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    Five Chinese state-owned companies to delist their shares on Wall Street

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    Crypto companies are increasing spending on sports sponsorships

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    Five Chinese state-owned companies to delist their shares on Wall Street

    Five Chinese state-owned companies to delist their shares on Wall Street

    Saxo Bank: UK is becoming an emerging market

    Saxo Bank: UK is becoming an emerging market

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    The hedge fund Melvin Capital continues to be investigated by the SEC.

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    OPEC+ raises oil production target by 100,000 barrels per day

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    G7 proposes to block Russian oil transit

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    S&P 500: Top 4 sectors to invest in 2022

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    General Motors stock suffers due to supply problems

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    Callaway cuts earnings even on record revenues: good entry point

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    S&P 500: Top 4 sectors to invest in 2022

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  • Home
  • News
    Five Chinese state-owned companies to delist their shares on Wall Street

    Five Chinese state-owned companies to delist their shares on Wall Street

    Crypto companies are increasing spending on sports sponsorships

    Crypto companies are increasing spending on sports sponsorships

    Qualcomm and GlobalFoundries to double semiconductor production

    Qualcomm and GlobalFoundries to double semiconductor production

    McDonald’s reopens restaurants in Ukraine after six months

    McDonald’s reopens restaurants in Ukraine after six months

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    OPEC downgrades oil demand outlook for the remainder of 2022

    OPEC downgrades oil demand outlook for the remainder of 2022

    Bank of England raises interest rates to 1.75%

    Bank of England raises interest rates to 1.75%

    How Pelosi’s trip to Taiwan could impact global markets?

    How Pelosi’s trip to Taiwan could impact global markets?

    Platinum and palladium drop in price on global slowdown

    Platinum and palladium drop in price on global slowdown

  • Markets
    Five Chinese state-owned companies to delist their shares on Wall Street

    Five Chinese state-owned companies to delist their shares on Wall Street

    Saxo Bank: UK is becoming an emerging market

    Saxo Bank: UK is becoming an emerging market

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    OPEC+ raises oil production target by 100,000 barrels per day

    OPEC+ raises oil production target by 100,000 barrels per day

    G7 proposes to block Russian oil transit

    G7 proposes to block Russian oil transit

    S&P 500: Top 4 sectors to invest in 2022

    S&P 500: Top 4 sectors to invest in 2022

    Janet Yellen: “We are not seeing a recession at this time”

    Janet Yellen: “We are not seeing a recession at this time”

    Inflation in the eurozone was 8.9% in July

    Inflation in the eurozone was 8.9% in July

    U.S. consumer spending rises more than expected

    U.S. consumer spending rises more than expected

  • Investing
    General Motors stock suffers due to supply problems

    General Motors stock suffers due to supply problems

    Callaway cuts earnings even on record revenues: good entry point

    Callaway cuts earnings even on record revenues: good entry point

    S&P 500: Top 4 sectors to invest in 2022

    S&P 500: Top 4 sectors to invest in 2022

    The price of coal is soaring: By investing in this company, you can benefit from the rise

    The price of coal is soaring: By investing in this company, you can benefit from the rise

    Farmland: Why are the rich investing in it?

    Farmland: Why are the rich investing in it?

    Jefferies anticipates difficulties for Lululemon: there is room to wait

    Jefferies anticipates difficulties for Lululemon: there is room to wait

    Mining companies earned millions in 2021: How to invest in them in 2022?

    Mining companies earned millions in 2021: How to invest in them in 2022?

    A textbook exit scam: the Juicy Fields case in detail

    A textbook exit scam: the Juicy Fields case in detail

    Which are the best dividend paying stocks in the S&P 500?

    Which are the best dividend paying stocks in the S&P 500?

  • Technology
    Electric cruise ships: a business niche about to set sail

    Electric cruise ships: a business niche about to set sail

    Qualcomm and GlobalFoundries to double semiconductor production

    Qualcomm and GlobalFoundries to double semiconductor production

    why are Apple and Google fighting over the color of bubbles?

    Why are Apple and Google fighting over the color of bubbles?

