BERLIN: G7 industrialized powers vowed Friday to “urgently” move toward implementing a price cap on Russian oil imports in a bid to cut a major source of funding for Moscow’s war in Ukraine.
The G7 said it was working toward a “broad coalition” of support for the measure but officials in France urged caution, saying a “final” decision could only be taken once all 27 members of the European Union had given their assent.
Households on the continent have borne the brunt of rising energy prices, with governments under pressure to alleviate the pain of the resulting high inflation.
“Russia is benefitting economically from the uncertainty on energy markets caused by the war and is making big profits from the export of oil and we want to counter that decisively,” German Finance Minister Christian Lindner said in a press conference after the move was announced.
The aim of the price cap on oil exports was to “stop an important source of financing for the war of aggression and contain the rise in global energy prices,” he added.
Ahead of Friday’s decision, Kremlin spokesman Dmitry Peskov sounded a clear warning.
The adoption of a price cap “will lead to a significant destabilization of the oil markets,” he said.
Moscow would “simply not supply oil and petroleum products to companies or states that impose restrictions,” Russia’s Deputy Prime Minister Alexander Novak had warned on Thursday, according to Russian news agencies.
“Interference in the market mechanisms of such an important industry ... will only destabilize the oil industry, the oil market. And for this, European and American consumers will be the first to pay,” he said.
At a summit in June, the G7 leaders agreed to work toward implementing the ceiling on crude sales.
In their statement, finance ministers from the G7 said they would “urgently work on the finalization and implementation” of the long-considered measure, without specifying the cap level.
The price cap was “one of the most powerful tools we have to fight inflation and protect workers and businesses in the United States,” US Secretary of the Treasury Janet Yellen said in a statement Friday.
However, the French finance ministry said technical work on the price cap was still “in progress.”
“It is clear that no final decision can be taken until we have consulted and obtained unanimous support from all 27 member states of the European Union,” it said.
“We support all measures that reduce the income that Russia derives from the sale of oil,” French Finance Minister Bruno Le Maire added.
EU Commissioner Paolo Gentiloni said the bloc aims to find a deal by December 5 for crude oil and February 5 for petroleum products.
The G7 also voiced ambition to extend the measure beyond the bloc, saying it was seeking to form a “broad coalition” of support for the oil price cap to “maximize” the effectiveness of the measure.
The ministers urged “all countries that still seek to import Russian oil and petroleum products to commit to doing so only at prices at or below the price cap.”
The push to get as many countries as possible to go along with the cap is expected to be a key topic for discussion by leaders at the G20 summit in Bali on November 15 and 16.
The initial cap would be set “at a level based on a range of technical inputs” the G7 ministers said, adding that its effectiveness would be “closely monitored.”
Analysts warned, however, that the cap may yet fuel another rise in prices.
The cap would introduce new risks for the oil market by “potentially disrupting Russian energy supplies,” Capital Economics analyst Liam Perch said in June. “This could push global energy prices up further.”
“The cap may also be effective at reducing the Russian government’s tax revenues,” he said, speculating that a cap just below $80 (80 euros) per barrel could “push Russia’s budget into a deficit.”
G7 to implement Russian oil price cap ‘urgently’
https://arab.news/n2qyz
G7 to implement Russian oil price cap ‘urgently’
- G7 countries wanted to “limit Russia’s revenues and reduce the economic damage for our societies”
Greenpeace joins protests against gala Bezos wedding in Venice
The event, expected to attract some 200 guests including US President Donald Trump’s daughter Ivanka and son-in-law Jared Kushner, as well as scores of stars from film, fashion and business, has been dubbed “the wedding of the century.”
But some locals see the celebration as the latest sign of the brash commodification of a beautiful but fragile city that has long been overrun with tourism while steadily depopulating.
Activists from Greenpeace Italy and UK group “Everyone hates Elon” (Musk) unfolded a giant banner in central St. Mark’s Square with a picture of Bezos laughing and a sign reading: “If you can rent Venice for your wedding you can pay more tax.”
