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☆ Mapping Ukraine’s Surprise Invasion of Russia
▼ + stars: | 2024-08-23 | by ( Josh Holder | ) www.nytimes.com time to read: +6 min

Mapping Ukraine’s Surprise Invasion of RussiaAfter two and a half years of fighting a war on their own soil, Ukrainian forces are continuing to advance within Russia, as their surprise invasion of the Kursk region enters its third week. RUSSIA Ukraine has continued to advance in recent days, although the pace of its territorial gains has slowed. UKRAINIAN TROOPS Guyevo UKRAINE Sumy 5 miles RUSSIA Ukraine has continued to advance in recent days, although the pace of its territorial gains has slowed. UKRAINIAN TROOPS Guyevo UKRAINE Sumy 5 miles RUSSIA Ukraine has continued to advance in recent days, although the pace of its territorial gains has slowed. UKRAINIAN TROOPS Guyevo UKRAINE Sumy 5 miles RUSSIA Ukraine has continued to advance in recent days, although the pace of its territorial gains has slowed.

Persons: Oleksandr Syrsky, Volodymyr Zelensky Organizations: Korenevo, American, Institute for, Labs, Planet Labs, Military, Kremlin Locations: Russia, Kursk, Ukraine, RUSSIA Ukraine, UKRAINE Sumy, UKRAINIAN, Washington, RUSSIA, UKRAINE RUSSIA, UKRAINE, Glushkovo, U.S, Pokrovsk, Niu

☆ Modi to Meet Putin in Moscow as India Charts Its Own Course
▼ + stars: | 2024-07-08 | by ( Anupreeta Das | Hari Kumar | ) www.nytimes.com time to read: +1 min

Prime Minister Narendra Modi of India will meet with President Vladimir V. Putin of Russia this week, a visit that signals the Indian leader’s determination to stick to his own diplomatic path even as the West continues to isolate Moscow over its war on Ukraine. For Mr. Putin, Mr. Modi’s visit will be a way for Russia to show that the Kremlin continues to have a strong partnership with India even as the world’s fifth largest economy has deepened its relations with the United States. This is the first visit to Russia by Mr. Modi in five years. He is expected to land in Moscow on Monday and attend a dinner hosted by Mr. Putin. Russia is also India’s biggest supplier of arms, making the relationship key for India, which has long had to defend its borders against China.

Persons: Narendra Modi, Vladimir V, Putin, Modi’s, Modi Organizations: India, Kremlin, Mr Locations: Russia, Moscow, Ukraine, India, United States, China

☆ India's Modi to meet Putin in Moscow as both sides seek to forge deeper ties
▼ + stars: | 2024-07-08 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Russian President Vladimir Putin speaking to Indian Prime Minister Narendra Modi during their meeting at Taj Exotic Hotel on October, 15, 2016 in Benaulim, Goa, India. Mikhail Svetlov | Getty Images News | Getty ImagesIndia's Prime Minister Narendra Modi is set to meet President Vladimir Putin in Moscow on Monday, marking his first visit to the Kremlin since the invasion of Ukraine. Their meeting is significant as it's the Indian premier's first bilateral trip overseas since he was reelected for a rare third term in June. watch now"This trip will rankle many Western observers," an analyst at the Lowy Institute pointed out in a published commentary. India's refiners have been snapping up discounted Russian oil since the start of the Ukraine war.

Persons: Vladimir Putin, Narendra Modi, Mikhail Svetlov, Vinay Kwatra, Kwatra, India's, Lowy Organizations: Indian, Taj Exotic, Getty, India's, Kremlin, Shanghai Cooperation Organization, United Nations, East Asia Summit, Lowy Institute Locations: Benaulim, Goa, India, Moscow, Ukraine, Russia, Russian, Europe

☆ Russia is flooding Europe with discounted gas to win back Western buyers
▼ + stars: | 2024-06-27 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Discounted Russian gas is hitting European markets, the Center for European Policy Analysis said. AdvertisementRussia has unleashed discounted gas onto European markets, working to keep countries hooked on its energy supply, the Center for European Policy Analysis said. Although the Ukrainian route has continued supplying Western markets through the war, its January expiration would likely be enough to risk a Gazprom bankruptcy. Slovakia, Hungary, and Austria are among examples CEPA cited as customers for Russian gas. AdvertisementAlready, Southern European traders are profiting by buying cheap Russian gas pumped through a Turkish pipeline and then selling it at a premium in Western European markets, she suggested.

