Ukraine crisis: EU adopts new sanctions on Russia

European Union member states have formally adopted new sanctions on Russia over the Ukraine crisis.

Sanction-hit Russian economy nears recession

"The economy is close to recession," said Oleg Zasov, the head of forecasting at the economy ministry, according to Russian news agencies.

Shrinking Russian economy adds to fears of full-blown recession

MOSCOW (Reuters) - Russia's economy has contracted in annual terms for two months in a row, the Economy Ministry said on Friday, adding to concerns that Russia may be heading for recession as western sanctions over Ukraine bite.

BP sees profits rise but warns of Russia sanctions risk

BP has warned that further sanctions against Russia could affect its business as it posted a rise in second quarter profits.

Side deals with Moscow thwart drive to wean Europe off Russian gas

(Reuters) - While officials in Brussels were calling for Europe to reduce its dependency on Russian natural gas and negotiate with Moscow as a bloc, Austria was quietly bypassing the European Commission to cut its own bilateral deal on building a pipeline.

European Central Bank keeps interest rates at 0.25%

The European Central Bank (ECB) has kept its benchmark interest rate at its record low of 0.25%. The bank slightly raised its forecast for growth to 1.2% in 2014, but dropped its inflation estimate.