5 Minutes Read

US sanctions Israel’s West Bank settlers as Gaza tensions grow

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The US State Department imposed penalties on two illegal outposts that have been used as bases to launch attacks against Palestinians, as well as three Israelis for “perpetuating violence and causing turmoil in the West Bank.”

The Joe Biden administration sanctioned two Israeli settlements in the West Bank on Thursday and called on the country to do more to end violence against Palestinians there, as tensions continue between the two governments over the war in the Gaza Strip.

The US State Department imposed penalties on two illegal outposts that have been used as bases to launch attacks against Palestinians, as well as three Israelis for “perpetuating violence and causing turmoil in the West Bank.”

The move is the second time the administration has imposed sanctions on Israeli settlers in the West Bank, after President Joe Biden granted the department additional authorities in February.

“It is critical that Israel take additional action to stop settler violence and hold accountable those responsible for it — not just for the sake of the victims of this violence, but for Israel’s own security and standing in the world,” State Department spokesman Matthew Miller told a briefing.

US officials have repeatedly called on Prime Minister Benjamin Netanyahu’s government to rein in extremist settlers in the West Bank since the Hamas incursion into Israel on Oct. 7 killed around 1,200 Israelis and led to the capture of about 250 more, sparking the current Israel-Hamas war. Netanyahu’s coalition government has significant support among settlers who want to annex the West Bank.

The Biden administration has feared that long-simmering tensions in the West Bank, which is ruled by the Palestinian Authority, could see an outbreak of violence even as Israel’s military continues its operations against Hamas, which is designated a terrorist group by the US and European Union.

Earlier Thursday, Senate Majority Leader Chuck Schumer called for Israel to hold new elections, a sharp break from the highest-ranking Jewish US elected official.

“I believe a new election is the only way to allow for a healthy and open decision-making process about the future of Israel, at a time when so many Israelis have lost their confidence in the vision and direction of their government,” Schumer said on the Senate floor.

Also Read: Donald Trump loses bid to get judge to toss classified records charges

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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US to impose sanctions on over 500 targets in Russia action today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The new penalties come as the US and its allies look to maintain pressure on Russia, despite doubts over whether the US Congress will approve additional security assistance for Kyiv.

The United States will impose sanctions on over 500 targets on Friday in action marking the second anniversary of Russia’s invasion of Ukraine, Deputy US Treasury Secretary Wally Adeyemo told Reuters in an interview on Thursday.

The action, taken in partnership with other countries, will target Russia’s military industrial complex and companies in third countries that facilitate Russia’s access to goods it wants, Adeyemo said, as Washington seeks to hold Russia to account over the war and the death of opposition leader Alexei Navalny.

“Tomorrow we’ll release hundreds of sanctions just here in the United States, but it’s important to step back and remember that it’s not just America taking these actions,” Adeyemo said.

The package will be the latest of thousands of sanctions targeting Moscow announced by the United States and its allies following Russia’s 2022 invasion of Ukraine, which has killed tens of thousands and destroyed cities.

The new penalties come as the US and its allies look to maintain pressure on Russia, despite doubts over whether the US Congress will approve additional security assistance for Kyiv.

President Joe Biden’s administration has exhausted money previously approved for Ukraine, and a request for additional funds is languishing in the Republican-controlled House of Representatives.

“Sanctions and export controls are geared towards slowing Russia down, making it harder for them to fight their war of choice in Ukraine,” Adeyemo said.

“But ultimately, in order to speed Ukraine up, to give them the ability to defend themselves, Congress needs to act to give Ukraine the resources that they need and the weapons they need.”

Experts have warned that the sanctions are not enough to stop Moscow’s attacks.

“What Congress does to pass additional military assistance to Ukraine is going to matter far, far more than anything else they could do on the sanctions front,” Peter Harrell, a former National Security Council official, said.

The Treasury Department in December said Russia’s economy had been hit by the sanctions, contracting by 2.1% in 2022.

Russia’s economy is over 5% smaller than had been predicted prior, Rachel Lyngaas, the Chief Sanctions Economist, said on Treasury’s website.

Still, Russia’s economy has performed above expectations, with the International Monetary Fund in January forecasting 2.6% GDP growth for 2024 – a 1.5 percentage point upgrade from an October estimate – after solid 3.0% growth in 2023.