    Spotify’s financial results exceed expectations

    Spotify’s financial results exceed expectations

    General Motors and LG obtain 2.5 billion dollars to develop lithium batteries

    General Motors and LG obtain 2.5 billion dollars to develop lithium batteries

    Blockchain emerging as an alternative to SWIFT

    Blockchain emerging as an alternative to SWIFT

    Wages in the metaverse will be 50% higher, says study

    Wages in the metaverse will be 50% higher, says study

    $100 billion in revenue for China’s telecommunications industry

    $100 billion in revenue for China’s telecommunications industry

    Germany’s Volkswagen to overtake Tesla in sales by 2024, according to Bloomberg

    Germany’s Volkswagen to overtake Tesla in sales by 2024, according to Bloomberg

  • CryptocurrenciesTRENDING
    Crypto companies are increasing spending on sports sponsorships

    Crypto companies are increasing spending on sports sponsorships

    Director of the Central Bank of Brazil highlights the advantages of Bitcoin

    Director of the Central Bank of Brazil highlights the advantages of Bitcoin

    Crypto massification is inevitable, says Vitalik Buterin

    Crypto massification is inevitable, says Vitalik Buterin

    Cryptocurrency market: How to segment it?

    Cryptocurrency market: How to segment it?

    UK court finds Craig Wright’s claims “false”

    UK court finds Craig Wright’s claims “false”

    Security flaw allowed hackers to steal nearly $200 million from Nomad

    Security flaw allowed hackers to steal nearly $200 million from Nomad

    Solana opens an exclusive store in New York

    Solana opens an exclusive store in New York

    Bitcoin developer wants currency to have “infinite supply”

    Bitcoin developer wants currency to have “infinite supply”

    Titanium Blockchain CEO Pleads Guilty to Fraud

    Titanium Blockchain CEO Pleads Guilty to Fraud

INVESTOR TIMES
Home Markets

G7 proposes to block Russian oil transit

The agency's statement is based on preventing Russia's gains due to the high cost of energy prices

Eric Nesich by Eric Nesich
8/2/2022 - 15:41
in Markets, News
Reading Time: 2 mins read
Share on FacebookShare on TwitterShare on LinkedIn
  • New G7 communiqué proposes blocking Russian fuel transit.
  • The measure is a response to declining gas shipments to Europe from Russia.
  • It seeks to establish a fixed price for the transport of oil.

The dispute between the countries of the West and Russia is far from wanting to stop. In recent weeks Russia has been in the energy news for gradually restricting gas shipments to Europe, complicating future plans for the winter season. Today the G7 released a communiqué assessing that options are being studied to prevent Russia from benefiting from high energy prices. One of those options is to block the transport of Russian oil. Unless a fixed or lower price is set below it.

The statement was released by Britain. It considers “A complete ban on all services allowing the maritime transport of Russian crude oil and petroleum products globally, unless the oil is purchased at a price below or equal to that agreed in consultation with international bodies.”

The G7 countries as a whole and the EU High Representative for Common Foreign and Security Policy, Josep Borrell, condemned“Russia’s attempts to weaponize energy exports and use them as a tool of geopolitical coercion”. He also stated, “We will act in solidarity and close coordination to mitigate the impact of supply disruptions on the world’s economies and citizens.”

The G7 communiqué continued in the same vein:“In considering this and other options, we will also consider mitigation mechanisms alongside our restrictive measures to ensure that the most vulnerable and impacted countries maintain access to energy markets, including from Russia”.

The measure that could be implemented is a response to what some call “blackmail” by Russia in its handling of gas shipments to Europe. However, if implemented, it would lead to an open “energy war” between the two fronts.

The G7 of developed economies is composed of Canada, France, Germany, Italy, Japan, Great Britain and the United States. Energy prices have skyrocketed recently due to the war between Russia and Ukraine. The G7 countries are looking for alternatives to energy shortages while trying to respect their climate commitments, which is currently difficult in this context.

“As we remove Russian energy from our domestic markets, we will seek to develop solutions that reduce Russian hydrocarbon revenues and support global energy stability,” remarked Joseph Borrell.

Russia accuses the U.S. of taking an active part in the war with Ukraine

Russia today accused the United States of direct involvement in the conflict with Ukraine following statements made by Vadym Skibitsky, Ukraine’s deputy military intelligence chief, to the British newspaper Telegraph

Skibitsky said there were consultations between U.S. and Ukrainian intelligence officials prior to the attacks. He also acknowledged that Washington has an effective veto over war targets.

Russia’s Defense Ministry said that Ukrainian military intelligence statements prove that Washington is immersed in the conflict. Despite U.S. claims about only limiting itself to supplying arms to Ukraine so as not to confront Moscow.

“All this undeniably proves that Washington, contrary to what the White House and the Pentagon claim, is directly involved in the conflict in Ukraine,” the Russian Defense Ministry said in a statement.

Tags: EnergyG7Russian oil and gasVladimir Putin

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