An employee looks out over an oil refinery  in Nizhny Novgorod, Russia. The drop in oil prices is driving a sharp recession in the country. Photograph: Andrey Rudakov/Bloomberg

Slumping oil prices have put Russia’s economy on course for a sharp recession and double-digit inflation next year, government ministers said, as auth(...)

An employee uses a machine while counting Russian ruble banknotes at a private company’s office in Krasnoyarsk, Siberia.

Russia’s rouble rose on Friday to its strongest levels in more than three weeks, in a sharp rebound from its recent all-time lows, after the governmen(...)

Rosneft must make a second loan repayment of $6.9 billion in February

Russia’s top oil producer Rosneft said on Monday it had met a $7 billion loan repayment, partially easing fears among investors that Western sanctions(...)

Bashneft sold to oil-to-telecoms conglomerate Sistema, controlled by tycoon Vladimir Yevtushenkov. Photograph:  Sasha Mordovets/Getty Images

Russia won court approval yesterday to seize shares held by a billionaire businessman’s company in oil producer Bashneft over its “improper privatisat(...)

BP said it expected fourth-quarter production to be “slightly lower”

Oil major BP’s third-quarter results took a hit from declining oil prices and a sharp drop in income from Russia as Western sanctions on Moscow led to(...)

Igor Sechin, chief executive of  Rosneft: said earlier this month the company could invest $400 billion in the Arctic in the next 15 years. Photograph: Andrey Rudakov/Bloomberg

Rosneft and ExxonMobil have struck oil at their controversial joint well in the Arctic, according to people familiar with the matter.The Universitetsk(...)

An armed pro-Russian separatist stands on part of the wreckage of the Malaysia Airlines Boeing 777 plane after it crashed near the settlement of Grabovo in the Donetsk region in this image from July. Photograph: Reuters

Authorities in the Netherlands are due to publish a preliminary report on the July downing of Malaysia Airlines flight MH17 over eastern Ukraine. The(...)

Service attendants use fuel pumps to fill automobiles on the forecourt of an OAO Rosneft gas station in Moscow.   Photo: Bloomberg

Igor Sechin, the head of Russian oil giant Rosneft, has asked the government to provide the company with 1.5 trillion roubles (€31.1 billion) to help(...)

The oil giant BP has warned that further international sanctions on Russia could have a “material adverse impact” on the company. Photograph:  Nick Ansell/PA Wire

BP Plc, Europe’s third-largest oil company by market value, reported a 34 per cent increase in second-quarter profit while warning that increasing san(...)

Yukos, set up by Mikhail Khodorkovsky, was seized by the Russian authorities in 2003, which alleged that the oil and gas company had been involved in a criminal enterprise to evade billions in taxes.

Russia is faced with the threat that billions in assets held internationally could be seized to pay a $50 billion compensation award to punish it for (...)