China rejects West’s call for Russian oil price cap
Samizdat | September 5, 2022
Beijing opposes the decision made by the G7 nations to introduce a price cap on Russian oil, Chinese Foreign Ministry Spokesperson Mao Ning said on Monday.
“Oil is crucial for ensuring global energy security,” she told a briefing, adding: “we hope that the countries concerned… will make constructive efforts, and not the other way around.”
The spokesperson urged the G7 states to instead “fortify dialogue and advance negotiations.”
On Friday, the finance ministers of the G7 (the US, Canada, the UK, Germany, France, Italy, and Japan) agreed to impose a price ceiling on Russian oil, to limit the country’s revenues. The plan includes banning services such as insurance and financing to ships transporting Russian crude above an agreed price threshold.
On Saturday, the European Union urged China and India to join the G7’s price cap initiative. The EU claimed it’s unfair for countries to pay excess revenues to Moscow. China and India have ramped up their purchases of Russian oil lately, benefiting from discounted rates.
Moscow has warned it will suspend supplies of oil and petroleum products to states that decide to enforce a price cap.
American and NATO Disinformation and Lies Fuel Never Ending War In Ukraine
By Boyd Cathey | My Corner | September 4, 2022
There is perhaps no better-informed military geostrategic authority on the war in Ukraine today than Swiss intelligence analyst, Jacques Baud (Colonel, Swiss Army, ret.). His long and exceptional experiences over the years in evaluating military intelligence and strategy for a variety of national and international agencies, in particular the geopolitics of Eastern Europe after the fall of Communism, have given him an enhanced and realistic insight into current events in that part of the world.
Recently, Amnesty International—of all sources!—came out with a critical report, largely ignored by the American and Western media, which documented the fact that Ukraine is actively engaged in terrorism and war crimes in its present conflict with Russia. One of the few Western media sources, Newsweek, quoted the report “that the Ukrainian military’s tactics ‘violate international humanitarian law and endanger civilians’ by operating weapons out of bases established in residential areas while civilians are present.” That is exactly what some of us have been saying and charging for some time, especially in reference to the accusation of Russian “war crimes” in Mariupol and Bucha, to mention but two prominent examples.
Now, an international agency, not known for its rightwing or pro-Russian bias, has come out and admitted the very same thing: it is the policy of the Ukrainian government to use civilians as human shields, to place potentially rich military target in the midst of unprotected civilians, many of whom become hostages to the Ukrainian military. The objective, of course, is to inflame Western and American media and political types: “See how evil and barbaric those Russians are!” goes the refrain. And that disinformation campaign has been fairly successful, if you watch most of Fox News (e.g., General Jack Keene, Brian Kilmeade, etc.) which is joined at the hip with the entirety of the hysterical (mostly leftwing) anti-Russian media, not to mention the Deep State cabal in Washington, which includes such deranged armchair warriors as Senators Lindsey Graham and Chuck Schumer.
Of course, Ukraine has attempted to push back against the report, employing it minions in the West and in the American media. But numerous analyses have surfaced, and, although ignored by our media, they confirm Amnesty International’s study.
In his most recent analysis, Colonel Baud examines the issue of terrorism as employed as a military tactic, and largely on the part of the Ukrainian military and its violent militia groups, in the current conflict with Russia. In an interview with the journal, The Postil, he explores in detail that question, as well as other critical issues—issues about which most Americans (and Western Europeans) have little reliable information.
There is a zealously pro-Ukrainian historical blackout framing Western media. It is openly admitted by Joe Biden and his Secretary of State Anthony Blinken and Secretary of Defense Lloyd Austin (since they visited Kiev back in late April, 2022) that the American strategy (and thus that of our NATO satraps) in Ukraine is “to bleed Russia dry, if it takes the death of every Ukrainian to do it.” In other words, Ukraine is a kind of “piege de mort,” a death trap for the Russians to facilitate a radical change in Kremlin leadership, to install by whatever means possible a pliant government which will essentially take orders from the globalist cabal which seeks to implement “the Great Reset.”
