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Overview
Russia and the other former Soviet republics are often viewed as remote and obscure, but FSU OGM sheds light on the vital role these countries play in world energy markets. It explains the region's status as a key player in the EU's energy planning, while also focusing on the progress of efforts to expand deliveries to Asia.
Leading commentaries in recent years have covered the economic consequences of political unrest in Ukraine, efforts to open the Southern Gas Corridor between the Caspian Sea Basin and the EU, competition between Russia and Central Asia for access to the Chinese gas market and the continued rise in Russian liquids production.
Our journalists on the ground have a wealth of local experience and are proficient in Russian and other languages in Central Asia, allowing us to provide an unparalleled level of industry coverage.
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EU targets Russian banks in largest package for four years
The European Union adopted its 21st sanctions package against Russia on July 23, adding 48 individuals and 170 entities to its asset freeze lists, designating 94 financial institutions and targeting another 41 shadow fleet vessels.
Russia extends gasoline export ban to end of 2026
Russia will extend its ban on gasoline exports through the end of 2026, Deputy Prime Minister Alexander Novak said on July 25, prolonging a restriction that had been due to expire on July 31, S&P Global Platts reported.
European gas hits four-month high on Mideast tensions
European natural gas prices surged to a four-month high this week as renewed Middle East violence collided with depleted reserves and strong Asian air-conditioning demand. The Dutch TTF benchmark briefly hit €60/MWh — its highest level in months.
EU's 21st sanctions package puts Kazakhstan back in the firing line
Kazakhstan featured twice in the fallout from the European Union's 21st sanctions package against Russia, adopted by the Council of the EU on July 23, as Brussels widened its crackdown on third countries it accuses of helping Moscow.
Russia sets new daily record for pipeline gas flow to China
Russia’s Gazprom set a new daily record for natural gas deliveries to China through the Power of Siberia pipeline on July 25, marking the third all-time high reached on the route since the start of this year.
Kazakhstan freezes NCOC assets over disputed $5bn environmental fine
Kazakhstan has frozen property and transport assets belonging to the North Caspian Operating Company (NCOC), the operator of the Kashagan oilfield, as authorities move to enforce a nearly KZT 2.356 trillion (approximately $5bn) environmental fine.
Kazakhstan’s Tokayev explicitly urges Putin to “freeze” Ukraine war in face to face talks
Says his country “does not understand nature” of “tragic” conflict.
OPEC and the next surplus
A post-war return of constrained barrels could tip today’s uneasy balance into oversupply, forcing OPEC+ back into a market-share struggle it may no longer control.
Has Ukraine declared war on Iran?
Ukraine's Caspian strike killed an Iranian sailor and drew a retaliation threat from Tehran. Kyiv calls it interdicting the Iran-Russia arms route, but firing on a third state's vessel outside any declared war raises a harder question.
Ukraine claims responsibility for Caspian oil platform and ship attacks
Ukraine has claimed responsibility for drone strikes on an oil platform owned by Russia’s Lukoil, two sanctioned cargo vessels and a Russian missile boat in the Caspian Sea, extending Kyiv’s campaign against Russian energy infrastructure.
Moldovan government proposes quarterly adjustments to gas prices amid spike in import costs
Moldova’s energy ministry has proposed allowing regulated gas tariffs to be adjusted every quarter as rising European wholesale prices increase costs for the import-dependent country.
Iran, Armenia eye increased gas trade
Iran currently supplies Armenia under a gas-for-power barter arrangement, with Yerevan returning electricity generated from Iranian gas.
Uzbekneftegaz, CNPC kick off 30-well campaign on Uzbekistan's Ustyurt Plateau
Uzbek national oil company Uzbekneftegaz and China’s CNPC XIBU Drilling Engineering are starting a 30-well deep exploration campaign on Uzbekistan’s Ustyurt Plateau.
Ukraine mulls lifting ban on gas exports amid spike in European prices
Ukraine is considering partially lifting its ban on exports of domestically produced natural gas, allowing selected producers to sell up to 15% of their output abroad after more than four years of restrictions.
Kazakhstan freezes Kashagan oil consortium's assets over $4.8bn environmental fine
The record does not identify the assets or vehicles affected, and there has been no indication that Kashagan’s operations have been disrupted.
KMG and Chinese partner complete drilling campaign at mature Karazhanbas field in Kazakhstan
Operator Karazhanbasmunai – owned by KMG and China’s CITIC Group in a 50:50 split – has drilled eight appraisal and 12 production wells in the area.
Russian fuel output drops 22% in June as national industrial growth stalls
Russian production of coke and refined petroleum products fell by 21.7% year on year in June, highlighting the impact of refinery outages and continuing strain in the country’s fuel market.
EU slaps asset freezes on Belarusian oil refinery, fuel trading subsidiary
The EU has imposed asset freezes on Belarus’s Mozyr oil refinery and European Trading Company, its Russian-based petroleum-product sales affiliate, as part of its 21st sanctions package against Russia and Belarus.
US extends deadline for Russian oil firm Lukoil's sale of its international arm
The US Treasury has extended until August 22 the authorisation for negotiations over the sale of Lukoil’s international assets, giving the sanctioned Russian oil producer another four weeks to advance a potential transaction.
Russian oil firm RussNeft reverses to profit in H1
Russian mid-sized oil producer RussNeft reported a net profit of RUB12.7bn under Russian accounting standards in the first half of this year, reversing a RUB2.4bn loss a year earlier.
Russian court postpones hearing on Gazprom's seized shares in pipeline operator
Proceedings began in March 2024. Gazprom initially sought $710mn and PLN886.4mn, worth more than $900mn at the time, before raising the claim to $1bn.
Drone hits Russia's Tyumen oil refinery, damage unconfirmed
Moor did not identify the equipment affected or say whether crude processing or fuel production had been disrupted. Refinery owner RI-Invest had not issued a public statement on the incident.
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