possibility.” – Christian Science Monitor/Fred Weir

Rex Tillerson file photo, adapted from image at readyagain.gov

“It’s a rarity for Moscow to be enthusiastic over a US president’s choice for secretary of State. It certainly wasn’t the case for either of the past two secretaries, Hillary Clinton and John Kerry. … Trump’s decision … to nominate ExxonMobil CEO Rex Tillerson is proving to be a pleasant surprise to Russia. … the nomination … seems evidence to […]

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Tillerson Rise Aided by Savvy Negotiating in Putin’s Russia

Rex Tillerson file photo, adapted from image at readyagain.gov

(Bloomberg – bloomberg.com – Joe Carroll – December 12, 2016) For Rex Tillerson, Russia was the proving ground that helped vault him to leadership of a company whose annual sales dwarf the economic output of most nations. Tillerson, Exxon Mobil Corp.’s chairman and chief executive officer since 2006, has emerged as President-elect Donald Trump’s favorite for secretary of state despite, […]

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Russian Energy Minister Says Oil Cuts to Start in January

Oil Well file photo

(Bloomberg – bloomberg.com – Elena Mazneva, Annmarie Hordern – December 11, 2016) Russia’s oil producers have started preparations to meet the nation’s pledge to curb output as part of the “historic” pact between OPEC and 11 producers outside the group, Energy Minister Alexander Novak said. “The first stage of the cut we will see as soon as early January,” Novak […]

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Putin Caps a Turnaround Year as Rosneft Deal Beats Sanctions

File Photo of Rosneft and Russian Flags Next to Rosneft Banner

(Bloomberg – bloomberg.com – Jake Rudnitsky, Ilya Arkhipov – December 8, 2016) As the U.S. and #Europe try to isolate #Russia with #sanctions, Vladimir #Putin just managed to oversee one of the biggest investments in the global #energy industry this year. The surprise $11 billion sale of shares in oil giant #Rosneft PJSC to Qatar’s sovereign wealth fund and Glencore […]

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TRANSCRIPT: Vladimir Putin made a working trip to Chelyabinsk Region

File Photo of Russian MI-26 Helicopter in Afghanistan with MI-17 Helicopter In Background

(Kremlin.ru – December 5, 2016) The President toured the Makeyev State Rocket Centre in Miass, where he held a meeting on the centre’s activity. Vladimir Putin took part in the launch of a new production line at the Eterno Plant in Chelyabinsk, which produces advanced components for pipe systems using nanotechnology. The Eterno Plant is a joint project of the […]

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How Russia Outsmarted OPEC

Oil Well file photo

(Oilprice.com – Irina Slav – December 5, 2016) #OPEC’s historical deal to cut production has been sealed, and #oil prices have jumped as a result, comfortably above the $50 per barrel mark. According to #Lukoil’s vice president, Leonid Fedun, the average price of crude in 2017 could reach US$60 a barrel, thanks in no small part to that agreement. According […]

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NEWSWATCH: “Ahead of promised cut, Russia’s oil output hits record high” – Reuters

Oil Well file photo

Russia plans to use its November oil production … its highest in almost 30 years, as its baseline when it cuts output under [a] deal with OPEC …. Russia … promised to gradually cut output by up to 300,000 … bpd … aimed at supporting oil prices. Its daily oil production rose to an average of 11.21 million bpd in […]

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NEWSWATCH: “Last chance? Putin vows – again – to bring economic reform to Russia. In his state of the union speech Thursday, Putin said he would wean Russia from its oil dependency, revive its flagging economic dynamism, and restore its global reputation. But his window may be closing.” – Christian Science Monitor/Fred Weir

Vladimir Putin file photo with VOA logo; screen shot from video still

… pledging … deep domestic reforms to wean Russia from its oil dependency, revive its flagging economic dynamism, and restore the country’s global reputation … Putin may be putting [his] powers to the test. … analysts say this may be the last chance to start delivering. … Putin … clearly realizes that … approval ratings depend heavily on … public […]

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IMF: Russian Economy Will Contract 0.6 Percent in 2016, Recover In 2017

Diverse Paper Currency, Coins, Line Graph

(RFE/RL – rferl.org – November 30, 2016) The International Monetary Fund said the Russian economy should continue to contract this year, with gross domestic product dropping 0.6 percent, but says it will begin recovering in 2017. The projections from the Washington-based IMF, issued November 29 after a team visited Moscow earlier this month, were roughly in line with other Russian […]

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Russia’s Central Bank Wants You to Believe; Governor Elvira Nabiullina has introduced her own version of forward guidance. The results are mixed.

