The state-owned oil giant Saudi Aramco plans to sharply increase the amount it invests in energy production after it reported a doubling of profits in 2021. The firm aims to boost output significantly over the next five years. Energy prices have soared in recent months as demand has outstripped supplies of oil and gas. The […]
The owner of Burger King said the operator of its 800 stores in Russia has “refused” to close the sites despite demands to suspend trading. Restaurant Brands said it had contacted its local partner, Alexander Kolobov, to shut the shops following Russia’s invasion of Ukraine. But it said “complicated” contracts with overseas partners mean it […]
By Jonathan Josephs Business reporter, BBC News Russia-Ukraine war Higher oil prices are set to lead to a 10% increase in air fares, according to the boss of one of the world’s biggest airlines. Delta Air Lines head Ed Bastian told the BBC the final impact “really depends where fuel prices settle”. Oil prices […]
Russia-Ukraine war Shell has pledged to stop buying oil from Russia as it apologised for its purchase of cheap Russian crude at the weekend. The energy giant also said it would close all its service stations in the country and stop all current work there. Shell came under huge criticism at the weekend after […]
By Daniel Thomas & Michael Race Business reporters, BBC News Russia-Ukraine war Russia has said it may close its main gas pipeline to Germany if the West goes ahead with a ban on Russian oil. Deputy Prime Minister Alexander Novak said a “rejection of Russian oil would lead to catastrophic consequences for the global […]
Shell has defended its decision to purchase Russian crude oil despite the invasion and bombardment of Ukraine. The oil giant said in a statement that the decision to purchase the fuel at a discounted price was “difficult”. It confirmed that it had bought a cargo of Russian crude oil on Friday but it had “no […]
Visa and Mastercard have announced they will suspend all operations in Russia in protest at its invasion of Ukraine. But Russia’s major banks, including state-backed Sberbank, have already downplayed the impact the move will have on consumers. Shoppers will still be able to use Mastercard and Visa-branded cards for purchases within Russia until they reach […]
Zara, Paypal and Samsung are the latest international firms to suspend trading in Russia after it invaded Ukraine. The clothes retailer’s owner, Inditex, will shut all 502 stores of its eight brands, including Bershka, Stradivarius and Oysho, from Sunday. Payment giant Paypal cited “violent military aggression in Ukraine” as the reason to shut down its […]
Airbus has joined rival planemaker Boeing and oil giant ExxonMobil on a growing list of corporate giants cutting ties with Russia. The European manufacturer said it had stopped support and supply of spare parts for Russia’s aviation industry. Earlier, Boeing suspended operations and ExxonMobil said it would end a multi-billion dollar joint venture with Russian […]
By Dearbail Jordan Business reporter, BBC News Russia-Ukraine war Russia’s central bank has issued an appeal for calm amid fears that new financial sanctions could spark a run on its banks. It said it “has the necessary resources and tools to maintain financial stability and ensure the operational continuity of the financial sector”. The EU, […]
