Russia to receive people fleeing Russian-held parts of Ukraine’s Kherson

Russia to receive people fleeing Russian-held parts of Ukraine’s Kherson

LONDON, Oct 13 (Reuters) – A Russian region adjoining Ukraine said it was preparing to receive refugees from the Russian-held part of Ukraine’s Kherson province, after its Russian-appointed leader proposed on Thursday that residents leave to seek safety as Ukrainian forces advance.Most of the Kherson region was seized in the first days of Russia’s invasion as it sent in troops from adjoining Crimea. It is one of four partly occupied Ukrainian regions that Russia proclaimed as its own last month in a move overwhelmingly condemned on Wednesday by the U.N. General Assembly.However, since August it has been the scene of a major advance by Ukrainian forces.Register now for FREE unlimited access to Reuters.comRegisterIn a video statement on Telegram, Vladimir Saldo publicly asked for government help in moving civilians to safer regions of Russia.”Every day, the cities of Kherson region are subjected to missile attacks,” Saldo said.”As such, the leadership of Kherson administration has decided to provide Kherson families with the option to travel to other regions of the Russian Federation to rest and study,” he said, adding that people should “leave with their children”.He said the suggestion applied foremost to residents on the west bank of the Dnipro River – an area that includes the regional capital, Kherson.Kherson region during Ukraine-Russia conflictLocal residents visit a street market during Ukraine-Russia conflict in the Russia-controlled city of Kherson, Ukraine July 26, 2022. REUTERS/Alexander Ermochenko”But at the same time, we suggested that all residents of the Kherson region, if there is such a desire, to protect themselves from the consequences of missile strikes, also go to other regions.”The TASS news agency quoted the governor of Russia’s Rostov region, Vasily Golubev, as saying that a first group of people from Kherson would arrive there on Friday.”The Rostov region will accept and accommodate everyone who wants to come to us from the Kherson region,” he said.Russian Deputy Prime Minister Marat Khusnullin said those leaving Kherson would be provided with free accommodation and necessities – and, if they decided to remain outside Kherson permanently, with housing.Russia’s incorporation of the four regions has been denounced by Kyiv and the West as an illegal annexation like that of Crimea, which Russia seized in 2014. At the U.N. General Assembly, 143 of 193 countries condemned it in Wednesday’s vote.Ukrainian authorities say hundreds of thousands of Kherson’s residents have fled, mostly to unoccupied parts of Ukraine, including half the pre-war population of the regional capital.Any major territorial losses in Kherson would restrict Russia’s access to the Crimean peninsula further south, whose return Kyiv has coveted since 2014.Register now for FREE unlimited access to Reuters.comRegisterReporting by Reuters; Editing by Kevin Liffey, Mark Trevelyan and Sandra MalerOur Standards: The Thomson Reuters Trust Principles. .

