Latest news with #KirillDmitriev
Russia Today
2 days ago
- Business
- Russia Today
Brussels making EU ‘as uncompetitive as possible'
Officials in Brussels are completely undermining the EU's competitiveness, according to Kirill Dmitriev, the CEO of the Russian Direct Investment Fund and presidential envoy. His comment follows the European Commission's proposal to eliminate all Russian oil and gas imports within two years. EU Energy Commissioner Dan Jorgensen unveiled the plan, which is backed by European Commission President Ursula von der Leyen, on Tuesday. It seeks to ban all new gas contracts with Russia, and presents measures to facilitate the end of Russian oil imports by the end of 2027. 'EU Commission bureaucrats seem obsessed – with making the EU as uncompetitive as possible on the global stage,' Dmitriev, who is also the Russian president's special envoy for investment and economic cooperation, wrote on X. 'Mission accomplished or still in progress?' The comment came in response to criticism from Hungarian Foreign Minister Peter Szijjarto, who warned that the plan represents 'a serious violation' of Hungary's sovereignty. He claimed that the EU is 'ready to dismantle Hungary's secure and affordable energy supply.' EU Commission bureaucrats seem obsessed—with making the EU as uncompetitive as possible on the global stage. Mission accomplished or still in progress? The legislation seeks to apply EU trade law mechanisms to imports of Russian oil and gas, enabling Brussels to bypass potential vetoes from countries such as Hungary and Slovakia. Energy prices across Europe soared following Ukraine-related sanctions in 2022. Jorgensen said the latest phaseout is not about Ukraine, but because 'Russia has weaponized energy' against the EU. Moscow has called the sanctions illegitimate and counterproductive. Russian President Vladimir Putin has set the lifting of sanctions as a condition for resolving the Ukraine conflict. The Kremlin also noted that Russia has been a reliable energy supplier to the bloc. Russia, once the EU's main gas supplier, sharply reduced exports three years ago amid Western sanctions and the Nord Stream pipeline sabotage. Its share of EU pipeline gas fell from over 40% in 2021 to around 11% in 2024. While most EU countries have cut Russian gas, landlocked members, including Hungary, Slovakia, Austria, the Czech Republic, and Serbia, still rely on limited supplies through various exemptions. Meanwhile, Russian LNG imports to the EU have surged, making up 17.5% of the bloc's supply last year – second only to the US at 45.3%. France, Spain, and Belgium took in 85% of these shipments, according to the Institute for Energy Economics and Financial Analysis (IEEFA).
Straits Times
2 days ago
- Business
- Straits Times
Russia's Dmitriev says Russia, US and Saudi Arabia could act jointly to stabilise oil markets
FILE PHOTO: Head of the Russian Direct Investment Fund Kirill Dmitriev attends a military parade on Victory Day, marking the 80th anniversary of the victory over Nazi Germany in World War Two, in Red Square in central Moscow, Russia, May 9, 2025. REUTERS/Maxim Shemetov/File Photo Crude oil tanker SCF Surgut, owned by Russia's leading tanker group Sovcomflot, transits the Bosphorus in Istanbul, Turkey, April 4, 2024. REUTERS/Yoruk Isik Russia's Dmitriev says Russia, US and Saudi Arabia could act jointly to stabilise oil markets ST PETERSBURG - Russia, the United States and Saudi Arabia could act jointly to stabilise oil markets if needed, Russia's investment envoy Kirill Dmitriev told Reuters. Oil prices surged on Thursday after Israel said it attacked Iranian nuclear sites in Natanz and Arak overnight and as investors grappled with fears of a broader conflict in the Middle East that could disrupt crude supplies. Dmitriev, chief of Russia's sovereign wealth fund, said there was a precedent for similar joint action in 2020. "There was an example when (Russian) President Putin, (U.S.) President Trump and (Saudi) Crown Prince Mohammed bin Salman played a key role in stabilising markets," Dmitriev said on the sidelines of the St Petersburg International Economic Forum. "It is early to talk about concrete joint action yet but based on an earlier precedent, such action is possible." In the spring of 2020, as oil prices plummeted amid the COVID-19 pandemic, Trump brokered a deal with top crude producers Russia and Saudi Arabia to cut output and calm the markets. "Events in the Middle East create conditions for oil price rises. The dynamics of these events will define how dramatic this rise will be," Dmitriev said. "The dynamics of such rises sharply reduce the possibility of further restrictions on Russia's energy sector," he said, referring to European Union deliberations on tightening sanctions against Moscow. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Reuters
2 days ago
- Business
- Reuters
Exclusive: Russia's Dmitriev says Russia, US and Saudi Arabia could act jointly to stabilise oil markets
ST PETERSBURG, June 19 (Reuters) - Russia, the United States and Saudi Arabia could act jointly to stabilise oil markets if needed, Russia's investment envoy Kirill Dmitriev told Reuters. Oil prices surged on Thursday after Israel said it attacked Iranian nuclear sites in Natanz and Arak overnight and as investors grappled with fears of a broader conflict in the Middle East that could disrupt crude supplies. Dmitriev, chief of Russia's sovereign wealth fund, said there was a precedent for similar joint action in 2020. "There was an example when (Russian) President Putin, (U.S.) President Trump and (Saudi) Crown Prince Mohammed bin Salman played a key role in stabilising markets," Dmitriev said on the sidelines of the St Petersburg International Economic Forum. "It is early to talk about concrete joint action yet but based on an earlier precedent, such action is possible." In the spring of 2020, as oil prices plummeted amid the COVID-19 pandemic, Trump brokered a deal with top crude producers Russia and Saudi Arabia to cut output and calm the markets. "Events in the Middle East create conditions for oil price rises. The dynamics of these events will define how dramatic this rise will be," Dmitriev said. "The dynamics of such rises sharply reduce the possibility of further restrictions on Russia's energy sector," he said, referring to European Union deliberations on tightening sanctions against Moscow.