Persons: —, It's, Aura Sabadus, CEPA, Sabadus Organizations: Center for, Kremlin, Service, Ukraine —, Moscow, Gazprom Locations: Ukraine, Russia, Ukrainian, Eastern, Slovakia, Hungary, Austria, Gazprom's, Southern, Turkish, Poland

☆ India elections: Modi declares victory but party faces shock losses in parliament and will need coalition
▼ + stars: | 2024-06-04 | by ( Rhea Mogul | ) edition.cnn.com time to read: +10 min

While final votes are still being tallied, India’s election authority has confirmed that the NDA coalition had secured the majority needed with 272 seats. Indian Prime Minister Narendra Modi gestures as he arrives at Bharatiya Janata Party (BJP) headquarters in New Delhi, India, on June 4. Adnan Abidi/ReutersSupporters of the Bharatiya Janata Party (BJP) celebrate as they learn early election results on June 04, 2024 in Bengaluru, India. Preliminary results also suggest they have chipped away at BJP seats, including in some of the ruling party’s traditional strongholds. “He comes from a poor background and that helps him understands the people of India,” Varanasi BJP president Dileep Patel previously told CNN.

Persons: Narendra Modi, ” Modi, –, Modi, Adnan Abidi, Abhishek Chinnappa, Rahul Gandhi, ”, ‘, ’, thirstily, Rajgopal Kashyap, Nilanjan Mukhopadhyay, Surjeet Singh, Christophe Jaffrelot, Dileep Patel, Sunita Gautam, “ Modi Organizations: New, New Delhi CNN, National Democratic Alliance, NDA, Bharatiya Janata Party, BJP, Indian, Reuters, India’s National, Congress, CNN Locations: New Delhi, tatters, India, Bengaluru, Asia, United States, China, Russia, Washington, Delhi, Moscow, Ukraine, “, Gujarat, ” Varanasi

☆ Biden to meet with Zelensky in Normandy and at next week’s G7, White House says
▼ + stars: | 2024-06-04 | by ( Sam Fossum | ) edition.cnn.com time to read: +4 min

CNN —President Joe Biden will meet with Ukrainian President Volodymyr Zelensky while he is in Normandy, France, according to White House national security adviser Jake Sullivan. CNN previously reported that Russian President Vladimir Putin was not extended an invitation, according to a French presidential source. Sullivan added that Biden is also expected to meet with Zelensky during the G7 in Italy next week. “In the course of a little more than a week, the president will have two substantive engagements with President Zelensky,” Sullivan said. The two leaders last met in person when Zelensky was in Washington, DC, in December 2023 to make an in-person plea for military and economic aid.

Persons: Joe Biden, Volodymyr Zelensky, Jake Sullivan, “, Zelensky, ” Sullivan, Biden, Rishi Sunak, Justin Trudeau, Vladimir Putin, Sullivan, ”, Janet Yellen’s, Emmanuel Macron, CNN’s Jack Forrest, Joshua Berlinger, Simone McCarthy, Brad Lendon, Eric Cheung Organizations: CNN, White House, Ukraine, Air Force, British, Canadian, Zelensky, “, Russia, US, US Army Rangers, Biden, NATO Locations: Normandy, France, he’s, he’ll, Ukraine, Europe, Italy, Washington , DC, Kharkiv, “, United States, Germany, Biden’s, Pointe du Hoc

☆ Can Germany’s sputtering economy be revived in 2024?
▼ + stars: | 2024-02-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +11 min

Europe’s biggest economy shrank last year for the first time since the onset of the Covid-19 pandemic. And the outlook isn’t much brighter: the International Monetary Fund predicts that Germany will be the slowest-growing major economy in 2024, eking out an increase of just 0.5%. “Germany needs a fundamental economic transformation,” Marcel Fratzcher, president of the German Institute for Economic Research in Berlin, told CNN. Carsten Koall/Getty ImagesHomegrown troublesAlongside an external environment that has become more hostile to Germany’s outward-facing economy, the country’s internal political climate has worsened. Businesses such as these, which can find new markets and applications for their know-how, may hold the key to reviving Germany’s moribund economy.