U.S. says Russia price cap should take risk premium out of oil market

U.S. says Russia price cap should take risk premium out of oil market

Liberia-flagged Aframax tanker Suvorovsky Prospect discharges fuel oil from Russia at the Matanzas terminal, in Matanzas, Cuba, July 16, 2022. REUTERS/Alexandre Meneghini/File PhotoRegister now for FREE unlimited access to Reuters.comRegisterSINGAPORE/WASHINGTON, Sept 9 (Reuters) – The price cap that G7 countries want to impose on Russian oil to punish Moscow should be set at a fair market value minus any risk premium resulting from its invasion of Ukraine, a U.S. Treasury Department official told reporters on Friday.The price should be set above the marginal production cost of Russia’s oil and take into consideration historical prices, said Elizabeth Rosenberg, U.S. Treasury Assistant Secretary for Terrorist Financing and Financial Crimes.The G7 price cap plan agreed last week calls for participating countries to deny insurance, finance, brokering and other services to oil cargoes priced above a yet to be set price cap on crude and two oil products. read more Register now for FREE unlimited access to Reuters.comRegisterRosenberg said services providers would not have to police price cap compliance themselves but could rely on the attestations of buyers and sellers, leaving enforcement to participating jurisdictions.She said the G7 countries – Britain, Canada, France, Germany, Italy, Japan and the United States – would work together in coming weeks to determine the capped price and other key implementation details.”There are several key data points we are considering and how the prices should ultimately be set and that includes the marginal cost of production for Russian oil,” Rosenberg told a briefing call held for media in Asia.”The price cap price should be … in line or consistent with historical prices accepted by the Russian market.”That could imply a potential cap of around $60 a barrel, experts say, as Russian Urals crude, based off of benchmark Brent, sold for $50 to $70 a barrel in 2019.Russian government documents have identified a marginal crude production cost of $44 per barrel, although some Western officials believe it may be somewhat lower.A European official said G7 members had not begun formal discussions about the price cap, although officials had “notions” about what was possible.”The idea is that you still incentivize Russian oil producers to export by guaranteeing a price in line with their cost of production with a small incentive,” the official said.U.S. Treasury Secretary Janet Yellen and other Biden administration officials have been travelling to oil consuming countries to promote a mechanism that seeks to cut Russia’s oil export revenues, the lifeblood of its war machine, without reducing volumes of Russian shipments to global markets.Russian President Vladimir Putin has said Russia would halt shipments to countries that impose the price cap. read more Putin says Russia is conducting a “special military operation” in Ukraine to protect his country’s security against expansion of the Western military alliance NATO. read more Register now for FREE unlimited access to Reuters.comRegisterReporting by Florence Tan in Singapore, and David Lawder, Timothy Gardner and Andrea Shalal in Washington; Writing by Timothy Gardner and David Lawder; Editing by Christian Schmollinger and Tom HogueOur Standards: The Thomson Reuters Trust Principles. .

Column: Saudi’s record crude oil price for Asia shows Russia war impact: Russell

Column: Saudi’s record crude oil price for Asia shows Russia war impact: Russell

A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/Register now for FREE unlimited access to Reuters.comRegisterLAUNCESTON, Australia, April 5 (Reuters) – The jump in Saudi Arabia’s crude oil prices for its Asian customers is a real world example of how the Russian invasion of Ukraine is starting to force a realignment of global oil markets.Saudi Aramco (2222.SE), the state-controlled producer, raised its official selling price (OSP) for its flagship Arab Light crude for Asian refiners to a record premium of $9.35 a barrel above the Oman/Dubai regional benchmark. read more An increase in the OSP had been anticipated, with a Reuters survey of seven refiners estimating the price would rise to a premium of between $10.70 and $11.90. read more Register now for FREE unlimited access to Reuters.comRegisterThis means the actual increase from April’s premium of $5.90 to May’s $9.35 was somewhat below market expectations, but still highlights that refiners in Asia are going to be paying considerably more for Middle East crudes.There are several factors at work driving the increase in Saudi OSPs, which tend to set the trend for price movements by other major Middle East exporters.Spot premiums for Middle East grades hit all-time highs in March, a sign that usually points to higher OSPs as it signals strong demand from refiners.However, these have slumped in recent trading sessions as physical traders mulled the impact of more crude being released from the strategic reserves of major importing nations, led by the U.S. commitment to supply 180 million barrels over a six-month period. read more Another factor driving the increase in the OSPs for May cargoes is the strong margins being enjoyed by Asian refiners, especially for middle distillates, such as diesel.Robust refinery profits are also usually a trigger for producers to raise crude prices, and currently a Singapore refinery processing Dubai crude is making a margin of about $18.45 a barrel, which is more than three times the 365-day moving average of $5.03.But behind all these factors is the dislocation of global crude markets caused by Russia’s Feb. 24 invasion of neighbouring Ukraine.While Russia’s crude oil and refined product exports have not been targeted by Western sanctions, buyers are starting to shun Russian cargoes and seek alternatives.Russia exported up to 5 million barrels per day (bpd) of crude and around 2 million bpd of products, mainly to Europe and Asia, prior to the conflict.IMPACT IMMINENT?Russia’s crude and product exports are yet to show any meaningful decline, with commodity analysts Kpler putting March crude exports at 4.56 million bpd, down only a touch from 4.60 million bpd in February.But the self-sanctioning of Russian crude is likely only to start being felt in April and May, as cargoes loaded in March would have been secured before the Feb. 24 invasion, which Moscow refers to as a special military operation.Asian importers such as Japan and South Korea may start to pull back from buying Russian crude, meaning they will be keen to source similar grades from the Middle East, thereby likely boosting demand for cargoes from Saudi Arabia and other exporters such as the United Arab Emirates and Kuwait.Conversely, China, the world’s biggest crude importer, and India, Asia’s second-biggest, may well try to buy more Russian cargoes, given both countries have refused to condemn Moscow’s attack on Ukraine.India in particular will be keen to secure heavily discounted Russian cargoes, with some reports of Urals crude being offered at discounts of $35 a barrel or more to global benchmark Brent.There are several key questions that remain to be answered, including how much more Russian crude can China and India actually buy, and arrange to transport, especially from the eastern ports that used to mainly ship to European refiners.The United States will not set any “red line” for India on its energy imports from Russia but does not want to see a “rapid acceleration” in purchases, a top U.S. official said last week during a visit to New Delhi. read more It is also still unclear just how much self-sanctioning will cut Europe’s and Asia’s imports of Russian crude.What is likely to happen is that Europe and the democracies in Asia, such as Japan and South Korea, effectively swap with China and India their Russian cargoes for Middle Eastern grades.Even so, this is unlikely to soak up all the Russian crude that will be available, meaning the market will still have to find additional barrels, and Middle East exporters will be likely to continue to keep OSPs at elevated levels.GRAPHIC-Saudi oil prices to Asia: https://tmsnrt.rs/36XkgP8Register now for FREE unlimited access to Reuters.comRegisterEditing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. .