Local police arrived to talk to activists and check their identification documents, before they rolled up their banner.
“The problem is not the wedding, the problem is the system. We think that one big billionaire can’t rent a city for his pleasure,” Simona Abbate, one of the protesters, told Reuters.
Mayor Luigi Brugnaro and regional governor Luca Zaia have defended the wedding, arguing that it will bring an economic windfall to local businesses, including the motor boats and gondolas that operate its myriad canals.
Zaia said the celebrations were expected to cost 20-30 million euros ($23-$34 million).
Bezos will also make sizable charity donations, including a million euros for Corila, an academic consortium that studies Venice’s lagoon ecosystem, Italy’s Corriere della Sera newspaper and the ANSA news agency reported on Sunday.
Earlier this month, anti-Bezos banners were hung from St. Mark’s bell tower and from the famed Rialto bridge, while locals threatened peaceful blockades against the event, saying Venice needed public services and housing, not VIPs and over-tourism.
The exact dates and locations of the glitzy nuptials are being kept confidential, but celebrations are expected to play out over three days, most likely around June 26-28.
Beijing issues weather warning for hottest days of year
- An orange heat warning — the second-highest in a three-tier system — was issued on Monday as officials encouraged people to limit outdoor activity and drink more fluids to avoid heatstroke
BEIJING: Beijing residents sought shade and cooled off in canals on Monday as authorities issued the second-highest heat warning for the Chinese capital on one of its hottest days of the year so far.
China has endured a string of extreme summers in recent years, with heatwaves baking northern regions even as parts of the south have seen catastrophic rain and flooding.
Authorities in the city of 22 million people urged the public to take precautions, with temperatures expected to peak at around 38 degrees Celsius (100 degrees Fahrenheit) on Monday.
“It’s been really hot lately, especially in the past few days,” intern Li Weijun told AFP on Monday afternoon.
The 22-year-old said he had stopped wearing formal clothes to work and delayed his daily exercise until after 10:00 p.m. to stay safe.
“I think it’s related to climate change, and maybe also to the damage done to nature,” he said.
An orange heat warning — the second-highest in a three-tier system — was issued on Monday as officials encouraged people to limit outdoor activity and drink more fluids to avoid heatstroke.
Construction workers should “shorten the amount of time consecutively spent at labor,” while elderly, sick or weakened individuals ought to “avoid excessive exertion,” according to the guidelines.
Zhang Chen, 28, said she carried an umbrella outdoors to prevent sunburn.
“I used to ride a bike, but once it gets this hot, I basically stop doing that,” the IT worker told AFP.
Despite the beating sun, legions of delivery drivers zipped through downtown areas at noon to bring sustenance to Beijing’s office workers.
A few lazed on the backs of their scooters in a shady spot, while elsewhere, people cooled off with ice creams or by taking a dip in the city’s canals.
Beijing is still a few degrees short of breaking its record for the hottest-ever June day, set at 41.1C in 2023.
Human greenhouse gas emissions are driving climate change that causes longer, more frequent and more intense heatwaves.
China is the world’s largest producer of carbon dioxide, a potent greenhouse gas, though it has pledged to bring its emissions to a peak by the end of this decade and to net zero by 2060.
The country has also emerged as a global leader in renewable energy in recent years as it seeks to pivot its massive economy away from highly polluting coal consumption.
In a shady spot near an office building, 42-year-old Lucy Lu spent her lunch break with friends, kicking a shuttlecock through the air — a traditional Chinese game known as “jianzi.”
“I was born and raised in Beijing, and summer here has always been like this,” she said.
“But I do think when the temperature goes over 40C, there should be some time off or work-from-home options to reduce the risk of heatstroke.”
UK police ban Palestine Action protest outside parliament
- The pro-Palestinian organization is among groups that have regularly targeted defense firms and other companies in Britain linked to Israel since the start of the conflict in Gaza
LONDON: British police have banned campaign group Palestine Action from protesting outside parliament on Monday, a rare move that comes after two of its members broke into a military base last week and as the government considers banning the organization.
