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Russia Threatens $300/Barrel Oil if The West Cuts Energy Supplies to Russia

Russia Threatens $300/Barrel Oil if The West Cuts Energy Supplies to Russia

In response to sanctions imposed,
Russia threatens that oil could skyrocket to $300/Barrel,
effectively crushing the European economy.

If governments follow through on threats to stop buying energy from Russia, Western countries might face oil prices of over $300 per barrel and the eventual shutdown of the main Russia-Germany gas pipeline, a senior minister said on Monday.

On Monday, oil prices rose to their highest level since 2008 after US Secretary of State Antony Blinken indicated the US and its European partners were considering blocking Russian oil imports.

“It is very evident that rejecting Russian oil would have disastrous effects for the world economy,” Russian Deputy Prime Minister Dmitry Rogozin said.

In a statement shown on state television, Minister Alexander Novak stated.

“The price increase would be unpredictably high. It would cost at least $300 per barrel.”

According to Novak, replacing the volume of oil received from Russia would take more than a year, and Europe would have to pay much higher rates.

“European leaders must be honest in their warnings to people and consumers,” Novak added.

“Go ahead and reject Russian energy supply if you want to. We’re prepared for it. We know where the volumes may be redirected.”

Novak said Russia, which provides 40% of Europe’s gas, was fully complying with its responsibilities, but that it would be absolutely within its rights to react against the European Union after Germany blocked the Nord Stream 2 gas pipeline’s certification last month.

“We have every right to take a matching decision and impose an embargo on gas pumping via the Nord Stream 1 gas pipeline in connection with… the imposing of a restriction on Nord Stream 2,” Novak added.

“We haven’t made such a choice yet,” he remarked. “However, European politicians’ words and charges against Russia drive us in that direction.”

JP Morgan estimates that Russia produces 12% of the world’s total supply of oil. But almost half of what Russia produces goes to Europe, verses only 3% going to the United States.

As for natural gas, Russia produces about 17% of the world supply and about 40% of that goes directly to Europe as well.

If the Russians were to cut off supply in retaliation, it would put all of Europe in an incredibly tough position.

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Russia Threatens $300/Barrel Oil if The West Cuts Energy Supplies to Russia

 

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Second Biggest Oil Company in Russia Calls for An Immediate End to the War

Second Biggest Oil Company in Russia Calls for An Immediate End to the War

Russian owned Lukoil supplies 2% of the world’s supply of oil and is calling for an end to the war

President Vladimir Putin’s second-largest oil business has broken ranks with him.

Lukoil, which employs over 100,000 people and generates more than 2% of the world’s crude oil, has called for an end to Russia’s conflict in Ukraine.

In a message to shareholders, employees, and customers, the company’s board of directors said it was “asking for the military conflict to be ended as quickly as possible.”

“We send our heartfelt condolences to all those who have been impacted by this tragedy. We firmly support a long-term cease-fire and a peaceful resolution of disputes via serious dialogue and diplomacy,” the board stated.

Vagit Alekperov, chairman and CEO of Lukoil (LUKOY), is one of Russia’s wealthiest men. According to Reuters, the former Caspian Sea oil rig worker and his deputy, Leonid Fedun, possess the bulk of Lukoil’s shares.

The corporation is Russia’s second largest oil company, behind state-owned Rosneft, with activities in dozens of countries across the world.

It now faces significant difficulties as traders avoid Russian oil for fear of falling foul of Western sanctions, which do not specifically target fossil fuel shipments.

Following the invasion, Lukoil shares listed in London have lost nearly all of their value. On Thursday, trading in the company’s stock was halted.

In the United States, where 230 Lukoil fuel outlets are controlled by American franchisees, the oil giant is already facing demands for a boycott. The majority of Lukoil service stations are located in New York, New Jersey, and Pennsylvania.

Russian billionaires Mikhail Fridman and Oleg Deripaska broke ranks with the Kremlin earlier this week and urged for an end to the conflict. In a message to staff, Fridman, who was born in western Ukraine, expressed his desire for the “bloodshed to halt.”

Fridman is the chairman of Alfa Group, a private corporation with operations in banking, insurance, retail, and mineral water manufacturing largely in Russia and former Soviet republics.

He is also the chairman of Alfa Bank, Russia’s fourth largest financial services company and largest private bank. Sanctions were imposed on Alfa Bank last week, preventing it from raising funds in the US market.

Deripaska built his wealth in aluminium and was sanctioned by the US in 2018.

The crippling sanctions imposed on Russia are having a crippling effect on their economy and are putting increased pressure on Russian business owners who deal in international markets.

And yet the war continues on…at least for the moment.

Second Biggest Oil Company in Russia Calls for An Immediate End to the War

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The TikTok War: Russia’s Invasion of Ukraine is Being Broadcasted

The TikTok War: Russia’s Invasion of Ukraine is Being Broadcasted

The Russian invasion of Ukraine is being broadcast on TikTok.

According to CNN’s top media journalist Brian Stelter, Ukrainian Instagram stars are now warzone witnesses while urban warzone experts have taken to Twitter to give the Ukrainian forces tips on guerilla warfare.

But the barrage of words and pictures is generating a perplexing media environment that some say could breed a lot of misinformation.

Many are referring to Russia’s invasion of Ukraine as the TikTok war, because users of the network were actively showing Russian military movements even as Russian officials were denying them. Many people are also using social media to become “anti-war activists,” according to Stelter.

When you consider Russia’s state-owned media, the news environment is growing increasingly complicated.

Social media, according to David French, a senior editor at The Dispatch, is showing Americans how “extremely awful” this battle is, but such platforms don’t provide an overall strategic picture, such as Russian soldiers’ positions or the true number of dead.

French went on to say that each TikTok video captures just a microcosm of a moment and as a result, you’d have to invest a significant amount of time to begin piecing together the TikTok jigsaw puzzle to get a real understanding of what’s going on.

And while that may be true, any form of traditional media footage is subject to various cuts, edits & rearrangements before a story is produced to be consumed by viewers. And these stories will always feature the media outlet’sown interpretation and explanation of what transpired.

But the immediacy of these social media posts, French acknowledged, may have encouraged Western governments to “fall in line swiftly” on the various sanctions levied against Russia.

Maybe the inspiring quality of Ukrainian resistance shown on social media shamed a lot of Western countries into taking action.

But there is always the very real chance of misinformation being spread on social media, with videos from 2015 of Russian paratroopers being posted on TikTok and Twitter being a perfect example.

Few individuals understand information warfare as well as most Ukrainians, according to Jane Lytvynenko, an investigative reporter and researcher specialized in disinformation.

“Every conflict has propaganda,” Lytvynenko explained. “And the objective of Russian propaganda right now is to undercut Ukrainian narratives and to terrify Ukrainians,” she explained.

Lytvynenko warned against claims on social media about Russian military movements, many of which are being outed as inaccurate by Ukrainian news sourcesĀ  in real time.

According to Stelter, a “fog of war” has settled over Ukraine, making it difficult to determine what is going on in areas even 20 miles outside of Kiev. According to French, we may not know the outcome of the conflict for days or weeks.

“As a general rule, the more explicit and dramatic the information, the more mistrust you should apply,” said French, who served in the Iraq War. “Right now, the more high-level, more ambiguous reports are going to be the more trustworthy news.”

If you haven’t already signed up for a TikTok account, you can do so here. (And, yes, it’s free)

 

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The TikTok War Russias Invasion of Ukraine is Being Broadcasted