Elvira Nabiullina file photo

(Bloomberg – bloomberg.com – Anna Andrianova – November 29, 2016) [Charts here bloomberg.com/news/articles/2016-11-29/russia-s-central-bank-wants-you-to-believe] When central bankers start making predictions about what they’re going to do in the future, reality often has other plans. Just ask Bank of England Governor Mark Carney, or Federal Reserve Chair Janet Yellen. Recent attempts at so-called “forward guidance” — telling the public how interest rates […]

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Russia Is Finally Making Headway In Its Pivot East

Asia Map

(Oilprice.com – Colin Chilcoat – November 22, 2016) Russia’s long planned pivot east found itself unexpectedly wrong-footed in early 2014, following the Crimean referendum and subsequent western rebuke. The global collapse of oil prices – and that of the ruble – later that same year further eroded Russia’s leverage in Asia. Fast forward to the present and we’ve seen substantially […]

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Putin Optimistic About OPEC Deal, Russia Is Ready to Freeze

Oil Well file photo

(Bloomberg – bloomberg.com – Ilya Arkhipov – November 21, 2016) Russian President Vladimir Putin said he sees no obstacles to an OPEC agreement this month after oil exporters made major progress in overcoming differences as he reaffirmed Russia is willing to freeze crude output at current levels. “Whether an agreement will be reached, I can’t say 100 percent, but there’s […]

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NEWSWATCH: “Russian bribery probe widens amid reports of Kremlin power struggle” – Washington Post/David Filipov

File Photo of Kremlin Tower, St. Basil's, Red Square at Night

“… Russia’s state-run news agency reported … more officials could be targeted in the corruption probe that has already led to the arrest of the … economic development minister. Other news reports … name[d] names, all of them of officials close to … Medvedev, leader of the so-called liberals, who tend to favor a smaller state role in society and […]

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NEWSWATCH: “The Fate of Russia’s Liberals” – Stratfor

Alexei Ulyukayev file photo

Russia’s economic and political problems are piling up, and they may be putting members of the country’s more liberal circles at risk. In the most high-profile arrest to be made in post-Soviet Russia – and arguably, since the 1950s – Economic Minister Alexei Ulyukayev was detained … on charges of bribery and extortion. … Russian authorities [said] Ulyukayev received $2 […]

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The Loyalty of Fear; Putin sends a message to the elite with the arrest of Russia’s economic development minister

File Photo of Rosneft and Russian Flags Next to Rosneft Banner

(Moscow Times – themoscowtimes.com – Eva Hartog, Mikhail Fishman – November 16, 2016) It was an awkward, dramatic national moment for Russia: a bonafide minister of the federal government standing in court as the defendant, facing corruption charges and promising his cooperation to prosecutors, pleading to be released on bail. The hearing ended slightly anticlimactically, with a decision to place […]

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NEWSWATCH: “World Bank Improves Russia Economic Outlook, Sees 1.5 Percent GDP Growth in 2017” – Reuters

World Bank Building

… the World Bank said …. Russian gross domestic product will contract by 0.6 percent … oil prices are projected to recover to an average of $55 per barrel in 2017 [and] the Russian economy is expected to bottom out in the second half of this year. The World Bank sees it growing by 1.5 percent in 2017 and 1.7 […]

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NEWSWATCH: “Russia’s oil output in October hits new post-Soviet era high” – Reuters

