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US oil reserves running low – Bloomberg

Washington has been actively selling from its Strategic Petroleum Reserve (SPR) over the past year to keep energy prices from rising even higher, Bloomberg reported on Friday, noting that the government can’t keep tapping the reserves forever. According to the report, over the past year almost 115 million barrels were …

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Ukraine wants Russia’s sanctioned forex reserves

Ukraine is expecting to be granted access to $400 billion worth of frozen Russian assets for the country’s reconstruction fund, President Volodymyr Zelensky’s economic adviser, Oleg Ustenko, said in an interview with the local Ukraine 24 news outlet. “We are talking primarily about the $300 billion frozen Russian Central Bank reserves… …

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US to unleash strategic oil reserves to lower prices

US President Joe Biden unveiled a two-pronged plan on Thursday to lower gas prices by increasing supply and decreasing demand, vowing to lead the country to a future of clean energy while soothing its immediate wounds by unleashing millions of barrels from its strategic reserves. A “use it or lose …

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Countries will need to create ruble reserves to buy Russian gas

Countries globally may soon have to create ruble reserves within their domestic economies if they wish to continue to buy Russian gas, as Moscow switches payments to its national currency, Ilya Ilyin, the head of the banking and financial markets analysis department at Promsvyazbank said on Thursday. “In the event …

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Bank of Russia explains why it kept its reserves abroad

Russia’s foreign exchange reserves had to be kept abroad and nothing could have been done to avoid a freeze of the country’s dollar and euro assets, the central bank said in the latest question-and-answer post on its website. Earlier this month, nearly half of Russia’s foreign reserves – worth $300 …

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British PM suggests targeting Russia’s gold reserves

British Prime Minister, Boris Johnson, has called on allies to consider preventing Russia from accessing its gold reserves amid the Kremlin’s ongoing offensive against Ukraine. In an interview with LBC Radio on Thursday, Johnson called on the West to “do more economically.” The British premier went on to suggest that …

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US attempts to freeze Russia’s gold reserves – media

US Treasury Secretary Janet Yellen will meet this week with a bipartisan group of senators to discuss the opportunity of freezing Russia’s $132 billion in gold reserves, an American news website Axios reports. “Secretary Yellen regularly meets with members of Congress to discuss legislation. Additionally, Treasury staff frequently provide technical …

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