Gas crisis focuses minds on new routes: comments

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With gold prices hitting all time highs should Russia to be thinking of selling some of its reserves?

Russian reserves continue freefall as cost of bailouts and Rouble defence mounts Russia’s international reserves fell by $30.3 Billion in the week from January 12 to 16, as the Central Bank continued to intervene in support of the Russian Rouble.

VTB posts 3Q 2008 Net Loss – 9M 2008 Net result slumps 70% Russia’s second largest bank, VTB has posted a 3Q 2008 Net Loss of $363 million under IFRS.

Rouble has further downside despite steadying over last week The Russian Rouble has strengthened over the past two days. The government expects greater stability for the local currency over coming months, but experts doubt the controlled devaluation is over.

Russian metals players look for support as mega merger plan gains steam Russian metal producers could save up to $300 million this year, after the government ended export duties on nickel and copper. Momentum is also gaining for the creation of a Russian metals giant, through mergers.

Bank Bailout Risks Default US and UK politicians seem determined to bankrupt their economies in their struggle to save the banks.

London Evening standard bought by Alexander Lebedev A majority stake in the iconic London daily, The Evening Standard will be sold to Russian Billionaire, Alexander Lebedev.

Gazprom looks to make up lost ground after dispute The two week-long gas dispute cost Gazprom more than $1 Billion in lost export revenues that the company plans to recuperate by the summer.

UN looks to minimize impact of gas cutoffs The United Nations has been discussing ways to offset the power of Gazprom after the conflict with Ukraine, which left millions of European families out in the cold.

Budget gets revised for worst case scenario Declining oil prices and a sharp slowdown in the global economy have prompted the Russian government to review the 2009 state budget. The Finance Ministry expects a sharp decline in economic growth.

New Volvo truck plant opens as sector braces for tough year Sweden’s Volvo Trucks has launched its assembly plant in what's know as Russia’s Detroit – the Kaluga Region. Analysts say the timing of project is both good and bad.

Agreement ends gas dispute as clouds loom over Ukraines economy The Gazprom Naftogaz conflict is over with Moscow charging Ukraine a market price for its gas in 2010 and granting a 20% discount this year. In turn, Kiev won’t increase transit fees in 2009.

Oleg Deripaska returns to the driver`s seat at Rusal Billionaire majority shareholder of Rusal, Oleg Deripaska, the world largest aluminium maker, will return to the CEO position after being re-elected by the company board.

Automakers start up for new year in low gear Russia automakers Kamaz and GAZ resume operations on Monday after a break for the New Year. The vehicle makers will now be running on reduced working weeks, as orders from industry collapse in the face of recession.

Gas dispute over. Or is it? Energy experts have warned the gas dispute may not be over, despite Premiers Putin and Timoshenko agreeing a supply and transit price at the weekend. Even if the Ukrainian agrees to terms, there are doubts it can pay.

Ukraine can transit gas - Gazprom Gazprom has published a letter from Ukraine's Naftogaz admitting it can transit gas to the EU. Tens of thousands of European families have entered their third day without central heating.

Rouble weakens again Russia's Central Bank again widened the rouble's trading band against the bi-currency basket on Thursday. This time it was by 50 kopecks instead of 30 – which has increased the pace of devaluation.

Taking sides with pipelines The aggressive political rhetoric stating that Russia uses gas as a ‘geopolitical weapon’ is very popular in the West. Though the facts contradict it.

Leaders to meet on gas impasse The Prime Ministers of Russia and Ukraine have agreed to meet this Saturday, in an effort to find a solution to the on-going gas transit dispute.

Aleksandr Lebedev bids for controlling stake in London Evening Standard Russian businessman Aleksandr Lebedev may acquire 75%+1 share in British newspaper the London Evening Standard.

Gazprom looking to barter gas supplies through to Balkans Gazprom has made a last-ditch attempt to bring gas to thousands of European homes without heating. With Ukraine refusing to transit Russian gas, Moscow has proposed a new deal, involving the European Union.

Cost of gas dispute mounts for Gazprom, as customers look for other supplies The shape of the European gas market could forever be changed in the aftermath of the gas dispute between Russia and Ukraine. The dispute has already cost Gazprom as much as $1.1 Billion already in export earnings.

Gas imbroglio deepens as Ukraine calls for gas ‘loan’ Naftogaz of Ukraine has asked Gazprom for a loan of technical gas to power its pumping stations, claiming it needs the fuel to maintain pressure in its pipelines.

Ukraine actions move into gas dispute spotlight Gazprom says it now has proof that Ukraine is stealing Russian gas bound for families in Europe. The deputy head of Gazprom told Business RT Ukraine won't pay for its own gas, because it's on “the brink of...

Russian oil producers batten down the hatches on crude outlook After reaching record-level highs in 2008 – up to $147 a barrel – the price of oil is now down under $40. Russian production has fallen, too – for first time in decade, with further...

Gas dispute damages Russia's reputation How is the current gas dispute going to impact on Russia's reputation as a reliable energy supplier? Vladimir Ismailov from the Association of European Businesses in Russia shares his opinion.

Europe to warm up as gas goes back on Tens of thousands of European families without heating, have received a boost after Gazprom pledged to resume deliveries. Russia's energy giant gave the go-ahead after the European Union got tough on Ukraine.

Rouble eases further, with prospect of more to come The Russian Rouble fell to its lowest level in six years against the dollar after the central bank devalued the currency for a second day. The government seems set to continue its policy of a controlled devaluation.

Russian President says no to Ukraine agreement amendments Russian President, Dmitry Medvedev, has ordered the federal government not to fulfill the gas transit protocol until Ukraine drops certain clauses to the document which have not been agreed with Moscow.

Gas dispute casts shadow over Europes energy future Russia insists Ukraine should pay market price for its supplies in 2009. Even if the two sides settle their differences, the conflict is likely to leave Gazprom and the European Union with a sense of insecurity.

Markets open in Moscow after long holiday After a ten-day holiday, Russian markets have opened with solid gains including a rise in Gazprom. It's the first day of trading since the markets closed for the New Year holidays.

Gas crisis focuses minds on new routes: comments

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