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Amid the ongoing Russian invasion of Ukraine, the International Monetary Fund said that the Russian default is no longer 'improbable'.

IMF: Russian default no longer 'improbable', sanctions would also have spillover effects

As history has shown us, markets do rebound after a war. But the world hasn't learned from history how to forecast the conclusion of a conflict or its consequences.

The invasion of Ukraine by Russia has caused global markets to tumble.

Despite accounting for less than 2% of global trade, Russia and Ukraine dominate many commodities: the region supplies 37% of global palladium, 17% of natural gas, 13% of wheat, 12% of oil, and 9% of nickel. 
 
<a href="https://www.wionews.com/world/watch-war-in-ukraine-is-a-crime-russian-pilot-tells-passengers-461786">Watch | War in Ukraine ‘is a crime’: Russian pilot tells passengers&nbsp;</a>

As the European Union and the US impose punishing sanctions on Russian business and commerce, its desperate oil corporations are promising India substantial discounts in exchange for the government speedily approving a payment system to circumvent the SWIFT embargo.

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According to people acquainted with the situation, Russian oil producers are offering a 25-27% discount on dated Brent crude prices.

Rosneft, a state-owned oil company, is already one of India's largest crude suppliers.

Significantly, Rosneft and Indian Oil Corporation signed a contract for the supply of up to 2 million tonnes of oil to India through the port of Novorossiysk by the end of 2022 during Russian President Vladimir Putin's visit to India in December last year. So that was just two months before Putin's forces invaded Ukraine.

India has been attempting to diversify its oil import sources away from the Middle East by turning to Russia and the US.&nbsp;

India is debating whether or not to accept Russia's offer of discounted crude oil, but there are many variables to consider.

While cheap oil is a boon to India's economy at a time when global crude prices are at their highest since 2008, Western sanctions against Russia are likely to make it difficult to accept Moscow's offer.&nbsp;

On Wednesday, Finance Minister Nirmala Sitharaman said "a whole lot of factors" will decide on the import of Russian oil to India. The finance minister said Russia reached out to India to offer surplus oil at a discounted rate over the last two to three days.

"There was an open offer over the last two-three days that Russia was giving it (crude oil) at some sort of discounted price, but we don’t know how it can be of effect because a whole lot of factors will have to be weighed in, we will have to get it from some port to ship it to India, and whether it is workable," Sitharaman said.

Russia is currently the world's second-largest crude oil producer, trailing only the US and Saudi Arabia, but this ranking can change at any time.

And if it starts giving India cheaper petroleum, it will undoubtedly benefit the Indian economy.

Discounted oil will clearly be a blessing for India's economy at a time when global crude prices have risen to their highest levels since 2008.

The problem, though, is that the West's strong sanctions against Russia are likely to make it impossible for India to accept Moscow's proposition. 
 
(With inputs from agencies)

As history has shown us, markets do rebound after a war. But the world hasn't learned from history how to forecast the conclusion of a conflict or its consequences.

As history has shown us, markets do rebound after a war. But the world hasn't learned from history how to forecast the conclusion of a conflict or its consequences. The invasion of Ukraine by Russia has caused global markets to tumble. Despite accounting for less than 2% of global trade, Russia and Ukraine dominate many commodities: the region supplies 37% of global palladium, 17% of natural gas, 13% of wheat, 12% of oil, and 9% of nickel. Watch | War in Ukraine ‘is a crime’: Russian pilot tells passengers As the European Union and the US impose punishing sanctions on Russian business and commerce, its desperate oil corporations are promising India substantial discounts in exchange for the government speedily approving a payment system to circumvent the SWIFT embargo. Russia has asked India to increase its investments in the sanctioned country's oil and gas sector, as well as to develop Russian companies' sales networks in Asia's third-largest economy. × According to people acquainted with the situation, Russian oil producers are offering a 25-27% discount on dated Brent crude prices. Rosneft, a state-owned oil company, is already one of India's largest crude suppliers. Significantly, Rosneft and Indian Oil Corporation signed a contract for the supply of up to 2 million tonnes of oil to India through the port of Novorossiysk by the end of 2022 during Russian President Vladimir Putin's visit to India in December last year. So that was just two months before Putin's forces invaded Ukraine. India has been attempting to diversify its oil import sources away from the Middle East by turning to Russia and the US. India is debating whether or not to accept Russia's offer of discounted crude oil, but there are many variables to consider. While cheap oil is a boon to India's economy at a time when global crude prices are at their highest since 2008, Western sanctions against Russia are likely to make it difficult to accept Moscow's offer. On Wednesday, Finance Minister Nirmala Sitharaman said "a whole lot of factors" will decide on the import of Russian oil to India. The finance minister said Russia reached out to India to offer surplus oil at a discounted rate over the last two to three days. "There was an open offer over the last two-three days that Russia was giving it (crude oil) at some sort of discounted price, but we don’t know how it can be of effect because a whole lot of factors will have to be weighed in, we will have to get it from some port to ship it to India, and whether it is workable," Sitharaman said. Russia is currently the world's second-largest crude oil producer, trailing only the US and Saudi Arabia, but this ranking can change at any time. And if it starts giving India cheaper petroleum, it will undoubtedly benefit the Indian economy. Discounted oil will clearly be a blessing for India's economy at a time when global crude prices have risen to their highest levels since 2008. The problem, though, is that the West's strong sanctions against Russia are likely to make it impossible for India to accept Moscow's proposition. (With inputs from agencies)

Russia needs a market for its oil and India could benefit, but...