But IMF spokesperson Julie Kozack said on Thursday it was “clear that Russia is now in a war economy,” with military expenditures boosting weapons production, government social transfers propping up consumption and inflation that is rising, despite declines elsewhere.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Russia-Ukraine war highlights: Ukraine submits ‘accelerated application’ to join NATO; Putin signs treaties to annex Ukrainian regions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Russia President Vladimir Putin is all set to annex four Ukraine regions — Donetsk, Luhansk, Zaporizhia and Kherson — on Friday. A formal announcement is expected around 5:30 pm (IST). Putin has already issued decrees recognising the independence of the Kherson and Zaporizhzhia. With the announcement, the Russia-Ukraine war might take a dramatic turn with the West, including the United States and the European Union, all poised to impose fresh sanctions to “depriving Putin of what he needs to fund and fight the war: revenue from Russia’s oil and gas sales and access to global supply networks to replenish his military”. Follow live updates on Russia Ukraine war here:

Russia President Vladimir Putin is all set to annex four Ukraine regions — Donetsk, Luhansk, Zaporizhia and Kherson — on Friday. A formal announcement is expected around 5:30 pm (IST). Putin has already issued decrees recognising the independence of the Kherson and Zaporizhzhia. With the announcement, the Russia-Ukraine war might take a dramatic turn with the West, including the United States and the European Union, all poised to impose fresh sanctions to “depriving Putin of what he needs to fund and fight the war: revenue from Russia’s oil and gas sales and access to global supply networks to replenish his military”.

Follow live updates on Russia Ukraine war here:

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Finland bans Russian tourists; Russia to formally annex 4 Ukraine regions on Friday | Highlights

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Russia’s invasion of Ukraine is expected to take a dramatic turn on Friday with Moscow all set to formally annex four Ukraine regions — Donetsk, Luhansk, Zaporizhia and Kherson. Russian-installed administrations carried out referendums in these four partially occupied regions earlier. According to a report, the officials said a huge majority is in favour of joining Russia. While the vote is likely to pave the way for the formal annexation of swaths of Ukraine, Kyiv and its allies have called Russia’s referendums “illegal” and “sham”. The Russia-Ukraine war has been raging on for over seven months now even as the West eyes imposing even more sanctions on Russia now. Here are the highlights of the Russia-Ukraine war:

Russia’s invasion of Ukraine is expected to take a dramatic turn on Friday with Moscow all set to formally annex four Ukraine regions — Donetsk, Luhansk, Zaporizhia and Kherson. Russian-installed administrations carried out referendums in these four partially occupied regions earlier. According to a report, the officials said a huge majority is in favour of joining Russia. While the vote is likely to pave the way for the formal annexation of swaths of Ukraine, Kyiv and its allies have called Russia’s referendums “illegal” and “sham”. The Russia-Ukraine war has been raging on for over seven months now even as the West eyes imposing even more sanctions on Russia now. Follow live updates on the Russia-Ukraine war here:

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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How the West is fighting Russia with sanctions as a weapon — the story so far

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

As Putin’s war continues to batter Ukraine and kill civilians and soldiers alike, the impact on Russia, while not so visible, is no less. The West’s sanctions have a stranglehold on the Russian economy, with ordinary citizens paying the price, literally. 

Vladimir Putin-led Russia launched a “special military operation” on its neighbour Ukraine, leading to the biggest armed conflict since 1945. Russia attacked Ukraine in February 2022 stating that they did not feel “safe,” given Ukraine’s leaning towards the West. Thousands have lost their lives since then. Cities lie in shambles and millions have migrated from the country they called home.

Background of the war

Ukraine achieved independence in 1991 post the collapse of the Soviet Union. After becoming an independent entity, Ukraine showed an inclination towards the West, the European Union (EU) and NATO.

The North Atlantic Treaty Organization, or NATO, is an intergovernmental military alliance. It has a total of 30 member states — 28 European states, the United States, and Canada. The organisation was established in 1949 as a measure of security against the Soviet Union.

Also read: As Putin’s war on Ukraine sees no end in sight, the environment pays a heavy price

With Ukraine seeking to establish ties with NATO, Russia deemed fit to invade the country purportedly to safeguard its borders and the people within.

West’s involvement in the war

The West hasn’t been a mere spectator to the crisis in Ukraine. While it did not enter the battlefield directly, it has kept up a steady supply of ammunition to Ukraine. Also, it imposed a large number of sanctions aimed at weakening the Russian economy.

Sanctions are financial penalties that a government or authority imposes on another entity as a means of punishment.

