Russian state Development Bank, also known as VEB, will lend $2 billion to state oil firm Rosneft to help it modernise the Tuapse refinery on the Black Sea. China Oilfield Services says the Russian government has blocked its bid for an oil-well drilling unit of BP’s Moscow-based venture. Russian stocks sank for a seventh day on concern that a weakening economic outlook in the US will hurt demand in the markets, particularly for metals and energy. Oil producers Surgutneftegaz and Tatneft “led the declines”. Russia, together with other members of the Gas Exporting Countries Forum, could announce a cartel similar to OPEC in Moscow in June, already predicted to cause tensions with the West.