Russia
Exxon Mobil’s first-quarter profit rises, even after $3.4 billion hit from Russia charge
A view of the ExxonMobil Baton Rouge Refinery in Baton Rouge, Louisiana, May 15, 2021. Kathleen Flynn | Reuters Shares of Exxon Mobil slid on Friday after the company took a $3.4 billion after-tax charge related to its Sakhalin-1 operation in Russia. Exxon earned $5.5 billion during the first quarter, up from $2.7 billion in […]
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Chevron’s profit quadruples in the first quarter as higher oil and gas prices boost operations
The Chevron logo is displayed as a tanker truck enters the Chevron Products Company El Segundo Refinery on January 26, 2022 in El Segundo, California. Patrick T. Fallon | AFP | Getty Images Chevron’s profit more than quadrupled during the first quarter of 2022, as higher oil and gas prices boosted the company’s results. The […]
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Russia cuts key interest rate to 14%, says inflation could hit 23% this year
Russia’s President Vladimir Putin (L) and Russian Central Bank Governor Elvira Nabiullina Alexei Nikolsky\TASS via Getty Images However, with the ruble now returning to pre-war levels, policymakers are turning their attention to recalibrating the economy in an effort to absorb the impact of punitive sanctions from international powers. “The external environment for the Russian economy […]
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Euro zone inflation hits record high for the sixth month in a row
Inflation in the euro zone remains well-above the ECB’s target, as energy and food prices soar. Bloomberg | Bloomberg | Getty Images Inflation in the euro zone has hit a record high for the sixth consecutive month, sparking further questions over how the European Central Bank will react. Headline inflation in the 19-member region reached […]
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Russian strikes hit Kyiv amid UN chief’s visit; Ukraine plans evacuation of civilians from last Mariupol holdout
Russian strikes in Kyiv injure 10 people amid UN leader’s visit Russian strikes in Ukraine’s capital Kyiv on Thursday hit residential buildings and wounded 10 people, Ukrainian emergency services said. Witness reported large explosions in Kyiv’s northwestern Shevchenkivsky district that left windows blown out and parts of buildings blackened. It came as UN Secretary-General Antonio […]
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McDonald’s closures in Russia cost the fast-food giant $127 million in Q1 — here’s what it could mean for the country
Two months after the fall of the Berlin Wall in 1989, McDonald’s — the very symbol of Western capitalism — opened its first store in the Soviet Union. It was a big moment, and the restaurant drew large crowds. More than 30 years later, amid pressure from U.S. consumers to protest Russia’s invasion of Ukraine, […]
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Europe scrambles for natural gas solution as Putin squeezes supply
EU Commission President Ursula von der Leyen said this latest aggressive move by Russia is another reminder that we need to work with reliable partners, and build our energy independence. Thierry Monasse | Getty Images News | Getty Images The European Union is racing to find alternative suppliers of natural gas after Russia’s Gazprom halted […]
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Putin warns of ‘lightning fast’ retaliation to intervention in war; White House plans more aid for Ukraine
Blinken says Europe has ‘ambitious’ plans to cut energy reliance on Russia U.S. Secretary of State Antony Blinken listens during a Senate Foreign Relations Committee hearing in Washington, U.S., April 26, 2022. Blinken and the defense secretary on Monday committed a total of $713 million in foreign military financing for Ukraine and 15 allied and […]
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Exxon declares force majeure on Russian Sakhalin-1 operations
The Exxon Mobil corporate pavilion at the 21st World Petroleum Congress in Moscow, June 16, 2014. Exxon Mobil said on Wednesday its Russian unit Exxon Neftegas has declared force majeure for its Sakhalin-1 operations due to sanctions on Russia that have made it increasingly difficult to ship crude to customers. Andrey Rudakov | Bloomberg | […]
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Turkey wants to be neutral in the Ukraine war. But a treaty from 1936 has it on a tightrope
A Russian submarine passes Istanbul as it transits the Bosporus in February 2022. Turkey is the gatekeeper between the Black Sea and the Mediterranean. Ozan Kose | Afp | Getty Images There’s a Turkish saying, “Did your ships sink in the Black Sea?” The expression is asked when a person is lost in thought, trying […]
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