Exxon sues U.S. over fine levied for Russia deal under Tillerson

WASHINGTON/HOUSTON - Exxon Mobil Corp  sued the U.S. government on Thursday, blasting as "unlawful" and "capricious" a $2 million fine levied against it for a three-year-old oil joint venture with Russia's Rosneft 

The U.S. Treasury Department on Thursday morning slapped the world's largest publicly traded oil producer with the fi

Russia`s inflation fight may be lost in the mud of a vegetable plot

MOSCOW (Reuters) - Attempts by Russia's central bank to bring inflation to a post-Soviet low of 4 percent this year may come down to the price of vegetables.

Heavy rain and cold weather have hammered crops, sending up prices. The impact on inflation won't be known, agriculture specialists say, until autumn when it becomes clear whether production was reduced or only delayed by

Russia will struggle to turn on Siemens turbines in sanctions-bound Crimea

MOSCOW - Russia outfoxed European Union sanctions by delivering gas turbines made by Germany's Siemens to the annexed Ukrainian region of Crimea. Now for the hard part, switching them on.

No Russian company, according to Reuters data, has ever got a Siemens turbine working without the help of the manufacturer.

In this case, Siemens said the turbines were

India-Russia JV for Kamov choppers registered, negotiations on

An Indo-Russian joint venture to manufacture 200 Kamov military helicopters in India under a $1 billion deal has been registered in India and it will finalise the delivery schedule and the number of units, officials from Russian Helicopters, part of State Corporation Rostec, said.

Interacting with a select group of journalists on the sidelines of the International Air show MAKS in Mos

Exclusive: Russia appears to deliver more turbines to Crimea - Reuters witnesses

FEODOSIA, Crimea -

Two more gas turbines appear to have been delivered to Russian-controlled Crimea, according to two Reuters reporters who saw the equipment at the port of Feodosia, potentially deepening a row over sanctions compliance in which Germany's Siemens has become embroiled.

Reuters has no independent confirmation the equipment on the dock was

Russia offers third-gen reactors for post-Kudankulam N-project

Russia has offered India the latest "Generation 3-plus" nuclear reactor -- the VVER-1200 -- powered by advanced fuel, to be set up at a yet-to-be designated site in parallel to the ongoing 6,000 MW Kudankulam project in Tamil Nadu.

Both countries have agreed on a second nuclear power project to follow Kudankulam, which envisages the construction of six reactors of the e

Siemens to press charges after turbines moved from Russia to Crimea

BERLIN/FRANKFURT - Germany's Siemens said on Monday at least two of its gas turbines had been moved "against its will" from Russia to Crimea, a region subject to sanctions barring EU firms providing it with energy technology.

The European Union imposed the sanctions after Russia's 2014 annexation of the peninsula from Ukraine, a move it sees as break

There are no new agreements on global oil output pact: Kremlin

MOSCOW- There are no new agreements on the global oil output cut between OPEC and non-OPEC members such as Russia, Kremlin spokesman Dmitry Peskov told reporters on Monday.

Last week, Russian President Vladimir Putin said that Russia planned to keep cooperating with other countries to harmonise global energy markets and reduce price volatility.

Asked whether

Libya, Nigeria may attend OPEC, non-OPEC July meeting

ISTANBUL - Libyan and Nigerian officials may attend a joint meeting between OPEC and non-OPEC nations later this month as oil producers look for ways to cap rising production to help support oil prices.

Both countries have boosted production since they were exempted from an OPEC-led deal to cut output, weighing on global prices. This has prompte
OPEC delegates encouraged by Russian comments on adjusting oil cut deal

By Alex Lawler

LONDON  - OPEC delegates said on Friday they were encouraged by Russia's openness to talking about changes to an OPEC-led deal to cut oil supplies, opening the door to more steps being considered to clear a global supply glut.

OPEC and allied non-OPEC producers such as Russia agreed to limit oil supply into 2018, but crude prices have

Russia's Novak says global oil pact working, no new steps needed

MOSCOW - Russian Energy Minister Alexander Novak said a global pact by OPEC, Russia and other producers to cut oil output had dampened price volatility and was reducing bloated inventories, so no immediate extra measures were needed to prop up prices.

The minister also told Reuters there was potential for an oil price rise from current levels and that $50 to $60 was &

Russia offers Saudi Aramco role in Arctic LNG project - Russian energy minister

By Vladimir Soldatkin, Oksana Kobzeva and Katya Golubkova

MOSCOW - Russian Energy Minister Alexander Novak said energy cooperation with Saudi Arabia was "top-flight" and would deepen if Riyadh took up an offer to participate in Russia's Arctic gas project.

Russia and Saudi Arabia, the world's top oil producers, joined forces in the past yea

Ahead of G20 summit, Putin calls sanctions "covert form" of protectionism

BERLIN - Russia is in favour of an open and rules-based trade order to boost global growth, and sanctions imposed against Moscow are a "covert form" of protectionism, President Vladimir Putin was quoted as saying on Thursday ahead of a G20 summit in Germany.