Also read: EU resolves deadlock with Hungary, agrees to cut Russian oil imports by 90%

Russia is one of the world’s biggest exporters of oil, which is a major source of income for the country. The US has banned imports of Russian oil and natural gas while the EU has lashed its Russian gas imports by two-thirds (banning import of oil transported by sea) — an attempt to ban the import in a phased manner. UK too will cease imports in a phased manner by the end of the year.

EU has a Russian coal import ban by August in the pipeline.

In order to prevent Russia from using its $630 billion (£470 billion) of foreign currency reserves, the central bank’s assets have been frozen and county’s banks have been removed from SWIFT, the international financial messaging system. The EU, UK, US and Canada have barred Russian airlines from their airspace.

Also read: How Russian billionaire Melnichenko shielded assets from European sanctions

Apart from the country as a whole, sanctions have been imposed on individuals, including Putin, the orchestrator of the war. The British government has also halted the sale of “golden visas,” which enabled wealthy Russians to become British citizens.

More than 1,000 foreign companies have stopped investing in Russia. For instance, 30 years after establishing in Russia, McDonald’s is exiting the market. UK and EU have banned export of luxury items to Russia.

Also read: US backs Russian grain exports amid global food supply shortage

How these sanctions affect Russia

Oil was a huge source of income for Russia. Even though China, and India too, continue to export large quantities of oil from Russia, the country is suffering huge losses. Before slashing the imports, the EU had been a source of over $1 million a day for Russia as it imported humongous amounts of crude oil and oil products.

Also read: As global brands exit Russia, Indian retailers rush in to fill the gap: Report

A removal from SWIFT means that the transactions in return for exports is slow. The freezing up of the foreign reserves obstructs Russia’s ability to make international payments.

These sanctions aim to make Russia economically weak and stop their supply of money, which in turn goes to backing the war efforts. An import-dependent nation, Russians citizens are bearing the brunt of the sanctions. In April, inflation touched the 20-year high of 17.8 percent.

Also read: Russian invasion in Ukraine adds to food price hikes, hunger in Africa

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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US might be eyeing secondary sanctions on buyers of Russian oil

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

US Energy Secretary hinted that the Biden administration has not excluded the possibility of imposing secondary sanctions on countries that import oil from Russia. Washington, along with Britain and Canada, had earlier imposed a ban on Russian oil.

According to a Reuters report, US Energy Secretary Jennifer Granholm on Thursday stated that the administration has not ruled out placing sanctions on the countries purchasing oil from Russia amid Russia-Ukraine war. She further added that they were being considerate of the war’s effect on oil market.

While taking to reporters in Washington, the Energy Secretary said, “The administration is going to be making decisions in that vein… I’m not telegraphing, that’s their call.”

Also Read: George Bush calls Ukraine ‘Iraq’ in public gaffe — here’s a look at other US Presidents and their goof-ups

Earlier, US, Britain and Canada had placed bans on purchase of Russian oil, but there had not been any secondary sanctions on the country that continue to purchase oil despite Ukraine invasion. On impose of secondary sanctions, Granholm said, “I know that that’s certainly not off the table.”

India and China are among the biggest oil importers. The third biggest oil importer, India imported about 277,000 barrels per day from Russia in April, a increase from  66,000 in March as the oil was available cheaply.

Also Read: President Joe Biden, Xi Jinping may talk in coming weeks: NSA Jake Sullivan

Purchasing of oil from Russia means funding the country for their war against Ukraine. In order to stop this funding, if secondary sanctions are imposed, it can affect the oil market adversely where global oil prices are already rising.

(With inputs from Reuters)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Oil climbs higher on supply jitters as EU lays out Russian oil ban

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Brent crude futures had climbed 85 cents, or 0.8 percent, to $110.99 a barrel by 0638 GMT, while U.S. West Texas Intermediate crude futures rose 65 cents, or 0.6 percent, to $108.46 a barrel.

Oil prices extended gains on Thursday on supply concerns as the European Union proposal laid out plans for new sanctions against Russia, including an embargo on crude in six months, offsetting concerns over weaker Chinese demand.

Brent crude futures had climbed 85 cents, or 0.8 percent, to $110.99 a barrel by 0638 GMT, while U.S. West Texas Intermediate crude futures rose 65 cents, or 0.6 percent, to $108.46 a barrel.

Both benchmarks jumped more than $1 a barrel earlier in the volatile session after gaining more than $5 a barrel on Wednesday.

