"The toll of destruction, damage, and dislocation in Ukraine is staggering and continues to grow," Anna Bjerde, the bank's regional vice president for Europe and Central Asia, said in the statement.

The Nord Stream 2 pipeline is no longer leaking under the Baltic Sea because an equilibrium has been reached between the gas and water pressure, a spokesman said. "The water pressure has more or less closed the pipeline so that the gas which is inside can't go out," Nord Stream...

SOFIA, BULGARIA - Russia's Gazprom has suspended gas deliveries to Italy's Eni, blaming a transport problem in Austria, the Italian energy giant said. "Gazprom told us that it was not able to confirm the delivery of the volumes demanded for today, citing the impossibility of gas transport through Austria," Eni...

The OPEC+ oil cartel will meet in Vienna next week for the first time since Covid curbs were introduced in 2020, the organization said.

Stoked by a staggering 40.8 percent rise in energy prices, the yearly inflation rate in the 19-country single currency area hit its highest level since records began, according to Eurostat. The historic level of inflation will encourage the European Central Bank to stay on its current path of rate hikes.

Taliban officials have maintained that they are looking to strike trade deals with the international community, and have so far received oil and gas from neighboring Iran. The government has not yet been recognized by any country, but Russia has maintained bilateral ties with Taliban since before they seized power...

The EU's executive proposed a new round of sanctions on Moscow over its latest "escalation" in Ukraine, including an oil price cap and ban on Russian exports worth $7 billion. It also plans to expand its travel blacklist and asset freezes to include high-ranking Russian officials and organizers of the...

Russia has sought an explanation from US President Joe Biden on three reported gas leaks on the Nord Stream pipelines, carrying gas to Europe from Russia. Foreign ministry spokeswoman said on social media that on February 7, 2022 Joe Biden said that Nord Stream would be finished if Russia invaded...

The world economy will take a bigger hit than previously forecast next year due to the effects of Russia's war in Ukraine, the OECD said. In a bleak report titled "paying the price of war", the Paris-based organization noted that the conflict aggravated inflationary pressure when the cost of living...

Russia and the United States are the world's largest nuclear weapons powers, but separate from the threats of planetary destruction, Russian military doctrine permits the use of tactical nuclear weapons on the battlefield to force an enemy to retreat. Russian Foreign Minister Sergei Lavrov, asked during a news conference Saturday...

A Moroccan prisoner of war released as part of an exchange between Moscow and Kyiv said he wanted to draw attention to the "struggle" of Ukraine as he returned home.

As part of the deal, the UAE will provide "an LNG cargo for delivery in late 2022, to be used in the commissioning of Germany’s floating LNG import terminal at Brunsbuettel", a North Sea port. UAE state oil company ADNOC completed its first ever direct diesel delivery to Germany earlier...

The UAE foreign minister noted both the countries support each other to achieve sustainable economic growth and enhance the prosperity of their people.

Moscow replaced its top logistics general after setbacks as Kremlin-held regions of eastern and southern Ukraine voted for a second day on becoming part of Russia. The change comes amid a mobilization drive by Russia after the Ukraine invasion revealed logistical difficulties, with Kyiv taking back some territory.

Last April, Italy entered into an agreement with Algeria to increase imports through the Trans-Med pipeline.

France's national broadcaster said Friday it would begin broadcasting a "power map" to  viewers, showing demand for electricity around the country and areas where over-consumption could lead to blackouts. Under a deal signed with the main operator of the country's power grid, France Televisions will begin showing a real-time map...

"Defending Ukraine’s sovereignty and territorial integrity is about much more than standing up for one nation’s right to choose its own path, fundamental as that right is.  It’s also about protecting an international order where no nation can redraw the borders of another by force," he adds.

The figure was equivalent to five times Ukraine's annual GDP before the invasion in February, Oleg Ustenko, economic advisor to President Volodymyr Zelensky, said at an event hosted by the German Council on Foreign Relations in Berlin.

Britain lifted England's moratorium on controversial gas fracking to boost energy security, despite breaking the ruling Conservative party's manifesto pledge.

Hungarian Prime Minister Viktor Orban wants EU sanctions on Russia over its invasion of Ukraine lifted by year end, a pro-government daily newspaper said. Orban, who has sought close ties with Russian President Vladimir Putin in recent years, has frequently railed against the sanctions, saying they are hurting Europe more...

Over 100 countries have signed on to the Roadmap for Global Food Security. Many are already acting on those commitments. Action is crucial because the current crisis is one that no individual country or even group of countries can solve alone. We have to get emergency aid to the people...

The White House said food supplies are being dangerously disrupted by "the compounding impacts of the pandemic, the deepening climate crisis, rising energy and fertilizer costs, and protracted conflicts -- including Russia's invasion of Ukraine."

Equities around the world have been clattered by fears of a recession in major economies as central banks ramp up borrowing costs to combat the highest inflation in decades, which has been compounded by the Ukraine war and supply chain snarls.

Riyadh, Saudi Arabia - Saudi Arabia topped the list of oil suppliers to China for the first time in four months despite a rise in Beijing’s imports from Russia, Argaam said. Saudi’s oil exports rebounded last month to 8.475 million tons, or 1.99 million barrels per day (bpd). The Kingdom...

Turkish President Recep Tayyip Erdogan called for a "dignified way out" of the seven-month crisis sparked by Russia's invasion of Ukraine.

Putin accused the European Union of blocking 300,000 tons of Russian fertilizer from reaching the world's poorest countries. "Our offer... to transfer for free 300,000 tons of Russian fertilizer blocked in European ports because of sanctions to countries that need it is still without an answer," he said.

