The Russian Foreign Ministry denounced new Western sanctions against Ukraine's Crimea region on Saturday as a "collective punishment" on local residents who voted in a referendum last March to join Russia.

Turmoil gripped global foreign exchange markets on Tuesday, driving investors to the safety of the yen and the Swiss franc as Russia's rouble went into a tailspin and oil prices fell below $60 a barrel.

OPEC Gulf members and crisis-hit producer Russia held the line on resisting oil output cuts, a message that helped send oil to a fresh five-year low on Tuesday.

Rosneft and Essar Agreed on Key Terms of Oil and Oil Products Supplies to Essar Refineries

World Oil Demand Outlook Cut Again; Sub-$60 Price Seen Holding

The last 48 hours witnessed a frenzy of diplomatic activities by Balkan and Southeastern countries with both Russia and Europe, underlining the importance of this area for the ongoing if relatively silent confrontation between Moscow and Brussels/Berlin.

Rosneft wants to step up gas production and become the second largest gas company in Russia.

EAST EUROPE SCRAMBLES FOR ENERGY AFTER PUTIN KILLS SOUTH STREAM

Europe is betting on the acceleration of the Southern Gas Corridor, which has been defined a key project along with the Vertical Corridor from Greece to Romania through Bulgaria.

The dramatic events that recently took place regarding the termination of South Stream and its replacement by the so-called 'Turk Stream' pipeline has caused shock throughout Bulgaria, which is already rife by public discontent against the current political and economic elite.