Russian Banks Have Discussed Seeking Bailouts Within Next Year
At least three lenders identified as systemically important by the Bank of Russia have considered the possibility that they may need to be recapitalized in the next 12 months, according to current and former officials and documents reviewed by Bloomberg News.
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Yahoo
26 minutes ago
- Yahoo
Ukraine and Russia strikes hit homes and oil depot near Black Sea
A Russian missile strike has destroyed homes and civilian infrastructure in Ukraine's southern city of Mykolaiv, local officials say. At least three civilians were reported injured in the city near the Black Sea, which has been repeatedly shelled by Russian forces. Ukraine's State Emergency Service posted photos of firefighters at the scene after the missile strike. Early on Sunday a massive oil depot fire was raging near Russia's Black Sea resort of Sochi - blamed by the Russian authorities on a Ukrainian drone attack. Sochi's airport in the same area - Adler district - suspended flights. Krasnodar Region Governor Veniamin Kondratyev said on Telegram that drone debris had hit a fuel tank, and 127 firefighters were tackling the blaze. The drone attack was one of several launched by Ukraine over the weekend, targeting installations in the southern Russian cities of Ryazan, Penza and Voronezh. The governor of Voronezh said four people were injured in one drone strike. Ukrainian President Volodymyr Zelensky called for stronger international sanctions on Russia this week after a deadly attack on Kyiv on Thursday killed at least 31 people. More than 300 drones and eight cruise missiles were launched in the assault, Ukrainian officials said, making the attack one of the deadliest on the capital since Russia launched its full-scale invasion in February 2022.
CNN
28 minutes ago
- CNN
Ukrainian drone attack sparks fire in Russia's former Olympic city, governor says
More than 120 firefighters were trying to extinguish a blaze at an oil depot in the Russian city of Sochi that was sparked by a Ukrainian drone attack, regional Governor Veniamin Kondratyev said early on Sunday on the Telegram messaging app. In the Krasnodar region on the Black Sea where Sochi is located, a fuel tank with a capacity of 2,000 cubic meters (70,000 cubic feet) was on fire, Russia's RIA news agency reported, citing emergency officials. The Russian defense ministry said in its daily morning report on Telegram that its air defense units destroyed 93 Ukrainian drones overnight, including one over the Krasnodar region and 60 over the waters of the Black Sea. The ministry reports only how many drones its units destroy, not how many Ukraine launched. Rosaviatsia, Russia's civil aviation authority, temporarily halted flights at Sochi's airport to ensure air safety before saying on Telegram that flights resumed as of 0200 GMT on Sunday (10 p.m. ET, Saturday). Reuters could not independently verify the reports. There was no immediate comment from Ukraine. The attack, which Kondratyev said was in the Adler district of the coastal resort city, would be Ukraine's latest on infrastructure inside Russia that Kyiv deems key to Moscow's war efforts. A woman was killed in the Adler district in a Ukrainian drone attack late last month, but attacks on Sochi, which hosted the 2014 Olympic Winter Games, have been infrequent in the war that Russia launched in February 2022. The Krasnodar region is home to the Ilsky refinery near the city of Krasnodar, among the largest in southern Russia and a frequent target of Ukraine's drone attacks. Also on Sunday, the governor of Voronezh region in southern Russia said four people were injured in a Ukrainian drone strike that caused several fires, while Russia launched a missile attack on Kyiv, according to the military administration of the Ukrainian capital. The Russian defense ministry said that its units destroyed 18 Ukrainian drones over the Voronezh region that borders Ukraine.
Yahoo
3 hours ago
- Yahoo
OPEC+ slated to increase oil output in bid to regain market share
Saudi Arabia, Russia and six other key members of the OPEC+ alliance are expected to further hike oil production in a meeting Sunday, a move analysts say is aimed at regaining market share amid resilient crude prices. The anticipated output increase by the group of eight oil-producing countries known as the "Voluntary Eight" (V8), would be the latest in a series of hikes that began in April. In a bid to boost prices, the wider OPEC+ group -- comprising the 12-nation Organization of the Petroleum Exporting Countries (OPEC) and its allies -- in recent years had agreed to three different tranches of output cuts that amounted to almost 6 million barrels per day (bpd) in total. Analysts expect the V8 group -- namely Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman -- to agree on another output increase of 548,000 bpd for September, a target similar to the one approved in August. According to UBS analyst Giovanni Staunovo, the likely "quota increase is largely priced in" already, with the price of Brent, the global benchmark for oil, expected to remain near its current level of around $70 per barrel after Sunday's decision. Since April, the V8 group has placed increased focus on regaining market share over price stability, a policy shift after years of enforcing production cuts to prop up prices. - Likely pause in output hikes - But it remains unclear which strategy the group intends to pursue after Sunday's meeting. According to Warren Patterson, an analyst at ING, the V8 nations will likely "take a pause in supply hikes after September". Crude prices have held up better than most analysts had predicted since the production increases began. Experts say that is mainly due to traditionally high summer demand and significant geopolitical risk premiums being built into prices, particularly since the 12-day Iran-Israel war. Moreover, the actual increase in production between March and June was less than the increase in quotas during the same period, said Staunovo, quoting OPEC sources. However, the market is "set to move into large surplus" of oil supply from October, Patterson noted, warning that OPEC+ should remain careful not to be "adding to this surplus". "OPEC+ is doing the balancing act of regaining market share and not sending oil prices plummeting", which would lead to a drop it profits, Tamas Varga, an analyst at PVM, told AFP. Saudi Arabia, the group's most influential member, relies heavily on oil revenues to finance its ambitious plan aimed at diversifying the economy. The unwinding of another set of production cuts of around 3.7 million bpd is to be discussed at the next OPEC+ ministerial meeting in November. - Unstable environment - With demand being unstable in the face of US President Donald Trump's erratic policymaking on trade and supply under threat by geopolitical risks, experts say it is difficult to predict what is next for the oil market. In the latest twist in late July, Trump gave Moscow ten days to end the war in Ukraine, saying that his country would otherwise impose sanctions on Russia. "We're gonna put on tariffs and stuff," he vowed. Trump had previously hinted to an indirect 100-percent surcharge on countries that continue to buy Russian products, particularly hydrocarbons, in order to dry up Moscow's revenues. He has specifically targeted India, the second largest importer of Russian oil at around 1.6 million bpd since the beginning of the year. The developments could prompt OPEC+ to make further policy decisions. However, "OPEC+ will react only to real supply disruptions" and not to price increases linked to risk premiums, said Staunovo. pml-kym/rl/tc
