The White House says the United States shot down an unknown object off the coast of Alaska Friday. This comes less than a week after a Chinese spy balloon was shot down off the East Coast. What do we know so far about this new object? Adidas posted its outlook for 2023. What may wind…
NTD Business (Feb. 10): US Says It Shot Down Object Over Alaska; Adidas Losing Millions After Kanye Split
Russian Oil Embargo Benefits No One Except India
Commentary Russia has an ace up its sleeve to evade oil sanctions imposed by Western nations: India. Most Western nations have barred direct import of Russian crude. But their losses (both Russia and Western nations) have become India’s gain. Russia has become India’s largest oil supplier. And with India’s expanding refining infrastructure, the country is…
Cut Russia’s Oil Income, but Keep the Pumps Flowing
Commentary So far, the Russian oil cap is having the desired effect. Russia’s economy is hurting, and the European Union has access to cheap oil. But maintaining the status quo will be a delicate game of financial carrot and stick. Since the war in Ukraine began, the United States, the G-7, the EU, and other…
Russia May Implement Oil Output Cut of Up to 700,000 Barrels per Day
December 23, 2022
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Business & MarketseconomyenergyEuropeeuropean sanctions on russiaGold and CommoditiesMarketsoil outputRussian oilrussian oil price capRussian Oil TradeWorld
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Russia’s Deputy Prime Minister Alexander Novak has revealed a possible cutting down of oil output by around 500,000–700,000 barrels per day, early next year as a retaliatory response to price caps imposed by G7 nations on Russian crude exports. While speaking to the local Rossiya-24 TV channel, the deputy prime minister said the reduction by…
European Union Agrees to $60 Russian Oil Price Cap
European Union member countries have agreed to a $60-per-barrel price cap on Russian oil in a bid to weaken the Kremlin’s ability to wage war in Ukraine, though Moscow has said the move is meaningless as it plans to keep charging buyers regular prices or cut them off. After a last-minute flurry of negotiations, the…
Russia Threatens to Ignore Oil Price Cap and Charge Buyers Regular Prices or Cut Them Off, Says Russian Foreign Minister
December 2, 2022
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BRICsBusiness & Marketseconomic policieseconomyenergyEuropeEuropean UnionInternationalMarketsprice capRussiaRussian oilUKUkraineUSWorld
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Moscow threatened to ignore the oil price cap set by the West and said that Russia will continue to charge buyers regular prices, or they cut them off. The Russian government would not follow the cap level that the European Union (EU) and the G-7 has proposed on Russian oil prices since and would prefer…
European Union ‘Ready’ to Enforce Russian Oil Price Cap, Says Commission President
The European Union is “ready to go” with its efforts to impose a price cap on Russian oil exports, according to Ursula von der Leyen, the president of the European Commission. “We have set all the tools necessary in place in the European Union,” von der Leyen said in an interview with Bloomberg. “It is…
US Treasury Issues New Guidance for Price Caps on Russian Oil
November 1, 2022
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Business & Marketseconomic policieseconomyenergyEuropeMarketsPolicies & ImpactsPoliticsprice capsRussia-Ukraine WarRussian oilsanctionsUSWorld
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The Department of the Treasury recently issued new guidance for price caps on Russian oil, in order to keep energy markets calm. The announcement by Washington is intended to provide breathing room for energy traders and shipping companies, as it attempts to reassure the markets about its new round of sanctions. The Treasury announced, on Oct. 31,…
Indonesia’s President Considering Buying Cheap Russian Oil Amid Energy Crunch
Indonesian President Joko Widodo has said that the country is weighing up “all options” and may join India and China in purchasing Russian oil amid soaring energy prices. “We always monitor all of the options. If there is the country [and] they give a better price, of course,” Widodo said in a recent interview with the Financial…
The War in Ukraine: A Challenge for the Global Economy
September 7, 2022
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Business & MarketsEuropeInternationalInternational Monetary FundOpinionRussia-Ukraine WarRussian oilViewpointsWorldWorld Economy
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Commentary In the Washington Post, Julian Lee reports that the United States, the United Kingdom, and Canada “have announced bans on Russian oil, while the European Union plans to ban seaborne imports of Russian crude by December and refined fuels by early 2023.” Lee also notes that “the Group of Seven most industrialized countries agreed…
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