Colonel Baud’s interview is detailed, providing accurate and detailed information that most Westerners and Americans don’t see or hear in our controlled media. His wide-ranging interview is fairly long—9,000 words—but well worth reading and pondering. The goal of our elites in Eastern Europe has nothing at all to do with “protecting democracy”—Ukraine is the least democratic nation in all of Europe. It has everything to do with cementing globalist control, a unitary world where agencies like an empowered World Economic Forum (which Volodymyr Zelensky now pays homage to), the European Union, and a reconfigured and aggressive NATO, abroad, and an FBI and CIA, which have become our equivalents of the East German Stasi of Communist KGB secret police, domestically.
I pass on Colonel Baud’s interview below:
https://www.thepostil.com/our-latest-interview-with-jacques-baud/
Tens of Thousands Take to Prague’s Streets to Protest Against EU & NATO
Sputnik – 03.09.2022
Earlier in the week, Czech Prime Minister Petr Fiala’s government faced yet another vote of no-confidence in parliament, in what is the opposition’s second bid to oust the center-right coalition this year.
An estimated 70,000 people took to the streets of the Czech capital Prague on Saturday, protesting against the government, the European Union and NATO.
The leaders of the protests slammed the government’s inaction in dealing with record-high inflation in the country, including soaring gas and electricity prices, and demanded that Prague signs direct contracts with gas suppliers – Russia included – notwithstanding Brussels’ policies.
“The aim of our demonstration is to demand change, mainly in solving the issue of energy prices, especially electricity and gas, which will destroy our economy this autumn,” one of the demonstration’s organizers, Jiri Havel, stated.
Czech Prime Minister Petr Fiala dismissed the protesters’ demands, claiming that they did not hold “the interests of the Czech Republic” at their hearts and accused them of being “pro-Russian”. Fiala did not elaborate on how rapidly growing prices are in the country’s best interests.
Fiala’s government recently survived a parliamentary no-confidence vote called by the opposition in light of his cabinet’s inaction in the face of soaring inflation. Fiala won the vote, which was preceded by a 22-hour-long marathon debate. His coalition holds an eight-seat edge over the opposition in the 200-seat parliament.
US biggest winner in Ukraine crisis, which deserves world’s vigilance: Zhao Lijian
Global Times | September 2, 2022
As the initiator of the Ukraine crisis, the US has been its biggest winner, standing on the sidelines while reaping the benefits. This deserves consideration and vigilance from the world, a spokesperson of China’s Foreign Ministry said on Friday.
The remarks came in response to comments by some in the European media who have said that the US is masquerading as a savior while banking huge profits by selling gas to European countries, with the latter facing energy shortages due to sanctions targeting Russia that forced them to buy US natural gas at high prices.
The comments are very reasonable, Zhao Lijian, spokesperson from the Ministry of Foreign Affairs, said on Friday during a regular press briefing.
“The comprehensive escalation of the Ukraine crisis has continued for more than half a year. Facts have once again proved that unilateral sanctions by the US and the West cannot solve the problem. On the contrary, their spillover effects continue to snowball,” said Zhao.
“As the initiator of the Ukraine crisis, the US has now become the biggest winner, reaping the benefits. This is worthy of consideration and vigilance by the whole world,” Zhao warned.
Zhao said that he is aware of reports that the gap between gas prices in the European and US markets is now as much as 10 times, a record high.
Zhao cited George Galloway, former British parliamentarian, who said that the US “is ready to fight to the last drop of Ukrainian blood, in the end, it’s prepared to fight to the last drop of European blood.”
Galloway also said that the working classes of Europe and North America will pay the price of the NATO-crazed suicide-mission against Russia.
According to data published by Business Insider, an American financial and business news website, US companies are making more than $100 million per container ship of liquefied natural gas bound for Europe.
