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Russia Today
3 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
4 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.
Russia Today
5 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).
IOL News
14-05-2025
- Business
- IOL News
BRICS+ Series: What the US-Russia Trade Resurgence Means for Global Geopolitics
Despite the widely publicised rupture in diplomatic relations between Russia and the United States, since the onset of the Ukraine conflict in 2022, recent trade data reveals a counterintuitive development: economic ties between the two powers are quietly resurging. In March 2025, US-Russia trade reached a two-year high of $573.4 million, a striking 50% increase from February's $389.4 million, based on official US statistics. This surge, driven primarily by Russia's exports, raises profound questions about the durability of Western sanctions, the fluidity of geopolitical alliances, and the direction of global multilateralism in an increasingly multipolar world. The Trade Reality Beneath the Political Theatre At the core of this trade revival is the United States' increased importation of critical raw materials from Russia. In March alone, the US imported $219 million worth of Russian fertilizers, $87.5 million in platinum, and additional shipments of phosphates, plywood, and other industrial goods. These are not luxuries—they are strategic commodities essential for American agriculture, industry, and technology sectors. Meanwhile, US exports to Russia remained steady at $50 million, with vaccines, medical instruments, food products, and lab testing equipment dominating the list. This points to a quiet acknowledgment of mutual dependency in key sectors. Are sanctions losing their effectiveness? This rebound in trade comes at a time when sanctions fatigue appears to be setting in across much of the West. While the European Union continues to pursue restrictions on Russian energy and technology, US businesses, especially in sectors not directly covered by sanctions are finding legal avenues to re-engage. The fact that over 150 American companies have remained operational in Russia, as stated by Russian Direct Investment Fund (RDIF) head Kirill Dmitriev, is telling. Dmitriev's remarks about foreign investors returning to the Russian market highlight a critical contradiction in Western policy: sanctions have limited long-term effectiveness when they clash with national economic interests. The demand for raw materials, metals, and agricultural inputs often overrides ideological posturing, particularly when inflation and supply chain volatility strain domestic economies. St. Petersburg Economic Forum and the Return of the Quiet Multinational The upcoming St. Petersburg International Economic Forum (SPIEF) to be held from 18–21 June 2025 under the theme Shared Values: The Foundation of Growth in a Multipolar World, is expected to further signal Russia's pivot from isolation toward reintegration. According to Dmitriev, the SPIEF will host high-level engagements with international investors, including Americans, many of whom never formally exited the Russian market. The emphasis on shared values within a multipolar framework underscores Russia's strategic narrative: that global commerce can and should transcend Western hegemony. This is not merely rhetorical, it is supported by ongoing Russian-Chinese diplomatic engagement and parallel trade surges with Global South economies. What This Means for Geopolitics and Multilateralism This quiet but steady re-engagement between the US and Russia on trade suggests that realpolitik is alive and well. Behind the scenes, national interest continues to drive policy. While Washington publicly champions Ukrainian sovereignty and denounces Russian aggression, it is simultaneously facilitating trade in critical commodities, a paradox that reveals the limits of liberal internationalism when confronted with material realities. This trend affirms the reemergence of multipolar multilateralism. Countries like Russia are no longer wholly dependent on Western markets, but they are not completely divorced from them either. Instead, a new form of pragmatic multilateralism is taking shape, one that blends ideological divergence with economic interdependence. This development also pressures institutions like the United Nations and World Trade Organisation to redefine neutrality in an age where East and West are both trading and contesting power simultaneously. In this context, platforms like the SPIEF—and even China's Belt and Road Initiative, are emerging as alternative hubs of economic diplomacy, particularly for middle powers and developing nations seeking to diversify beyond the US-EU axis. The Road Ahead: Cooperation in a Fractured World While the resumption of trade does not equate to political reconciliation, it does suggest that isolationist strategies are insufficient. As climate change, supply chain realignments, and regional conflicts continue to destabilise global systems, selective cooperation, even among adversaries, may become not just pragmatic, but necessary. Whether this trend will catalyse deeper political dialogues or remain compartmentalised within the economic sphere remains to be seen. But one thing is clear: the binary logic of Cold War politics is no longer viable in today's entangled global economy. As the United States and Russia continue to posture on the world stage, their trade numbers whisper a more complicated truth—that in an era of geopolitical rupture, economic necessity often keeps doors open where diplomacy has slammed them shut. Written By: *Dr Iqbal Survé Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN *Chloe Maluleke Associate at BRICS+ Consulting Group Russian & Middle Eastern Specialist **The Views expressed do not necessarily reflect the views of Independent Media or IOL.
Borneo Post
14-05-2025
- Business
- Borneo Post
PM Anwar attends roundtable meeting with Russian industry leaders
MOSCOW (May 14): Prime Minister Datuk Seri Anwar Ibrahim continued the agenda of his second day of official visit to Russia by attending a roundtable meeting with industry leaders of the Russian Federation. The meeting, which began at 9am here, was attended by 24 major companies in Russia and two business councils represented by industry leaders to discuss strategic cooperation in increasing bilateral trade between Malaysia and Russia. In the meeting, industry leaders in Russia expressed their desire to explore new collaborations in various fields including food manufacturing, agriculture, technology, logistics services, property development and financial services. The meeting covered industrial sectors involving major products such as palm oil-based products, furniture manufacturing, chemical industry and retail. Among the companies involved were Oil Partners, Sportmaster and Russian Direct Investment Fund. The meeting was also attended by Foreign Minister Datuk Seri Mohamad Hasan, Agriculture and Food Security Minister Datuk Seri Mohamad Sabu, Science, Technology and Innovation Minister Chang Li Kang, Higher Education Minister Datuk Seri Dr Zambry Abdul Kadir and Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani. In 2024, Russia was Malaysia's ninth largest trading partner among European nations, with a trade volume of RM11.46 billion. Malaysia's main exports to Russia include electrical and electronic products, machinery, equipment and spare parts, and processed foods. – Bernama
