Putin asserts strong, sovereign Russia against sanctions ‘blitzkrieg’

Russian President Vladimir Putin gives a speech at a plenary session of the Saint Petersburg International Economic Forum in Saint Petersburg on June 17, 2022 (AFP)
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Updated 25 May 2023
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Putin asserts strong, sovereign Russia against sanctions ‘blitzkrieg’

  • President accuses West of denying Russia its sovereign rights
  • Speech restates determination to take Donbas out of Ukraine
  • Putin says Russia is strong, and Western sanctions will rebound

President Vladimir Putin asserted Russia’s strength and resilience on Friday against a Western world that he accused of colonial arrogance and trying to crush his country with an economic “blitzkrieg” of sanctions, Reuters has reported.

Addressing the St. Petersburg International Economic Forum, a showcase event being held this year with almost no Western participation, he returned time and again to the theme of Russia’s sovereignty in a new global order:

“We are strong people and can cope with any challenge. Like our ancestors, we will solve any problem, the entire thousand-year history of our country speaks of this.”

Putin drew applause when he reaffirmed his determination to continue the “special military operation” in Ukraine that has unleashed a barrage of Western economic sanctions.

He said the main aim was to defend “our” people in the largely Russian-speaking Donbas region of eastern Ukraine — a justification that Kyiv and the West dismiss as a baseless pretext for a campaign that has already cost

thousands of lives and led to the occupation of parts of Ukraine far beyond the Donbas.

In his 73-minute speech, Putin said Russian soldiers were also fighting to defend Russia’s own “rights to secure development.”

“Against a backdrop of increasing risks for us and threats, Russia’s decision to conduct a special military operation was forced — difficult, of course, but forced and necessary.”

’New World Order' 

A recorded video address by Chinese President Xi Jinping praising Chinese-Russian cooperation underlined Putin’s contention that an era of American domination is at an end.

Putin said the UnS considered itself “God’s emissary on Earth,” and that Russia was taking its place in a new world order whose rules would be set by “strong and sovereign states.”

He called the campaign in Ukraine the action of a “sovereign country that has the right to defend its security,” and accused the West of “active military appropriation of Ukrainian territory.”

But he appeared to acknowledge the scale of destruction being wrought, while absolving Russian forces.

In a two-hour question-and-answer session after his speech, he evoked Stalingrad, the Soviet city razed by attritional urban warfare in World War Two, now renamed Volgograd.

“We must not turn those cities and towns that we liberate into a semblance of Stalingrad,” he said. “This is a natural thing that our military thinks about when organizing hostilities.”

Putin also said strikes against residential areas were crimes against humanity.

Ukraine says Russian forces are responsible for thousands of civilian deaths, the obliteration of towns such as Mariupol, and the displacement of a third of its peacetime population.

Russia denies attacking civilian targets, and says allegations that it has perpetrated war crimes are based on Ukrainian and Western fabrications.

Cyber Attack 
Shortly before Putin was due to begin speaking, the Kremlin said a “denial of service” cyberattack had disabled the Forum’s accreditation and admission systems, forcing him to delay the scheduled start by an hour.

Putin dismissed suggestions that Russia was responsible for a surge in global prices of basic foodstuffs with the phrase that a failure to export five or six tons of Ukrainian wheat and six or seven tons of corn “doesn’t change the weather.”

He said Russia was ready to guarantee the transit of ships exporting Ukrainian grain across the Black Sea, but that Ukraine had five or six alternative routes — through Belarus, Poland or Romania.

Ukraine has been using much more cumbersome road, rail and river routes to try to get around the closure notably of Odesa, its main deep-sea port, where it fears a Russian attack.

But their capacity is at best a third of the more than 6 million tons a month of grain and oilseeds that were shipped from Odesa in the past. 


Education spending drives Saudi POS transactions to $3bn as other sectors slump

Updated 6 sec ago
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Education spending drives Saudi POS transactions to $3bn as other sectors slump

  • Pharmacies and medical supplies saw largest decrease
  • Total POS value stood at SR13.6 billion despite a 12.3% weekly drop

RIYADH: Saudi Arabia’s point-of-sale transactions remained above the $3 billion mark for the second week in a row due to a 32.5 percent increase in spending on education in the week ending Aug. 9.

The sector recorded SR251.79 million ($67.09 million) in transactions despite a 3.2 percent dip, reaching 161,000. It was the only one to see a positive change during the monitored period.

The total POS value stood at SR13.6 billion with a 12.3 percent weekly drop, underscoring the resilience of consumer activity across the Kingdom, according to data from the Saudi Central Bank, also known as SAMA. 

The subcategory of pharmacies and medical supplies saw the largest decrease, dropping by 24.7 percent to SR278.94 million. Spending on freight transport and courier services ranked next, falling 23.8 percent to SR48.68 million. 

Food and beverages, the sector with the biggest share of total POS value, recorded a 17.8 percent decrease to SR1.93 billion. In comparison, the restaurants and cafes sector saw a 7.9 percent decrease, totaling SR1.75 billion and claiming the second-largest share of this week’s POS.

Spending on transportation ranked third despite a 14.5 percent decline to SR1.04 billion.

