Russia must pay $2.51 bn (€1.87 bn) in compensation to the former shareholders of Yukos, once Russia's largest private oil company, for unfair tax proceedings. The European Court of Human Rights has also ruled Russia must pay €300,000 in legal costs.
Russia’s second-largest oil producer Lukoil will sell 100 percent of its Lukoil-Ukraine CFI operations to Austria’s AMIC Energy Management GmbH (AMIC). The sale follows a blockade and threats by Ukrainian nationalists.
For America, democracy is a state that sells its mineral rights and agricultural land to US investors, otherwise, it imposes sanctions, and that's what the US wants from Ukraine, professor of economics at the University of Missouri Michael Hudson told RT.
A ship containing roughly one million barrels of crude oil from Iraq’s Kurdistan region is in a state of limbo off the coast of the United States, as its entry is prohibited due to a lawsuit filed by Iraq’s central government.
Activists of the nationalist Right Sector party have blocked several Lukoil gasoline stations in Ivano-Frankovsk, western Ukraine, demanding free gas from the Russian oil company, OSCE reported. Lukoil confirmed the news to RT.
The UN Security Council has voiced “grave concern” over reports of oil trading with ISIS militant groups in Iraq and Syria. ISIS has seized control of oilfields in the area and is reportedly using the revenues to finance its nascent Islamic State.
The Hague’s arbitration court was not legally empowered to view the case of Yukos Oil Company v. Russia, and the court’s “one-sided” ruling disregards previous Strasbourg court decisions on the issue, the Russian Finance Ministry said in a statement.
EU sanctions on Russia will cut Moscow's access to “sensitive” technologies in the oil sector, according to European Council head Herman Van Rompuy. The gas sector – which Europe depends on – will be unaffected, including Gazprom's South Stream pipeline.
ISIS militants are using the revenue from seized oil fields to finance their newly-formed Islamic state in northern Iraq. Sources within the regional government say the extremist militants are “making millions” in illegal trade.
If the standoff with Russia and the West reaches a point where the EU has to completely cut trade with Russia, oil prices could soar above $200 per barrel, sparking a global economic crisis, says Adam Slater, senior economist at Oxford Economics.