"I'm convinced that only open trade relations based on uniform norms and standards can stimu

Srei, Russian development bank to create $200 mn innovation fund

In the latest instance of Indo-Russian cooperation in the area of innovation and information technology (IT), Kolkata-headquartered Srei Infrastructure Finance has signed an MoU with Russia's Vnesheconombank to create a $200 million IT and Innovation Fund.

This fund will enable Srei and Vnesheconombank to jointly explore investment opportunities in technology companies in Russia,

Russia outlook clouded by oil, new sanctions risk - S&P

MOSCOW (Reuters) - The outlook for Russia's sovereign credit rating is clouded by the prospect of a new round of U.S. sanctions, oil price weakness and doubts over its economic recovery, S&P Global's primary analyst for the country said.

S&P has Russia's long-term foreign-currency rating one notch below investment grade at BB+, but revised its outlook on Russia to

Russia`s Rosneft set for global gas tussle with Gazprom

By Vladimir Soldatkin and Olesya Astakhova

MOSCOW - Russia's Rosneft, the world's top listed oil producer, wants to supply gas in parts of Europe where Gazprom is not present to avoid the risk of losing those markets to U.S. liquefied natural gas (LNG), a Rosneft executive said.

Gazprom, the leading global gas producer, enjoys monopoly rights on gas

Russia`s Rosneft says to complete Essar deal in nearest future

MOSCOW - Russian largest oil producer Rosneft said on Wednesday that it plans to complete the deal to acquire a 49 percent stake in India's Essar Oil in the "nearest future".

The closure of the $12.9 billion deal, signed last year, has been held up by creditor banks to Essar and some regulatory approvals.

Rosneft said all the necessary leg

European Union extends Russia sanctions until Jan 2018

BRUSSELS - The European Union formally extended its economic sanctions on Russia on Wednesday, a widely expected step that keeps restrictions on business with Russian energy, defence and financial sectors until Jan. 31, 2018.

The sanctions were imposed in July 2014 following Russia's annexation of Ukraine's Black Sea peninsula and Moscow's direct supp

Russia`s fighter jet makers 'not afraid' of U.S. competition in India

By Andrea Shalal

PARIS  - Russian military aviation firm MiG said on Friday it was ready to deepen its cooperation with India, just days after U.S. arms maker Lockheed Martin Corp  agreed with Tata Advanced Systems to build F-16 fighters there.

India's air force needs hundreds of aircraft to replace its Soviet-era fleet, but Prime Minister Nare

China doles out $100 million punishment to Russian-controlled fund for role in 2015 crash

SHANGHAI - A Chinese court meted out a nearly 700 million yuan ($102.4 million) punishment to a Russian-controlled high-frequency trading firm for futures market manipulation on Friday, drawing a line under one of the most high-profile cases of misconduct Beijing blames for contributing to the 2015 stock market crash.

The verdict by the Shanghai No. 1 Intermediate Peo

Russia's Rosneft CEO says takeover of India's Essar is closed

SOCHI, Russia  - The takeover of India's Essar Oil by Russia's largest oil producer Rosneft can be now considered as closed, Rosneft CEO Igor Sechin told a shareholders' meeting on Thursday.

The deal, where Rosneft will hold a 49 percent stake, will allow the Russian company to increase oil refining output by 20 percent this year, he said.


Russia can take lead in Make in India for defence: Arun Jaitley

Russian companies which have had a long experience in working with India can take a lead role in participating in the Make in India programme, Indian Defence Minister Arun Jaitley said on Wednesday.

"We have initiated a series of policy and procedural changes to facilitate tie-ups, including joint ventures and technology partnerships between Indian and foreign companies. Russian

Russia's Novak says no plans for meeting with OPEC

MOSCOW - Russian Energy Minister Alexander Novak said on Tuesday that there are no plans for Russia to have an extraordinary meeting with the Organisation of the Petroleum Exporting Countries and U.S. shale producers.

He also said he did not believe that a monitoring committee of OPEC and non-OPEC oil producers due to take place next month in Russia could be expanded

Russia's VTB CEO says knew nothing about Trump and Deutsche Bank ties

LONDON  - Chief Executive Officer of Russia's VTB bank Andrei Kostin told reporters on Tuesday he was not aware about any connections between U.S. President Donald Trump and Deutsche Bank.

"It's the first time that I hear there is a connection between them," he said.

Several Democrats on the U.S. House Financial Services Committee sent a letter last mo

Arun Jaitley to leave for 3-day visit to Russia

The Minister of Defence, Finance and Corporate Affairs Arun Jaitley, accompanied with a high level Indian delegation, will leave for three day visit to Russia today, to attend two meetings with the Government of the Russian Federation.

“On June 21, Jaitley will co-chair the first meeting of the India-Russia High Level Committee on Science & Technology with the Deputy Prime M