Its The Economy, Stupid - Economic & Business News From Around The World

Fwiffo

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"As a result, the company’s affordable four-door passenger car Lada Granta, will no longer feature air bags, anti-lock braking systems, electronic stability control or emergency retraction locks on seat belts. It also fails to fulfill the 21st century emission standards adopted by many of Russia’s neighbors."

Surely China could have sent it parts...
 

Fwiffo

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Answering the President's call to action

“There is no question that (Russian President) Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,”

"Today's inflation report confirms what Americans already know. Putin's price hike is hitting America hard."

"We’ve never seen anything like Putin’s tax on both food and gas,"
 

Fwiffo

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"Gazprombank, Russia’s third largest bank, has been spared the kind of severe restrictions facing many other Russian lenders. It continues to oversee transactions in dollars and euros, and remains part of the international SWIFT bank messaging system."
 

Fwiffo

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"And for every 10 barrels of Russian oil China typically bought before the war, the UK and US between them bought one. Moscow may not struggle too hard to plug at least some of the gap as those two nations take their custom elsewhere.

Overall, exports of Russian oil and gas are falling and Moscow's revenue from energy sales has also declined from a peak of well over $1bn a day in March.

But revenues still exceeded the cost of the Ukraine war during the first 100 days - with the CREA estimating that Russia is spending around $876m per day on the invasion.

Monday's figures also showed that China imported 260,000 tonnes of Iranian crude oil last month, its third shipment of Iran oil since last December.

China has continued to buy Iranian oil despite US sanctions on Tehran."

Iran, Russia, Saudi Arabia powering China and India. The Holy Trinity.
 

Fwiffo

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"Shell has been in talks with potential buyers for its stake in the project, including some from China and India, according to previous reports by The Daily Telegraph and Reuters."

How are those sanctions working?
 

Fwiffo

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"The Canadian government says it will now return a repaired Siemens turbine to Germany for the pipeline. That move angered the Ukrainian government, which accused Canada of adjusting the sanctions imposed on Moscow 'to the whims of Russia'"

I thought gas usage should drop to zero in the EU by the end of 2022 - except for Hungary, Czech and Slovakia.
 

Fwiffo

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"Food prices increased 1% from May and 10.4% over the previous 12 months, while the cost of gasoline increased 11.2% from May and energy prices rose 60% over the past 12 months."

11 percent increase month to month. Good luck making a profit for those who rely on gasoline.
 

Pimpernel Smith

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Pipeline running at 30 percent again.

Canadian repairs were not blamed.
Siemens did some maintenance in Germany on the compressor as well. After start-up they wouldn't run at full capacity straight away anyway. We'll see what happens.
 

Fwiffo

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Fwiffo

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"The European Union last week said the transit ban only affected road, not rail, transit, and Lithuania should therefore allow Russia to ship concrete, wood and alcohol across EU territory to Kaliningrad."

The fine print was not read.
 

Fwiffo

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Fwiffo

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"The predicted hefty increase in the energy price cap in the autumn may not be the last; analysts are warning that we could see prices remaining volatile for an extended period of time.

Our best hope may be for a mild winter."

Or for global warming to continue...
 

Grand Potentate

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Parasites coming for mobile homes next
 

Fwiffo

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"However, the EU has amended part of its own sanctions to permit European companies to deal with some Russian state-owned entities, such as Rosneft, for the purpose of transporting oil to countries outside the bloc. European companies will no longer be blocked from paying the likes of Rosneft, 'if those transactions are strictly necessary', for the purchase or transport of crude or petroleum products to third countries, a European Commission spokesperson told the FT."

Technically you can pay the Russian state company to ship it to a neutral country near the EU and import it back? What sanctions are these again?

"The EU announced a worldwide ban on the provision of maritime insurance to vessels carrying Russian oil two months ago, expecting co-ordinated action with the British government. However, the UK is yet to introduce similar restrictions. UK participation is pivotal to the effectiveness of any such ban because London is at the centre of the marine insurance industry.

But US officials have expressed concern that an immediate global ban on maritime insurance would push up prices by pulling millions of barrels of Russian crude and petroleum products off the market."

In other words, Lloyd's continues making money.
 

Fwiffo

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"To criticise western sanctions is close to anathema. Defence analysts are dumb on the subject. Strategy thinktanks are silent. Britain’s putative leaders, Liz Truss and Rishi Sunak, compete in belligerent rhetoric, promising ever tougher sanctions without a word of purpose. Yet, hint at scepticism on the subject and you will be excoriated as 'pro-Putin' and anti-Ukraine. Sanctions are the war cry of the west’s crusade.

The reality of sanctions on Russia is that they invite retaliation. Putin is free to freeze Europe this winter. He has slashed supply from major pipelines such as Nord Stream 1 by up to 80%. World oil prices have surged and eastern Europe’s flow of wheat and other foodstuffs to Africa and Asia has been all but suspended.

Britain’s domestic gas bills face tripling inside a year. The chief beneficiary is none other than Russia, whose energy exports to Asia have soared, driving its balance of payments into unprecedented surplus. The rouble is one of the world’s strongest currencies this year, having strengthened since January by nearly 50%. Moscow’s overseas assets have been frozen and its oligarchs have relocated their yachts, but there is no sign that Putin cares. He has no electorate to worry him."
 
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