RUSSIA & EU: LIFT SANCTIONS: $140 BLN
Russian Deputy Foreign Minister Alexei Meshkov urged the European Union to lift sanctions against Moscow over the Ukrainian conflict and promised to waive its counter-measures, Interfax news agency reported on Saturday.
Moscow in August banned most Western food imports, worth $9 billion a year, in response to U.S. and European Union sanctions over Russia's role in Ukraine.
"We don't expect anything from our European partners. The only thing we expect is for them to leave the meaningless sanctions spiral and move on to the path of lifting the sanctions and dropping the blacklists. This, in its turn, would allow us to drop our lists," Meshkov was quoted as saying.
"This will be conducive for us to waive counter-measures," he added.
Earlier this week, Finance Minister Anton Siluanov said lower oil prices and Western financial sanctions will cost Russia around $130 billion-$140 billion a year, equivalent to around 7 percent of its economy.
Meshkov put the losses from sanctions for the EU at $50 billion next year, adding that trade turnover in some products between Russia and Europe has declined by double digit percentages.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.