Russian oil

A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here . You can listen to an audio version of the newsletter by clicking the same link. London (CNN Business) Europe and the United States have barred the import of Russian oil to cut off a crucial revenue source for the Kremlin. But the plan to pile pain on President Vladimir Putin, forcing him to reconsider his war in Ukraine, hasn't worked . Russia's government is making just as much money from energy exports as it was before the invasion. Meanwhile, inflation is surging globally, adding to political pressure on heads of state such as US President Joe Biden, British Prime Minister Boris Johnson and French President Emmanuel Macron. That's forcing leaders from top economies who have gathered in Germany for a G7 meeting to consider a new route: slapping price caps on Russian crude . "The goal here is to starve Russia, … [Read more...] about Price cap on Russian oil could shake up the market

Share to Twitter Share to Linkedin Topline Leaders of Group of Seven nations on Monday announced a support package for Ukraine, further sanctions against Russia and are reportedly nearing an agreement to set a price cap on Russian oil, a contentious issue as they debate ways to stave Putin’s war chest while mitigating spiraling inflation, soaring energy prices and an impending global food crisis. Key Facts Leaders of the G-7 —a group of the world’s seven largest economies which includes the U.S., the U.K., Canada, France, Germany, Italy and Japan— announced a suite of new measures against Moscow, including imposing higher tariffs on Russian goods, restricting Russian gold exports and imposing new sanctions on officials and organizations supporting the war effort. The group also unveiled a new support package for Ukraine, including the provision of military hardware, using the higher tariffs on Russian goods to help Ukraine and “financial, … [Read more...] about G-7 Leaders Nearing Price Cap On Russian Oil Funding Putin’s War Chest

Telfs-Buchen, Austria (CNN) Ukrainian President Volodymyr Zelensky told G7 leaders during a virtual meeting Monday that he wants the war in Ukraine to end by the end of 2022, according to a source familiar with his remarks , as leaders worked to starve Russia of its oil revenues and mitigate the economic fallout of the conflict. The dual missions -- sustain support for Ukraine while easing economic pressures at home -- have defined this year's summit of leading democracies, held high in the Bavarian Alps. While largely united, the leaders are all facing their own political imperatives to see a momentum shift in the fighting and bring an end to the conflict quickly. To that end, leaders were nearing an agreement to try capping the price of Russian oil, depriving the country of revenues that have soared amid the global spike in energy prices. Details were still being ironed out, including whether the top buyers of Russian oil would agree to the limits, but US officials … [Read more...] about G7 leaders work to ‘starve’ Russia of oil money as Zelensky says he wants the war over by the end of the year

- A + A SCHLOSS ELMAU, Germany (June 27): The Group of Seven (G7) rich democracies will commit on Tuesday (June 28) to a new package of coordinated actions meant to raise pressure on Russia over its war in Ukraine, and will finalise plans for a price cap on Russian oil, a senior US official said on Monday. The announcement came amid news that Russia looked set to plunge into its first sovereign default in decades and Ukrainian President Volodymyr Zelenskiy spoke to address G7 leaders meeting at an alpine resort in southern Germany. "The dual objectives of G7 leaders have been to take direct aim at [Russian President Vladimir] Putin's revenues, particularly through energy, but also to minimise the spillovers and the impact on the G7 economies and the rest of the world," the US official said on the sidelines of the annual G7 summit. The G7 nations, which account for nearly half the world's economic output, are determined to crank up the pressure on Russia without … [Read more...] about G7 to hike sanctions on Russia, nears oil price cap deal, says US official

KUALA LUMPUR: The ringgit reversed its earlier gains to close weaker against the US dollar today as the falling crude oil prices continued to weigh on sentiments, said an analyst. At 6 pm, the local unit depreciated against the greenback to 4.4030/4060 from Friday's close of 4.4010/4045. The analyst said oil prices had eased on Monday as investors were cautious about moves against Russian oil and gas exports that might arise from the Group of Seven (G7) nations meeting. At the press time, benchmark Brent crude oil was traded at US$113.14 per barrel, down by 0.14 per cent. He also expects the USD/MYR (US dollar-ringgit pair) to remain volatile as growing fears of a recession are causing market participants to be defensive, leading to higher demand for safe-haven currencies. Meanwhile, the local currency was traded mixed against a basket of major currencies. The ringgit appreciated against the British pound to 5.4064/4101 from Friday's close of 5.4128/4171 and rose versus the … [Read more...] about Ringgit depreciates against US dollar

