Russia's largest independent natural gas producer Novatek is in talks with Chinese banks to get over $10 billion for its Yamal liquid natural gas (LNG) project, according to the company’s key owner Gennady Timchenko.
A recovery in oil prices to $90-$100 per barrel would be an important support for the Russian ruble, which has lost about 39 percent against the dollar since the start of the year, says Yaroslav Lissovolik, Managing Director of Deutsche Bank Russia.
Moscow and Beijing have agreed many of the aspects of a second gas pipeline to China, the so-called western route. It’s in additional to the eastern route which has already broken ground after a $400 billion deal was clinched in May.
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.