Persons: What’s, ” Marcel Fratzcher, ”, Carsten Brzeski, Jens Schlueter, Constanze Stelzenmuller, Christian Lindner, Olaf Scholz, Robert Habeck, Carsten Koall, Michael Probst, Karl Haeusgen, ” Sebastian Shukla, Chris Stern Organizations: London CNN — Trains, Lufthansa, International Monetary Fund, European Union, European Commission, German Institute for Economic Research, CNN, ING, Brookings Institution, Volkswagen, Biden, Free Democratic Party, Social Democratic Party and, Green Party, Deutsche, LinkedIn, Investors, SAP, chipmaker Infineon, Intel, MAN Energy Solutions, Germany’s Machinery, Equipment Manufacturers Association Locations: Europe’s, Germany, Ukraine, Berlin, Europe, China, Zwickau, United States, Russia, “, Japan, masse, Frankfurt, ”, Hamburg, Jungheinrich, Augsburg, Munich, Esbjerg, Denmark

☆ Trade between China and Russia ballooned to a record $240 billion last year
▼ + stars: | 2024-01-15 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

China's trade with Russia jumped 26% to a record $240 billion last year, according to customs data published Friday. The ties between the two countries have strengthened since Russia invaded Ukraine in February 2022. AdvertisementTrade between China and Russia ballooned to a new record last year with the economic ties between Beijing and Moscow strengthening even as the war in Ukraine rages on. Dollar-denominated commerce between the two countries climbed 26% from $190 billion to $240 billion in 2023, data published by China's General Administration of Customs on Friday showed. "Ideological confrontation, geopolitical rivalry and bloc politics are not the choice for us, but we stand against economic sanctions, economic coercion, and decoupling and supply chain disruptions," he said.

Persons: —, Brent, Xi Jinping, Vladimir Putin Organizations: Service, China's, Administration, Customs Locations: Russia, Ukraine, China, Beijing, Moscow, Kremlin, Refinitiv, Washington

It's clear how that will end.”Germany’s constitutional court has voided some 60 billion euros ($65 billion) in spending for this year and next. Without yet another emergency declaration next year, the government would have to scramble to cover shortfalls of roughly 30 billion to 40 billion euros — plus 20 billion to 30 billion euros for 2025 — compared with earlier plans, according to Holger Schmieding, chief economist at Berenberg bank. The fallout has left Germany projected to be the worst-performing major economy this year, shrinking by 0.5%, according to the International Monetary Fund. That has led to calls from some to loosen the debt limits because they restrict the government's response to new challenges. Yet even some opposition state governors have said the debt limits should be loosened.

Persons: Chancellor Olaf Scholz, “ We've, Robert Habeck, “, ”, Holger Schmieding, Schmieding, Free Democrats doesn't, Kai Wegener Organizations: U.S, International Monetary Fund, Industry, Volkswagen, BMW, Mercedes, Benz, Seven, Social Democrats, Greens, Free Democrats, Christian Democrats, Berlin Locations: FRANKFURT, Germany, Ukraine, Russia, China, Berenberg, East Germany, Europe, Britain, U.S, Italy, Japan

But 18-24 months later, the acute phase of the adjustment is complete, with energy inventories comfortable and prices reverting towards long-term inflation-adjusted averages. Chartbook: Europe's energy supplies and pricesThere will undoubtedly be more shocks in future, but the disruption associated with the end of the pandemic and Russia’s invasion of Ukraine is over. Europe’s residual issue is that it has swapped relatively cheap Russian pipeline gas for relatively expensive LNG, putting its industrial competitiveness at risk, but that is a chronic problem rather than a crisis. OILIn the oil market, U.S. domestic crude and condensates production has continued to increase and surpassed its pre-pandemic peak in August 2023. Related columns:- China braces for record winter electricity demand (November 24, 2023)- Europe’s gas crisis is over, but not the painful adjustment (November 21, 2023)- Oil prices slump as fundamentals reassert themselves (November 9, 2023)- Europe's record gas stocks start to pressure prices (November 7, 2023)John Kemp is a Reuters market analyst.

Persons: John Kemp, Jan Harvey Organizations: U.S, Brent, Thomson, Reuters Locations: Europe, Asia, Ukraine, U.S, Saudi Arabia, Germany, Italy, France, Netherlands, Spain, Belgium, Poland, Northwest Europe, China, Russia, South, East Asia, Brazil

☆ Analysis-Scholz's Coalition Buckles but Unlikely to Break - for Now
▼ + stars: | 2023-11-21 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +6 min

The decision has increased tensions within Chancellor Olaf Scholz's coalition, in particular between junior partners the Greens and the Free Democrats (FDP). But Scholz is unlikely to call for new elections as they would not benefit any of the coalition partners. "Scholz definitely wants to keep the government together and believes this will work as none of the three coalition partners stand to benefit from a break," a source close to the chancellor said. "In reality, the chancellor should dismiss his coalition partners now." "And the strength of the AfD is also the reason why no actors - not even the conservatives - currently have any interest in new elections."

