Russia may raise oil output if sees no risks of price fall - Ifx

MOSCOW  - Russia is ready to keep its oil production stable, but may increase output if it feels that prices are unlikely to fall as a result, the Interfax news agency quoted Deputy Prime Minister Arkady Dvorkovich as saying on Tuesday.

Dvorkovich said a fragile balance has been reached in the global oil market, which should not be disturbed by any "sharp mo

Worldsteel raises forecast for 2017 global steel demand growth

By Maytaal Angel

LONDON - Global steel demand will grow more than previously forecast in 2017 due to a recovery in developed economies and accelerating growth in emerging and developing markets, especially Russia, Brazil and India, an industry body said on Friday.

Demand is on course to expand 1.3 percent in 2017 to 1.535 billion tonnes and a further 0.9 per

Russia says to discuss extending oil cut with OPEC on May 24

By Osamu Tsukimori

TOKYO - Russian Energy Minister Alexander Novak said on Friday a decision on extending a global pact to cut oil production had not yet been taken, but would be discussed with OPEC on May 24.

The Organization of the Petroleum Exporting Countries and other leading oil producers have pledged to curb output by 1.8 million barrels per day (bpd)

Russia invites Indian industry to tap investment opportunities

Boris Dubrovsky, Governor, Chelyabinsk Region, Russia, on Thursday invited Indian industry to explore the investment opportunities in the Chelyabinsk Region of Russia, which offers tax incentives to foreign investors.

Speaking at an interactive session organized by FICCI, he held out the assurance that the Chelyabinsk Region would cooperate with the Indian businesses and their investm

Turkey at 'final stage' with Russia over S-400 missile system - Defence minister

ANKARA - Turkey's talks with Russia about the purchase of the S-400 air missile defence system have reached a "final stage", although this does not mean a deal will be signed immediately, Defence Minister Fikri Isik said on Friday.

Isik also told a news conference that NATO countries have not presented a "financially effective" offer on an alte

Energy tycoon Leonid Mikhelson tops Russia's rich list - Forbes

MOSCOW - Leonid Mikhelson, co-owner of Russian gas producer Novatek, has topped Russia's rich list for a second year running with an estimated wealth of $18.4 billion, the Russian edition of Forbes reported on Thursday.

It said that Mikhelson, 61, had increased his wealth by $4 billion year-on-year, putting him at the head of the financial magazine's 2017 list

In one of coldest spots on earth, Russia bets on boosting gold output

By Diana Asonova

UST-NERA, Yakutia, Russia - In winter it gets so cold that metal snaps.

When the weather is warmer people make a living sifting the earth for fragments of gold in the Oymyakon district of Russia's far eastern Yakutia region.

But the unusually rich deposits of the alluvial gold near the surface are running out and producers hav

Cabinet apprised of MoU between India, Russia in science

The Union Cabinet, chaired by Prime Minister Narendra Modi, was apprised of the Memorandum of Understanding (MoU) signed between India and Russia for cooperation in the field of science and technology. The MoU, inked in October last year, aims to facilitate and support joint scientific and research activities between the two countries.

It will help in exchange of information about con

Ukraine president`s grip weakens as central bank chief quits

By Pavel Polityuk

KIEV  - If Ukraine's central bank chief needed any more incentive to quit, last week she woke up to find the image of a pig draped in a Russian flag spray-painted onto the wall of her house and a gaggle of young protesters calling her a Russian stooge.

After a sustained hate campaign that also included a coffin laid at her door, Va

Too early to say if oil output deal to be extended - Russia`s Novak

MOSCOW - Russian Energy Minister Alexander Novak said on Friday that it was premature to say if the global deal on reduced oil output should be extended into the second half of the year.

He told a ministry gathering that he had discussed the possible extension of the deal, under which Russia has pledged to reduce its production by 300,000 barrels per day, with domesti

Yen gains, rouble tumbles after U.S. missile strike

By Jemima Kelly

LONDON  - The safe-haven yen climbed and the Russian rouble tumbled on Friday, after the United States launched cruise missiles at an airbase in Syria, raising tensions with Russia.

After U.S. President Donald Trump said he had ordered the strike, which hit a base from which the United States said Syria had launched a chemical weapons at

Cash-strapped Venezuela negotiating Russian help to pay PDVSA bonds - sources

By Marianna Parraga and Corina Pons

HOUSTON/CARACAS - Venezuela is negotiating financial help from Russian oil major Rosneft to complete nearly $3 billion in PDVSA debt payments coming due to bondholders next month, two market sources and a government source familiar with the talks told Reuters on Friday.

