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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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Russia’s Lukoil agrees to sell foreign holding company to Switzerland's Gunvor
Russia’s Lukoil has accepted an offer from commodity trader Gunvor to acquire LUKOIL International GmbH, the holding company for its overseas assets
Serbia’s oil refinery will continue to function until November 25
Serbia’s sole oil refinery in Pancevo will continue normal operations until November 25 despite US sanctions targeting the Oil Industry of Serbia (NIS), Energy Minister Dubravka Dedovic Handanovic said on October 29.
Serbia’s central bank accuses media of spreading panic over NIS sanctions
Serbia’s central bank has rejected claims that the use of the country’s domestic Dina payment card at fuel stations run by the sanctioned oil company NIS could trigger US penalties, calling such reports an attempt to “spread panic.”
Serbia’s NIS posts 9-month net loss as US sanctions weigh on performance
NIS, majority-owned by Russia’s Gazprom Group, said it had operated in “extremely complex circumstances” after sanctions were announced by the US Treasury Department.
Finland’s Lamor signs oil spill response cooperation deal with Kazakhstan
Finnish environmental technology company Lamor has signed a memorandum of cooperation with Marine Squad, a state enterprise under Kazakhstan’s Ministry of Emergency Situations, to strengthen oil spill response and support marine operations.
SOCAR president meets Gazprom chairman
Rovshan Najaf, president of SOCAR, has met with Alexey Miller, chairman of Russia’s Gazprom
COMMENT: EU's LNG import ban won’t break Russia, but it will render the sector’s further growth fiendishly hard
The European Union’s nineteenth sanctions package against Russia marks a pivotal escalation in the bloc’s energy strategy, which will impose a comprehensive ban on Russian LNG imports beginning January 1, 2027.
Kazakhstan reviews Lukoil stakes in major oil projects in wake of new US sanctions
Kazakhstan’s authorities are assessing the future of Russian oil producer Lukoil’s stakes in key national energy projects following the latest round of US sanctions, which have hit the company, Reuters reported.
China’s Shandong Yulong Petrochemical to double Russian crude imports in November
China’s Shandong Yulong Petrochemical Co. plans to raise its Russian crude imports to a record 370,000-405,000 barrels per day (bpd) in November, about twice its usual volume
Indian refiners pause Russian oil purchases after fresh US sanctions
Several Indian refiners have paused new purchases of Russian crude oil after the United States imposed additional sanctions on Moscow’s top exporters
COMMENT: Sanctions on Rosneft and Lukoil are symbolic and won’t stop its oil exports
The Trump administration’s sanctions on Russian oil giants Rosneft and Lukoil, announced on October 22, may appear decisive at first glance, but they are not going to make a material difference to Russia’s export of oil, says Sergey Vakulenko.
Russia's Lukoil to sell international assets as a result of new US oil sanctions
Russia's second-largest oil producer, the privately owned Lukoil, will sell its international assets as a result of the new oil sanctions imposed by US President Donald Trump last week.
KMG launches debut $175.5mn offshore yuan bond under new MTN programme
KazMunayGas (KMG), Kazakhstan’s state-owned oil and gas company, has closed the order book for its inaugural five-year senior unsecured bond worth CNY1.25bn ($175.5mn) in the offshore Chinese yuan (CNH), the company announced on October 24.
BP to launch subsea intervention operations in the Caspian Sea
BP is preparing to commence subsea well intervention operations at multiple wells in the Deepwater Gunashli area of the Caspian Sea.
Azerbaijan’s condensate output drops 6% while LPG and associated gas production rise
In January–September 2025, Azerbaijan produced 3,714,060 tonnes of gas condensate, a 6% decrease y/y, according to the State Statistics Committee.
North Macedonia’s PM says no risk of gas shortages despite new Western sanctions on Russia
Serbia’s Vucic expects breakthrough on NIS sanctions next week
Serbia’s President Aleksandar Vucic said he expects progress next week on resolving the situation around the Oil Industry of Serbia (NIS), after US sanctions on the country’s sole oil refiner took effect earlier this month.
Berlin seeks US waiver to shield Rosneft’s German refineries
Germany is seeking a United States sanctions waiver for the German subsidiaries of Russian oil company Rosneft in order to keep three refineries
Pan-Baltic investigative report finds Baltic firms ‘quietly powering’ Russia’s shadow fleet
Russia’s “shadow fleet” keeps the oil flowing despite sanctions – and some of the fuel helping it along may come from the Baltics, an investigation by LRT, 15min, Eesti Ekspress and Neka personiga has found.
Gasoline shortage on Tajikistan’s market linked by government sources to Ukraine’s attacks on Russian refineries
EU agrees on gradual Russian gas phase-out
The EU has approved a plan to gradually phase out imports of Russian gas starting in 2026, covering both pipeline and LNG supplies.
Eni halts Russian gas flows via Turkey's Blue Stream pipeline
“In simple terms,” he added. “Eni intends to completely withdraw from operations linked to the Blue Stream gas pipeline.”
US slaps heavy energy, financial sanctions on Russia
Mongolia says petrol supply remains stable despite “current situation” in Russia
Mongolia’s petrol supply remains stable despite “the current situation” in Russia, the country’s Minister of Industry and Mineral Resources Damdinnyam Gongor told a press briefing, as reported by official state news agency Montsame.
US expands oil sanctions on Russia
US President Donald Trump imposed his first sanctions on Russia’s two largest oil companies on October 22, the state-owned Rosneft and the privately-owned Lukoil in the latest flip flop by the US president.
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