Persons: Sarah Marsh, Holger Hansen, Andreas Rinke BERLIN, Chancellor Olaf Scholz's, Philipp Tuermer, Scholz, Stefan Marschall, Ursula Muench, Frank Decker, Friedrich Merz, Markus Soeder, Decker, Andreas Rinke, Alexander Ratz, Catherine Evans Organizations: Greens, Free Democrats, Scholz's Social Democrats, Tagesspiegel, Bertelsmann Foundation, SPD, University of Duesseldorf, University of Tutzing, Bonn University, Eurasia Group Locations: Ukraine, Germany, Bavarian

☆ The West could live with a frozen Ukraine conflict
▼ + stars: | 2023-11-13 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

Ukraine may be heading for a similarly frozen conflict with Russia. So a frozen conflict would help the West achieve – at least partly – its key geostrategic aim: to show hostile powers that it doesn’t pay to invade one of its friends. In a frozen conflict, Ukraine would still need to invest heavily in massive fortifications, anti-missile defence systems and technology to deter Russian attacks. ECONOMIC WARIn a frozen conflict, sanctions against Russia would probably remain more or less in place. REBUILDING UKRAINEIt will be harder to rebuild Ukraine’s infrastructure in a frozen conflict than if there was peace.

Persons: Nuzhnenko, Vladimir Putin, Putin, Valery Zaluzhny, Volodymyr Zelenskiy’s, Joe Biden, Donald Trump, Tim Ash, Peter Thal Larsen, Thomas Shum Organizations: Ukraine's National Guard Omega, Radio Free, Radio Liberty, REUTERS Acquire, Reuters, Moscow, Hamas, U.S, EU, International Monetary Fund, Kremlin, Investors, BlueBay Asset Management, Soviet, Cyprus, European Commission, West, Thomson Locations: Avdiivka, Ukraine, Donetsk region, Radio Free Europe, Korea, Cyprus, Russia, Kyiv, –, Israel, United States, Moscow, North Korea, Iran, Russian, UKRAINE, West Germany, Soviet Union

☆ Billionaire FBI informant Peter Thiel dished about two Kremlin invites to private Putin meetings
▼ + stars: | 2023-11-10 | by ( Mattathias Schwartz | Hans-Martin Tillack | ) www.businessinsider.com time to read: +18 min

It was Angermayer who introduced Bisslinger to Thiel at the party, Thiel would later tell the FBI. After some small talk, Bisslinger made a pitch to Thiel: Thiel should travel to Russia to attend the St. Petersburg International Economic Forum. If Thiel chose to attend, Bisslinger said, Bisslinger would arrange for him to meet privately with Putin. "Even if Mr. Angermayer did introduce Mr. Thiel and Mr. Bisslinger," the lawyers wrote in another letter, "Mr. Angermayer is not—and cannot be—responsible for whatever Mr. Bisslinger and Mr. Thiel may or may not have discussed." At his 40th birthday, he connected Peter Thiel with a Russian diplomat, Thiel later told the FBI.

Persons: Peter Thiel, Christian Angermayer, Thiel, Daniil Bisslinger, Bisslinger, Vladimir Putin's, Angermayer, Putin, Maksim Konstantinov, —, Frank Figliuzzi, Vladimir Putin, — Charles Johnson —, Johnathan Buma, Johnson, Welt, Dmitry Peskov, John Lamparski, Donald Trump, — Thiel, Der Spiegel, he'd, Elon Musk, Musk, Thiel —, he's, Palantir, He's, Uma Thurman, Robbie Williams, Queen Latifah, Paul Kagame, Dan McCrum, John Kerry, Richard Grenell, Kerry, Sensei Biotherapeutics, Trump, Dmitry Medvedev, Medvedev, Maureen Dowd, Alexander Schütz, Eva Schütz, Schütz, — Heinz, Christian Strache, Markus Braun, Jan Marsalek, Marsalek, Caroline Haskins, Katherine Long, Jack Newsham, Mattathias Schwartz, Hans, Martin Tillack Organizations: Kremlin, Tech, Pentagon, CIA, Facebook, SpaceX, Kremlin's Ministry of Foreign Affairs, Russian Embassy, Thiel, St ., Economic, Getty, FBI, Atlantic, Bisslinger, Germany, Elon, Russia, NSA, US Special Operations Command, National Health Service, Apeiron Investment, Munich Security, intel, Trump, State Department, Angermayer's, PayPal, Nasdaq, Sciences, The New York Times, Deutsche Bank, Welt Locations: Silicon Valley, Schloss Neuwaldegg, Vienna, Silicon, Moscow, Russian, Berlin, Russia, St, St . Petersburg, Petersburg, Ukraine, Europe, Germany, NATO, Crimea, Ukrainian, Sevastopol, Palantir, Washington, Rwanda, Baltic, Belarus, Iran, Angermayer's Malta, Munich, China, China's, Austrian, Austria, Exxpress, Wirecard, schwartz79@protonmail.com

