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Tag: Russia

Petrol imports from Russia records 84% increase - Report
Oil and Gas

Petrol imports from Russia records 84% increase – Report

Data on Nigeria’s fuel obtained from Argus West Africa Oil shows that the country’s imports from Russia surged by 84% in a year to 3.8 million liters (24,000 barrels) in 2023 from 558,300 liters (3,700 barrels) in 2022. According to The Punch, after the European Union, the United Kingdom, and the United States imposed oil […]

France approves Apple’s iPhone 12 update
News Tech

Russia bans govt officials from using iPhones

Russian authorities have started to ban government personnel from using Apple iPhones for official state purposes, according to the Financial Times. The country’s trade ministry will start banning iPhone use on Monday for all “work purposes” but they’re permitted to continue using those devices for personal purposes as long as they don’t access official correspondence […]

CBN releases financial report first time in seven years
News

CBN warns banks over Russia, Iran, Cameroon transactions

  By Wilson Adekumola     The Central Bank of Nigeria has admonished Deposit Money Banks and Other Financial Institutions in the country to be cautious of their transactions with businesses and persons in the Russian Federation, the Democratic People’s Republic of Korea, Iran and Cameroun. This was contained in a circular referenced, FPR/AML/PUB/BOF/001/029, which […]

Russia and Africa
Business

Russia-Africa business synergy gains momentum – Report

Through the staging of bilateral and multilateral business conferences on both continents, there are signs that economic relations between Russia and Africa are advancing. Vanguard reported that earlier this month, the “Geopolitical transformation: challenges and opportunities for business” conference between Moscow and Algeria was held in Algiers, where the presentation of the second summit, Russia-Africa […]

Russia's FESCO imports electronics from Hong Kong via air
News

Russia’s FESCO imports electronics from Hong Kong via air

Russian transportation group, FESCO, has established a direct air route to import electronic goods from Hong Kong to Moscow, as Russian businesses seek to reduce their dependence on Western supply chains. The move comes after the West imposed restrictions on technology exports to Russia following the country’s military incursion into Ukraine last year, causing several […]

Russia to cut oil output by 500,000 bpd
Business

Russia to cut oil output by 500,000 bpd

  By Christian George Russia is hoping to reduce its oil production by 500,000 barrels per day in March. Deputy Prime Minister Alexander Novak said on Friday after an imposed price caps on its oil as well as oil products. Reuters reported that the price of Brent crude rose on the news of the output […]

Energy

We no longer rely on Russian energy – Germany

Germany’s Finance Minister, Christian Lindner, says his country has stopped importing energy directly from Russia. He told BBC that Germany no longer relies on Russian imports for its supply of energy even though Germany previously imported around half of its gas from Russia. Christian Lindner shared that the strategy of diversification of Germany’s energy infrastructure […]

What we'll do if Putin cuts gas supply - EU
Energy featured

Russia rejects EU, G7 oil price cap

Russia on Saturday rejected a $60 price cap on its oil agreed by the EU, G7 and Australia, which Ukraine said would contribute to the destruction of Russia’s economy. “We will not accept this price cap,” Kremlin spokesman Dmitry Peskov told domestic news agencies, adding that Russia, the world’s second-largest crude exporter, was “analysing” the […]

Ukraine: Russia lost only 8.5% of Western firms, says report
News

Russia suspends participation in Ukraine grain deal

Moscow on Saturday suspended its participation in a landmark agreement that allowed vital grain exports from Ukraine, blaming drone attacks on Russian ships in Crimea. Russia made the announcement after its army accused Kyiv earlier Saturday of a “massive” drone attack on its Black Sea fleet, which Ukraine labelled a “false pretext” and the UN […]

News

Toyota shuts Russian factory over supply chain issues

Toyota announced Friday it was closing its assembly line near Saint Petersburg, in a new example of supply chain problems dogging firms operating in the sanctions-hit country. The industrial site spanning over 224 hectares (554 acres) suspended production in March, shortly after the start of Russia’s military operation in Ukraine. “Toyota has decided to stop […]

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