Article 679MA Oil hit by China Covid fears; European natural gas prices dip below pre-Ukraine war levels – as it happened

Oil hit by China Covid fears; European natural gas prices dip below pre-Ukraine war levels – as it happened

by
Graeme Wearden
from on (#679MA)

Oil prices fall amid fears over a Covid wave from China, while European wholesale gas prices hit 10-month low on Wednesday

London-listed iron pellet producer Ferrexpo told the City this morning that its controlling shareholder, billionaire oligarch Kostyantyn Zhevago, has been detained in France.

Ferrexpo, which operates iron-ore mines and an iron ore pellet production facility in Ukraine, said it believes the detention is not related to the company.

The Company is aware that Mr Zhevago has been detained in France by the French authorities, and the Company understand that this is in relation to matters unrelated to Ferrexpo.

The Board of Directors of Ferrexpo is seeking to clarify the situation and will update the market as appropriate.

Ferrexpo's owner Kostyantyn Zhevago has reportedly been arrested in Courchevel in the French Alps at the request of Ukraine. He will stand in front of the appeals court of Chambery in France on 5th January. The billionaire is wanted on suspicion of financial crimes including money laundering linked to the bankrupt Finance & Credit Bank.

Ferrexpo has had a difficult year with shares down around 45% year-to-date as the war in Ukraine caused major interruptions and instability which have impacted its operations and production. In October a Russian missile hike nearby infrastructure leaving Ferrexpo with minimal power supply."

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