“Obviously, while US arms dealers and grain merchants have been cashing in on the Ukraine crisis, US energy companies have not been left behind. As a result, the public across Europe faces soaring electricity prices, lower heating temperatures and even prescheduled blackouts,” said Zhao.
According to industry statistics, the current import price of natural gas in Europe has increased by over 200 percent from a year earlier.
One of the examples is the Rose and Crown, an award-winning British pub, which on Sunday posted an energy bill on its Twitter account, showing that its annual electricity bill is 61,667.94 pounds ($71,243), or 97.05 pounds per kilowatt-hour. The price in May was 15 pounds per kilowatt-hour, which means an increase of 547 percent.
“Exorbitant Rise In Energy Prices” Forces Europe’s Top Steelmaker To Close Plants
By Tyler Durden | Zero Hedge | September 3, 2022
Even though European power and natural gas prices have subsided this week, Germany, the largest economy in the bloc, still faces historically high energy costs that have forced cuts in industrial output.
The latest example is the world’s largest steelmaker, ArcelorMittal, which released a statement Friday about shutting down two plants and idling one.
Europe’s top steelmaker said two plants in Germany (one in Bremen and the other in Hamburg) would be partially closed at the end of September. A plant in Asturias, Spain, will also be idled.
ArcelorMittal blamed the coming smelter shutdowns on “the exorbitant rise in energy prices,” which is devastatingly impacting the company’s “competitiveness of steel production.” The decision to reduce metal output was also based on “weak market demand and a negative economic outlook” as energy hyperinflation risks sending Europe into a deep recession.
“As an energy-intensive industry, we are extremely affected. With gas and electricity prices increasing tenfold within just a few months, we are no longer competitive in a market that is 25% supplied by imports,” explained Reiner Blaschek, CEO of ArcelorMittal Germany.
Blaschek asked lawmakers to address the historic energy crisis and get prices “under control immediately.” Elevated prices this summer have resulted in a series of smelter closures from other metal-producing companies because high energy costs made production uneconomical.
In Germany, one of every six industrial companies feels forced to reduce production due to high energy prices, a survey by the Association of German Chambers of Industry and Commerce, DIHK, showed at the end of July. Nearly a quarter of the companies forced to reduce production had already done so by end-July, and another one-quarter are in the process of scaling back production due to sky-high energy prices, according to the survey of 3,500 companies from all sectors and regions in Germany.
The energy-intensive industries and firms are particularly hit, as 32 percent of the companies plan to or have already started to reduce production and even halt entire production lines, the DIHK survey showed. — OilPrice.com’s Tsvetana Paraskova
Runaway energy costs were halted this week as German year-ahead electricity futures plunged by half since Monday’s peak above 1,000 euros a megawatt-hour as the EU considers market interventions. EU NatGas prices closed down about 33% from the highs reached on Aug. 25.
However, here’s where things get very dicey. After European markets closed, around the lunch hour in New York, news broke that Russian energy giant Gazprom won’t resume critical NatGas supplies to Europe via Nord Stream 1 tomorrow after an oil leak was detected. There’s no timeframe when NatGas supply will resume to the energy-stricken continent.
Europe’s energy crisis could materially worsen, which means higher NatGas and power prices that will only curb more industrial output. Germany could fall into recession this winter, bringing the rest of the bloc down with it.
EU wants to set price for Russian gas
Samizdat | September 2, 2022
The EU needs a price ceiling on imports of Russian pipeline gas, European Commission President Ursula von der Leyen announced on Friday, according to Reuters.
“I firmly believe that it is now time for a price cap on Russian pipeline gas to Europe,” she told reporters on the sidelines of a meeting of German conservative lawmakers in the town of Murnau.
The EU chief insists the measure would prevent what she called Russian President Vladimir Putin’s attempts to manipulate the European energy market.
EU energy ministers are expected to discuss the issue during an extraordinary meeting on September 9.
