عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Four Years into War, Russia’s Energy Revenues Drop but Oil Keeps Flowing 

Flags fly over graves, including those of Russian soldiers killed during the conflict against Ukraine, on the eve of the fourth anniversary of the start of Russia’s military campaign, at Lemeshovo cemetery in the Moscow region, Russia, February 23, 2026. (Reuters)
Flags fly over graves, including those of Russian soldiers killed during the conflict against Ukraine, on the eve of the fourth anniversary of the start of Russia’s military campaign, at Lemeshovo cemetery in the Moscow region, Russia, February 23, 2026. (Reuters)
TT
TT

Four Years into War, Russia’s Energy Revenues Drop but Oil Keeps Flowing 

Flags fly over graves, including those of Russian soldiers killed during the conflict against Ukraine, on the eve of the fourth anniversary of the start of Russia’s military campaign, at Lemeshovo cemetery in the Moscow region, Russia, February 23, 2026. (Reuters)
Flags fly over graves, including those of Russian soldiers killed during the conflict against Ukraine, on the eve of the fourth anniversary of the start of Russia’s military campaign, at Lemeshovo cemetery in the Moscow region, Russia, February 23, 2026. (Reuters)

The money ‌Russia earned from exporting oil and gas dropped over the last 12 months, even as the country's oil exports increased in volume, according to data released on Tuesday, the fourth anniversary of Moscow's full-scale invasion of Ukraine.

Russia relies heavily on energy revenues to support its war in Ukraine - a link that has led Western countries to impose increasingly strict sanctions on Russian fuel, seeking to weaken the country's military effort.

An analysis published by the non-profit Centre for Research on Energy ‌and Clean Air ‌found that Russia's revenues from oil, gas, ‌coal ⁠and refined product ⁠exports totaled 193 billion euros in the 12-month period ended February 24, 2026, down by 27% from the comparable period pre-invasion.

While Russia's gas exports have collapsed since 2022, sanctions have so far not dented Russia's oil export volumes - but, rather, forced Moscow to sell oil at lower prices.

Russia's ⁠revenues from crude exports in the last 12 ‌months decreased by 18%, year-on-year, ‌CREA said. At the same time, crude export volumes remained 6% above ‌pre-invasion levels, at 215 million tons.

In response to Western ‌sanctions, Moscow has redirected most of its seaborne crude to China, India and Türkiye, often relying on a “shadow fleet” of ageing, uninsured tankers to circumvent Western sanctions.

But tougher restrictions could hit Russian fuel exports harder ‌this year.

US President Donald Trump has made diversification away from Russian crude a condition of ⁠a trade ⁠deal with India.

The European Union is discussing a sweeping ban on any business that supports Russia's seaborne crude exports, going far beyond previous sanctions. The bloc failed to pass those sanctions on Monday, as Hungary vetoed them owing to a dispute over a damaged Ukrainian oil pipeline.

Russia exports over a third of its oil in Western tankers with the help of Western shipping services. The planned EU ban would end that practice, which mostly supplies India and China, and render obsolete a price cap on Russian oil purchases that G7 countries have tried to enforce.

Most Viewed

 
 
Business

Saudi Arabia Records Highest Quarterly Non-Oil Exports Since 2017

 Jeddah Islamic Port (SPA) 
 Jeddah Islamic Port (SPA) 
TT
TT

Saudi Arabia Records Highest Quarterly Non-Oil Exports Since 2017

 Jeddah Islamic Port (SPA) 
 Jeddah Islamic Port (SPA) 

Saudi Arabia recorded its highest quarterly level of non-oil exports since 2017 in the fourth quarter of 2025, highlighting a significant structural shift in the Kingdom’s trade dynamics.

Data from the General Authority for Statistics (GASTAT) showed that the merchandise trade surplus rose 26.3 percent year on year in the fourth quarter, driven by strong growth in non-oil exports, which are playing an increasingly pivotal role in strengthening Saudi Arabia’s external balance.

Non-oil exports, including re-exports, climbed a record 18.6 percent to SAR 97 billion ($25.8 billion), marking their highest quarterly level in eight years. These exports covered 39.4 percent of total imports during the period. As a result, the trade surplus widened to SAR 52.5 billion (about $14 billion), its highest level in three years.

Re-exports were the standout performer, surging 67.4 percent to SAR 40 billion ($10.6 billion). The sharp increase was largely fueled by growth in machinery, electrical equipment and appliances, which expanded 79.2 percent and accounted for roughly half of total re-exports.

Overall merchandise exports reached SAR 300 billion ($80 billion) in the fourth quarter, up 7.9 percent compared with the same period in 2024. Oil exports rose 3.5 percent year on year to SAR 203 billion ($54.1 billion). Imports also increased, rising 4.7 percent to SAR 248 billion ($66.1 billion)

Trade data underscored the depth of Saudi Arabia’s commercial ties with major global economies. China remained the Kingdom’s largest trading partner, accounting for 13.1 percent of total exports and 27.2 percent of imports.

The United Arab Emirates ranked second among export destinations, receiving 11.2 percent of Saudi exports.

Other leading export markets included Japan (9.9 percent), followed by India, South Korea, the United States, Bahrain, Egypt, Singapore and Poland. Collectively, these ten countries accounted for 70.9 percent of total Saudi exports.

On the import side, the United States ranked second after China, representing 8.7 percent of total imports. It was followed by the UAE (5.7 percent), Germany, India, Japan, Italy, France, Switzerland and Egypt. Together, these ten countries accounted for 67 percent of the Kingdom’s total imports.

