According to Putin’s energy spokesman, Russia won’t export oil subject to Western restrictions
After European Union members overcame resistance from Poland, the Group of Seven and Australia on Friday agreed to a $60 per barrel price restriction on Russian seaborne crude oil.
The second-largest oil exporter in the world, Russia, has stated that even if it had to reduce production, it will not sell oil that is subject to a Western price cap.
The European Union overcame Poland’s opposition, and on Friday, the Group of Seven and Australia agreed to a $60 per barrel price restriction on Russian crude oil that is transported by sea.
The West’s decision to forbid shipping, insurance, and reinsurance firms from handling cargoes of Russian crude above the cap is an effort to penalise Putin for the situation in Ukraine.
The West’s action, according to Russian Deputy Prime Minister Alexander Novak, was a blatant intrusion that went against the principles of free trade and would cause a supply deficit, which would be unsettling for the world’s energy markets.
As the Russian government official in charge of the nation’s oil, gas, atomic energy, and coal, Novak stated, “We are working on procedures to restrict the adoption of a price cap instrument, regardless of what level is established. Such meddling might further destabilise the market.”
Even if we have to slightly restrict production, we will only sell oil and petroleum products to nations who are willing to cooperate with us under market conditions, he continued.
According to Novak, aside from Russia, other nations could also be impacted by the Western cap and it could cause problems in the goods markets.
Because of how much the discounted price for Russian blends to Brent has increased, it is unclear what, if any, immediate impact the Western cap will have on Russian oil flows.
Just over $1.00 over the cap level, the Urals blend (URL-NWE-E) was trading at about $61.3 per barrel. The price of a barrel of Brent crude futures on Friday was $85.57.
Since Soviet geologists discovered oil and gas in the swamps of Siberia in the decades following World War Two, selling oil and gas to Europe has been one of the main ways that Russia earns foreign currency.
A source who asked to remain anonymous due to the sensitivity of the situation told Reuters that a decree barring Russian traders and companies from dealing with nations and businesses subject to the cap was in the works.
The export of oil and petroleum products would essentially be prohibited to nations and businesses that implement such a decree.
According to Putin, since he gave the order for the military action in Ukraine on February 24, the United States and its allies have been waging an economic war against Russia with the harshest sanctions in modern history, and they are in danger of experiencing an energy crisis as a result.
US Fighter Jets Shoot Down Octagonal Object Near Canadian Border
The Pentagon has reported that US fighter jets have shot down an unidentified flying object in the Midwest, near the Canadian border. The object was flying at an altitude of 20,000 feet and posed no military threat, however, it may have interfered with domestic air traffic. A statement by Pentagon spokesperson, Patrick Ryder, noted that the incident was the latest in a series of similar events, including a suspected Chinese surveillance balloon that raised security concerns in North America.
The Pentagon reported that a third unidentified flying object was shot down over North America in just three days, and the fourth in a week. The object was brought down over Lake Huron on the US-Canada border at 2:42 pm local time on February 13th, according to a statement by the Pentagon. The recent activity of defence has been sparked by the appearance of a white balloon that was spotted over the US in late January. The balloon hovered over the country for days, leading the US to suspect it was a Chinese surveillance balloon.
On February 4th, fighter jets brought the balloon down off the coast of South Carolina. The latest object that was shot down appeared to have an octagonal structure, with strings hanging from it but no clear payload, as reported by an official to the press.
The object, detected near military sites in Montana, led to the closure of US airspace by the Pentagon due to its proximity to sensitive sites.
General Glen VanHerck, head of the US Air Force responsible for securing US airspace, informed the media that the military was unable to identify the nature, source, or means of staying aloft for the three recent unidentified objects.
General VanHerck, who is in charge of North American Aerospace Defense Command (NORAD) and Northern Command, stated that they referred to the objects as “objects” and not balloons for a specific reason. He added that he wouldn’t exclude any explanation, including the possibility of extraterrestrial involvement.
Legislators are calling for more information regarding the objects that have been shot down. US legislator Debbie Dingell, among other Michigan lawmakers, has stated the need to know the origin, purpose, and reason for the increase in the frequency of these objects.
Heino Klinck, a former US deputy assistant secretary of defence for East Asia, believes the government should be more transparent about these incursions. Klinck mentioned that the challenge for the government is to release information without compromising sources and methods, but it is high time for them to say something. The latest object was first detected over Montana on Saturday evening but was initially thought to be an anomaly.
However, it was detected again on Sunday over the Upper Peninsula of Michigan, moving over Lake Huron. US and Canadian authorities restricted airspace over the lake as fighters were scrambled to intercept and identify the object. Meanwhile, Canadian authorities are searching for the wreckage of the object shot down over the Yukon region.