US President Joe Biden has warned his Russian counterpart Vladimir Putin against using chemical or tactical nuclear weapons due to his losses in Ukraine . "Don't. Don't," Biden said, in an excerpt from an interview with CBS. Biden was responding to a question about the possibility of Putin resorting to...

Berlin took control of the German operations of Russian oil firm Rosneft to secure energy supplies which have been disrupted after Moscow invaded Ukraine. Rosneft's German subsidiaries, which account for about 12 percent of oil refining capacity in the country, were placed under trusteeship of the Federal Network Agency, the...

Energy-guzzling Data centers or bit barns across Europe are facing the heat because of energy shortage sparked by the Ukraine-Russia conflict. Activists have also raised concerns about the "lack of transparency about what is actually being stored in these data centers".

The energy giant's H1 net profit rose to $7.2 billion.

In the EU's electricity market, the price is based on the last source used to meet demand -- often a gas-fired power plant -- and that is applied to all electricity operators, regardless of whether they use nuclear, hydro-power, solar or other sources.

Showcasing its growing rift with the Western world, Vladimir Putin will meet China's Xi Jinping and other Asian leaders in a regional summit in Samarkand. The Shanghai Cooperation Organization was set up in 2001 as a political, economic and security organization to rival Western institutions.

Russia said visas had been issued for Foreign Minister Sergei Lavrov and members of his delegation to attend the UN General Assembly at UN headquarters in New York from September 20 to 26. Moscow had earlier expressed alarm that US entry visas had not been issued for 56 representatives of...

Norway, which has replaced Russia as Europe's leading supplier of natural gas, dashed the hopes of EU member states who wanted a cap on gas prices. After his phone call with European Commission President Ursula von der Leyen, Norway's Prime Minister Jonas Gahr Store said he was "skeptical" about a...

The UN urged EU countries on Monday to continue battling climate change and not resort to more fossil fuels in their response to soaring energy prices and fears of winter shortages. Russia has reduced supplies of gas to Europe since its invasion of Ukraine, sending prices for the fuel soaring.

It will cost some $350 billion to rebuild Ukraine from the devastation caused by the Russian invasion, according to a report. The figure, which totals 1.5 times the size of the Ukrainian economy, is considered a minimum and is expected to grow in the coming months as the war rages...

The Kremlin said that President Vladimir Putin will discuss with Turkish President Recep Tayyip Erdogan a deal allowing grain exports from Ukraine that Russia has criticized. The agreement between Russia and Ukraine, brokered by Turkey and the United Nations, designated three ports for Kyiv to send grain supplies through a...

Stock markets and oil prices rallied Friday, with investors largely pricing in more interest rate hikes aimed at taming runaway inflation. The dollar slid one percent versus the pound and euro after recent hefty gains. London's stock market jumped more than 1.5 percent in morning deals, mirroring advances in Paris...

The Chairman of the Ajman Chamber of Commerce and Industry (ACCI) recently received an economic delegation from the Russian Federation to discuss prospects for developing relations between business owners from the two countries.

Moscow's invasion has seen the price of natural gas hit record levels, throwing the EU economy into deep uncertainty with all eyes on whether Russian President Vladimir Putin will cut off the energy flow entirely. Before the war, 40 percent of the EU's gas imports came from Russia, with most...

Erdogan has maintained good working relations with Russian President Vladimir Putin while trying to stay neutral in the conflict and supplying Ukraine with weapons and combat drones. Erdogan is expected to meet Putin at a regional summit in Uzbekistan next week.

The International Atomic Energy Agency called Tuesday for the establishment of a security zone around Ukraine's Zaporizhzhia nuclear power plant, occupied by Russia and the site of recent shelling. "The current situation is untenable," the UN atomic watchdog said in a report after it sent a team to the plant...

European and US stocks rose Tuesday, but gains were capped by economic slowdown fears and central bank efforts to contain surging inflation. Frankfurt, London and Paris equities carved out gains despite poor German data, a day after tumultuous trading as Russia curbed gas supplies to Europe.

Catherine Colonna met her Turkish counterpart Mevlut Cavusoglu before flying to Athens on Tuesday to address a new spike in tensions between the two NATO neighbours and historic foes. Colonna made efforts at a joint media appearance with Cavusoglu to avoid a repeat of the public spat that developed during...

In spite of the Western sanctions, Russia has raked in some $158 billion in energy exports in the six months since the war, with the EU accounting for more than half. Natural gas prices have jumped to record levels in Europe as Russia cut off supplies.

The move could irk the United States as it has pressed the group to increase output in order to bring down energy prices that have fuelled decades-high inflation. OPEC+ had agreed to huge cuts in output in 2020 when the Covid pandemic sent oil prices crashing, but it began to...

Nearly a week after the US said Russia was receiving Iranian combat drones to be used in the Ukraine war, Iran says that it is looking to buy Sukhoi Su-35 fighter jets from Russia. Both the countries are under international sanctions, Iran for pulling out of the nuclear deal and...

The leader of Italy's far-right League party, Matteo Salvini, has sparked debate by saying that the unprecedented sanctions the West had imposed on Russia over the Ukraine invasion weren't working. "Several months have passed and people are paying two, three, even four times more for their bills," he told Rtl...

Turkey can mediate in a standoff over Ukraine's Zaporizhzhia nuclear power station, occupied by Moscow's troops, President Recep Tayyip Erdogan told Russian counterpart Vladimir Putin on Saturday. "President Erdogan said Turkey can play a facilitator role in the Zaporizhzhia nuclear power plant, as they did in the grain deal," the...

G7 industrialized powers vowed Friday to "urgently" move towards implementing a price cap on Russian oil imports in a bid to cut a major source of funding for Moscow's war in Ukraine. The G7 said it was working towards a "broad coalition" of support for the measure but officials in...