The top three categories accounted for approximately 34.4 percent of the week’s total spending, amounting to SR4.71 billion.

The smallest decline was seen in the hotels sector, which decreased by 1 percent to SR349.97 million, followed by expenditure on medical services, which saw a 6.6 percent dip to SR474 million.

Spending on apparel, clothing, and accessories saw a 10.7 percent dip to SR998.90 million, and recreation and culture decreased by 13.4 percent to settle at SR345.58 million.

Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.58 billion, a 9.8 percent decrease from the previous week. 

Jeddah followed closely with a 9.7 percent dip to SR1.91 billion, while Dammam ranked third, declining 9.2 percent to SR634.68 million.

Al-Qatif saw the smallest decrease, down 3 percent to SR92.35 million, followed by Abha with a 5.5 percent drop to SR285.04 million.

Hail recorded 3.99 million deals in transaction volume, down 12.6 percent from the previous week, while Tabuk reached 4.49 million transactions, falling 10.5 percent.


Oil Updates — prices steady as market awaits inventory data, US-Russia meeting

Updated 13 August 2025
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Oil Updates — prices steady as market awaits inventory data, US-Russia meeting

SINGAPORE: Oil prices were little changed on Wednesday as investors awaited US inventory data, while eyeing an upcoming meeting between US President Donald Trump and Russian President Vladimir Putin.

Brent crude futures dipped 3 cents, or 0.05 percent, to $66.09 a barrel at 9:11 a.m. Saudi time, while US West Texas Intermediate crude futures edged down 8 cents, or 0.13 percent, at $63.09. Both contracts settled lower on Tuesday.

Trump and Putin are due to meet in Alaska on Friday to discuss ending Russia’s war in Ukraine that has shaken oil markets since February 2022.

Oil investors are in a “wait-and-see mode” ahead of the meeting, said ING commodity strategists.

“The outcome could remove some of the sanction risk hanging over the market,” the ING strategists added.

Investors also awaited further cues after an industry report showed US crude stockpiles climbed last week.

Crude inventories in the United States, the world’s biggest oil consumer, rose by 1.52 million barrels last week, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories dropped while distillate inventories gained slightly.

Should the US Energy Information Administration data later on Wednesday also show a decline, it could indicate that consumption during the summer driving season has peaked and refiners are easing back their runs. The driving season typically runs from the Memorial Day holiday at the end of May to the Labor Day holiday in early September.

Analysts polled by Reuters expect the EIA report to show crude inventories fell by about 300,000 barrels last week. Outlooks issued by OPEC and the EIA on Tuesday pointed to increased production this year, which also weighed on prices. But both expect output in the US, the world’s largest producer, to decline in 2026, while other regions will increase oil and natural gas production.

US crude production will hit a record 13.41 million barrels per day in 2025 due to increases in well productivity, though lower oil prices will prompt output to fall in 2026, the EIA forecast in a monthly report.

The Organization of the Petroleum Exporting Countries’ monthly report said global oil demand will rise by 1.38 million bpd in 2026, up 100,000 bpd from the previous forecast. Its 2025 projection was left unchanged.

The White House on Tuesday tempered the expectations for a quick Russia-Ukraine ceasefire deal, which may lead investors to reconsider an end to the war soon and any easing of sanctions on Russian supply, which had been supporting prices.

“Trump downplayed expectations of his meeting with President Putin ... However, expectations of additional sanctions on Russian crude continue to fall,” ANZ senior commodity strategist Daniel Hynes wrote in a note. 


Closing Bell: Saudi main index closes in red at 10,770

Updated 12 August 2025
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Closing Bell: Saudi main index closes in red at 10,770

  • Parallel market Nomu lost 91.69 points to close at 26,144.11
  • MSCI Tadawul Index edged down 0.26% to 1,391.13

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, shedding 21.98 points, or 0.20 percent, to close at 10,769.66. 

The total trading turnover on the main index reached SR4.08 billion ($1.09 billion), with 94 stocks advancing and 159 declining. 

The Kingdom’s parallel market Nomu also fell, losing 91.69 points to close at 26,144.11, while the MSCI Tadawul Index edged down 0.26 percent to 1,391.13. 

The best-performing stock on the main market was Red Sea International Co., whose share price jumped 9.96 percent to SR45.72. BAAN Holding Group Co. rose 4.98 percent to SR2.32, while Astra Industrial Group gained 4.71 percent to SR149. 

The share price of Methanol Chemicals Co. dropped by 9.92 percent to SR10.62. 

On the announcements front, Saudi Electricity Co. reported a net profit attributable to common shares of SR1.86 billion after deducting profit attributable to Mudaraba instruments for the second quarter, up 113 percent from SR0.87 billion a year earlier. 

The company’s net profit before Mudaraba payments stood at SR6.25 billion, compared to SR5.24 billion in the same quarter of 2024, reflecting a 19.26 percent increase. 

The utility’s share price slipped 0.61 percent to SR14.61. 

First Milling Co. announced it had completed the acquisition of a 100 percent stake in Jeddah-based Al Manar Feed Co. in a deal valued at SR77 million. In a Tadawul filing, the company said the acquisition aligns with its strategy to boost feed production capacity. 