Oil Well file photo

Russia’s oil output set a new post-Soviet era record high in October, rising 0.1 percent from September to 11.2 million barrels per day (bpd), energy ministry data showed …. underscor[ing] the difficulty the government could have in freezing output levels as part of a global pact with other top producers [to impact prices] …. Oil and gas sales account for […]

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NEWSLINK Reuters: “Factbox: How Russia is ramping up its oil output in 2016-2017”

Oil Well file photo

… Putin, who has pledged to join a global pact to cap oil output, gave the green light on Monday to start production at a new Caspian Sea field owned by country’s No.2 oil producer Lukoil, the second launch in a week. Russian oil production is expected to reach 547 million tonnes this year (10.95 million barrels per day), rising […]

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Russian oil reserves reach 29.4 billion tonnes since Jan 2015, gas reserves – 70.3 trillion cu m

Gas Flame file photo

MOSCOW. Nov 1 (Interfax) – Russian ABC1+C2 oil reserves increased 0.7% to 29.4 billion tonnes in the period from January 1, 2015 through September 1, 2016, the Natural Resources and Environment Ministry said in materials. Reserves in the unallocated fund totaled 1.8 billion tonnes, while allocated reserves totaled 27.6 billion tonnes. ABC1+C2 gas reserves reached 70.3 trillion cubic meters as […]

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NEWSWATCH: “Russia’s renewed might rests on weak economic foundations. Putin bravado does not extend to modernisation of the economy” – Financial Times/Neil Buckley

Diverse Paper Currency, Coins, Line Graph

… the gap between the image … Putin portrayed … and the reality was exposed by a sobering assessment of Russia’s economy by another senior official … further emphasised by a draft budget … envisaging a 27 per cent cut in defence spending …. the official … made it clear how Russia’s ambitions clash with its capabilities. … western sanctions […]

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NEWSWATCH: “Russian oil production reached post-Soviet high. Moody’s says profitability of Russian energy companies will be robust” – UPI

Oil Well file photo

A ratings agency assessing the profitability of Russian energy companies said oil production for September reached a post-Soviet high. … Sanctions and lower crude oil prices put pressure on the Russian economy. Moody’s said … most Russian energy companies were shielded by a look toward the domestic market and state-controlled banks. … Meeting with … Putin this week, … Medvedev […]

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Russia’s Oil Industry Is Making The Most Of A Weak Ruble; Record Oil Production and Capital Spending Supported by Favorable FX Rate

Oil Well file photo

(Oilprice.com – October 21, 2016) While Russian federal revenue from oil and natural gas production has declined significantly in response to low oil prices, oil and natural gas companies have actually increased investments or only seen modest declines, according to the EIA. In ruble terms, the Brent price has actually increased by 40 percent from 2010 levels, while decreasing in […]

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Russia Shifts Focus From Oil To Agriculture

Oil Well file photo

(Oilprice.com – Michael McDonald – October 13, 2016) Michael MaDonald is an assistant professor of finance and a frequent consultant to companies regarding capital structure decisions and investments. Russia’s biggest industry has been oil production historically, but the country appears to be trying to diversify that by putting more emphasis on agriculture. The former soviet state has been relying on […]

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Exxon Has Lost Over $1 Billion From Russian Sanctions

Oil Well file photo

(Oilprice.com – Irina Slav – October 14, 2016) Exxon has turned into a collateral victim of the U.S. economic sanctions against Russia. So while supermajor BP’s chief executive Bob Dudley said earlier this week that he was “a little saddened” with the way the Deepwater Horizon movie has painted his company, Exxon’s Rex Tillerson has perhaps an even greater reason […]

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Wikileak: Clinton Told Oil Majors Environmentalism Is Russian Hoax

Hillary Rodham Clinton and Sergei Lavrov, Seated With Flags

(Oilprice.com – Erwin Cifuentes – October 10, 2016) In 2014, United States presidential candidate Hillary Clinton purportedly accused the Russians of running fake anti-fracking and environmentalist groups who were trying to upend major projects such as the Keystone XL pipeline. According to Sputnik International, #Wikileaks reportedly uncovered a paid-for speech made in 2014 by the former Secretary of State in […]