Meanwhile, former Russian president Dmitry Medvedev warned on Friday that in the event of the introduction of such a price cap, EU nations won’t get any Russian gas. “It will be like with oil. There will be no Russian gas in Europe,” Medvedev wrote on his Telegram channel.
His comments relate to a plan to limit prices on Russian oil currently being discussed by Group of Seven (G7) countries. Moscow has already warned it will embargo countries that support the Washington-proposed price cap on its crude exports.
Bank of Russia explains why country’s frozen reserves were kept abroad
Samizdat | September 2, 2022
The Central Bank of Russia (CBR) explained on Friday why half of the country’s foreign currency reserves were being held abroad, which enabled their seizure by Western governments.
Foreign exchange reserves were deliberately divided into two halves, one of which was dollar and euro assets, CBR’s first deputy chairman Dmitry Tulin told business daily RBK. Those assets were actively used in domestic money circulation, so the regulator had to play the role of a “wholesale warehouse,” he explained.
“The fact that, by the beginning of 2022, the international reserves were divided, as they say, into “two piles” – one for peacetime and the other for emergency situations, is a consequence of the work that has been systematically carried out since 2015,” Tulin said, noting that “there was no way not to keep part of the reserves in dollars and euros, because these currencies were most actively used … for settlements in foreign trade.”
According to Tulin, who oversees the supervision of the banking sector at the CBR, “if there’s constant capital turnover, there should be reserves.”
The deputy chairman drew an analogy with the retail sector, noting that a store, in order to operate smoothly and satisfy customer demand, needs to keep stocks. “There are small warehouses at shops and large warehouses at wholesale bases. The role of a wholesale warehouse for conducting operations in foreign currencies in our economy was performed by the Central Bank, which held the state foreign exchange reserves,” Tulin said.
In March, nearly half of Russia’s foreign reserves – worth $300 billion – were frozen as part of the sanctions imposed by the US, the EU, and their allies over the conflict in Ukraine.
The regulator then explained that keeping gold and foreign exchange reserves in the country would have been like having no reserves at all, as such assets protect the economy against external crises. Reserves in US dollars and euros help the country pay its debts and keep trade going, so nothing could have been done to prevent a freeze of its assets, the bank said. According to Russian Foreign Minister Sergey Lavrov, the asset freeze by the West essentially constitutes theft.
The West Claims Russia Is “Weaponizing Energy” By Slowing Exports, After Pledging to Isolate Moscow
By Kyle Anzalone | The Libertarian Institute | September 1, 2022
The White House accused Russia of weaponizing energy by reducing gas exports to Europe. On Wednesday, Moscow announced that Nord Stream 1 would close, citing sanctions and maintenance as the cause. While Washington’s European partners have attempted to reduce their dependence on Russian energy exports, the continent’s leaders are warning their people of coming hardships.
In response to Russia’s invasion of Ukraine, President Joe Biden announced a full-scale economic war designed to cripple Moscow’s economy. Yet the Russian currency has strengthened during the six months since the war started, and America’s European allies are experiencing spiking energy prices.
Biden’s sanctions regime was intended to isolate Russia and disable the country’s war machine. However, Moscow is now cutting exports to Europe, and Western officials are complaining about the impacts of Russia’s economic war.
The charge of “weaponized energy” was made by National Security Council coordination for strategic communications John Kirby. Markus Soeder, the premier of the German state of Bavaria, said, “Putin is playing a game with Nord Stream 1 and Nord Stream 2. I think it’s a kind of game. Our problem right now is that we are not in a position to adequately respond to this game.” But, Berlin elected to keep the Nord Stream 2 pipeline closed in February.
Maria Tadeo, the European correspondent for Bloomberg Television, says Putin believes he has gained the upper hand in the economic war and is now attempting sanctions Jiu Jitsu on the West. “By now it is no secret that Russia wants to force a volte-face on sanctions by weaponizing energy,” she wrote.