Joe Biden Believed to Have Invited PM Modi for State Visit to US
It has been reported that the President of the United States, Joe Biden, has extended an invitation to the Prime Minister of India, Narendra Modi, for a state visit this summer. The invitation has been accepted in principle, and both sides are now working on scheduling a mutually convenient date. Currently, the visit is in the early stages of logistical planning.
India is set to host a series of events in the lead-up to the G-20 summit in September. This includes several events aimed at showcasing the country’s progress and achievements. Given the significance of the G-20, the state visit by President Biden is expected to be a significant event that will highlight the strong partnership between the two countries.
The visit will also provide an opportunity for the two leaders to engage in discussions on a range of important issues, including trade, investment, and regional security. India and the United States share a strong relationship, built on shared values and mutual interests. The state visit will further strengthen this relationship and deepen the ties between the two nations.
The visit is expected to generate significant media coverage and will likely be seen as a significant event in the region. Both sides are expected to take advantage of the opportunity to highlight their respective achievements and to set the tone for future cooperation.
The state visit is expected to last for a minimum of a couple of days and will involve several key events such as a joint address to the US Congress and a state dinner at the White House. Prime Minister Modi has a busy schedule ahead, including participation in the G-20 summit, domestic and international commitments, and campaigning for state assembly elections later in the year.
Sources, who remain unnamed due to the sensitive nature of the matter and restrictions on discussing it publicly, have not disclosed the timing and messenger of President Biden’s invitation to Prime Minister Modi. Biden previously hosted French President Emmanuel Macron for his first state dinner in December.
A senior official from the Biden administration has stated that the President values the partnership between India and the United States, which is seen as critical for addressing global challenges and advancing shared interests.
In conclusion, the state visit by President Biden to India this summer is expected to be a significant event that will reinforce the strong partnership between the two countries and deepen the ties between their people. Both sides are working to ensure that the visit is a success and will contribute to the continued growth and prosperity of both nations.
US Plans to End Public Health Emergency for Covid in May
The Biden administration has announced its plan to end the coronavirus public health emergency in May, signaling a shift in the perception of the pandemic’s severity. The expiration of the emergency will bring both symbolic and practical changes, as millions of Americans have received free Covid tests, treatments and vaccines that may not be available without cost after the emergency ends.
The White House intends to keep the emergency in place for a few more months to provide adequate time for hospitals, health care providers, and health officials to prepare for the changes that will come with its end.
Although Covid-19 is still taking an average of over 500 lives daily in the US, about double the number of deaths during a severe flu season, the pandemic is no longer disrupting daily life to the same extent it once did. This is due, in part, to the increasing number of people who have received vaccinations or have developed some level of protection from prior infections.
The White House is committed to an orderly transition out of the public health emergency. Additionally, the administration intends to let a separate declaration of a national emergency expire on the same day, May 11.
The White House has warned against the sudden end of the emergency declarations, stating that it could result in widespread chaos and uncertainty across the healthcare system. The statement highlights the potential impact on states, hospitals, doctors’ offices, and most importantly, millions of Americans.
The White House emphasized the importance of an orderly transition to minimize disruption to the healthcare system and to ensure that the needs of all stakeholders are addressed. The message serves as a reminder of the ongoing challenges posed by the pandemic and the need for continued vigilance and preparation to manage its impact on public health and the healthcare system.
The White House statement was released prior to a planned vote in the House on a bill named the “Pandemic Is Over Act,” which aims to end the public health emergency immediately. The Republican-led House is scheduled to discuss several pandemic-related measures this week. The White House’s statement serves as a response to the proposed bill, as well as another bill aimed at ending the national emergency.
The disagreement between the White House and House Republicans indicates a likely prolonged political dispute over the administration’s handling of the pandemic. Republicans aim to criticize the Biden administration for excessive spending in response to the coronavirus crisis. Representative Steve Scalise, a Republican from Louisiana and the Majority Leader, has called on the Biden administration to end the emergency declaration immediately instead of waiting until May 11. Scalise believes that the Biden administration has used the Covid crisis as a cover to waste taxpayer dollars on unrelated policies.
However, the White House claims that it is the federal Covid policies, including free tests, treatments, and vaccines, that have improved the control of the pandemic. The officials have reported that Covid was the third leading cause of death from 2020 to mid-2022, but is no longer among the top five killers.
In conclusion, the decision to end the coronavirus public health emergency marks a significant turning point in the pandemic, reflecting the administration’s confidence in the progress made in controlling its spread. However, it also brings with it the challenge of ensuring a smooth transition that addresses the impact of the emergency on the healthcare system and its stakeholders.