Venezuela's leftist government has grown increasi

EU top court upholds sanctions against Russia's Rosneft

By Julia Fioretti

LUXEMBOURG  - Europe's top court on Tuesday upheld European Union sanctions on Russia over the Ukraine conflict, including on its largest oil group Rosneft, in a ruling that asserts the court's jurisdiction over the bloc's foreign policy.

The EU slapped sanctions on Russia after it annexed Crimea from Ukraine in 2014 and st

Exclusive: Top Russian carmaker Avtovaz considering delisting from Moscow Exchange - sources

MOSCOW/PARIS  - Russia's largest carmaker Avtovaz is considering a delisting from the Moscow Exchange after a secondary share offering later this year, two sources familiar with the matter told Reuters.

The move would allow Avtovaz, majority-owned by French car giant Renault and its alliance partner Nissan, to stop disclosing financial results and reduce cost

NATO to spend 3 billion euros on satellite, cyber defences

By Robin Emmott

BRUSSELS  - NATO plans to spend 3 billion euros ($3.24 billion) to upgrade its satellite and computer technology over the next three years as the Western military alliance adapts to new threats, a senior official said.

Seeking to deter hackers, and other threats including Iranian missiles, the investments underscore NATO's recognitio

Russian bank VTB says to shut only office in India

MOSCOW  - Russian bank VTB has decided to close its only office in India to cut costs but will continue to work in India, the bank said on Tuesday.

"The decision to shut the branch in India was taken as part of a strategy of VTB Group aimed at optimising costs. We will continue to work on the Indian market, expanding our cooperation with local partners,"

India, Russia discuss economic ties

External Affairs Minister Sushma Swaraj and visiting Russian Deputy Prime Minister Yuri Trutnev on Friday discussed a wide range of issues pertaining to bilateral economic relations, official sources here said.

Trutnev, accompanied by leaders from Russia's far east and a business delegation, is on a visit to India from March 15-18. 

The two leaders "agreed that

Russia to cut oil output by 300,000 bpd by end-April - Energy Minister

MOSCOW - Russia will cut its oil output by 300,000 barrels per day by the end of April and will maintain production at that level until the global oil cuts deal expires at the end of June, Energy minister Alexander Novak said on Friday.

Russia had cut output by 160,000 bpd by the middle of March, said Novak, a figure he said would reach 200,000 bpd by the end of the m

India, Russia to talk FTA, ways to up bilateral trade

Trade ministers of India and Russia are expected to chalk out a road map for signing of a free trade pact the Eurasian Economic Union and take up issues to boost bilateral trade at a meeting tomorrow. The Eurasian Economic Union includes Belarus, Kazakhstan, Russia, Armenia and Kyrgyzstan. Commerce and Industry Minister Nirmala Sitharaman and her Russian counterpart Denis Manturov are slated to

Rosneft sees risk global oil output cuts deal won't be extended

By Olesya Astakhova

MOSCOW - A recovery in U.S. oil output may deter OPEC and non-OPEC producers from extending production cuts beyond June and might lead to a new price war, Russia's top oil major said on Monday.

U.S. shale oil production had been in retreat as oil prices tumbled from above $100 a barrel in 2014 to below $30 in 2015, making costly frack

Rouble resilient to lower oil prices, market eyes rate outlook

MOSCOW - The Russian rouble was steady in early trade on Monday, showing strong resilience to the latest wave of declines in prices for crude, Russia's key exports.

At 0842 GMT, the rouble was 0.05 percent weaker against the dollar at 59.03 and had gained 0.03 percent to trade at 63.06 versus the euro.

The rouble came under pressure from falling oil pric

Russia pushes to rid itself of 'Potemkin' banks by 2019

By Alexander Winning and Andrey Ostroukh

MOSCOW (Reuters) - Russia plans to extend a review of bank licenses for another two years, shutting down scores more banks after closing hundreds in the past four years, mostly for committing fraud or other crimes, a central bank deputy governor said in an interview.

Vasily Pozdyshev, a deputy governor at Russia's central bank, sa

Oil rebounds from recent weakness, still rangebound

NEW YORK  - Oil prices surged on Friday, as a weaker dollar encouraged buying but investors remained cautious after Russian production figures showed weak compliance with a global deal to cut output.

Global benchmark Brent  settled up 82 cents, or 1.5 percent, to $55.90 a barrel, recovering some of Thursday's losses. WTI futures  rose 72 cents to $5

Oil ticks up on weaker dollar, stalled Russian output cuts

By Naveen Thukral and Keith Wallis

SINGAPORE - Oil markets rose on Friday as the dollar edged away from a multi-week high, but prices are being held in check by unchanged Russian output for February, a sign of its weak compliance on a global deal to cut supplies.

The dollar slipped on Friday from its highest in seven weeks against a basket of currencies, al