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Russia's oil sector experienced contrasting pressures. Western sanctions and price caps significantly reduced state oil and gas revenue, which reportedly halved in January year-on-year, alongside reports of seized shipments and a large exposed smuggling operation. Concurrently, new projects were announced, including a major oil discovery in Yamal described as the largest in 30 years and another Arctic find. Russia is offering increased discounts on oil to India after losing its status as that country's top supplier. In the gas sector, Gazprom reported setting a new daily record for domestic gas supplies for a fourth consecutive day, while stating low European gas prices make it unprofitable to pump extra gas into storage there. Official data showed Russia's gas exports to Europe via the TurkStream pipeline increased in January.
Russian attacks on Ukraine's energy infrastructure resumed after a reported pause, with Ukrainian President Volodymyr Zelensky stating Russia launched a major strike causing widespread outages. In related energy infrastructure conflict, a key section of the Druzhba oil pipeline to Hungary and Slovakia was damaged by Ukrainian drone strikes, halting flows. Hungary's Prime Minister Viktor Orbán and Slovakia's Prime Minister Robert Fico threatened to block EU aid to Ukraine and cut energy exports unless repairs are made. Separately, Trump announced signing an order to lower US tariffs on Indian goods, claiming India's Prime Minister Modi agreed to stop importing Russian oil; India responded that its energy strategy is based on national interest without directly confirming an agreement. The European Union proposed a new sanctions package targeting Russian oil and gas revenues, which Hungary strongly criticized and is challenging existing bans in court.
3 topics | 49 sources
Russia's oil industry is dealing with conflicting developments. On one hand, Western sanctions and price caps have significantly reduced the country's oil and gas revenue, which reportedly halved in January compared to a year ago. Reports also indicate some Russian oil shipments are being seized and that a large smuggling operation was exposed. At the same time, Russian companies and officials are announcing new projects and deals. Gazprom Neft announced a major new oil discovery in the Yamal region, described as the largest in 30 years, and another large Arctic discovery was reported. Russia is also offering increased discounts on oil to India, a major buyer, after losing its status as India's top supplier. A fire was reported at a Russian oil refinery following an attack.
Russia's state-owned gas company Gazprom reported setting a new daily record for gas supplies within Russia for the fourth consecutive day. At the same time, the company said current low gas prices in Europe make it unprofitable to pump extra gas into storage there for the summer. Separately, Russia's foreign ministry stated the country has successfully redirected its gas exports to new markets. Official data also showed Russia's gas exports to Europe via the TurkStream pipeline increased by 10.3% in January.
19 topics | 511 sources
Feb 23 — Feb 22
Russia launches massive attacks on Ukraine's energy system, causing widespread blackoutsRussia carried out a large-scale attack on Ukraine's energy infrastructure, damaging power plants and heating facilities. Ukrainian President Volodymyr Zelenskyy said all of Ukraine's power plants were damaged, and officials in Kyiv warned residents could have only 4 to 6 hours of electricity daily in February. Zelenskyy accused Russia of exploiting a pause in attacks on energy targets and said the strikes would force Ukraine to adjust its approach to peace negotiations. The attacks left thousands of people without power during freezing temperatures, with reports of deaths from hypothermia. Zelenskyy stated Russia was largely observing an 'energy ceasefire' ahead of planned talks, but later said Russia was 'not ready' for such a truce. Dutch Prime Minister Mark Rutte visited a damaged energy site in Kyiv as repair crews worked to restore power.
Feb 28 — Feb 27
Hungary and Slovakia threaten to cut aid to Ukraine over halted Russian oil pipelineHungary and Slovakia are threatening to withhold European Union aid and cut electricity supplies to Ukraine. The dispute centers on the Druzhba oil pipeline, which normally carries Russian oil through Ukraine to these countries. Ukraine has halted the flow, citing damage from military strikes. Hungarian Prime Minister Viktor Orbán has threatened to veto a 90-billion-euro EU loan package for Ukraine. Slovak Prime Minister Robert Fico has warned he will stop emergency electricity supplies to Ukraine. Both leaders accuse Ukraine of deliberately blocking the pipeline and demand it be reopened. Ukraine's President Volodymyr Zelenskyy has invited Fico for talks. The EU has called for an emergency meeting and a joint investigation into the pipeline's status. Slovakia says Ukraine has further delayed giving a date for when oil deliveries will resume.
Feb 7 — Feb 13
Russia rejects US proposal and offers to export power from Zaporizhzhia nuclear plant