UK gas prices plunged to a record low on Friday following a newly signed deal between Russia, Ukraine and the European Commission. However, fuel poverty remains rife in Britain, with 2 million households unable to afford adequate heating.
Russia's Central Bank has launched a new financial tool known as currency repo, or repurchase agreement, that'll provide up to $50 billion by the end of 2016. It is expected to support the Russian ruble that has lost more than 20 percent since January.
Russia, the world’s second-largest producer of natural gas, has launched its first auction of natural gas on Friday at the St. Petersburg International Mercantile Exchange (SPIMEX). It will be Europe’s largest natural gas trading post.
The 'fair' and most comfortable oil price for world economies would range between $90 and $110 per barrel, with any fluctuations from that involving certain risks for the industry, Russia's Energy Minister Aleksandr Novak said.
Russia is refusing to agree to payment options proposed by the EU, calling them a hidden form of credit. Kiev has less than a week to find the money for Russian gas, ahead of the next round of negotiations on October 29.
Russia’s currency has taken a significant 20 percent plunge this year against the dollar and euro, but analysts are confident that Russia’s sturdy stash of foreign reserves and miniscule external debt make the ruble one of the ‘most stable’ currencies.
Economists in Russia say Moody’s rating cuts were largely expected and won’t have a dramatic effect on the economy, as its solvency remains strong and the debt to GDP ratio is many times lower than in most of the other major world economies.
Sanctions against Russia are counterproductive and stability should be restored to provide more investment to the country, Total CEO Christophe de Margerie said during his last speech in Moscow before he died in a plane crash.