Vladimir Putin has chosen Hungary for his first state visit to an EU state since the beginning of the Ukrainian crisis a year ago. Energy issues are expected to top the agenda, yet the Russian leader usually has an ace up his sleeve.
The average price of Russian gas supplied abroad will be $222 per 1,000 cubic meters in 2015. It could mean a 35 percent price cut for Gazprom supplied gas to Europe, the Russian Ministry of Economic Development has forecast.
The economy of Russia is self-sufficient and sanctions won’t kill it, Guan Jianzhong Chairman of Dagong Global Credit told RT. Unlike most Western economies that are suffering from a debt “bubble,” Russia’s problems are caused by “outside hits.”
The district court in Amsterdam has ruled the compensation claim by Yukos International, once part of Russia’s biggest oil company, is legitimate. The firm is asking Rosneft for $333 million to cover losses incurred by the arrest of its accounts in 2008.
Russia’s biggest independent oil producer Lukoil has lodged arbitration in London against China’s Sinopec. The Chinese company backed out of a $1.2 billion deal to buy 50 percent of Caspian Investment Resources which has oil and gas assets in Kazakhstan.
The Middle East countries of OPEC destabilized the global oil market by pursuing their personal interests and are mindless to other members of the cartel, says Igor Sechin, the head of Russian oil major Rosneft.
A US oil refineries strike, a reduction of shale oil rigs, and declining investment by major companies signals to the global market that oil production is going to fall, which pushes the price up, says Mamdouh Salameh, an international oil economist.
A lawsuit brought by Russian oil firm Rosneft challenging sanctions imposed on Moscow has been referred to the European Court of Justice. Rosneft’s lawyers maintain the sanctions were hastily implemented and are illegal under EU law.
Egypt has established a free trade zone with the Russian-led Eurasian Economic Union, which includes Russia, Armenia, Belarus, and Kazakhstan, president Sisi of Egypt announced at a joint news conference with Russian President Vladimir Putin.
It is the worst time for the EU to impose more sanctions against Russia as the recovery in Europe is so fragile and it can ill afford any more conflict and instability, Felix Moreno, economist and trader, told RT.