The Moscow stock exchange is unlikely to reopen next week, marking the third week in a row that it has been closed due to sanctions imposed on Russia following its invasion of Ukraine.

The Russian stock market will be closed this week, March 14-18, according to the country's central bank.

According to Reuters, the central bank stated that the foreign exchange market, money market, and repo market will all open at 0700 GMT on certain days.

The Moscow Exchange will not open, except for some non-open-market transactions utilising the SPFI payment system, according to a statement on the central bank's website.

Bloomberg reported that the central bank stated it would make a judgement later on trade from March 21 to 25.

Following Russia's invasion of Ukraine and the application of sanctions by the European Union, the United States, and other countries, stock trading on the Moscow Exchange has been suspended since February 25.&nbsp;

(With inputs from agencies)

The Moscow stock exchange is unlikely to reopen next week, marking the third week in a row that it has been closed due to sanctions imposed on Russia following its invasion of Ukraine.

The Moscow stock exchange is unlikely to reopen next week, marking the third week in a row that it has been closed due to sanctions imposed on Russia following its invasion of Ukraine. The Russian stock market will be closed this week, March 14-18, according to the country's central bank. According to Reuters, the central bank stated that the foreign exchange market, money market, and repo market will all open at 0700 GMT on certain days. The Moscow Exchange will not open, except for some non-open-market transactions utilising the SPFI payment system, according to a statement on the central bank's website. Bloomberg reported that the central bank stated it would make a judgement later on trade from March 21 to 25. Following Russia's invasion of Ukraine and the application of sanctions by the European Union, the United States, and other countries, stock trading on the Moscow Exchange has been suspended since February 25. (With inputs from agencies)

Russia’s stock market to remain closed for another week

The Insurance Regulatory and Development Authority of India (IRDAI) asked all life and non-life insurance companies to set out their transgender underwriting rules on their websites on Tuesday in order to increase transparency.&nbsp;

"All the insurers now are further instructed to publish on their websites the aspects of underwriting philosophy and approach with regard to offering health insurance coverage to transgender people so that the targeted population may have complete information on the philosophy that insurers adopt in this regard," IRDAI said.

In the event of transgender applicants, insurance companies will be compelled to disclose how such health insurance proposals would be examined, risks assessed, and premiums established.

The goal of requesting that life, health, and general insurance companies publish their underwriting approach for reviewing health insurance applications on their websites is to ensure transparency and clarity for potential transgender policyholders.

The IRDAI rule makes it essential for all insurers to provide such coverage, removing any potential for misunderstanding.&nbsp;

According to the 2011 Census (which recognised transgender people for the first time while collecting data), India's transgender population was roughly 4.8 lakh people, with a literacy rate of 56 percent.

In 2016, the state-run was the first to add a third gender option on its proposal form.

While most insurance companies do not charge transgender people different prices, data is still a major issue.&nbsp;

The move, according to experts, attempts to increase openness in the underwriting process.&nbsp;

(With Inputs from agencies)

The Insurance Regulatory and Development Authority of India (IRDAI) asked all life and non-life insurance companies to set out their transgender underwriting rules on their websites on Tuesday in order to increase transparency.

The Insurance Regulatory and Development Authority of India (IRDAI) asked all life and non-life insurance companies to set out their transgender underwriting rules on their websites on Tuesday in order to increase transparency. "All the insurers now are further instructed to publish on their websites the aspects of underwriting philosophy and approach with regard to offering health insurance coverage to transgender people so that the targeted population may have complete information on the philosophy that insurers adopt in this regard," IRDAI said. In the event of transgender applicants, insurance companies will be compelled to disclose how such health insurance proposals would be examined, risks assessed, and premiums established. The goal of requesting that life, health, and general insurance companies publish their underwriting approach for reviewing health insurance applications on their websites is to ensure transparency and clarity for potential transgender policyholders. The IRDAI rule makes it essential for all insurers to provide such coverage, removing any potential for misunderstanding. According to the 2011 Census (which recognised transgender people for the first time while collecting data), India's transgender population was roughly 4.8 lakh people, with a literacy rate of 56 percent. In 2016, the state-run was the first to add a third gender option on its proposal form. While most insurance companies do not charge transgender people different prices, data is still a major issue. The move, according to experts, attempts to increase openness in the underwriting process. (With Inputs from agencies)

Health insurance for transgenders: Spell out all underwriting rules, says IRDAI

Japan's household spending was up in January but the business mood is sinking in the first quarter. Because of rising raw material costs, it has squeezed corporate margins.

Japan's business mood sinks: Slowdown eclipses household spending boost

United Airlines, a Chicago-based US carrier has decided to allow unvaccinated employees to return to jobs from March 28.

United Airlines to allow unvaccinated employees to return to jobs

Mercedes-Benz has introduced made in India Mercedes Maybach S class. The price of the car is a whopping 3.2 crore for one of the variants and the other for 2.5 crore.

Mercedes launches 'Made-in-India' Maybach S class

Amid the ongoing Russian invasion of Ukraine, Many Western companies are moving out of Russia. In the latest, Disney has also decided to pause all business operations in Russia.

Disney to pause all business operations in Russia amid the ongoing Russian invasion of Ukraine

Amid the ongoing tensions over Russia and Ukraine crisis, major markets in Asia opened up to losses. Surge in crude oil prices has also put Asian stocks under renewed pressure.

