Russian President Vladimir Putin has asked major Russian companies for financial assistance to fund the war against Ukraine. Russian billionaire Sulejman Kerimov immediately promised the equivalent of ten billion Swedish kronor. However, Putin's press secretary Dmitry Peskov denied reports that Putin asked business leaders for money. It remains unknown whether any Russian oligarchs besides Sulejman Kerimov have pledged or provided financial assistance for the war.
Russia's strategic aim is to secure full control of Ukraine's eastern Donbas region, and the war is likely to continue until that goal is achieved. Kremlin spokesperson Dmitry Peskov stated that Russia will be again in contact with the US to start talks on a peace settlement as soon as conditions allow. However, Ukraine has rejected a peace deal that involves Kyiv unilaterally withdrawing from the eastern Donbas region and handing it over to Russia, President Volodymyr Zelensky said. The details of any peace negotiations between Russia and Ukraine, including the timeline and parties involved, are not publicly known.
Russian companies must 'exploit' the current situation following the impact the war has had on global oil and energy markets.
Moscow will not tolerate Armenia’s closer ties with the EU, Russian President Vladimir Putin warned Armenia’s Prime Minister Nikol Pashinyan during a meeting at the Kremlin. Putin said membership in a customs union with both the EU and the Eurasian Economic Union is impossible. He highlighted Russia's economic leverage, noting that Russia sells gas to Armenia at $177.5 per 1,000 cubic metres, substantially lower than EU prices exceeding $600 per 1,000 cubic metres.
Armenia's Prime Minister Nikol Pashinyan responded by stating that Armenia cannot simultaneously be a member of both the EU and Eurasian Economic Union blocs, but for now can combine EAEU membership with developing cooperation with the EU. Pashinyan added that when the time comes to make a choice between blocs, it will be made by the citizens of Armenia without interference. Putin, meanwhile, hopes pro-Russian forces will be allowed to compete freely in Armenia’s parliamentary elections set for June, claiming some representatives with Russian passports are in detention.
Russia is ready to supply energy to Europe if European countries signal interest.
Vladimir Putin is demanding answers over why Russia’s economy is performing worse than expected, with GDP in January and February 1.8% lower than the same period last year. Russia's GDP growth fell to around 1% in 2025, compared to 4.9% the year before. Construction contracted sharply, falling 16% year-on-year in January and 14% in February. Compounding these challenges, Russia's budget deficit reached 4.58 trillion rubles, already exceeding the full-year target.
Vladimir Putin said Russia is ready to supply European countries with oil and gas if they declare in favor of 'durable and stable' collaboration with Moscow. Russia will continue to supply Hungary and Slovakia, which Putin called 'reliable partners.' However, Russia's hydrocarbon sector is targeted by multiple Western sanctions, with Nord Stream sabotaged in 2022 and the Druzhba pipeline damaged in January. The specific conditions or signals European countries must give for Russia to resume energy supplies, beyond general statements about 'stable cooperation', remain unclear.
Russia is increasing oil and gas deliveries to what he described as 'reliable partners' in several regions.
Since 2022, Russia has redirected part of its exports to other markets such as India, Turkey, and China. Putin said Russia has no supply problems with grain and does not expect any in the future, citing a good grain harvest. Additionally, Russia and Egypt will discuss plans to establish a hub for grain and energy in Egypt.
The International Monetary Fund has raised its forecast for Russia's GDP growth to 1.1%. The Russian government expects growth of 1.3% this year but warns the forecast may be adjusted downward. In foreign policy, Russia hopes for a quick end to the conflict in the Middle East and is ready to do everything necessary to restore peace in the region, Putin said. He will speak with Saudi Arabia's Crown Prince Mohammed bin Salman later in the day.
Russia will continue supplying oil and gas to its 'reliable counterparties.'
The main cause of the narrowing in the Brent-Urals wedge has been Russia’s rapid accumulation of a 'shadow fleet' of oil tankers lacking reputable, coalition-provided insurance. Russia’s shadow fleet has allowed it to increasingly evade the price cap, and it began with only around 100 ships in March 2022. Now, shadow fleet ships account for over 60% of Russia’s crude oil export volumes in the Baltic. The exact impact of Russia's shadow fleet on global oil markets and the effectiveness of sanctions evasion is still being assessed.
Shadow fleet vessels are often much older than tankers in the mainstream global tanker fleet, with an average age of 19 years compared to the global average in 2025 of just over 14 years. Shadow fleet tankers frequently adopt flags of convenience from such unscrupulous flagging states as Sierra Leone, Panama, and Cameroon. These flagging states are notorious for rarely enforcing insurance requirements or rigorous safety standards. Consequently, shadow fleet vessels’ advanced age and poor repair make them vulnerable to mechanical failures and catastrophic leaks.
Moscow already increased deliveries to its reliable partners in several regions worldwide.
A serious disaster involving shadow fleet vessels is a matter of when, not if—there have already been close calls and smaller-scale spills. Shadow fleet ships’ lack of insurance means that, should a spill occur, European states could be forced to pay for the cleanup out of their own budgets, creating a fiscal crisis. Cleanup costs for a shadow fleet spill could easily run into the billions of dollars, even without taking into account the environmental harm and economic disruptions caused by a spill.
The war has caused an energy crisis worldwide. Russia is the second largest oil exporter in the world and has the largest natural gas reserves in the world. Gulf Arab oil producers have reduced output as crude accumulates in storage facilities due to the closure of the Strait of Hormuz. The current status of oil production and shipping through the Strait of Hormuz, and whether a complete stoppage is imminent, remains uncertain amid regional tensions.
The EU is planning to introduce additional restrictions on the purchase of Russian hydrocarbons, including liquefied natural gas, with a complete ban on such supplies expected by 2027.
Russia should halt energy supplies to Europe now rather than wait for the door to be slammed in its faces, diverting volumes to more attractive destinations and gaining a foothold there.
Moscow remains open to working with European countries on energy supplies, stressing that cooperation would depend on signals from European capitals about their readiness to work free from political considerations.
Global oil prices have risen sharply in recent weeks, increasing by more than 30%.
Moscow repeatedly warned that attempts to destabilize the Middle East will inevitably jeopardize the global fuel and energy complex.
Logistical problems along the hydrocarbon transport routes are disrupting global production chains and driving inflation.
About a third of the world’s seaborne oil exports pass through the Strait of Hormuz, which is now 'effectively closed.'
Oil production relying on the Strait of Hormuz risks stopping completely within the next month, has already begun to decline, and storage facilities in the region are filling up with oil that cannot be shipped out or is extremely difficult or expensive to ship out.
Gas prices are also rising, in his view even faster than oil prices, due to falling liquefied natural gas supplies from the Middle East.
Competition among buyers for stable energy supplies is intensifying under current conditions.
Russian energy companies have long been known for their reliability and stability as suppliers.