The Star
3 days ago
- Business
- The Star
Russian investment fund to cooperate with Chinese digital trade platform
MOSCOW, June 18 (Xinhua) -- The Russian Direct Investment Fund (RDIF) and Qifa, a Chinese-founded B2B digital trade platform operating across the Russia-China corridor, inked a strategic partnership on Wednesday at the St. Petersburg International Economic Forum (SPIEF) to advance cross-border digital trade and expand bilateral commerce. The collaboration agreement, signed on the sidelines of the forum, underscores joint efforts to modernize trade processes through technological integration. "RDIF and Qifa, a Russia-China B2B digital trade platform, have agreed to partner in developing digital trade and scaling bilateral trade volumes," the fund stated in a press release. According to RDIF, the initiative will harness AI-driven solutions to streamline trade workflows, enhancing transparency and operational efficiency for businesses. This, in turn, is expected to drive product assortment expansion and cost optimization -- key levers for accelerating trade growth in line with bilateral strategic objectives. "China leads in trade volume with Russia, with a robust e-commerce ecosystem already in place. RDIF's focus on facilitating market access for Sino-Russian enterprises makes this partnership with Qifa an important step in elevating cross-border digital trade," said Kirill Dmitriev, CEO of RDIF, in a statement. The 28th St. Petersburg International Economic Forum runs from June 18 to 21 this year, gathering delegates from over 100 countries and regions.
Russia Today
3 days ago
- Business
- Russia Today
Brussels makes EU ‘as uncompetitive as possible'
Officials in Brussels are completely undermining the EU's competitiveness, according to Kirill Dmitriev, the CEO of the Russian Direct Investment Fund and presidential envoy. His comment follows the European Commission's proposal to eliminate all Russian oil and gas imports within two years. EU Energy Commissioner Dan Jorgensen unveiled the plan, which is backed by European Commission President Ursula von der Leyen, on Tuesday. It seeks to ban all new gas contracts with Russia, and presents measures to facilitate the end of Russian oil imports by the end of 2027. 'EU Commission bureaucrats seem obsessed – with making the EU as uncompetitive as possible on the global stage,' Dmitriev, who is also the Russian president's special envoy for investment and economic cooperation, wrote on X. 'Mission accomplished or still in progress?' The comment came in response to criticism from Hungarian Foreign Minister Peter Szijjarto, who warned that the plan represents 'a serious violation' of Hungary's sovereignty. He claimed that the EU is 'ready to dismantle Hungary's secure and affordable energy supply.' EU Commission bureaucrats seem obsessed—with making the EU as uncompetitive as possible on the global stage. Mission accomplished or still in progress? The legislation seeks to apply EU trade law mechanisms to imports of Russian oil and gas, enabling Brussels to bypass potential vetoes from countries such as Hungary and Slovakia. Energy prices across Europe soared following Ukraine-related sanctions in 2022. Jorgensen said the latest phaseout is not about Ukraine, but because 'Russia has weaponized energy' against the EU. Moscow has called the sanctions illegitimate and counterproductive. Russian President Vladimir Putin has set the lifting of sanctions as a condition for resolving the Ukraine conflict. The Kremlin also noted that Russia has been a reliable energy supplier to the bloc. Russia, once the EU's main gas supplier, sharply reduced exports three years ago amid Western sanctions and the Nord Stream pipeline sabotage. Its share of EU pipeline gas fell from over 40% in 2021 to around 11% in 2024. While most EU countries have cut Russian gas, landlocked members, including Hungary, Slovakia, Austria, the Czech Republic, and Serbia, still rely on limited supplies through various exemptions. Meanwhile, Russian LNG imports to the EU have surged, making up 17.5% of the bloc's supply last year – second only to the US at 45.3%. France, Spain, and Belgium took in 85% of these shipments, according to the Institute for Energy Economics and Financial Analysis (IEEFA).