Asian stocks extend a global slump amid growing tensions over the Russia-Ukraine conflict

The US Securities and Exchange Commission (SEC) has asked five Chinese companies to meet audit requirements or face delisting from Wall Street.

These Chinese companies include fast-food company Yum China Holdings, tech firm ACM Research, biotech group BeiGene, Zai Lab, and pharmaceutical company Hutchmed.

Chinese authorities have expressed reservations in recent months about China-based companies listing in the US.&nbsp;

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Chinese companies have sold shares abroad for two decades but regulators have yet to say whether their financial structures comply with rules that ban foreign ownership of internet companies and limit access to other industries.

Yum China, which controls KFC, Taco Bell and Pizza Hut and other eateries in China, surpasses the other companies by far in revenue and capitalization.

Born from the 2016 spin-off of the Chinese operations of US-based Yum Brands, Yum China has a market capitalisation of $18.8 billion.&nbsp;

China Securities Regulatory Commission responded to the US move and said it was confident it will reach an agreement with US counterparts on securities supervision.&nbsp;

<a href="wionews.com/business-economy/new-york-stock-exchange-to-delist-chinese-telecom-firms-on-us-executive-order-353745">Also read |&nbsp;New York Stock Exchange to delist Chinese telecom firms on US executive order</a>

Talks between the CSRC, the Chinese finance ministry and the US Public Company Accounting Oversight Board had made "positive progress," the CSRC said in a statement.

Meanwhile, ride-hailing firm Didi Global Inc has suspended preparations for its Hong Kong listing after failing to appease Chinese regulators' demand to overhaul its systems for handling sensitive user data, Bloomberg News reported.

The Cyberspace Administration of China told Didi executives that their proposals to prevent security and data leaks had fallen short, Bloomberg said.

Regulators said in July they would step up scrutiny of tech companies with shares traded abroad and their information security and cross-border data flows.

The US Congress in 2020 passed a law specifically targeting Chinese companies under which the Public Company Accounting Oversight Board (PCAOB) must be able to inspect audits of foreign firms listed on US markets.

Mainland Chinese and Hong Kong companies are notorious for not submitting their financial statements to US-approved auditors.&nbsp; 
&nbsp;

(With inputs from agencies)

The US Securities and Exchange Commission (SEC) has asked five Chinese companies to meet audit requirements or face delisting from Wall Street. These Chinese companies include fast-food company Yum China Holdings, tech firm ACM Research, biotech group BeiGene, Zai Lab, and pharmaceutical company Hutchmed.

The US Securities and Exchange Commission (SEC) has asked five Chinese companies to meet audit requirements or face delisting from Wall Street. These Chinese companies include fast-food company Yum China Holdings, tech firm ACM Research, biotech group BeiGene, Zai Lab, and pharmaceutical company Hutchmed. Chinese authorities have expressed reservations in recent months about China-based companies listing in the US. Chinese companies have sold shares abroad for two decades but regulators have yet to say whether their financial structures comply with rules that ban foreign ownership of internet companies and limit access to other industries. Yum China, which controls KFC, Taco Bell and Pizza Hut and other eateries in China, surpasses the other companies by far in revenue and capitalization. Born from the 2016 spin-off of the Chinese operations of US-based Yum Brands, Yum China has a market capitalisation of $18.8 billion. China Securities Regulatory Commission responded to the US move and said it was confident it will reach an agreement with US counterparts on securities supervision. Also read | New York Stock Exchange to delist Chinese telecom firms on US executive order Talks between the CSRC, the Chinese finance ministry and the US Public Company Accounting Oversight Board had made "positive progress," the CSRC said in a statement. Meanwhile, ride-hailing firm Didi Global Inc has suspended preparations for its Hong Kong listing after failing to appease Chinese regulators' demand to overhaul its systems for handling sensitive user data, Bloomberg News reported. The Cyberspace Administration of China told Didi executives that their proposals to prevent security and data leaks had fallen short, Bloomberg said. Regulators said in July they would step up scrutiny of tech companies with shares traded abroad and their information security and cross-border data flows. The US Congress in 2020 passed a law specifically targeting Chinese companies under which the Public Company Accounting Oversight Board (PCAOB) must be able to inspect audits of foreign firms listed on US markets. Mainland Chinese and Hong Kong companies are notorious for not submitting their financial statements to US-approved auditors. (With inputs from agencies)

US asks Chinese companies to comply or face delisting from Wall Street

Unprecedented sanctions against Russia's bank's over its invasion of Ukraine are taking a toll on its citizens over seas. A number of Russian citizens were currently on a tour brought a scrambling to find cash or crypto transactions to get back. Konstantin Inavnov is a Russian national stuck in Indonesia and this is what his daily life is become post invasion.

All Russian banks, payment cards and ATM's blocked ; Sanctions take a toll on Russian abroad

Due to potential fire risks in cars, BMW is recalling 1.03 million vehicles worldwide. Heater for PCV may short-circuit.

Potential fire risk in BMW cars: BMW recalling 1.03 million vehicles worldwide

BMW is recalling over 917,000 older cars and SUVs in the United States, the majority of which are being recalled for the third time, to remedy a fault that can cause engine compartment fires.

Many BMW 3 Series, 5 Series, 1 Series, X5, X3, and Z4 vehicles from the 2006 to 2013 model years are included in the recall.

According to documents released by the US National Highway Traffic Safety Administration on Wednesday, the positive crankcase ventilation valve heater could have an electrical short.