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TRANSCRIPT: [Putin at] World Energy Congress in Istanbul

Offshore Oil Rig file photo

(Kremlin.ru – October 10, 2016) Vladimir Putin took part in a special session of the World Energy Congress. President of Russia Vladimir Putin: President Erdogan, presidents and colleagues, Mr Prime Minister, ladies and gentlemen, It is a great pleasure to have the opportunity to address such an authoritative international forum. I believe that in the current complicated global economic situation, […]

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RUSSIALINK Russia Today/RT: “Rosneft boss says no to output freeze or cut”

File Photo of Rosneft and Russian Flags Next to Rosneft Banner

“The man in charge of Russia’s largest oil company Rosneft is skeptical about a global crude production freeze or cut, despite President Putin’s pledge to cooperate with OPEC.”

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NEWSWATCH: “Oil hits one-year high as Russia ready to join output caps” – Reuters

Oil Well file photo

Oil prices jumped as much as 3 percent on Monday, with Brent hitting a one-year high, after Russia said it was ready to join OPEC in curbing crude output and Algeria called for similar commitments from other non-OPEC producers. … “Russia is ready to join the joint measures to cap production and is calling for other oil exporters to join,” […]

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Russian economy’s mono-product era could end in 2028-2030 – Gref

File Photo of German Gref Shaking Hands with U.S. Official

MOSCOW. Oct 4 (Interfax) – The Russian economy might leave its mono-product era behind in 2028-2030, Herman Gref, the head of Sberbank (MOEX: SBER), said. “When might this mono-product era potentially end? In 2028-2030. The general feeling is and all the trends we have today indicate that there won’t be a repeat of the commodities super-cycle. We need to be […]

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Former Prime Minister to Become Putin’s Right-Hand Man

Aerial View of Kremlin and Environs

(Moscow Times – themoscowtimes.com – Mikhail Fishman – September 29, 2016) Boris Yeltsin reportedly first spotted Sergei Kiriyenko, then a young businessman from Nizhny Novgorod, during a boat trip on the Volga River in July 1994. Nearly four years later, Yeltsin would shock the political establishment by appointing him prime minister. Plucked from relative obscurity at the age of just […]

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Russia Smashes Post-Soviet Oil Supply Record as OPEC Weighs Curb

Oil Well file photo

(Bloomberg – bloomberg.com – Stephen Bierman, Julian Lee, and Dina Khrennikova – September 28, 2016) Russia, the world’s largest energy exporter, is on course to pump a post-Soviet record amount of oil in September, adding as much as 400,000 barrels a day to the country’s production. The output surge comes as OPEC nations meet in Algeria, with discussions to curb […]

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Russia Says Oil Output Freeze Not Needed With Price Near $50

Oil Wells File Photo

(Bloomberg – bloomberg.com – Elena Mazneva, Stephen Bierman – September 1, 2016) Russia sees no need for talks with other major oil exporters on freezing output with prices at around $50 a barrel, according to the Energy Ministry in Moscow. If prices fall, then Russia will consider resuming discussions, the ministry’s press service cited Energy Minister Alexander Novak as saying. […]

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Russia’s Ruble Shakes Off August Blues With First Gain in Decade

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Vladimir Kuznetsov – August 31, 2016) The Russian ruble headed for its first gain in August in a decade as a jump in oil prices and high domestic rates helped lure investors hunting returns in riskier emerging-market assets. The currency of the world’s biggest energy exporter traded little changed at 65.24 against the dollar by 3:02 […]

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Russia’s Ministry of Economic Development Pins Hopes on Rising Oil Prices

Oil Well file photo

(Moscow Times – themoscowtimes.com – August 30, 2016) Russia’s Ministry of Economic Development has announced a new “baseline plus” plan for the Russian economy, despite concerns that the country’s original economic strategy remains unbalanced, the Vedomosti business daily reported Tuesday. While the country’s current baseline plan is formed on the price of oil remaining stable at $40 per barrel for […]

