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https://www.nationthailand.com/international/40013239

Leaders of European Union countries will meet in Versailles on Thursday (March 10) for a two-day summit to discuss ways of weaning their countries off a heavy reliance on Russian energy imports.

The EU relies on Russia for 40% of its natural gas needs, to power not only homes but also factories, energy expert Thierry Bros, a member of the EU-Russia Gas Advisory Council, said.

“It’s going to be very very difficult, it’s going to be very, very painful for the Europeans,” Bros said.

He said that only an estimated 75% of gas imports from Russia can be replaced in a best-case scenario, with alternative exporters such as Norway and Algeria already running at full capacity, leaving a gap that would certainly spark a rise in electricity prices and lower industrial productivity.

“It’s going to be a doubling or tripling of our electricity bill, it’s going to be a doubling or tripling of our gas bill, but it’s also going to be a blackout, perhaps, and an economic recession,” Bros said.

He said countries may have to turn more to coal plants to address their power generation needs, as France had done at the start of the year, and prioritise stopping the war over goals of reducing carbon emissions.

Russian gas delivered through pipelines continued to flow via Poland westward into Germany, while flows into Slovakia via Ukraine remained at recent high levels, pipeline operator data showed on Wednesday (March 9), following Russia’s threats to cut supplies.

“The question is, how much money are we willing to send to the Russians that are using this money for the war?” Bros said.

U.S. President Joe Biden on Tuesday (March 8) imposed an immediate ban on Russian oil and other energy imports, prompting a further surge in oil prices.

Oil prices have surged more than 30% since Russia, the world’s second-largest crude exporter, invaded Ukraine.

Bros said the impact of such an energy imports ban is less severe for the U.S., which does not rely on Russia for its oil and gas needs.

The war entered its 14th day on Wednesday, with 2 million Ukrainians have fled abroad.

Also on the agenda at the March 10-11 EU summit in Versailles are boosting Kyiv’s links to the EU single market and to Europe’s energy grid, under ideas for enhanced partnership.

But EU leaders are set to rebuff Kyiv’s appeal for accelerated membership to the bloc.

Published : March 10, 2022

By : Reuters

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https://www.nationthailand.com/international/40013238

The spring arrives with the blooming cherry blossoms, heralding vigor and vitality of this season. In Japan’s Tokyo, people take photos and go for picnics near the Kyunaka River and Tokyo Skytree, enjoying the beautiful pink world.

Photo taken on March 9, 2022, shows cherry blossoms near the Tokyo Skytree in Tokyo, Japan. (Xinhua/Zhang Xiaoyu)

People relax under cherry blossoms near the Kyunaka River in Tokyo, Japan, on March 9, 2022. (Xinhua/Zhang Xiaoyu)

Photo taken on March 9, 2022, shows cherry blossoms near the Kyunaka River in Tokyo, Japan. (Xinhua/Zhang Xiaoyu)

Photo taken on March 9, 2022, shows cherry blossoms near the Tokyo Skytree in Tokyo, Japan. (Xinhua/Zhang Xiaoyu)

People view cherry blossoms near the Kyunaka River in Tokyo, Japan, on March 9, 2022. (Xinhua/Zhang Xiaoyu)

Published : March 10, 2022

By : Xinhua

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https://www.nationthailand.com/international/40013235

The European Parliament is set to approve on March 9 a report urging the EU to ban golden passport schemes by 2025 and immediately stop the issuance of visas and passports to rich Russians in exchange for investments.

The move follows Russia’s invasion of Ukraine which has triggered global sanctions of unprecedented severity against Moscow, with targets including a number of powerful and wealthy Russians seen as close to President Vladimir Putin.

The golden passport industry, which between 2011 and 2019 generated investments in EU countries of over 20 billion euros ($21.8 billion), is currently almost entirely unregulated in the EU, despite many countries having run these schemes for years.

EU states such as Malta and Cyprus have made huge profits with their schemes and the European Commission’s vice president overseeing financial policy, Valdis Dombrovskis, set up a successful residence investment program in Latvia when he was prime minister there at the beginning of the last decade.

EU lawmakers say in their report that ending such schemes could have a significant economic impact in some countries. They are therefore proposing the gradual phaseout of golden passport schemes and tight rules for residence arrangements, including much more rigorous checks on applicants.