With the purchase, First Milling Co. will add a daily production capacity of 450 tonnes in the feed segment, bringing its total feed output to 1,350 tonnes per day. 

The company’s share price rose 0.28 percent to SR53.20. 


OPEC projects global oil demand to rise by 1.38m bpd in 2026

Updated 12 August 2025
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OPEC projects global oil demand to rise by 1.38m bpd in 2026

  • Supply growth from producers outside OPEC+ is trimmed, signaling a tighter market outlook

LONDON: OPEC on Tuesday raised its forecast for global oil demand next year and trimmed its forecast for growth in supply from the US and other producers outside the wider OPEC+ group, pointing to a tighter market outlook.

The outlook for higher demand and a drop in supply growth from outside OPEC+ would make it easier for OPEC+ to proceed with its plan to pump more barrels to regain market share after years of cuts aimed at supporting the market.

World oil demand will rise by 1.38 million barrels per day in 2026, the Organization of the Petroleum Exporting Countries said in a monthly report, up 100,000 bpd from the previous forecast. This year’s expectation was left unchanged.

In the report, OPEC also increased its forecast for world economic growth slightly this year to 3 percent as President Donald Trump’s administration signs some trade deals and the economies of India, China and Brazil outperform expectations.

“Economic data at the start of the second half of 2025 further confirm the resilience of global growth, despite persistent uncertainties related to US-centered trade tensions and broader geopolitical risks,” OPEC said in the report.

Oil supply from countries outside the Declaration of Cooperation — the formal name for OPEC+ — will rise by about 630,000 bpd in 2026, OPEC said, down from last month’s forecast of 730,000 bpd.

OPEC's report said it now expects US output of tight oil, another term for shale, to decline by 100,000 bpd in 2026, versus last month’s outlook for flat output year on year.

“The 2026 forecast assumes sustained capital discipline, additional drilling and completion efficiency gains, weaker momentum in drilling activities and increased associated gas production in key shale oil regions,” OPEC said.

OPEC’s report also showed that in July, OPEC+ raised crude output by 335,000 bpd, a further increase reflecting its decisions this year to increase output quotas.


Cost excellence key to unlock potential of Saudi Arabia’s mining sector: Alvarez and Marsal

Updated 12 August 2025
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Cost excellence key to unlock potential of Saudi Arabia’s mining sector: Alvarez and Marsal

  • Kingdom’s mining and minerals industry is poised for sustainable long-term growth
  • It has already laid strong foundations in the sector

RIYADH: Mining firms operating in Saudi Arabia should implement disciplined financial planning, transparency, and cost ownership in their operating model to reap long-term benefits, according to an analysis. 

In its latest report, professional services firm Alvarez and Marsal said the Kingdom’s mining and minerals industry is poised for sustainable long-term growth with committed investments worth SR246 billion ($65.55 billion) supporting the sector. 

The study was released just days after the Kingdom’s ranking on the Mining Investment Attractiveness Index jumped from 104th in 2013 to 23rd in 2024, cementing the nation’s status as the world’s fastest-rising power in the exploration industry, according to Canadian public policy think tank Fraser Institute.

As a part of its economic diversification efforts, Saudi Arabia is accelerating the development of its mining sector, with the Kingdom’s mineral wealth now estimated at SR9.4 trillion ($2.5 trillion).

Commenting on the latest report, Alexander Shvets, managing director, infrastructure and capital projects – metals and mining at Alvarez and Marsal Middle East, said: “Saudi Arabia’s mining sector is now central to the Kingdom’s economic transformation.” 

He added: “Building on this momentum with embedded cost visibility and performance tracking will help operators to achieve global competitiveness and long-term value creation.” 

According to Alvarez and Marsal, adopting structured financial frameworks can help mining companies seize emerging opportunities and ensure operational excellence as the sector matures. 

“Control is not just a finance function — it’s an operational discipline. In mining, where complexity and capital intensity are high, real-time cost visibility and team capability are what turn strategy into measurable results,” said Renat Akimbitov, managing director, infrastructure and capital projects – metals and mining at Alvarez and Marsal Middle East. 

The report said Saudi Arabia has already laid strong foundations in the sector, with the establishment of institutions such as the Saudi Geological Survey, creating a dynamic and investor-friendly environment.

In March, the Kingdom also launched a new incentive package to attract foreign direct investments into the nation’s mining sector. 

At that time, the Saudi Press Agency reported that the Kingdom’s Ministry of Investment is collaborating closely with the Ministry of Industry and Mineral Resources through an exploration enablement program aimed at simplifying investments in the mineral exploration industry. 

Alvarez and Marsal outlined a strategy for mining and industrial companies to strengthen financial resilience by implementing activity-based budgeting, which links finance directly to operational drivers for greater accuracy and agility.

The report also underscored the vitality of empowering business leaders with digital dashboards to manage costs dynamically, as well as conducting structured cost review meetings to ensure accountability through regular performance tracking. 

Alvarez and Marsal further highlighted the importance of cost-capability building and said that equipping teams with practical tools and training is essential to foster a cost-conscious culture within the organization.