The group said in response that it had changed the location of its protest on Monday to Trafalgar Square, which lies just outside the police exclusion zone.
The pro-Palestinian organization is among groups that have regularly targeted defense firms and other companies in Britain linked to Israel since the start of the conflict in Gaza.
British media have reported that the government is considering proscribing, or effectively banning, Palestine Action, as a terrorist organization, putting it on a par with Al-Qaeda or Daesh.
London’s Metropolitan Police said late on Sunday that it would impose an exclusion zone for a protest planned by Palestine Action outside the Houses of Parliament — a popular location for protests in support of a range of causes.
“The right to protest is essential and we will always defend it, but actions in support of such a group go beyond what most would see as legitimate protest,” Met Police Commissioner Mark Rowley said.
“We have laid out to Government the operational basis on which to consider proscribing this group.”
Palestine Action’s members are alleged to have caused millions of pounds of criminal damage, assaulted a police officer with a sledgehammer and, in the incident last week, damaged two military aircraft, Rowley added.
Italy against suspending EU-Israel accord, foreign minister says
ROME: Italy is against a suspension of the EU-Israel Association Agreement over alleged human rights violations in Gaza, Foreign Minister Antonio Tajani said on Monday.
“Our position is different from that of Spain,” Tajani said on the sidelines of a meeting with EU colleagues in Brussels, referring to Spain’s support for a suspension of the deal.
Tajani said it was important to keep relations open with Israel, saying that this had facilitated the evacuation of some civilians out of Gaza.
In Norway’s Arctic, meteorologists have a first-row seat to climate change
TROMSO: In the cold of the Norwegian Arctic, meteorologist Trond Robertsen manually recorded precipitation levels for over two decades, witnessing firsthand the effects of climate change.
At 66, Robertsen retired after enduring spartan conditions during missions that totalled eight years on two islands of the Svalbard archipelago: Bjornoya (Bear Island) and Hogen.
To reach the remote Bjornoya, where the only humans are the nine employees of the small weather station, the meteorologists have to fly in by helicopter as they are rotated on a six-month basis.
“The idea is to not stay too long, because it’s a different rhythm, and you are isolated,” Robertsen told AFP.
It is demanding work.
“It’s a 24/7 occupation,” he said. “We are doing it all day, all night.” The team worked shifts to cover all hours of the day, he explained.
Weather observation starts in the early morning at 6:00 am.
“It’s manually done, then you have to go outside and check the bucket that is collecting precipitation,” said Robertsen.
“During wintertime you have to melt the snow and ice into water” to determine how much has fallen.
The data is then transmitted the Norwegian Meteorological Institute in Tromso and Oslo.
“This tiny little observation is actually quite crucial for the weather forecasting systems up north, because observations are so sparse from that area.”
Bjornoya sits in the middle of fishing grounds, and the weather reports published twice a day are closely followed by the fishing boats in the area.
Since his first missions to the Arctic in the 1990s, Robertsen has witnessed the changing climate.
“When I started going up north, there was a lot of ice. In the later years, it’s less ice and fewer polar bears. You can see the climate change,” he said.
Polar bears have been classified as a vulnerable population since 1982 on the IUCN (International Union for Conservation of Nature) Red List of Threatened Species, with the loss of Arctic sea ice the most pressing threat against the species.
However, their precise numbers, are almost impossible to assess.
In winter, employees of station always venture out in pairs and have to be armed due to the presence of polar bears, but according to Robertsen it’s rarer to encounter them today.
In April, during his last mission to the island, Robertsen had an accident while doing carpentry: he slipped and ended up cutting one finger clean off and half of another.
Due to tough weather conditions, he had to wait some 26 hours before being evacuated by helicopter and transported to a hospital.
“It was a heavy snowstorm coming in, only the day after the helicopter came,” he recounted.
Looking back, Robertsen does not regret the years spent under the austere living conditions.
“The Arctic has given me so many experiences and memories so it is a small fee to pay back with my left little finger and part of my ring finger,” he said.