They have the potential to overheat and catch fire.&nbsp;

The automobiles are at risk of catching fire while being driven or shortly after being parked.

Because fires have been rare, BMW claims the vehicles can still be driven.

However, according to business instructions, if a driver smells smoke or sees smoke coming from the engine compartment, they should pull over to a safe spot, turn off the engine, and exit the car.

The German automaker is still working on a solution.

Owners will be notified by letter beginning April 25, according to the statement.

The majority of the vehicles were recalled in 2017 and 2019 due to the same issue.

According to BMW papers, owners who had their vehicles repaired previously would need to have them repaired again.&nbsp;

(With inputs from agencies)

BMW is recalling over 917,000 older cars and SUVs in the United States, the majority of which are being recalled for the third time, to remedy a fault that can cause engine compartment fires.

BMW is recalling over 917,000 older cars and SUVs in the United States, the majority of which are being recalled for the third time, to remedy a fault that can cause engine compartment fires. Many BMW 3 Series, 5 Series, 1 Series, X5, X3, and Z4 vehicles from the 2006 to 2013 model years are included in the recall. According to documents released by the US National Highway Traffic Safety Administration on Wednesday, the positive crankcase ventilation valve heater could have an electrical short. They have the potential to overheat and catch fire. The automobiles are at risk of catching fire while being driven or shortly after being parked. Because fires have been rare, BMW claims the vehicles can still be driven. However, according to business instructions, if a driver smells smoke or sees smoke coming from the engine compartment, they should pull over to a safe spot, turn off the engine, and exit the car. The German automaker is still working on a solution. Owners will be notified by letter beginning April 25, according to the statement. The majority of the vehicles were recalled in 2017 and 2019 due to the same issue. According to BMW papers, owners who had their vehicles repaired previously would need to have them repaired again. (With inputs from agencies)

BMW recalls vehicles for 3rd time due to engine fire risk

Icon of post-soviet era Mcdonald's will temporarily close all 847 of its outlets in Russia including its iconic Pushkin square location. American giant has joined a long list of western firms who have quit Russia putting country in financial isolation.

McDonald's Shuts over 800 restaurants In Russia Over Ukraine crisis

US markets closed sharply lower yesterday but today Asian stocks have regained their footing to some extent as investors are still assessing the impact of a worsening conflict in Ukraine and a new US ban on Russian oil.

Asian stocks regain their footing, Indian markets open in green

International rating agency Fitch has downgraded Russia’s sovereign rating, warning a default is "imminent".

It has downgraded Russia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘C’ from ‘B’. &nbsp;It means that Russia will soon be unable to pay its debts.

A low rating means the chances of not getting repaid is considered to be high - and so an investor will charge more to lend to that country.

The move comes amid increasing international sanctions against Russia in the wake of the invasion of Ukraine.

"This rating action follows our downgrade... on 2 March, and developments since then have, in our view, further undermined Russia's willingness to service government debt," the agency said.

"The further ratcheting up of sanctions, and proposals that could limit trade in energy, increase the probability of a policy response by Russia that includes at least selective non-payment of its sovereign debt obligations," it added.

On Sunday, Moscow assured investors that it would continue to service its sovereign debt.

However, it warned that international sanctions imposed on its energy industry could limit its ability and willingness to meet its obligations.

Also read |&nbsp;<a href="https://www.wionews.com/world/european-union-adds-160-russian-oligarchs-senators-to-sanctions-blacklist-460584">European Union adds 160 Russian oligarchs, senators to sanctions blacklist</a>

"The actual possibility of making such payments to non-residents will depend on the limiting measures introduced by foreign states in relation to the Russian Federation," the finance ministry said in a statement.

In recent days, rival ratings agencies Moody's Investors Service and S&amp;P Global Ratings have also slashed their assessments of Russian sovereign debt.

Meanwhile, Russia’s ruble has hit a record low of more than 10 per cent since Friday, closing it at 137 against a dollar.

Also read |&nbsp;<a href="https://www.wionews.com/photos/how-ukraines-punisher-drone-is-targeting-russian-supply-lines-460230">How Ukraine's 'Punisher' drone is targeting Russian supply lines</a>

The reason behind this latest fall is reported to be the inability of traders to buy and sell the Russian currency, which has become more limited as fewer banks want to settle transactions against it in the offshore market.

As per a&nbsp;Reuters&nbsp;report,&nbsp;Russian markets are expected to remain closed for trading until at least Wednesday.

(With inputs from agencies)

International rating agency Fitch has downgraded Russia’s sovereign rating, warning a default is "imminent". It has downgraded Russia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘C’ from ‘B’.

