Russian energy giants face contagion risk
Constrained by sanctions, firms are tied to the fortunes of domestic banks
Russia's leading energy companies are at risk from a growing crisis in the nation's banking sector, which has led to the rescue of three of the top five privately-owned financial institutions in the past five months. Russneft and Lukoil, two privately-owned oil companies, have direct equity exposure to banks that have been rescued by the state, while Kremlin-controlled Rosneft has given another lender in peril the responsibility of refinancing its massive debt pile. Russia's banking system is creaking as the economy threatens to return to recession, a year after emerging from its longest contraction in two decades. In January, analysts at JP Morgan said Russia, the world's biggest energy exp
Also in this section
3 May 2024
Upcoming elections are likely to deliver a win for the party of president Andres Lopez Obrador, but analysts differ over to what degree his successor will stick to his energy policies
2 May 2024
Faster-than-expected economic growth fails to mask macro imbalances and shifting structural oil product trends
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
30 April 2024
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind