Jackie Northam

Iran and Saudi Arabia announced Friday they plan to re-establish diplomatic relations, following talks hosted by China on the sidelines of a political conference.

The U.S. has nominated Ajay Banga to head the World Bank. A naturalized American, Banga has decades of experience in finance but faces major challenges at the multilateral lending institution.

Russia's war in Ukraine is causing a shift in oil markets, creating new geopolitical alliances. Analysts say it's comparable to the 1970s Arab oil embargo. (Story aired on ATC on Feb. 28, 2023.)

Russia's war in Ukraine is causing a profound and permanent shift in the world's oil markets, creating new geopolitical alliances. Analysts say it's comparable to the 1970s Arab oil embargo.

It's a highly coordinated effort, but war and complicated politics can hamper progress. Dozens of countries have offered to help, including Taliban-ruled Afghanistan.

The European Union is cutting off imports of Russian oil products. It's meant as a blow to Vladimir Putin's economy but it will require new sources of vital diesel fuel for Europe.

Starting Sunday, the EU will prohibit imports of Russian gasoline, diesel and other products from Russian refineries used throughout Europe.

After already ending imports of Russian oil, Europe's next move against Russia's economy starts this weekend, when it stops buying oil products like the diesel fuel widely used across the continent.

Russia would have to use tankers willing to get around sanctions to ship its crude to Asia. It's known in the oil industry as a "shadow fleet."

Facing sanctions for its Ukraine invasion, Russia's looking further afield to find customers for its crude oil, and it is having to rely on so-called "shadow fleets" to do so.

Facing sanctions for its invasion of Ukraine, Russia is looking further afield to find customers for its crude oil. It is having to rely on so-called "shadow fleets" to do so.

Despite unprecedented sanctions, Russia's economy is still functioning and it's still attacking Ukraine. That's led to questions about whether the sanctions are effective.

The international community has slapped an unprecedented number of sanctions on Russia since it invaded Ukraine. What impact have they had? (Story aired on Weekend Edition Saturday on De. 17, 2022.)

The international community has slapped an unprecedented number of sanctions on Russia since it invaded Ukraine. What impact have they had?

Saudi Arabia hosts Chinese leader Xi Jinping in a regional summit that echoes the trip President Biden made there in July and highlights the competition for influence in the Gulf.

The restrictions come a day after the members of OPEC Plus — which includes Russia — met and agreed to maintain current oil production targets while they wait and see the effect of the sanctions.

The OPEC Plus group of oil producers, which includes Russia, meets Sunday on the eve of new Western efforts to curb Russia's oil revenues.

Plans take effect next week that would ban most Russian oil imports from Europe and put a price cap on the oil going elsewhere. But Russia could still make money off oil to fund its war in Ukraine.

The U.S. and the European Union are taking aim again at Russia's oil profits, which it uses to fund the war in Ukraine. New rules start next week.

The U.S. and its allies will try two new tactics to cut Russia's profits: Europe will ban Russian crude imports and the G7 will impose a price cap on the oil Russia sells to other parts of the world.