International rating agency Fitch has downgraded Russia’s sovereign rating, warning a default is "imminent". It has downgraded Russia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘C’ from ‘B’. It means that Russia will soon be unable to pay its debts. A low rating means the chances of not getting repaid is considered to be high - and so an investor will charge more to lend to that country. The move comes amid increasing international sanctions against Russia in the wake of the invasion of Ukraine. "This rating action follows our downgrade... on 2 March, and developments since then have, in our view, further undermined Russia's willingness to service government debt," the agency said. "The further ratcheting up of sanctions, and proposals that could limit trade in energy, increase the probability of a policy response by Russia that includes at least selective non-payment of its sovereign debt obligations," it added. On Sunday, Moscow assured investors that it would continue to service its sovereign debt. However, it warned that international sanctions imposed on its energy industry could limit its ability and willingness to meet its obligations. Also read | European Union adds 160 Russian oligarchs, senators to sanctions blacklist "The actual possibility of making such payments to non-residents will depend on the limiting measures introduced by foreign states in relation to the Russian Federation," the finance ministry said in a statement. In recent days, rival ratings agencies Moody's Investors Service and S&P Global Ratings have also slashed their assessments of Russian sovereign debt. Meanwhile, Russia’s ruble has hit a record low of more than 10 per cent since Friday, closing it at 137 against a dollar. Also read | How Ukraine's 'Punisher' drone is targeting Russian supply lines The reason behind this latest fall is reported to be the inability of traders to buy and sell the Russian currency, which has become more limited as fewer banks want to settle transactions against it in the offshore market. As per a Reuters report, Russian markets are expected to remain closed for trading until at least Wednesday. (With inputs from agencies)

Fitch downgrades Russia’s sovereign rating, says default ‘imminent’

Oil prices fell to around $125 a barrel on Wednesday as a result of a view taken by some investors that US ban on Russian oil import may not greatly affect supply.&nbsp;

USA on Wednesday banned import of Russian oil. US President Joe Biden himself made the announcement. Talk that Ukraine was no longer seeking NATO membership after some news reports this week on the issue also weighed on prices, traders said.

"Maybe this is playing its part," said Tamas Varga of oil broker PVM of the Ukraine NATO membership issue.

"The realization that the U.S. import ban might not materially make the current supply shock worse than it has been might have also triggered this bout of profit-taking," he added.

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&nbsp;

Brent crude was down $3.56, or 2.8%, to $124.42 a barrel at 1250 GMT, after earlier rising above $131. U.S. West Texas Intermediate (WTI) fell $3.99, or 3.2%, to $119.71.

Also Read | <a href="https://www.wionews.com/world/european-union-adds-160-russian-oligarchs-senators-to-sanctions-blacklist-460584">European Union adds 160 Russian oligarchs, senators to sanctions blacklist</a>

The United States imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021, about 8% of U.S. liquid fuel imports, according to the Energy Information Administration.

"Theoretically, the U.S. could even offset the outages from Russia with its own production," Carsten Fritsch of Commerzbank wrote in a report.

Oil also fell as the head of the IEA described the agency's decision last week to release 60 million barrels of oil from strategic reserves as "an initial response" and said that more could be released if needed.

Crude has surged since Russia, the world's second-largest crude exporter, launched what it called a "special operation" in Ukraine. Brent hit $139 on Monday, its highest since 2008.

Also Read | <a href="https://www.wionews.com/world/ukraine-crisis-china-accuses-nato-of-pushing-russia-to-breaking-point-460521">Ukraine crisis: China accuses NATO of pushing Russia to 'breaking point'</a>

On Wednesday, Russia announced a new ceasefire in Ukraine to let civilians flee besieged cities, after days of mostly failed promises that have left hundreds of thousands of Ukrainians trapped without access to medicine or fresh water.

In addition to the U.S. Russian oil ban, Britain said on Tuesday it would phase Russian imports out and Shell said it would stop buying Russian crude. JP Morgan estimated around 70% of Russian seaborne oil was struggling to find buyers.

One potential source of extra oil supply is Iran, which has been in talks with Western powers for months on resuming its nuclear deal. Iran's chief negotiator in the Vienna talks returned to the Austrian capital on Wednesday.

Amid concern over supply shortages, there are some signs the market is not short of crude yet.

U.S. crude inventories rose by 2.8 million barrels, according to market sources, citing figures from the American Petroleum Institute, an industry group, on Tuesday. Official U.S. inventory figures are due at 1530 GMT.

(With inputs from agencies)

Oil prices fell to around $125 a barrel on Wednesday as a result of a view taken by some investors that US ban on Russian oil import may not greatly affect supply.

Oil prices fell to around $125 a barrel on Wednesday as a result of a view taken by some investors that US ban on Russian oil import may not greatly affect supply. USA on Wednesday banned import of Russian oil. US President Joe Biden himself made the announcement. Talk that Ukraine was no longer seeking NATO membership after some news reports this week on the issue also weighed on prices, traders said. "Maybe this is playing its part," said Tamas Varga of oil broker PVM of the Ukraine NATO membership issue. "The realization that the U.S. import ban might not materially make the current supply shock worse than it has been might have also triggered this bout of profit-taking," he added. × Brent crude was down $3.56, or 2.8%, to $124.42 a barrel at 1250 GMT, after earlier rising above $131. U.S. West Texas Intermediate (WTI) fell $3.99, or 3.2%, to $119.71. Also Read | European Union adds 160 Russian oligarchs, senators to sanctions blacklist The United States imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021, about 8% of U.S. liquid fuel imports, according to the Energy Information Administration. "Theoretically, the U.S. could even offset the outages from Russia with its own production," Carsten Fritsch of Commerzbank wrote in a report. Oil also fell as the head of the IEA described the agency's decision last week to release 60 million barrels of oil from strategic reserves as "an initial response" and said that more could be released if needed. Crude has surged since Russia, the world's second-largest crude exporter, launched what it called a "special operation" in Ukraine. Brent hit $139 on Monday, its highest since 2008. Also Read | Ukraine crisis: China accuses NATO of pushing Russia to 'breaking point' On Wednesday, Russia announced a new ceasefire in Ukraine to let civilians flee besieged cities, after days of mostly failed promises that have left hundreds of thousands of Ukrainians trapped without access to medicine or fresh water. In addition to the U.S. Russian oil ban, Britain said on Tuesday it would phase Russian imports out and Shell said it would stop buying Russian crude. JP Morgan estimated around 70% of Russian seaborne oil was struggling to find buyers. One potential source of extra oil supply is Iran, which has been in talks with Western powers for months on resuming its nuclear deal. Iran's chief negotiator in the Vienna talks returned to the Austrian capital on Wednesday. Amid concern over supply shortages, there are some signs the market is not short of crude yet. U.S. crude inventories rose by 2.8 million barrels, according to market sources, citing figures from the American Petroleum Institute, an industry group, on Tuesday. Official U.S. inventory figures are due at 1530 GMT. (With inputs from agencies)