With the current gas price in Europe at ten times the average, David Stockman, Director of the Office of Management and Budget under President Ronald Reagan, concluded that the sanctions war was a failure. He writes, “The fact is, the Sanctions War has been an abysmal failure in terms of punishing the Russian economy and Putin’s ability to preserve in Ukraine.”
Stockman said things are unlikely to get better for Europeans this winter. “Moreover, in the midst of soaring heating and electric bills, consumers may face a double whammy of high electric bills plus blackouts too,” the former Congressman wrote.
Some European leaders agree with Stockman about the dismal winter ahead. In a speech, French President Emmanuel Macron warned about the coming of “the end of abundance.” He continued, “our freedom — the system of freedom, which we are used to living in — has a cost. And at times, if it needs to be defended, that could entail sacrifices to reach the end of certain battles we must carry out.”
Germany Foreign Minister Annalena Baerbock stated the policy will not change even if suffering Europeans demand relief. “If I give the promise to people in Ukraine – ‘We stand with you, as long as you need us’ – then I want to deliver.” She continued, “No matter what my German voters think, but I want to deliver to the people of Ukraine.”
While the US and its European allies have cut some imports from Moscow, over $6 billion in Russian goods entered American ports in the past six months. The White House is encouraging American importers to buy fertilizer from Russian sellers. The AP found that American and European companies are importing metal from a Russian firm that produces parts for Moscow’s fighter jets.
Energy crisis worsening in Finland
Government declares “war economy” due to consequences of unnecessary anti-Russian sanctions
By Lucas Leiroz – September 2, 2022
The side effects of anti-Russian sanctions are becoming increasingly unbearable for Western countries. Finland has activated maximum alert levels due to the energy crisis, initiating exceptional measures to manage supply difficulties. The head of government even stated that the country would be experiencing a “war economy”, despite the fact that Finland is obviously not at war with any other state. This scenario reveals the disastrous path that the West chose to follow by its own decision.
On 1 September, Finnish Prime Minister Sanna Marin described the economic situation in her country in the midst of the gas supply crisis as a “war economy”. Interestingly, in her speech, Marin blamed Russian President Vladimir Putin for the crisis, despite the fact that the decision to sanction Moscow was taken unilaterally by Western countries. According to her, the gas crisis is occurring because the Russian government is using energy as a weapon in the current conflict.
“We seem to be living in a war economy. This is not a normal economic situation”, she said during a press conference.
She also added that this is the third calamity her country has faced since she took power in 2019:
“The first [crisis] was the pandemic, the second was the tide of war coming in Europe, and the third is the energy crisis, which both Finland and all other European countries in the grip of, due to the war and the fact that Putin is using energy as a weapon against Europe”.
Marin did not explain exactly how the gas was being used as a weapon by the Russians. She just blamed Putin in a generic and unjustified way. In fact, her words sounded like a desperate attempt to make a kind of scapegoat for the impending crisis that will damage her country. Marin just tried to evade her responsibility as the Finland’s head of government, pointing to the president of a foreign country as the cause of the problems.
However, it is necessary to emphasize that there is no validity in Marin’s rhetoric. Russia initially had no intention of using energy as a strategic point in its international disputes. On the contrary, it was the West itself that imposed a series of sanctions to which Moscow was forced to respond with some measures, such as demanding payment in rubles, controlling prices and even banning sales in some more serious cases.
If the West had not taken the initiative to try to “punish” Russia for starting the special operation in Ukraine, Moscow would certainly have kept the European energy supply intact. All Russian actions arose in response to Western provocations. The problem is that European countries do not seem to have acted with prudence and strategy, they simply adhered to the American plan to sanction Russia even though they are dependent on Russia’s energy resources and lacking alternative sources of gas. Now, Marin tries to “blame” the Russians, but imposing sanctions and even asking for NATO membership was her government’s unilateral initiative.