- A + A KUALA LUMPUR (June 27): The ringgit reversed its earlier gains to close weaker against the US dollar on Monday (June 27), as the falling crude oil prices continued to weigh on sentiments, said an analyst. At 6pm, the local unit depreciated against the greenback to 4.4030/4060 from Friday (June 24)'s close of 4.4010/4045. The analyst said oil prices had eased on Monday as investors were cautious about moves against Russian oil and gas exports that might arise from the Group of Seven (G7) nations meeting. At the press time, benchmark Brent crude oil was traded at US$113.14 per barrel, down by 0.14%. He also expects the USD/MYR (US dollar-ringgit pair) to remain volatile, as growing fears of a recession are causing market participants to be defensive, leading to higher demand for safe-haven currencies. Meanwhile, the local currency was traded mixed against a basket of major currencies. The ringgit appreciated against the British pound to 5.4064/4101 from … [Read more...] about Ringgit depreciates against US dollar on June 27

- A + A KUALA LUMPUR (June 27): Shares of Hengyuan Refining Co Bhd rose on Monday (June 27) in line with the positive broader market sentiment, expectations of higher oil consumption and improved profit margins. Hengyuan closed 35 sen or 7.74% higher at RM4.87 on volume of 2.61 million shares, much higher than the 200-day average volume of 1.4 million. The stock has rebounded 12.21% from last Monday's low of RM4.34. At the current price, the company is valued at RM1.46 billion. When contacted, MIDF Research analyst Imran Yassin Yusof said the general market sentiment was positive on Monday, which gave a boost to oil and gas stocks. "It could also be some bargain hunting activities," he added. Bursa Malaysia's Energy index rose 1.65% or 11.17 points to 688.66 to emerge as second biggest gainer after the Technology index, which was up 2.83% or 1.77 points to 64.39. Thong Pak Leng, vice-president of equity research at Rakuten Trade Sdn Bhd, said high crude … [Read more...] about Hengyuan Refining shares up almost 8% amid positive market sentiment

FILE PHOTO: A smoke rises over remains of a building destroyed by a military strike, as Russia’s attack on Ukraine continues, in Lysychansk, Luhansk region, Ukraine June 17, 2022. REUTERS/Oleksandr Ratushniak KYIV — Ukrainian President Volodymyr Zelensky on Monday urged Western leaders to supply anti-aircraft defense systems to his embattled nation as Russian forces assaulted Lysychansk, the last big city still held by Ukrainian troops in eastern Luhansk province. Addressing the Group of Seven summit in the Bavarian Alps via video link, Zelensky also asked for help to export grain from Ukraine and for more sanctions on Russia, a European official said. As the leaders met, Russian forces were bombarding Lysychansk, the Kremlin’s immediate battlefield target following the fall of neighboring Severodonetsk over the weekend. Luhansk governor Serhiy Gaidai said the city was suffering “catastrophic” damage from the shelling and he urged civilians to urgently evacuate. “The … [Read more...] about Ukraine pleads for air defense as Russia turns sights on Lysychansk

People stand next to cars destroyed by a Russian missile strike, as Russia's attack on Ukraine continues, at a residential area in Kharkiv, Ukraine on June 26, 2022. (Reuters filepix by Sofiia Gatilova) - A + A KYIV (June 27): Western nations on Monday pledged unwavering support for Ukraine in the war with Russia, including more sanctions on Moscow and air-defence systems, as Russian forces closed in on the last big city still held by Ukrainian troops in eastern Luhansk province. Two Russian missiles struck a crowded shopping centre in the Ukrainian city of Kremenchuk, southeast of Kyiv, killing at least 10 people and wounding 40, senior Ukrainian officials said. "It's useless to hope for decency and humanity from Russia," Ukrainian President Volodymyr Zelenskiy wrote on Telegram. Leaders of the Group of Seven major democracies, meeting at a German alpine resort, said they would keep sanctions on Russia for as long as necessary and intensify international … [Read more...] about West pledges unwavering support for Ukraine as missiles strike shopping centre