The sanctions proposal, which was announced by European Commission President Ursula von der Leyen and needs unanimous backing by the 27 EU countries to take effect, includes phasing out supplies of Russian crude in six months and refined products by the end of 2022.

It also proposes to ban in a month’s time all shipping, brokerage, insurance and financing services offered by EU companies for the transportation of Russian oil.

“That’s a likely game changer for oil and refined product markets,” CBA analyst Vivek Dhar said in a note, adding that sanctions on insurance, previously used by the United States and European countries, were effective in limiting Iran’s oil exports.

However, the EU faces the task of finding alternative supplies at a time when energy prices have surged. It imports some 3.5 million barrels of Russian oil and oil products daily and also depends on Moscow’s gas supplies.

A handful of eastern EU countries are concerned that the proposal gives them insufficient time to adapt.

“The most immediate questions are how many countries will receive exemptions, the scope of the additional sanctions measures to curtail Russian oil exports to other key markets, and President Putin’s response to the European action,” Helima Croft, RBC Capital Market’s head of global commodity strategy, said in a note.

“We think the price response to such measures will depend on how far they go in making Russia’s 4.8 million bpd (barrels per day) of global exports unavailable as opposed to unpopular.”

On Thursday, the Organization of the Petroleum Exporting Countries and allied producers, known as OPEC+, is expected to agree to raise production targets by 432,000 barrels per day (bpd) for June, four OPEC+ delegates told Reuters. OPEC+ would thereby stick to plans for a gradual ramp-up of monthly production.

OPEC Secretary General Mohammad Barkindo reiterated it was not possible for other producers to replace Russian supply but expressed concerns about slowing demand for transportation fuels and petrochemicals in world’s top importer, China, because of COVID-19 lockdowns.

A private-sector survey on Thursday showed China’s services sector activity contracted at the second-steepest rate on record in April under the effect of pandemic measures.

In Iran, surging oil prices have given its energy-reliant economy a breather and hence its clerical rulers are in no rush to revive a 2015 nuclear pact with world powers to ease sanctions, three officials familiar with Tehran’s thinking said.

In the United States, crude stocks were up 1.2 million barrels last week after more oil was released from strategic reserves, according to the Energy Information Administration.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Oil jumps 3% as EU plans ban on Russian oil

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Brent crude futures rose $2.94, or 2.8 percent, to $107.91 a barrel by 0746 GMT amid thin trading volume, with China and Japan closed for holidays.

Oil prices jumped on Wednesday as the European Union, the world’s largest trading bloc, spelled out plans to phase out imports of Russian oil, offsetting demand worries in top importer China.

Brent crude futures rose $2.94, or 2.8 percent, to $107.91 a barrel by 0746 GMT amid thin trading volume, with China and Japan closed for holidays. West Texas Intermediate crude futures rose $3.02, or 3 percent, to $105.43 a barrel.

European Commission President Ursula von der Leyen on Wednesday proposed a phased oil embargo on Russia over its war in Ukraine, as well as sanctioning Russia’s top bank, in a bid to deepen Moscow’s isolation.

The Commission’s measures include phasing out supplies of Russian crude within six months and refined products by end-2022, von der Leyen said. She also pledged to minimise the impact on European economies.

Investors are also waiting for an announcement from the US Federal Reserve on Wednesday. It is expected to intensify efforts to bring down high inflation by raising interest rates and reducing its balance sheet.

Oil “prices remain in a holding pattern ahead of EU sanctions and the Fed,” Stephen Innes of SPI Asset Management said in a note.

In the United States, crude and fuel stocks fell last week, according to market sources citing American Petroleum Institute figures. Crude stocks fell by 3.5 million barrels for the week ended April 29, they said. This was more than an expected 800,000-barrel drop estimated in a Reuters poll.

US government data on stocks is due on Wednesday.

Oil prices fell more than 2 percent on Tuesday on demand worries stemming from China’s prolonged COVID-19 lockdowns that have curtailed travel plans during the Labour Day holiday season.

The global manufacturing purchasing managers index contracted in April for the first time since June 2020, with China’s lockdowns a key contributor, Caroline Bain, chief commodities economist at Capital Economics said in a note.

“The big picture is clearly negative for commodities demand,” she said, adding that rising inflation and higher interest rates were starting to bear down on spending.

“While supply constraints may keep commodity prices elevated for some time yet, we think subdued demand will weigh on most prices later this year and in 2023,” Bain said.

