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Ukrainian forces launched long-range drone strikes on Russian oil refineries and logistics hubs, including Syzran and Astrakhan, amid ongoing tensions before US-Russia talks. Russia responded with drone and missile attacks on Ukraine, as both sides escalate their military actions.
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The EU plans to phase out Russian LNG by January 2027, earlier than scheduled, as part of its 19th sanctions package. The move aims to cut Russia's fossil fuel revenues amid ongoing tensions with the US, which is urging Europe to impose harsher tariffs on China and India for buying Russian energy. The package faces delays in approval.
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On November 3, 2025, the US imposed sanctions on Russia’s largest oil companies, Rosneft and Lukoil, freezing their US assets and barring US business with them to pressure Moscow to end its war in Ukraine. The EU also adopted new sanctions, including a ban on Russian liquefied natural gas imports. India and China, major buyers of Russian oil, are reconsidering their purchases amid these measures. Meanwhile, diplomatic efforts continue with US President Trump seeking China's cooperation to pressure Russia, while Russia showcases new nuclear weapons amid ongoing conflict.
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Indian and Chinese refiners are suspending or reducing Russian crude purchases amid US sanctions and fears of secondary sanctions. This shift impacts Russian exports, with buyers seeking alternative sources. The US deadline to wind down dealings with sanctioned Russian companies is November 21, 2025.
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Russia's MOEX index hit its lowest since December 2024, falling over 3% amid new US and EU sanctions targeting key energy firms. Oil prices surged, and Russian oil giants Rosneft and Lukoil saw significant declines, reflecting heightened geopolitical tensions and economic uncertainty.
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The US has announced sanctions against Russia’s largest oil companies, Rosneft and Lukoil, marking the first such move since President Trump’s return to office. The measures target their customers in India and China, amid ongoing efforts to curb Russia’s energy exports and pressure Moscow to cease its Ukraine conflict.
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As of November 6, 2025, Ukrainian forces continue to defend the eastern city of Pokrovsk against a prolonged Russian offensive. Russia has advanced with house-to-house fighting and is close to encircling the city using pincer movements. Ukraine denies full encirclement and reports ongoing counterattacks, including special forces operations. Meanwhile, Russia intensifies missile and drone strikes targeting Ukraine's energy infrastructure, worsening civilian hardships ahead of winter.
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European Union leaders are preparing to expand sanctions on Russia, targeting Moscow's assets to fund Ukraine's war effort. Meanwhile, global markets react to geopolitical tensions, with oil prices rising and stock indices fluctuating. The moves aim to pressure Russia into negotiations, amid ongoing economic and political developments.
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OPEC+ decided to pause planned production increases for early 2026 amid sanctions on Russia and market concerns. The group increased output by 137,000 barrels in December, aiming to balance supply and demand. The decision reflects cautious market management amid geopolitical tensions and climate commitments.
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Bulgarian parliament approved legal changes giving a government-appointed manager extensive control over the Lukoil-owned Burgas refinery amid US sanctions and disputes over Russian assets. Critics warn the move risks legal action and potential financial losses for Bulgaria, as the refinery's future remains uncertain.