Oil prices ease over speculation US ban on Russia oil won't cause problem

A week after a chorus of Western executives from Exxon Mobil, BP, Shell and other companies denounced Moscow’s violent onslaught in Ukraine and pledged to pull their companies out of Russian ventures, it appears the turbulence for Russia’s energy industry has only begun.

For the oil companies, three decades of carefully nurturing investments in what was always a difficult political environment is poised to quickly go by the boards. But the high point of Western involvement in Russia passed years ago, pushed along in part by outrage over Moscow’s annexation of Crimea in 2014.

The Russian oil industry, though, is likely to experience a wrenching reworking about how it does business in the coming weeks, months and even years. In the short term, this painful reckoning will come not so much because blue-chip oil companies are leaving but because Russian oil and gas have suddenly become toxic to many buyers.

On Tuesday, President Joe Biden plans to announce a ban on Russian oil imports to the United States, a move aimed at further penalizing Russia. Earlier in the day, Shell, Europe’s largest oil company, said it would stop buying the country’s oil and gas and “withdraw from its involvement in all Russian hydrocarbons.”

Until the invasion, Russian oil was a critical fuel in Europe and other markets, including the United States, where it made up about 7% of imports. Now the Russian crude known as Urals is being sold either at steep discounts to Brent crude, the international bench mark, or not at all. Beyond the United States, other countries are considering whether to impose embargoes on Russian energy imports.

The question that the Russian industry immediately faces is whether to throttle back production. Russia has been producing about 10 per cent&nbsp;of the world’s oil supplies.

“There is no reason to produce more oil if you cannot sell it,” said Tatiana Mitrova, an expert on the Russian industry and a fellow at the Columbia Center on Global Energy Studies.

Russian companies will be shopping for new buyers in Asia and other regions where the outrage over Ukraine is less pronounced. Mitrova said that over time, “there will be a massive orientation of oil and gas flows from European markets, first of all to China.”

Mitrova said Russia would accelerate expansion of existing oil and gas pipelines to China.

In the longer term, though, the future of the Russian industry, which bankrolls a large portion of the government budget, has turned cloudy. China, for instance, is a hard bargainer that pays only a fraction of the price for Russian natural gas that customers in rich European countries like Germany and Italy are now paying.

And the output of the vast West Siberian oil fields and other older operations that have sustained Russia as a world-leading oil producer for decades is in decline.

New fields being developed by Russia around the Arctic are “notable for their harsh operating conditions and higher costs,” according to a recent study by Energy Aspects, a research firm.

In the past, Western companies have taken on difficult projects like offshore drilling and liquefied natural gas, or LNG, development while leaving the more plain-vanilla undertakings to Russian competitors.

Where the capital and know-how for these projects will come from is now open to question. The most high-profile of these developments, Vostok, which would sprawl across a vast northern region, “could be disrupted as U.S. and EU sanctions place growing pressure” on the Russian industry, the report said.

On March 2, Trafigura, a Singapore-based trading company that is financing part of Vostok, which is led by Rosneft, the state-controlled oil company, said it was “reviewing the options” regarding its 10%, 1.5 billion-euro shareholding in Vostok Oil, a vehicle for some of these developments.

Vostok, a North Sea-size group of projects, may be Russia’s hope for the coming years, but Mitrova and other specialists say the Russian industry could probably keep plugging along for some time even after the large companies have sold or otherwise disposed of their investments.

Of course, when the hundreds of Western technical experts and managers based in Russia leave, they will be missed, and the Russian industry could develop headaches trying to find high-tech spare parts and software updates.

Still, ventures involving Western companies account for only about 15% of Russian oil production, Mitrova figures. Russia has a large oil and gas industry with trained personnel who can operate most facilities, analysts say.

“It is very easy to find Russian technical people to work on these projects,” said Serkan Sahin, an analyst who follows Russian oil at Energy Aspects.

Well before the invasion of Ukraine, Western companies had largely stopped seeing Russia as a crucial part of their future.

In 2018, Exxon Mobil was forced to pull out of its most promising Russia venture, drilling in the Arctic, because of sanctions imposed after Russia annexed Crimea. Exxon announced last week that it would wind down its involvement in a quarter-century-old oil and gas project on Sakhalin Island in the Russian Far East. Shell is also on Sakhalin, where it is a minority shareholder in a liquefied natural gas venture, and it, too, said it would exit the investment.

BP has also been slowly exiting Russia. In 2013, it gave up on a joint venture called TNK-BP, which it had formed with a group of oligarchs 10 years earlier, selling it to Rosneft for $12.5 billion in cash and a nearly 20% stake that it was required to take in the state-controlled company.