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Why Arctic Oil Is Crucial For Russia’s Future

Arctic Satellite Image and Map

(Oilprice.com – Irina Slav – August 23, 2016) The Arctic – a cold wasteland that has shattered the expansion dreams of many an oil company by proving to be too difficult and too expensive to tackle. And, of course, Arctic exploration is the target of major environmentalist opposition to any intervention in this wasteland that is in fact home to […]

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Goldman Sees Russian Oil Output Topping Soviet Record by 2018

Oil Well file photo

(Bloomberg – bloomberg.com – Stephen Bierman – July 20, 2016) Russia’s oil output will exceed the former Soviet record set almost 30 years ago by the end of 2018 as low-cost fields allow producers to defy the slump in prices, according to Goldman Sachs Group Inc. Production will climb by 590,000 barrels a day over the next three years to […]

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Putin Debt Binge Indulged While Russia Looks Good Next to Europe

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Vladimir Kuznetsov, Natasha Doff – July 20, 2016) No one’s complaining about record debt in Russia next year as an influx of foreign investors helps the government borrow its way out of recession. The Finance Ministry plans to quadruple domestic debt issuance to $20 billion in 2017 to fund a growing budget shortfall and avoid depleting […]

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Oil Must Go to $40 and Stay There to Buy Russia Some Reforms

Oil Wells File Photo

(Bloomberg – bloomberg.com – Anna Andrianova, Andre Tartar – July 18, 2016) [Charts here bloomberg.com/news/articles/2016-07-17/oil-must-go-to-40-and-stay-there-to-buy-russia-reforms-at-last] At an oil price of $40 or below, Russian President Vladimir Putin introduced a flat income tax, built a sovereign wealth fund and delivered speeches to the Bundestag in German. When it was over $100, he fought two wars with neighbors and splashed over $40 […]

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Putin Isn’t About to Let Go of the Crown Jewels After Alrosa

Empty Boardroom

(Bloomberg – bloomberg.com – Anna Andrianova, Andrey Biryukov – July 12, 2016) Hatched in harsh economic times, Russia’s latest wave of privatization is off to a mixed start, and a sequel is by no means guaranteed. The sale of a 10.9 percent stake in Alrosa PJSC was the biggest divestment of a state asset since the government reduced its stake […]

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Russia’s Savior From Oil’s Drop Is Now Snuffing Out Recovery

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Andrey Biryukov – July 6, 2016) Russia is finding the flip side of a flexible currency less and less appealing. A free-floating ruble, its antidote to the crash in oil prices, is now working against an economy mired in the second year of recession. As crude soared by more than a third in March and April, […]

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Russian Oil Exports Set for Record as Europe Competition Grows

Oil Well file photo

(Bloomberg – bloomberg.com – Stephen Bierman and Dina Khrennikova – July 3, 2016) Russian crude exports are on track to set a record this year, which is intensifying competition in Europe as Iran boosts shipments to the region. Exports rose 4.9 percent to 5.55 million barrels a day in the first half of the year from the same period in […]

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Russia Seeks to Reassure Over Brexit Volatility

File Photo of British Parliament Building, Big Ben, Thames, adapted from image at loc.gov

(Voice of America – voanews.com – Daniel Schearf – June 29, 2016) As Britain and Europe struggle to come to terms with the British vote in favor of leaving the European Union, financial markets are roiling across the globe, including in Russia. Even before the vote for a British EU exit, the head of Russia’s largest bank, Sberbank, warned that […]

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Sechin predicts oil price to reach $50-55 per barrel by end of 2016, $65 per barrel by end of 2017

Igor Sechin file photo

MOSCOW. June 22 (Interfax) – Oil prices will reach the levels of $50-55 per barrel by the end of 2016 and $65 per barrel by the end of 2017, Rosneft (MOEX: ROSN) CEO Igor Sechin said during an interview with Rossiya-24 television. “The current volatility will continue. We think that by the end of the year we will stably reach […]

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