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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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Russian Stocks Pulled from Major Indexes

Russian Stocks Pulled from Major Indexes

Russian stocks are being yanked from the DJI and S&P 500
before trading next Wednesday

With Russia’s invasion of Ukraine, index powerhouse S&P Dow Jones Indices said Friday that all equities listed and or located in Russia will be removed from its benchmarks, further cutting the country off from the rest of the global economy.

The move will effectively strip Russia of its “emerging market” economic status.

S&P Dow Jones Indices said the elimination, which takes effect before the market opens next Wednesday, also affects Russian American depositary receipts (ADRs).

The company, which manages the Dow Jones Industrial Average and the S&P 500, also announced that Russia will be declassified as an emerging market and put in a separate category.

Russian military assaulted Europe’s largest nuclear power plant in Ukraine early Friday morning, igniting a fire at a nearby training site.

The attack was labelled a war crime by the US embassy in Kyiv.

Trading in three Russian ETFs — Franklin FTSE Russia ETF (FLRU), iShares MSCI Russia ETF (ERUS), and Direxion Daily Russia Bull 2X Shares — was suspended by the NYSE earlier Friday (RUSL). The halts were attributed to “regulatory concerns,” according to the exchange.

Since the geopolitical tensions erupted, exchange-traded funds that monitor Russian markets have been in a spiral. After losing 27.9% on Monday, the iShares MSCI Russia ETF fell 33.4 percent on Tuesday, its worst day since the fund’s launch in 2010.

In the meantime, the VanEck Russia ETF finished February with a loss of 54.9 percent, its worst month ever.

 

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Russian Stocks Pulled from Major Indexes

Coinbase & Binance Pressured to Freeze Russian Accounts

Coinbase & Binance Pressured to Freeze Russian Accounts

Coinbase and Binance reject demands for a blanket ban on Russian users,
as critics claim their platforms are being used to side step Western sanctions

By continuing to do business in Russia, the two exchanges are deviating from mainstream finance, according to anti-money laundering specialists and European authorities, weakening Western efforts to isolate Moscow.

In a series of tweets on Friday, Coinbase Chief Executive Officer Brian Armstrong stated, “We think everyone deserves access to fundamental financial services until the law states differently.”

However, if the US government decides to implement a blanket ban, the exchange will enforce it, according to Armstrong.

In an emailed response to Reuters, a representative for Binance, the world’s largest crypto exchange, stated, “We are not going to arbitrarily suspend millions of innocent consumers’ accounts.”

Both crypto exchanges have said that they will abide by government sanctions.

Major cryptocurrency exchanges have been asked to prohibit their services in Russia in order to prevent sanctioned organizations from utilizing cryptocurrencies to store their assets. The exchanges, on the other hand, claim to be well-equipped to prevent misuse of their systems.

Following Russia’s invasion of Ukraine, the price of bitcoin has risen as people in those nations want to keep and move money in anonymous and decentralized crypto.

This is a perfect example of how a decentralized currency can be used outside of government control.

We can see how the same financial instrument can be used to both: fund Ukrainian resistance, allow Russians to transfer wealth around imposed sanctions.

That is, of course, so long as the exchanges themselves are outside the government’s reach.

 

Coinbase & Binance Pressured to Freeze Russian Accounts

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SEIZURE: Russian Oligarch’s Yacht Grabbed

SEIZURE: Russian Oligarch’s Yacht Grabbed

Sanctions on Russia become personal,
as countries start seizing assets owned by Russians with ties to Putin.

The French finance ministry said on Thursday that a boat owned by Russian businessman Igor Sechin had been confiscated.

Sechin is the CEO of Rosneft, a Russian oil company. Sechin was sanctioned by the European Union earlier this week, with Putin hailing him as one of his “most trusted and closest aides, as well as his personal friend.”

In January, the yacht “Amore Vero” — which means “True Love” in Italian — landed in the French Mediterranean port of La Ciotat. On April 1, it was supposed to leave the harbour.

In a tweet, French Finance Minister Bruno Le Maire stated, “Thank you to the French customs officials who are executing the European Union’s sanctions on people linked to the Russian regime.”

From 2008 to 2012, Sechin served as Russia’s deputy prime minister. His ties to Putin are “long and deep,” according to the European Union, with the two men in daily contact.

Le Maire revealed earlier this week that France has formed a task group to compile a list of financial assets and luxury items owned by Russians who are subject to EU sanctions.

On Sunday, BP (BP) announced that it will sell its 19.75 percent interest in Rosneft and relinquish two board seats.

Sanctions on Russia are beginning to crush their economy, and further sanctioning their officials is further cutting off their ability to interact financially with the rest of the world.

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SEIZURE Russian Oligarchs Yacht Grabbed