The Rosneft holding was, until recently, too valuable to walk away from (BP pegged it at $14 billion at the end of 2021) but also increasingly uncomfortable for a Western giant steering away from oil, and its investors.

“I think it was an easy decision to make,” said Oswald Clint, an analyst at Bernstein, a research firm.

The glaring exception is TotalEnergies, the French company, which continued to invest in giant liquefied natural gas projects in the Russian Arctic after the Crimea sanctions were imposed.

TotalEnergies also owns nearly one-fifth of Novatek, a Russian natural gas producer that is the main owner of the Arctic installations. TotalEnergies said recently that it would not invest in new projects in Russia, but it seems to be digging in on the LNG ventures — one of which is not expected to start producing until 2023.

There is of course the question of whether the oil companies will really leave. They have not sold anything yet, and if Vladimir Putin, the Russian president, decided to stop the war and was rehabilitated, they might be persuaded to change their minds.

On the other hand, there is little reason to think that they would make announcements involving billions of dollars of investments without carefully considering the consequences. Putin and his associates follow the oil industry closely and are unlikely to look kindly on companies and executives that abandoned him at one of his most difficult moments.

A week after a chorus of Western executives from Exxon Mobil, BP, Shell and other companies denounced Moscow’s violent onslaught in Ukraine and pledged to pull their companies out of Russian ventures, it appears the turbulence for Russia’s energy industry has only begun.

A week after a chorus of Western executives from Exxon Mobil, BP, Shell and other companies denounced Moscow’s violent onslaught in Ukraine and pledged to pull their companies out of Russian ventures, it appears the turbulence for Russia’s energy industry has only begun. For the oil companies, three decades of carefully nurturing investments in what was always a difficult political environment is poised to quickly go by the boards. But the high point of Western involvement in Russia passed years ago, pushed along in part by outrage over Moscow’s annexation of Crimea in 2014. The Russian oil industry, though, is likely to experience a wrenching reworking about how it does business in the coming weeks, months and even years. In the short term, this painful reckoning will come not so much because blue-chip oil companies are leaving but because Russian oil and gas have suddenly become toxic to many buyers. On Tuesday, President Joe Biden plans to announce a ban on Russian oil imports to the United States, a move aimed at further penalizing Russia. Earlier in the day, Shell, Europe’s largest oil company, said it would stop buying the country’s oil and gas and “withdraw from its involvement in all Russian hydrocarbons.” Until the invasion, Russian oil was a critical fuel in Europe and other markets, including the United States, where it made up about 7% of imports. Now the Russian crude known as Urals is being sold either at steep discounts to Brent crude, the international bench mark, or not at all. Beyond the United States, other countries are considering whether to impose embargoes on Russian energy imports. The question that the Russian industry immediately faces is whether to throttle back production. Russia has been producing about 10 per cent of the world’s oil supplies. “There is no reason to produce more oil if you cannot sell it,” said Tatiana Mitrova, an expert on the Russian industry and a fellow at the Columbia Center on Global Energy Studies. Russian companies will be shopping for new buyers in Asia and other regions where the outrage over Ukraine is less pronounced. Mitrova said that over time, “there will be a massive orientation of oil and gas flows from European markets, first of all to China.” Mitrova said Russia would accelerate expansion of existing oil and gas pipelines to China. In the longer term, though, the future of the Russian industry, which bankrolls a large portion of the government budget, has turned cloudy. China, for instance, is a hard bargainer that pays only a fraction of the price for Russian natural gas that customers in rich European countries like Germany and Italy are now paying. And the output of the vast West Siberian oil fields and other older operations that have sustained Russia as a world-leading oil producer for decades is in decline. New fields being developed by Russia around the Arctic are “notable for their harsh operating conditions and higher costs,” according to a recent study by Energy Aspects, a research firm. In the past, Western companies have taken on difficult projects like offshore drilling and liquefied natural gas, or LNG, development while leaving the more plain-vanilla undertakings to Russian competitors. Where the capital and know-how for these projects will come from is now open to question. The most high-profile of these developments, Vostok, which would sprawl across a vast northern region, “could be disrupted as U.S. and EU sanctions place growing pressure” on the Russian industry, the report said. On March 2, Trafigura, a Singapore-based trading company that is financing part of Vostok, which is led by Rosneft, the state-controlled oil company, said it was “reviewing the options” regarding its 10%, 1.5 billion-euro shareholding in Vostok Oil, a vehicle for some of these developments. Vostok, a North Sea-size group of projects, may be Russia’s hope for the coming years, but Mitrova and other specialists say the Russian industry could probably keep plugging along for some time even after the large companies have sold or otherwise disposed of their investments. Of course, when the hundreds of Western technical experts and managers based in Russia leave, they will be missed, and the Russian industry could develop headaches trying to find high-tech spare parts and software updates. Still, ventures involving Western companies account for only about 15% of Russian oil production, Mitrova figures. Russia has a large oil and gas industry with trained personnel who can operate most facilities, analysts say. “It is very easy to find Russian technical people to work on these projects,” said Serkan Sahin, an analyst who follows Russian oil at Energy Aspects. Well before the invasion of Ukraine, Western companies had largely stopped seeing Russia as a crucial part of their future. In 2018, Exxon Mobil was forced to pull out of its most promising Russia venture, drilling in the Arctic, because of sanctions imposed after Russia annexed Crimea. Exxon announced last week that it would wind down its involvement in a quarter-century-old oil and gas project on Sakhalin Island in the Russian Far East. Shell is also on Sakhalin, where it is a minority shareholder in a liquefied natural gas venture, and it, too, said it would exit the investment. BP has also been slowly exiting Russia. In 2013, it gave up on a joint venture called TNK-BP, which it had formed with a group of oligarchs 10 years earlier, selling it to Rosneft for $12.5 billion in cash and a nearly 20% stake that it was required to take in the state-controlled company. The Rosneft holding was, until recently, too valuable to walk away from (BP pegged it at $14 billion at the end of 2021) but also increasingly uncomfortable for a Western giant steering away from oil, and its investors. “I think it was an easy decision to make,” said Oswald Clint, an analyst at Bernstein, a research firm. The glaring exception is TotalEnergies, the French company, which continued to invest in giant liquefied natural gas projects in the Russian Arctic after the Crimea sanctions were imposed. TotalEnergies also owns nearly one-fifth of Novatek, a Russian natural gas producer that is the main owner of the Arctic installations. TotalEnergies said recently that it would not invest in new projects in Russia, but it seems to be digging in on the LNG ventures — one of which is not expected to start producing until 2023. There is of course the question of whether the oil companies will really leave. They have not sold anything yet, and if Vladimir Putin, the Russian president, decided to stop the war and was rehabilitated, they might be persuaded to change their minds. On the other hand, there is little reason to think that they would make announcements involving billions of dollars of investments without carefully considering the consequences. Putin and his associates follow the oil industry closely and are unlikely to look kindly on companies and executives that abandoned him at one of his most difficult moments.