“Russians are the largest group of third-country nationals who have obtained golden visas and golden passports in the EU, many of them oligarchs with links to Putin’s Kremlin. They escape sanctions merely by waving their nice EU passports. It must end,” rapporteur Sophie In ‘T Veld told the parliament during a debate on Monday.

In an amendment to the original proposal prompted by the Russian invasion of Ukraine, the parliament urges an immediate halt to sales of visa and residence permits to Russians.

Once approved, the report will go to the European Commission, which has the power to propose legislation.

EU Justice Commissioner Didier Reynders told lawmakers that the EU executive disagreed with the need for new rules on sales of citizenship because it was already pushing through legal proceedings to shut down existing golden passport schemes in Malta, Cyprus and Bulgaria.

But the Commission has said it will assess the need for new laws to tighten golden visa schemes, and also issue shortly a non-binding recommendation on EU member states’ issuance of golden passports and residence permits to Russians.

“The Commission welcomes the recent announcement of the Maltese authorities that they would suspend their citizenship programme for Russians and Belarusian citizens. This is a positive first step,” Reynders said.

Published : March 10, 2022

By : Reuters

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https://www.nationthailand.com/international/40013233

The average American household will pay almost 2,000 and 1,000 U.S. dollars more for gasoline and food respectively in 2022, according to a recent research note by consulting firm Yardeni Research, reported by Fox News on Tuesday.

“That’s 3,000 dollars less money that households have to spend on other consumer goods and services, which also are experiencing rapid price increases,” Edward Yardeni, president of the firm, was quoted in the article as saying.

The increase has been a result of the average cost of gasoline hitting a new record high and the inflation that American families still face, the article said.

According to data released by the U.S. Commerce Department, personal consumption expenditures, the U.S. Federal Reserve’s preferred inflation gauge, rose 6.1 percent annually in January, the fastest annual pace in four decades. 

Published : March 10, 2022

By : Xinhua

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https://www.nationthailand.com/international/40013202

McDonald’s Corp said on March 8 it would temporarily close all 847 of its restaurants in Russia, increasing pressure on other global brands to pause operations in the country following Moscow’s invasion of Ukraine.

The closure of the McDonald’s restaurants will also carry symbolic importance in Russia, where the first location to open, in central Moscow in 1990, became an iconic symbol of flourishing American capitalism as the Soviet Union fell.

“When McDonald’s moved into the Soviet Union, it was part of a message of opening up and building trust and cooperation between Russia and the West. And now those avenues have all been closed off. And so Russia’s having McDonald’s exit that market really brings a bookend or close to that era. And we’re kind of standing in, symbolically at least, a new era of division between Russia and much of the rest of the world,” said Paul Musgrave, assistant professor of political science at the University of Massachusetts Amherst.

McDonald’s said it would continue to pay salaries to its 62,000 employees in Russia. Because of its large size and global reach, the chain is often copied by other companies if it takes a stance on an issue or makes a major operational change.

” I think there is going to be a little bit of a noticeable hit to McDonald’s bottom line. In their 2020 annual report, they had $500 million of assets denominated in rubles that they had to look out for. International business accounts for more than half of McDonald’s corporate revenue. Russia is a smaller part of that, but it is a real part of it. So there is a real hit, ” Musgrave said.

Coca-Cola Co and PepsiCo Inc also said on Tuesday they are suspending sales of their sodas in Russia.

Russia calls its actions in Ukraine a “special operation.”

Published : March 09, 2022

By : Reuters

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https://www.nationthailand.com/international/40013201

A ban on Russian energy imports to the United States announced March 08 by President Joe Biden simply codifies the existing reality of an embargo, an energy analyst said, and the US will have no trouble managing without Russian oil.

Many buyers were already avoiding Russian oil, Robert Yawger, Energy Futures Strategist at Mizuho, pointed out.

“Today’s Biden announcement really didn’t change anything,” he said.

Shell PLC SHEL.L said it would stop all spot purchases of Russian crude after drawing criticism for a purchase made on March 4.

Oil prices settled around 4% higher on Tuesday as the United States banned Russian oil imports and Britain said it will phase them out by year-end, decisions that are expected to further disrupt the global energy market as Russia is the second-largest exporter of crude.

Oil prices have surged more than 30% since Russia invaded Ukraine, and the United States and other countries imposed a raft of sanctions. The sanctions had already upended Russian oil and gas exports even before the ban, as traders sought to avoid running afoul of future sanctions.

The U.S. imports little oil from Russia, Yawger said, and can easily adjust to the loss of imports.