Vision 2030 Driving Diversification

The record performance reflects the goals of Saudi Vision 2030, which aims to position the Kingdom as a global logistics hub linking three continents. The exceptional expansion in re-exports and greater reliance on advanced air cargo infrastructure point to tangible progress in building a platform capable of attracting and redistributing high-tech goods and electrical equipment worldwide.

The figures also demonstrate growing economic resilience. Oil exports accounted for 67.5 percent of total exports in the fourth quarter of 2025, down from 70.4 percent a year earlier. This gradual diversification of the export base has helped reinforce trade stability, supporting the highest surplus recorded in three years.

 

 

 

Business

Gold Ticks Up on Safe‑haven Bids; Markets Eye US-Iran Talks

Gold items are displayed at a jewelry shop in Hanoi, Vietnam, 26 February 2026. EPA/LUONG THAI LINH
Gold items are displayed at a jewelry shop in Hanoi, Vietnam, 26 February 2026. EPA/LUONG THAI LINH
TT
TT

Gold Ticks Up on Safe‑haven Bids; Markets Eye US-Iran Talks

Gold items are displayed at a jewelry shop in Hanoi, Vietnam, 26 February 2026. EPA/LUONG THAI LINH
Gold items are displayed at a jewelry shop in Hanoi, Vietnam, 26 February 2026. EPA/LUONG THAI LINH

Gold prices edged up on Thursday as uncertainty over US tariff policy boosted the metal's safe-haven appeal, while investors awaited further details on US-Iran talks later in the day.

Spot gold was up 0.4% at $5,190.01 per ounce, as of 0816 GMT. Bullion had hit a more-than-three-week high on Tuesday.

US gold ‌futures for April ‌delivery were down 0.4% at $5,206.80, said Reuters.

The US dollar ‌eased, ⁠making dollar-denominated commodities more ⁠affordable for holders of other currencies.

"Iran-US persisting tensions and the uncertainty surrounding the global economy with (President Donald) Trump's tariffs are a bullish catalyst," said Carlo Alberto De Casa, external analyst at banking group Swissquote.

US envoy Steve Witkoff and Trump's son-in-law Jared Kushner are due to meet an Iranian delegation for ⁠a third round of nuclear talks later in the ‌day in Geneva.

Trump briefly ‌laid out his case for a possible attack on Iran in his ‌State of the Union speech on Tuesday, saying ‌he would not allow a country he described as the world's biggest sponsor of terrorism to have a nuclear weapon.

Non-yielding gold is seen as a safe store of value during times of geopolitical and ‌economic uncertainty.

The US tariff rate for some countries will rise to 15% or higher from ⁠the newly ⁠imposed 10%, US Trade Representative Jamieson Greer said on Wednesday, without naming any specific trading partners or giving further details.

Gold prices scaled a record high of $5,594.82 on January 29 and were up 20% so far this year.

"The global gold rush does not seem to be over... Overall the sentiment remains positive with strong buys coming from Asia and from Central Banks," De Casa said.

On the data front, investors await the weekly US jobless claims data, due later in the day.

Spot silver fell 1.4% to $88.18 per ounce. Spot platinum added 0.9% to $2,308.11 per ounce, while palladium rose 0.3% to $1,800.14.

Business

IMF Unlocks Around $2.3 Billion for Egypt

Thousands of Muslim students break their fast during the Muslim holy fasting month of Ramadan, at a free meal distributing point in Al-Azhar mosque in Cairo, Egypt, Wednesday, Feb. 25, 2026. (AP Photo/Ahmed Yosri )
Thousands of Muslim students break their fast during the Muslim holy fasting month of Ramadan, at a free meal distributing point in Al-Azhar mosque in Cairo, Egypt, Wednesday, Feb. 25, 2026. (AP Photo/Ahmed Yosri )
TT
TT

IMF Unlocks Around $2.3 Billion for Egypt

Thousands of Muslim students break their fast during the Muslim holy fasting month of Ramadan, at a free meal distributing point in Al-Azhar mosque in Cairo, Egypt, Wednesday, Feb. 25, 2026. (AP Photo/Ahmed Yosri )
Thousands of Muslim students break their fast during the Muslim holy fasting month of Ramadan, at a free meal distributing point in Al-Azhar mosque in Cairo, Egypt, Wednesday, Feb. 25, 2026. (AP Photo/Ahmed Yosri )

The International Monetary Fund (IMF) has unlocked around $2.3 billion for Egypt after its latest program reviews, it said on Wednesday.

Egypt secured an expanded $8 billion package over nearly four years from the IMF in March 2024, contingent on a series of economic reforms.

In March last year, the global lender approved a new loan worth $1.3 billion for Egypt.

After completing the fifth and sixth reviews of the Extended Fund Facility, the IMF said on Wednesday around $2 billion will be unlocked for Egypt.

It will be able to draw an extra $273 million under the Resilience and Sustainability Facility (RSF) after the first review was completed, the IMF said in a statement.

"Egypt's macroeconomic situation has improved amid sustained stabilization efforts," it said. "A broad-based economic recovery has lifted real GDP growth to 4.4 percent in FY2024/25 while inflation declined markedly to 11.9 percent in January 2026, supported by tight monetary and fiscal policies."

"The current account deficit narrowed further to 4.2 percent of GDP, reflecting strong remittances and tourism receipts, while market confidence continued to improve, as evidenced by successful external issuances, foreign direct investment inflows, and record nonresident inflows into domestic debt markets."

"Tight monetary and fiscal policies together with exchange rate flexibility have helped restore macroeconomic stability, reduce inflation, and strengthen the external position."

But the IMF warned that structural reforms under the program have been "uneven.”

"Efforts to reduce the state's footprint, particularly progress on the divestment agenda, have been slower than envisaged, while high public debt and elevated gross financing needs continue to constrain fiscal space and weigh on medium-term growth prospects," the IMF added.