Russia’s plan to reorient its energy trade towards the east has taken a leap forward with the start of oil exports through a new pipeline to China. Read more

Shares in Transneft, the Russian oil pipeline monopoly, were trading down over 2 per cent on Friday morning, having slipped close to 6 per cent on Thursday after the Kremlin confirmed it would not be included in its planned $60bn in asset sales. But investors hoping to buy some of the assets on sale shouldn’t be too disheartened. Read more