The Finnish case is quite emblematic and sums up well the abyss that Europe has chosen for itself. Before the escalation of the Ukrainian conflict, the Nordic country depended on Moscow for the supply of 70% of its natural gas and 35% of its oil, in addition to 14% of its electricity. Without the partnership with Moscow, Helsinki would simply not have been able to meet the energy demands of the production chains and the population, but even so, the country chose to sanction Russia, ban imports and denied any form of dialogue. There is no way to analyze these facts and conclude that Russian President Vladimir Putin is the one “to blame” for the crisis. The responsibility undoubtedly lies with the Finnish government itself.
On the “war economy” situation, in fact, an unprecedented crisis threatens Helsinki. And the most curious thing is that the government takes measures that will only worsen the situation even more, instead of seeking improvement. Finland was one of the first states to impose restrictions on the entry of Russian tourists, halving the number of visas. Under the recently announced new rules, only 500 visas can be granted per day to Russian citizens, 100 of which are reserved for tourists and 400 for work, study and family trips. It is important to remember that more than 20% of all Finnish tourism income comes from Russian citizens. According to official sources, the country will lose more than 600 million euros with the new visa rules.
In addition, Finland remains firm in its application to join the Western military alliance. In fact, the more the country is affected by tensions with Russia, the more it seems to be willing to worsen these tensions. Moscow at no time showed any sign of threat to Helsinki, but the Nordic country appears to be absolutely influenced by the fallacious Western rhetoric that the operation in Ukraine will “expand” throughout Europe, so it prefers to go into recession and economic crisis instead of simply being diplomatic with Russia.
For now, Marin will certainly continue to try to make Putin the scapegoat for her administration’s mistakes. But that won’t convince the public for long. The PM has been heavily criticized for both mismanagement and scandals in her private life. Her popularity is likely to drop further as the country sinks into a “war economy” without being at war.
Lucas Leiroz is a researcher in Social Sciences at the Rural Federal University of Rio de Janeiro; geopolitical consultant.
Europe Has No Real Alternatives To Russian Gas: Ex-Aramco EVP
By Tyler Durden | Zero Hedge | September 1, 2022
Echoing what Zoltan Pozsar said in his latest must read note, the former executive vice president at Saudi Aramco, Sadad Al-Husseini, told CNBC on Monday that there’s not enough capacity in the world to replace Russia’s gas supply to the European Union, while Moscow has plenty of markets to sell its energy to.
“The US doesn’t have the LNG capacity to replace Russia’s exports to Europe,” he said, noting that power bills across the EU are set to soar this winter. He did not comment on China reselling Russian LNG to Europe although we expects others will soon.
According to Al-Husseini, the lack of freely available supply could lead to serious problems on the global energy market. “This situation is a new world, and it’s not a very good one for energy,” he warned.
“In any case, there isn’t enough LNG capacity in the world to make up for the Russian exports to Europe,” the former executive said, adding that, “It will take years for the EU to find resources to replace Russian supply.”
He also said that while Russia may lose Europe as an end-market, there are “plenty of alternative markets” for Russian energy, including China, Japan, or India, that eagerly flount Western sanction, realizing that the Biden admin is increasingly toothless in punishing sanctions violators.
Meanwhile, Europe does not have alternative energy sources, he said, “while the US is maxed out already, North Africa has got problems,” and OPEC is also running out of spare capacity.
“So, it’s a global problem,” he said.
The official suggested that, while the Russian economy may suffer under Western sanctions, the rest of the world will be suffering with them.
However, he stressed that “Russia may recover a lot sooner than Europe.”
Finnish Prime Minister Declares Transition to ‘War Economy’ Amid Energy Crunch
By Ilya Tsukanov – Samizdat – 01.09.2022
Finland has joined its European Union allies in shooting itself in the foot economically by unilaterally slashing energy purchases from Russia. Helsinki added to its troubles by restricting visas for Russians – who ordinarily make up a big chunk of the country’s income from tourism.
Finnish Prime Minister Sanna Marin has compared the exceptional energy crisis being faced by her country to a “war economy.”
