The Russian economy, which has been based almost exclusively on oil and gas exports since Soviet times, is now facing a countdown.

The old Soviet-era deposits are being rapidly depleted, and the country has been unable to find new deposits with oil that can be extracted easily and cheaply, reports finanz.ru.

The current levels of oil extraction in Russia “are inadequately ensured by the reserves of the deposits being developed,” according to a document titled “Strategy of the mineral raw …

British representatives refuted the statement made by the Russian Ambassador in London, Alexander Yakovenko, that allegedly the two countries agreed to gradually restore dozens of diplomats to their positions, expelled by both sides after the poisoning of Sergei and Yulia Skripal in Salisbury. 

“No new agreements have been made. Our position regarding Russian diplomatic presence in the UK has not changed after measures were taken after Salisbury. Work of our respective missions occurs in the …

US President Donald Trump’s criticism of the construction of the Nord Stream 2 gas pipeline is not a reason to stop the project, stated European Commissioner for Budget and Human Resources Günther Oettinger on December 28. He said that any attempts to prevent the construction will encounter serious opposition as the construction is already underway. 

Trump criticized Berlin for supporting the $11 billion gas pipeline. In July, he accused Germany of being Moscow's “hostage” because of the …

Russia has banned the import of a number of goods whose country of origin is Ukraine or which have passed through Ukraine. The corresponding decree was published on December 29 on the Russian government website.

“The bulk of the goods which the ban has been placed on belong to the industrial category. The list also includes agricultural products, raw materials and food,” the announcement notes.

The Russian government points out that Ukraine has periodically placed sanction restrictions both …

Ukrainian President Petro Poroshenko has signed the law “On Ukraine’s surrounding zone,” which doubles the country’s zone of control in the Black Sea, the presidential press service reported.

The law harmonizes Ukraine’s maritime legislation with that of other states on the Black Sea and other signatories of the UN Convention on the Law of the Sea of 1982. It is intended to prevent smuggling operations and illegal visitation of the closed ports in the temporarily occupied territories of …

Units of the Separate Mechanized Brigade of the Ukrainian Armed Forces have completed the fortification of new defensive positions between the settlements Zaitseve and Hladosove near the city of Horlivka, reported the Verkhovna Rada deputy Dmytro Tymchuk.

"In order to increase defense capabilities, the units of the mechanized Brigade of the Ukrainian Joint Forces took under their control advantageous for future defensive actions natural frontier and, while being in close proximity to the enemy, …

At the moment, Ukraine has two boats and two ships in the Sea of Azov, while the Russian Federation has deployed up to 40 efficient ships and boats into the region, Ihor Voronchenko, the commander of the Ukrainian Navy, said in an interview with DW.

Commenting on the ratio of Ukrainian and Russian forces in the Sea of Azov, he acknowledged that this situation is not in favor of Ukraine.

“Unfortunately, the situation is not in favor of Ukraine both in terms of quality and quantity. The …

Russian Prime Minister Dmitry Medvedev signed a decree to establish a working group on the integration of Russia and Belarus, RIA Novosti reports.

 Medvedev also announced that Russian Economic Development Minister Maxim Oreshkin would chair the group.

“Oreshkin will be the head of the group. It will include representatives of all the agencies, not only the government one but also from the State Duma, the Federation Council, and the Chamber of Accounts,” said Medvedev on Friday, December 28th. …