The Organization of the Petroleum Exporting Countries and their allies on Thursday are expected to stick to their policy for another monthly production increase.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Risk of medical gear shortage in Russia falls as West partly restores exports

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

While prescription drugs and medical devices are exempt from western sanctions, their delivery to Russia has been hit by transport, insurance and customs hurdles caused by the Russia-Ukraine war and the resulting restrictive measures

Exports of essential medical devices Russia is dependent upon from the West have been partly restored, reducing the immediate risk of life-threatening shortages after a near-total collapse when the war in Ukraine began, a Western industry source said.

Russia imports a large share of its medical equipment, such as pacemakers and radiotherapy devices, from the European Union and the United States and its reliance is particularly acute for the most complex and critical machines.

Russia’s invasion of Ukraine on February 24, which Moscow calls a “special military operation” to demilitarise its neighbour, temporarily froze these exports as companies navigated the barrage of sanctions against the Kremlin, said the Western industry source who declined to be named because of the sensitivity of the subject.

While medical devices and prescription drugs are exempt from sanctions, their delivery to Russia has been hit by transport, insurance and customs hurdles caused by the war and by the restrictive measures, according to two industry sources and a European Commission official.

Also Read: India resumes exports of non-sanctioned items like food, medicines to Russia: FIEO

That heavily disrupted the flow of supplies that before the conflict was worth about 1.5 billion euros ($1.6 billion) a year, according to data from the World Trade Organization (WTO).

Now, over 50 days into the conflict, the trade has resumed so that exports to Russia are about half of pre-war volumes, sufficient to dispel fears of immediate shortages, said the first industry source, but not enough to totally dismiss them.

The risk was higher for complex machines that need regular renewals of spare parts and consumable materials, such as dialysis systems or ventilators for COVID-19 patients, the source added.

“Logistics to Russia are quite challenging due to limited transportation possibilities. Nevertheless we are evaluating all options on a best-effort basis and so far have been able to keep some logistics channels open,” medical device giant Siemens Healthineers told Reuters.

The company, which has condemned the invasion of Ukraine, mostly exports imaging and radiotherapy equipment to Russia.

Logistics, sanctions, legal threats

While logistical hurdles remain, companies and customs officials have now adapted to the initial complications brought on by the sanctions regime, the two industry sources said.

Also Read: Russian teacher pays price for rejecting Kremlin’s propaganda on Russia-Ukraine war

Transport risks, usually covered by Western insurers, are now shouldered by Russian insurance companies, according to one of the sources. Goods are often delivered to Russia’s neighbours, such as Turkey or Latvia, and Russian transport companies complete the journey.

Some companies say they have adapted quickly.

“We continue to work closely with the proper authorities to ensure compliance with sanctions, but we have not seen an impact at this time,” a spokesperson for GE Healthcare said.

New sanctions imposed earlier in April by EU countries, which ban Russian trucks and vessels from entering the EU, are expected to complicate matters for a few days, but are seen as a temporary snag.

A spokesperson for the EU Commission said that medical devices were exempted from the transport sanctions as well as import and export bans because they were considered essential goods.

When disruption to exports was at its most acute, Western companies relied on stocks already in Russia or local production or the limited supply of imports for spare parts and materials for complex machines, with a third industry source noting that medical centres using such equipment never stopped running.

Added to the logistical and sanctions issues, are the retaliatory measures Russia is taking to make life more difficult for the West.

Manufacturers of medical equipment have so far enjoyed special treatment by Russia, because of their critical function, which has allowed them to continue to be paid in foreign currencies and to be spared from asset seizures.

But that remains a threat, the sources said.

The uncertainty has led many companies to scale down their activities in Russia but none of the big firms have quit Russia, so far. Several companies have shrunk the number of products they are offering in Russia and others have stopped using Russia as a hub for business in Central Asia, the Western industry source said.

Also Read: India flags energy security concern at UN amid rising food, energy costs due to Ukraine conflict

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

The Thought League: Experts decode impact of sanctions on global economy

In the face of geopolitical issues the world has often used ‘sanctions’ – a powerful tool for arresting the situation. However it is not only sensitive but there is a very thin balance that needs to be maintained.

It also has repercussions on almost all the countries whether or not involved in the conflict situation.

To understand sanctions in depth and how it impacts India, CNBC-TV18 spoke to Chase Kaniecki, Partner at Cleary Gottlieb Steen & Hamilton and Cyril Shroff, Managing Partner at Cyril Amarchand Mangaldas.

Watch video for more.