The London Metal Exchange announced the suspension of deliveries of certain Russian-produced metals to its warehouses in the UK on April 1st. The exchange, which is owned by Hong Kong Exchanges and Clearing, suspended its operations for more than a week and canceled billions of dollars of trades on March 8, after a run in commodity…
London Metal Exchange To Suspend Deliveries Of Some Russian Metals Stored In The UK
April 2, 2022
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IMF Warns That Sanctions Against Russia Threaten to Weaken the Dominance of the Dollar
The recent financial sanctions imposed on Russia for its invasion of Ukraine are threatening to weaken the dominance of the U.S. petrodollar as the world currency, said First Deputy Managing Director Gita Gopinath of the International Monetary Fund (IMF) to The Financial Times. The sanctions may result in a more fragmented international monetary system, warned Gopinath….
United Arab Emirates Maintains Alliance With Russia in OPEC+ Despite Western Pressure
March 29, 2022
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The United Arab Emirates will maintain its alliance with Russia in OPEC+ despite economic sanctions and pressure from Japan and Western nations, said UAE Energy and Infrastructure Minister Suhail al-Mazrouei. Russia is the leader of OPEC+, a group of 10 oil-exporting nations that are not part of the official OPEC but that work with the…
Market Pulse: US Shares Rise as Euro Markets Consolidate, Brent Rebounds Following Shortages
March 23, 2022
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Stock markets around the world posted new highs even as rising inflation rates prompted Fed policymakers to issue hawkish remarks on upcoming rate hikes, treasury notes are on track for multi-year record yield percentages, and the war rages on in Ukraine. U.S. markets ended Tuesday on a positive note, with the Dow finishing 0.74 percent…
Copycats of Western Brands Thrive in Russia Amid Sanctions
March 19, 2022
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The mass exodus of international brands from the Russian Federation has prompted the emergence of knock-off imitators, which have attempted to fill the void of Western capital while maintaining a sense of the familiar with subtle alterations of known foreign brands. When McDonald’s suspended activities in Russia on March 8 following a period of public…
India Defies Western and US Sanctions With The Purchase Of Russian Oil And Gas
March 18, 2022
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Indian Oil Corp. India’s state-owned oil company, purchased 3 million barrels of crude oil from Russia earlier this week, defying Western pressure to avoid buying oil from Moscow. New Delhi has not imposed sanctions against buying oil and gas from Russia nor has any plans to do so. It has so far abstained on votes…
China the Main Beneficiary of Sanctions Against Russia
March 17, 2022
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Commentary With the United States and many European Union countries imposing trade sanctions on Russia and banning the import of Russian oil, it is timely to see who the losers and winners are of this ban. As I have previously written, trade sanctions rarely hurt the country that they are imposed on as they are…
Police Departments Report Spike In Gas Thefts Amid Rising Fuel Prices
With sharply rising gasoline prices come nefarious methods criminals use to avoid the pain at the pump. Several police departments in the United States and Canada report an increase in so-called drive-off gasoline thefts. In some cases, tools were used to puncture and drain gas tanks. “We put out some social media recently warning people that…
Police Departments Report Increase in Gas Thefts as Fuel Prices Soar
Criminals are resorting to nefarious methods to avoid the pain of sharply rising gasoline prices. Police departments across the United States and Canada are recording an increase in so-called drive-off gasoline thefts. In some cases, tools were used to puncture and drain gas tanks. “We put out some social media recently warning people that we are…
EU Approves Ban on Luxury Items to Russia in Conjunction With G-7
March 14, 2022
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The European Union approved on March 14 a ban on exports to Russia as part of its fourth round of sanctions in response to Russia’s invasion of Ukraine. The new sanctions come as the United States and the other industrial nations comprising the Group of Seven—Canada, France, Germany, Italy, Japan, and the United Kingdom—along with the European…
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