Gazprom may lose its gas export via pipeline monopoly after Russian President Vladimir Putin asked the government to consider allowing other producers to get a piece of the burgeoning Asia export market.
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.
Stalled progress towards EU membership has shifted Turkey’s economic interest, and it is now looking for closer cooperation with Russia’s Customs Union, Economic Development Minister Aleksey Ulyukayev said.
Russian firms and banks that fell under new US sanctions have enough funds to ride out the restrictions, Aleksandr Prosviryakov, a partner at Lakeshore International, an asset management firm, told RT in Moscow.
A six-day tour by Russian President Vladimir Putin to Latin America ended with a long anticipated creation of the BRICS bank and the signing of energy agreements, as Russia looks to build alliances to counter Western influence.
The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.
President Putin’s visit to Latin America is of transcendental importance at a time when the BRICS bloc is becoming something far more than a mere trade agreement, and where Russia is playing a key global geopolitical role.
Russia is to urge its BRICS counterparts to set up an energy association that will include a fuel reserve, as well as the institute for energy policy, according to Russian presidential aide Yuri Ushakov.
Serbia has signed a 2.1 billion euro contract with Gazprom subsidiary Centrgaz to construct the South Stream pipeline across its territory. There is increasing pressure from the EU to suspend the project because it claims it breaks competition law.