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Ruble Hits 100 Against the Euro As Currency Collapse Accelerates

Top Russian oil firm Rosneft repays around $7 billion in debt - Yahoo Finance UK

Reuters – 12 hours ago


MOSCOW (Reuters) - Russia's top oil producer Rosneft said on Monday it had met a $7 billion (4 billion pounds) loan repayment, partially easing fears among investors that Western sanctions banning major Russian firms from access to European and U.S. capital could prompt mass defaults.

Shares in the company rose 2.5 percent in morning trade after Rosneft (ROSN.MM) confirmed it had made the payment - part of a two-year $12.7 billion loan it used to buy oil firm TNK-BP - from its own cash reserves.

Rosneft, which produces more oil than Iraq or Iran, has asked for 2.5 trillion roubles (28 billion pounds) from the government to help it weather sanctions and refinance its debts.

But the government is yet to decide how much money to give from the National Wealth Fund, resulting in speculation last week - denied by Rosneft - that it was buying foreign currency on the domestic forex market.

Rosneft Chief Executive Igor Sechin said on Monday: "To service its debt the company does not need to enter the currency market, because it generates enough foreign currency earnings. Surplus balances are used on the market, in such a manner."

Analysts say Rosneft is too big for the state to allow it to fail and point to its successful sale earlier this month of 625 billion roubles worth of domestic bonds -- the bulk of the company's current planned debt refinancing.

"As for other companies, there is still concern, but I do not expect large-scale defaults on the public debt market," said an analyst at a major Russian bank who declined to be named.

The company continues to face a severe squeeze from a collapse in oil prices and the rapid devaluation of the rouble, which has lost 45 percent of its value against the dollar as a result of the sanctions, an approaching economic recession and a the dramatic fall in the value of oil, upon which the state budget depends.

Rosneft must make a second loan repayment of $6.9 billion in February.

Its bridge loan providers were BNP Paribas, Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Barclays Bank, Citi, Credit Agricole CIB, ING Bank, Intesa Sanpaolo, JP Morgan, Mizuho Corporate Bank, Natixis, Societe Generale and UniCredit, according to Thomson Reuters LPC data.

(Additional reporting by Katya Golubkova; Writing by Lidia Kelly; Editing by Sophie Walker)
 
lolz .. Russia still exerts it's influence in Eastern Europe even with weak economy.

By east europe you mean India, Pakistan, Bangladesh because I dont see it happening in Latvia, Romania, Poland etc.

youre dumb, gold was since millenia a currency, once it was used and latter the currencies were pegged to gold like the dollar until the 70s. Learn history instead your retarded western propaganda

Ukraine angers Russia with landmark step towards Nato | World news | The Guardian

this news should be chilli up weak putins bum
Ukraine angers Russia with landmark step towards Nato
Russia’s foreign minister says vote to drop neutral status is counterproductive and will only boost tensions
 
Saudi Arabia is really doing a number on Russia, same tactic used to bring the soviet union to its knees is being played out again. This guy am I right?

alnaimi2.jpeg

for once I like the Saudis. Great tactics.

Medvedev says Russia could slide into deep recession: RIA | Reuters

this what the second most informed guy in Russia says so f off to the rest

Russia's economyis at risk of entering a period of deep recession, Russian Prime Minister Dmitry Medvedev was quoted by RIA Novosti news agency as saying.

I think he is talking about the Russian gas and oil influence in Eastern Europe.

EU was the largest consumer of Russian gas and they are also behind the sanctions so go figure out the maths.

I think he is talking about the Russian gas and oil influence in Eastern Europe.

only people who can prop up Russia is China and India buy leasing some nuclear submarines. Russia is bust for all practical purposes.
 
EU was the largest consumer of Russian gas and they are also behind the sanctions so go figure out the maths.

Ukraine still get gas from Russia. and the recent dropping of South Stream project by Russia is going to hurt Central European states like Bulgaria and Serbia etc.
 
Ukraine still get gas from Russia. and the recent dropping of South Stream project by Russia is going to hurt Central European states like Bulgaria and Serbia etc.
Yet it is Russia going into recession and not Bulgaria or Serbia Mr Wannna be Russian?
 
TASS: Economy - For Russia it is better to get money back than have Mistral ships — Rogozin

Under the $1.5 billion contract signed in June 2011, France is to deliver two Mistral-class helicopter carriers for the Russian Navy. So how much money France is going to return back to Russian Federation ?
.

We'll have to repay 700-800 millions that Russia already paid,+~251millions for canceling the deal.
And not 3 to 10 billions like russian (crap) medias said.
 
We'll have to repay 700-800 millions that Russia already paid,+~251millions for canceling the deal.
And not 3 to 10 billions like russian (crap) medias said.

Nov. 14, 2014
At the time, French President François Hollande told reporters:
"The Russians have paid. We would have to repay €1.1 billion [if they were not delivered] ... at this stage, there are no sanctions imposed that would oblige us to renounce [the contract]."

Will France take any money for giving training to Russian sailors on the electronics of Mistral ? Have France transferred any technology ever since the contract was signed ?

June 22, 2014
400 Russian sailors to arrive in France to start training on Mistral-class ship | Ottawa Citizen

September 15 2014
French Mistral Ship For Russia Starts Sea Trials Despite Suspension Of Delivery

20 November 2014
Russian sailors barred from boarding Mistral: Media - Crimean News Agency

November 28, 2014
Hi-tech gear stolen from Russia’s Mistral warship in France — RT News
The items, which were announced missing on November 25, could have been stolen a week prior to that date, the prosecutor’s office of the French city of Rennes reported.
 
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EU bans investment in Crimea, targets oil sector, cruises - Daily Sabah

he European Union banned investment in Crimea on Thursday, halting European help for Russian Black Sea oil and gas exploration and outlawing European cruise ships from calling at Crimean ports.

The new measures, which EU governments have signed off on and will take effect on Saturday, reinforce the EU's policy of not recognising Moscow's annexation of Ukraine's Crimea region in March.

EU leaders, who meet in Brussels later on Thursday, will pledge to keep up pressure on Russia over its role in Ukraine despite Russia's currency crisis and ailing economy, diplomats said.

The EU is outlawing investment in Crimea, preventing Europeans and EU-based companies from buying real estate or companies in Crimea or financing Crimean companies, the bloc said in a statement.

As Reuters reported on Dec. 10, the new measure bars EU companies from exporting goods and technology used in the exploration and production of oil, gas and minerals in Crimea as well as for the transport, telecommunications and energy sectors.

European companies are also prohibited from offering technical assistance, brokering, construction or engineering services related to infrastructure in the same sectors.

Companies will no longer be allowed to offer tourism services in Crimea. European cruise ships may no longer call at ports in the Crimean peninsula, except in an emergency.

The measure applies to all ships owned or controlled by a European or flying the flag of an EU member state. Existing cruise contracts may be still be honoured until March 20.

The 28-nation EU has previously banned the import of goods from Crimea and barred new investment in infrastructure projects in the transport, telecommunications and energy sectors and investing in oil and gas ventures.

The annexation of Crimea gave Russia rich oil and gas resources in the Black Sea, depriving Ukraine of energy resources. Russian state-owned energy company Gazprom has proposed to develop Crimea's oil and gas sector.

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Even the sanctions are placed for drilling equipment in Arctic region.
 

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