“We seem to be living in a war economy. This is not a normal economic situation,” Marin said, adding that the current crunch is the third calamity faced by her government since she came into office in 2019.
Marin laid the blame for the crisis at Russian President Vladimir Putin’s feet.
“The first [crisis] was the pandemic, the second was the tide of war coming in Europe, and the third is the energy crisis, which both Finland and all other European countries in the grip of, due to the war and the fact that Putin is using energy as a weapon against Europe,” Marin said.
The Finnish prime minister did not elaborate on how the Russian president, who has repeatedly said that Moscow remains ready to sign new long-term gas contracts with European countries, is responsible for the energy crunch pummeling the Nordic nation.
Economists expect the Finnish economy to slide into a recession in 2023 amid a downturn caused in part by a spike in energy prices and the country’s rejection of low-priced and reliable Russian supplies after refusing to pay in rubles.
Before the escalation of the Ukrainian crisis, Finland depended on Russia for nearly 70 percent of its natural gas and 35 percent of its oil, as well as 14 percent of its electricity. Along with the halt in imports of Russian gas, Helsinki joined its EU partners in banning Russian oil.
Tourism Losses
Helsinki poured salt on its economic wounds by placing restrictions on Russian tourists by cutting visa applications in half from an average of 1,000 per day to 500 per day starting September 1, and setting quotas on tourism visas to about 100, with the rest reserved for family ties, work and study.
Finnish authorities sounded the alarm about the potential implications of the loss of Russian tourists at the beginning of the summer. Russians typically make up about 20 percent of the country’s tourism earnings and its 15 billion euros-a-year in revenue. Earlier this year, Travel/Visit Finland director Kristiina Hietasaari estimated that the sector could lose over 600 million euros without Russian travelers.
In addition to curbing Russian energy purchases and cutting access to Russian tourists, Finland has applied for NATO membership, and is expected to become a formal member of the bloc together with Sweden if and when all 30 of the alliance’s current members ratify the Nordic nations’ bids for entry. Russian officials have emphasized that Moscow has no qualms with either Finland or Sweden when it comes to security matters, but warned that if NATO infrastructure was deployed near Russia, Moscow would respond in kind to “create the same threats in the territories from which they threaten us.”
Russia warns G7 about oil supplies
Samizdat – September 1, 2022
Russia will embargo countries that support the Washington-proposed price cap on its oil, Deputy Prime Minister Alexander Novak said on Thursday.
“In my opinion, this is a complete absurdity… To those companies or countries that will impose restrictions, we will not supply our oil and oil products, because we are not going to work under non-market conditions,” he told reporters, commenting on a plan to limit prices on Russian oil currently being discussed by the Group of Seven (G7) countries.
Establishing a price ceiling on Russian oil is conceived as a means of slashing Moscow’s revenues from exporting the commodity while avoiding shutting the country’s crude out of the market. The proposal is due to be discussed at a meeting of G7 finance ministers on Friday.
According to Novak, such a plan would jeopardize the market mechanisms of “such an important industry as oil,” and could only lead to the destabilization of both the industry and the oil market.
“And European and American consumers will be the first to pay for it, while they are already paying high prices today because of the destabilizing measures [their governments] are implementing. In particular, the sanctions restrictions,” Novak said.
The official added that Russia is currently pumping as much oil as it has the ability to produce and sell at the moment, but if global market conditions stabilize and Russian producers could be confident in finding buyers, output could be raised. He noted that Russian oil producers are preparing for the upcoming EU oil embargo due to take effect in December, but they plan to maintain current levels of production regardless.
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Infertility: A Diabolical Agenda
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“Infertility: A Diabolical Agenda,” is the fourth vaccine-related documentary by Dr. Andrew Wakefield. It tells the story of an intentional infertility vaccine program conducted on African women, without their knowledge or consent.
While it’s been brushed off as a loony conspiracy theory for years, there’s compelling evidence showing it did, in fact, happen, and there’s nothing to prevent it from happening again. … continue
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