Free Republic

Kremlin-owned gas giant Gazprom said on Thursday it plunged to a net loss of 629 billion rubles ($6.9 billion) in 2023, its first annual loss in more than 20 years, amid dwindling gas trade with Europe, once its main sales market. The results highlight the dramatic decline of Gazprom, which since the collapse of the Soviet Union has been one of Russia’s most powerful companies, often used as a leverage to solve disputes with its neighbors, such as Ukraine and Moldova. Analysts had expected net income of 447 billion rubles, according to Interfax news agency. According to Reuters analysis, it...

Russia has reduced gasoline exports to non-CIS countries to compensate for unplanned repairs at refineries, the Ministry of Energy said on Wednesday, as the country grappled with the impact of fires and drone attacks on its energy infrastructure. It said gasoline and diesel exports have been reduced in January by 37% and 23% respectively from the same month in 2023. Russia and Ukraine have targeted each other's energy infrastructure in strikes designed to disrupt supply lines and logistics and to demoralise their opponent as they seek the edge in a nearly two-year-old conflict that shows no sign of ending.

Belarus expects to receive $640 million from Russia in 2024 to compensate for losses sustained by its oil refineries, Russian state news agency RIA reported on Monday, citing the Belarusian Finance Ministry. Belarus used to import discounted oil from Moscow for years and resold some of it, as well as oil products refined from the Russian crude, on to Europe. Russia stopped the practice in 2019 amid changes to its tax policy, resulting in costs of $330 million to Belarus that year, according to Minsk's estimates. The row between the two states even led to major Russian oil companies suspending...

HELSINKI (AP) — Damage to an undersea gas pipeline and telecommunications cable connecting Finland and Estonia appears to have been caused by “external activity," Finnish officials said Tuesday, adding that authorities were investigating.

President Vladimir Putin has sought proposals from his armed forces commanders on how they think Russia's military campaign in Ukraine should proceed, during a visit to the operation's headquarters, the Kremlin said on Saturday. A series of defeats in 10 months of fighting, resulting in Russian withdrawals from areas around the capital Kyiv and Ukraine's second city Kharkiv and most recently from the city of Kherson, have forced Putin to call up reservists and generated rare public criticism from military bloggers and some allies. -snip- In video footage released by the Kremlin on Saturday, Putin presided at a meeting of...

MOSCOW (Reuters) - Russians opened the door to Vladimir Putin staying in power until 2036 by voting overwhelmingly for constitutional changes that will allow him to run again for president twice, but critics said the outcome was falsified on an industrial scale. Official results published on Thursday, after 100% of ballots had been counted, showed that the former KGB officer who has ruled Russia for more than two decades as president or prime minister had easily won the right to run for two more six-year terms after the current one ends in 2024. That means Putin, 67, could rule until...

It used to be said of OPEC that it was like a teabag - it only worked in hot water. If that is so, conditions on world oil markets could hardly be more difficult as prices languish at almost seven-year lows near $40 a barrel. Yet, rather than closing ranks, OPEC is finding that an intensifying battle for market share, worsened by deep regional differences between Saudi Arabia and Iran, is driving it further apart. Halfway through last Friday's six-hour meeting, an unexpected dispute erupted over the defining feature of the cartel. In a move sources say was masterminded by...