“Here in the United States, I mean, we imported 200,000 barrels a day. We imported about 450,000 barrels of product… so we can definitely exist without that. It’s a spit in the bucket,” he said.

But it’s a different story for the European Union, Yawger said.

“The Eurozone, we’re talking percentage points, double digits. So it’s a totally different game,” he said.

But by not imposing an energy ban right away, the EU has given itself some strategic leeway, Yawger said.

“If the Russians are on the verge of taking Kyiv, for example, the Europeans may decide at the point may decide to use that no Russian crude oil bullet at that strategic time,” he said.

Britain has said it will phase out the import of Russian oil and oil products by the end of 2022, giving the market and businesses time to find alternatives.

Russia ships 7 million to 8 million barrels per day of crude and fuel to global markets.

International sanctions and the de facto energy embargo will have a severe impact on the Russian economy, Yawger said, due to its lack of diversity.

“They have nuclear weapons and they have energy. And that’s kind of it. And it’s a two-pony town at the end of the day,” he said.

“So you shut down the energy sector there’s not a lot of cash flowing in and they start to feel the pinch quickly,” he added.

The sanctions will soon make prices rise in Russia, Yawger said, putting pressure on Russian President Vladimir Putin at home.

The import bans could send global oil prices up to $200 a barrel, analysts at Oslo-based consultancy Rystad Energy said. Before the U.S. ban was announced, Goldman Sachs had raised its Brent forecast for 2022 to $135 from $98 and its 2023 outlook to $115 a barrel from $105, saying the world economy could face the “largest energy supply shocks ever” because of Russia’s key role.

Some market watchers said oil’s rally was overdone, and crude briefly gave up most gains around an hour before settlement. Traders attributed the retreat to reports about Ukrainian President Volodymyr Zelensky no longer pressing for NATO membership.

Ukraine’s pursuit of NATO membership has been a key point of contention in negotiations with Russia.

Dimming expectations for an imminent return of Iranian crude to global markets have added upward pressure on prices as talks have slowed down between Tehran and world powers.

Published : March 09, 2022

By : Reuters

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https://www.nationthailand.com/international/40013191

They discussed developments around Ukraine and “addressed issues of cooperation within the framework of the defense departments of both countries.”

Russian Defense Minister Sergei Shoigu discussed the situation in Ukraine with his Turkish counterpart, Hulusi Akar, on Tuesday.

They discussed developments around Ukraine and “addressed issues of cooperation within the framework of the defense departments of both countries,” according to a statement published by the Russian Defense Ministry.

The conversation was held at the initiative of the Turkish side, said the statement.

Meanwhile, Russian Foreign Minister Sergei Lavrov and Ukrainian Foreign Minister Dmytro Kuleba are expected to meet on Thursday in Turkey’s southern province of Antalya on the sidelines of the Antalya Diplomatic Forum, according to Turkish Foreign Minister Mevlut Cavusoglu.

The meeting would be held in a tripartite format, Cavusoglu said at a press conference on Monday, while hoping it would “be a turning point.”

On Monday, Russian Foreign Ministry Spokesperson Maria Zakharova confirmed that Lavrov and Kuleba planned to meet in Antalya.

Published : March 09, 2022

By : Xinhua

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The nationwide average price per liter of standard E10 fuel in Germany climbed to just above 2 euros (2.19 U.S. dollars) on Monday, an increase of 18 euro cents within six days.

Prices for standard E10 fuel and diesel at petrol stations in Germany exceeded the 2-euro mark per liter for the first time, the General German Automobile Club (ADAC) said on Tuesday.

The nationwide average price per liter of standard E10 fuel in Germany climbed to just above 2 euros (2.19 U.S. dollars) on Monday, an increase of 18 euro cents within six days, according to Germany’s largest motoring association.

At the same time, the price for a liter of diesel even surged 28 euro cents, reaching an average 2.03 euros, making it more expensive than standard E10 despite lower taxes on diesel.

Photo taken on Jan. 19, 2022 shows a gas station in Berlin, capital of Germany. (Photo by Stefan Zeitz/Xinhua)
 

The higher price spike for diesel was caused by the increased demand for heating oil, the ADAC noted. Many consumers would fear supply bottlenecks due to the Russia-Ukraine crisis and were now “filling their tanks in late winter, contrary to their usual habits.”

Since Christmas last year, prices for E10 and diesel in Germany have gone up 26 and 35 percent, respectively. The ADAC warned that fuel prices in Germany could rise even further as a result of the Ukraine crisis and associated consequences.

