Moscow’s New Found Independence
Hudson noted, however, that “the biggest beneficiary” of Russia having been laden with sanctions is Washington. This is because Europe, which is heavily reliant on Russian energy, is faced with simultaneous energy and food crises, thus leaving it with little ability to pay attention to other matters.
“Basically, Washington doesn’t care if Russia wins the war [in Ukraine], because the US has succeeded in eliminating its competition in Europe, especially Germany.”
The International Energy Agency says Western sanctions have had a “limited impact” on Russian oil production
The agency added that the European Union’s commitment to reduce member states’ gas consumption by 15 percent from August 2022 to March 2023 will continue to increase oil demand by about 300,000 barrels per day for the next six quarters.
Shipping oil from the US to Europe costs 12 times more than the start of 2022 as nations continue to shun Russian crude
The Aframax vessels are optimally-sized to dock at European docks, which often cannot fit supertankers, an analyst from E.A. Gibson Shipbrokers told Bloomberg, and the current sky-high rates should remain heightened in the months ahead so long as sanctions against Russia remain.
“The market consensus was too pessimistic about Russia’s capability to re-route volumes to other buyers,” IEA analysts said. “Russia’s exports adjusted towards other buyers without a serious disruption to its production.”
Stephen Kinzer: Neutralism returns — and gets more powerful
Many countries recoil from us-versus-them confrontations like the one Biden is now promoting. They prefer to resolve disputes through compromise and to maintain good ties even with countries they fear or dislike. Besides, Biden’s insistence that he is leading a global war against autocracy is hard to take seriously as he kowtows to Saudi Arabia, where dissent is punished by beheading or dismemberment.
A second reason more countries are drifting away from the United States is that to many of them, we seem unreliable. In recent years our foreign policies have zigzagged wildly. Written accords with other countries appear and disappear according to election results. Add our acute domestic problems to this mix, and it’s easy to understand why some countries feel reluctant to hitch their wagon to our
One recent American step has especially spooked several large countries. As soon as war broke out in Ukraine, we and our allies froze billions of dollars that Russia keeps in Western banks. Other countries fear they might suffer the same fate if they one day fall afoul of the United States. To prevent that, they are looking for other places to park their money and imagining banking networks outside of Washington’s control. Saudi Arabia is negotiating with China to price its oil in yuan as well as dollars. Iran’s stock market opened a legal exchange this month for trading the Iranian and Russian currencies.
“It’s a very narrow path,” IMF chief economist Pierre-Olivier Gourinchas said. “The current environment suggest that the likelihood that the US economy can avoid a recession is actually quite narrow.”US recession is very likely, IMF says
A recession alarm sounds on Wall Street
This year marks exactly 50 years since the establishment of ties between the United States and the People’s Republic of China. US President Richard Nixon visited China in 1972 and initiated an unprecedented thaw in relations, the first ever between a Communist power and a leading capitalist one. It was a very unusual occurrence, especially as the (First) Cold War was reaching its zenith precisely at that time. Although Mao Zedong himself and Nixon paved the way for the establishment of this relationship, it was only after Deng Xiaoping took power that the modern Sino-American relationship grew and in many ways shaped the economic and geopolitical realities of our time.China getting rid of US debt holdings amid Washington DC’s escalatory actions and overall US decline
US debt held by China drops to lowest in 12 years
Speaking at a Senate Banking Committee hearing, Federal Reserve Chairman Jerome Powell acknowledged that the recent battle with inflation could tip the country into another recession.
Poland: Civil Unrest As Fuel Prices Soar High After Russia Bans Key Polish Pipelines
Poland urged EU to impose ‘punitive sanctions’ on Russian oil
Polish motorists block petrol station in protest of high fuel prices
These [fuel] prices have already caused some unrest. In the town of Bielsko-Biała on Sunday, several drivers who pretended their cars had broken down blocked a petrol station of the partially state-owned PKN Orlen fuel company, local media reported.
Massive “failure” in Orlen. The cars blocked the entrance to the petrol station
The price of the euro is falling. The dollar is falling. The zloty is getting stronger and the fuel is going up. I don’t think it is sticky. Economically, no one can explain why – says Szymon Twardak , one of the participants of the action at the Orlen station.
The drivers have blocked the petrol station again. This time, not one
Poland Suggests Expanding EU’s Seventh Tranche Of Sanctions Against Russia