SOVEREIGN ECONOMY: TOP EVENTS OF THE WEEK
08/09/2023, 12:00
The export of Russian energy resources to the EU market has decreased to record lows since the beginning of the war. According to Eurostat data, as of the end of June 2023, the volume of imported Russian oil by EU countries has decreased from 29.2% (in 2021) to 2.3%, gas decreased from 38.5% to 12.9%, and coal from 45% to 0%.
China's share in the Russian banking sector has quadrupled from February 2022 to March 2023. The main creditors of Russian banks are the Industrial and Commercial Bank of China, the Bank of China, the China Construction Bank, and the Agricultural Bank of China. They have increased their total investments in Russia from $2.2 billion to $9.7 billion.
The United States wants to transfer Russian assets worth $1 billion to Ukraine. The Deputy Minister of Justice-Attorney General of the United States, Lisa Monaco, stated this. Secretary of State Antony Blinken announced the first precedent concerning $5.4 million confiscated from Konstantin Malofeev. The Kremlin, represented by Dmitry Peskov, threatened the United States with a lawsuit for transferring Russian assets to Ukraine.
Russia will extend voluntary oil export cuts until the end of the year. Vice Prime Minister of the Russian Federation, Alexander Novak, informed journalists that Russia will extend voluntary oil supply cuts to global markets by an additional 300,000 barrels per day until the end of the current year. It is in addition to the existing 500,000 barrels per day reduction starting from August 1st.
Moldova has refused to pay "Gazprom" for non-existent debts. Chisinau should not settle any imaginary loans to "Gazprom," said Moldova's Prime Minister, Dorin Recean, during a government meeting. A comprehensive audit showed that Chisinau's obligation to "Gazprom" equals only $8.6 million. "Gazprom" insists that Moldova's gas debt is $709 million.
