Italian politician Franco Frattini has hit out at sanctions implemented against Russia, saying they are counterproductive. He also says Russian loans to Ukraine are much bigger than the amount of money the EU is prepared to offer Kiev.
OPEC is not a monolithic organization and it fails to agree on common policy, so it’s unlikely that the upcoming Vienna meeting will become a deciding factor on oil prices, Adrian Salbuchi, International consultant, told RT.
If European countries don’t want to eliminate gas supply problems by building the South Stream pipeline, they should take responsibility for the possible transit risks, said Russian Minister of Economic Development Aleksey Ulyukayev.
Most European countries have enough stocks to cover for “lost” gas from Russia should there be a major disruption. Hardest hit would be Slovakia, Austria, and Turkey as they rely on Russia for at least 15 percent of their energy needs, OECD experts say.
The BRICS Bank marks a major step to de-dollarization, and a new monetary system. It should replace the Western-dominated “predatory casino scheme” that has contributed to world wars and “economic terrorism,” says former World Bank economist Peter Koenig.
Russia is losing around $40 billion a year due to Western sanctions, but they are not as critical to the economy as lower oil prices, which add $90-100 billion in losses, says Russian Finance Minister Anton Siluanov.
The modern world is interdependent and there is no guarantee that sanctions, a sharp fall in oil prices, or the depreciation of the ruble won’t backfire on those who provoked them, says Russian President Vladimir Putin.
Russia’s largest hydroelectric company RusHydro says it is looking for an Asian buyer for its share of a loss-making energy distribution business in the Far East. Media reports say Chinese company Sanxia is a likely candidate.