German motorists have been paying an additional carbon dioxide (CO2) tax on gasoline and diesel since early 2021. The CO2 pricing in the country’s transport and housing sectors of currently 30 euros per ton CO2 is to be gradually raised to 55 euros by 2025. (1 euro = 1.09 U.S. dollars)

Vehicles are seen at a gas station in Berlin, capital of Germany, on Oct. 1, 2021. (Xinhua/Shan Yuqi)

Published : March 09, 2022

By : Xinhua

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https://www.nationthailand.com/international/40013189

U.S. President Joe Biden on Tuesday announced the imposition of an energy embargo on Russia, banning U.S. imports of oil, liquified natural gas and coal from Russia over its ongoing military operations in Ukraine.

Oil prices surged again on Tuesday as the United States announced a ban on energy imports from Russia.

The West Texas Intermediate (WTI) for April delivery added 4.30 U.S. dollars, or 3.6 percent, to settle at 123.70 dollars a barrel on the New York Mercantile Exchange, its highest finish since August 2008, according to Dow Jones Market Data.

Brent crude for May delivery increased 4.77 dollars, or 3.9 percent, to close at 127.98 dollars a barrel on the London ICE Futures Exchange, its highest settlement since July 2008.

U.S. President Joe Biden on Tuesday announced the imposition of an energy embargo on Russia, banning U.S. imports of oil, liquified natural gas and coal from Russia over its ongoing military operations in Ukraine.

Elsewhere, the European Union unveiled a plan to reduce its dependency on Russian fossil fuels.

Oil prices have soared recently as the Russia-Ukraine conflict prompted fears about energy supply disruptions from key exporter Russia.

“Larger curtailments of Russian energy supply and exports represent significant challenges for global energy markets,” analysts at UBS said Tuesday in a note. 

A man fuels a car at a gas station in Arlington, Virginia, the United States, on March 8, 2022. (Xinhua/Liu Jie)

Published : March 09, 2022

By : Xinhua

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https://www.nationthailand.com/international/40013188

Chinese President Xi Jinping said that the current situation in Ukraine is worrisome, and the Chinese side is deeply grieved by the outbreak of war again on the European continent.

Chinese President Xi Jinping on Tuesday urged joint support for the peace talks between Russia and Ukraine, and stressed the need to encourage the two sides to keep the momentum of negotiations, overcome difficulties, keep the talks going and bring about peaceful outcomes.

Xi made the remarks while attending a video summit with French President Emmanuel Macron and German Chancellor Olaf Scholz.

Xi said that the current situation in Ukraine is worrisome, and the Chinese side is deeply grieved by the outbreak of war again on the European continent.

China maintains that the sovereignty and territorial integrity of all countries must be respected, the purposes and principles of the UN Charter must be fully observed, the legitimate security concerns of all countries must be taken seriously, and all efforts that are conducive to the peaceful settlement of the crisis must be supported, he said.

The pressing task at the moment is to prevent the tense situation from escalating or even running out of control, Xi stressed.

China commends the mediation efforts by France and Germany on Ukraine, he said, adding that China will stay in communication and coordination with France, Germany and the European Union (EU) and, in light of the needs of the parties involved, work actively together with the international community.

Photo taken on March 7, 2022 shows a view of the third round of talks between Russian and Ukrainian delegations at the Belovezhskaya Pushcha. (Belta news agency via Xinhua)

We need to call for maximum restraint to prevent a massive humanitarian crisis, Xi said, adding that China has put forward a six-point initiative on the humanitarian situation in Ukraine, and stands ready to provide Ukraine with further humanitarian aid supplies.

We need to work together to reduce the negative impact of the crisis, Xi said, adding that relevant sanctions will affect global finance, energy, transportation and stability of supply chains, and dampen the global economy that is already ravaged by the pandemic. And this is in the interest of no one.

We need to actively advocate a vision of common, comprehensive, cooperative and sustainable security, Xi said.

China supports France and Germany in promoting a balanced, effective and sustainable European security framework for the interests and lasting security of Europe, and by upholding its strategic autonomy, he said.

China will be pleased to see equal-footed dialogue among the EU, Russia, the United States and NATO, Xi added. 

People walk past a military vehicle in Irpin, Ukraine, March 4, 2022. (Photo by Diego Herrera/Xinhua)

Published : March 09, 2022

By : Xinhua