Finnair to stay independent and stick to Asia strategy, says CEO

Finnair to stay independent and stick to Asia strategy, says CEO

A Finnair Airbus A320-200 aircraft prepares to take off from Manchester Airport in Manchester, Britain September 4, 2018. REUTERS/Phil NobleRegister now for FREE unlimited access to Reuters.comRegisterHELSINKI, Feb 11 (Reuters) – Finnair will remain a stand-alone airline and stick to its Asia-focused strategy while adding new routes to the United States, Chief Executive Topi Manner said on Friday.Finland’s national carrier, which has bet heavily on providing connections to Asia, expects the business environment to return close to normal in the second half of this year following pandemic disruptions, he told Reuters.”We are optimistic about summer,” Manner said, adding the airline expected countries like Japan and South Korea to lift travel restrictions towards summer in the northern hemisphere.Register now for FREE unlimited access to Reuters.comRegisterThe recovery of Asian traffic from the slump caused by widespread border restrictions is particularly important for the Finnair, which seeks to benefit from providing connections to Asia from Europe thanks to the location of its Helsinki hub.”We believe Asia will open up eventually. In the meantime, we are partially pivoting to North America,” Manner said in an interview.He was speaking after the airline announced a 200-million-euro ($228 million) investment in renewing the cabins of its long-haul fleet, including a new premium economy service and redesigned business cabin.Manner said the new cabin class was being added to address increasing demand in premium leisure travel, while also introducing a new business class seat called “the air lounge,” a nest-like shell that does not recline but modifies to allow for vertical sleeping.”We as a carrier of course need to differentiate and we have chosen to differentiate with quality,” he said.Finnair operates Airbus A330 and A350 planes on long-haul routes.Unlike many airlines, Finnair has not yet joined a wave of orders for the latest generation of narrowbody jets like the A320neo, which burn 15% less fuel.Finnair’s fleet of 35 Airbus A320-family jets includes some planes as old as 21 years but others produced as recently as 2018, according to its website.Asked whether Finnair planned to renew its medium-haul fleet, Manner said it could do so in three or four years but stressed the importance of sustainable aviation fuel as the airline targets net zero emissions by 2045.($1 = 0.8770 euros)Register now for FREE unlimited access to Reuters.comRegisterReporting by Anne Kauranen Editing by Tim Hepher and Mark PotterOur Standards: The Thomson Reuters Trust Principles. .