Future turns dark for Russia’s oil industry

Japan has recorded its largest current account deficit since the start of 2014. This has happened in January as a jump in oil import costs offset gains in investment incomes with continuing uncertainty due to the Ukraine crisis.

Oil import costs widen Japan's deficit

US President Joe Biden is expected to sign a long-awaited executive order this week which will direct the justice department, treasury and other agencies in the US to study the legal and economic ramifications of creating a central bank digital currency.

US President Joe Biden to order digital currency study to know legal & economic ramifications

Crude oil prices rose up sharply amid concerns of a supply crunch even after countries agreed to release oil from reserves around the world. Now, OPEC meets US Shale executives.

OPEC meets US Shale executives as oil prices skyrocket

New safety challenges for the regulator as the United States looks set to have flying taxis. US agency will now review FAA efforts.

Flying taxi rules: US agency will review FAA efforts

Russia is mulling imposing a ban on oil imports from Russia. This comes at a time when Russia is the world's top producer of natural gas right now and Europe's energy needs are fulfilled by Russia.

US mulls Russian oil import ban amid the ongoing Russian invasion of Ukraine

For the first time since 2008, the average cost of a gallon of normal gasoline has reached $4.

In electronic trading on the New York Mercantile Exchange, U.S. crude rose $5.21 to $120.89 per barrel, while the global benchmark surpassed $130.

According to Bloomberg, the all-time high for oil prices was $147.50 in July 2008.

According to AAA, the price of regular gas increased by over 41 cents during the first full week of Russia's invasion of Ukraine.

According to GasBuddy, California has the most expensive gasoline in the US, with drivers spending an average of $5.32 a gallon.

The cheapest gas is found in Oklahoma, where it costs roughly $3.64.&nbsp;

According to Bloomberg, the all-time high for gas prices in the United States was $4.10 in July 2008.As of early Monday, the average gas price was 4 cents away from reaching that record, prompting an exclamatory tweet from De Haan.&nbsp;

According to Yardeni Research, the average American household spent $3,100 on petrol in 2021.

However, according to a survey by an investment research firm, the recent increase in petrol prices might cost Americans up to $2,000 more this year.&nbsp;

(With inputs from agencies)

For the first time since 2008, the average cost of a gallon of normal gasoline has reached $4. In electronic trading on the New York Mercantile Exchange, U.S. crude rose $5.

For the first time since 2008, the average cost of a gallon of normal gasoline has reached $4. In electronic trading on the New York Mercantile Exchange, U.S. crude rose $5.21 to $120.89 per barrel, while the global benchmark surpassed $130. According to Bloomberg, the all-time high for oil prices was $147.50 in July 2008. According to AAA, the price of regular gas increased by over 41 cents during the first full week of Russia's invasion of Ukraine. According to GasBuddy, California has the most expensive gasoline in the US, with drivers spending an average of $5.32 a gallon. The cheapest gas is found in Oklahoma, where it costs roughly $3.64. According to Bloomberg, the all-time high for gas prices in the United States was $4.10 in July 2008.As of early Monday, the average gas price was 4 cents away from reaching that record, prompting an exclamatory tweet from De Haan. According to Yardeni Research, the average American household spent $3,100 on petrol in 2021. However, according to a survey by an investment research firm, the recent increase in petrol prices might cost Americans up to $2,000 more this year. (With inputs from agencies)

For the first time since 2008, gas prices in US surpassed $4 per gallon

As the world pushed for new economic sanctions against Russia and President Putin amid the ongoing Russian invasion of Ukraine, Russia's economy faces hardships. Russia scrambles to deal with sanctions.

Russia scrambles to deal with sanctions as Rouble hits record low

Crude oil prices rose up sharply amid concerns of a supply crunch even after countries agreed to release oil from reserves around the world. Oil prices surged to highest since 2008

US crude briefly tops $130 per barrel as oil prices surge to highest since 2008