☆ Russian oil shaves India's import costs by about $2.7 billion
▼ + stars: | 2023-11-08 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

Crude oil accounts for about a third of India's overall imports by value. Access to cheap Russian oil enabled India to cut imports from the Middle East, where prices strengthened following Saudi Arabia's voluntary additional supply cuts since July. India imported 69.06 million metric tons of Russian oil, equivalent to 1.85 million barrels per day (bpd), between January and September, commerce ministry data showed, including Russian oil imported from South Korea, Greece and Spain through transshipments. The average price for Russian oil delivered to Indian refiners was $525.60 per ton during that period, including shipping and insurance costs, Reuters calculations based on ministry data showed. Discounted Russian oil cuts India's crude import billIndia saved at least $2 billion in buying discounted Russian oilBy importing Russian oil, Indian refiners benefit from lower feedstock costs, which have buoyed gross refining margins and curtailed revenue loss from subsidised retail fuel sales.

Persons: Dado Ruvic, India doesn't, Nidhi Verma, Florence Tan, Tony Munroe, Christina Fincher Organizations: REUTERS, Saudi, Iraq, Saudi Arabia, Thomson Locations: DELHI, India, Europe, Moscow, Ukraine, South Korea, Greece, Spain, transshipments, Russia, Saudi, Sokol, China

☆ The Kremlin is leaning on cheap Russian-made drones like never before, war analysts say
▼ + stars: | 2023-10-25 | by ( Paul Squire | ) www.businessinsider.com time to read: +2 min

Russia is adding cheap, domestic-made drones to its arsenal, war analysts say. The Institute for the Study of War said Moscow is ramping up production of lighter drones. Analysts with the Institute for the Study of War (ISW) said in a Tuesday dispatch that Moscow used new, long-range "Italmas" drones for the first time in its war on Ukraine, according to speculation by Russian media. The ISW cited Russian sources who said the Russian-produced "Italmas" drones are lighter and harder for Ukrainian air defenses to shoot down. The ISW previously said Russia is aiming to add more drones, loitering munitions, missiles, and guided bombs to its arsenal.

Persons: —, Vladimir Putin's Organizations: Service, Institute for, Ukrainian Air Force Locations: Russia, Moscow, Ukraine, Russian, Iran

☆ Strained France-Germany ties slow EU decision making
▼ + stars: | 2023-10-09 | by ( Michel Rose | ) www.reuters.com time to read: +6 min

From joint defence programmes to nuclear energy or relations with China, Paris and Berlin are at odds over a growing number of issues. In an August speech Macron made his frustration public, calling Germany's position on nuclear energy "a historic mistake". Germany decided to phase out nuclear energy after Japan's Fukushima disaster in 2011, closing its last reactors in April. It is unclear if France and Germany can hash out a deal in Hamburg ahead of a crucial EU energy meeting on Oct. 17, but analysts are doubtful. Although the concept was criticised for having failed with Russia, German officials believe trade ties with a country like China could prevent conflict.

Persons: Emmanuel Macron, Olaf Scholz, Sarah Meyssonnier, Macron, Detlef Seif, Marc, Antoine Eyl, Wolfgang Munchau, hasn't, Wandel, Handel, Noah Barkin, Sarah Marsh, Kate Abnett, Michel Rose, Rachel Armstrong, Elaine Hardcastle Organizations: Weimar, REUTERS, German Christian Democratic Union, BASF, Reuters, EDF, Franco, GMF, Thomson Locations: Paris, France, Hamburg, Berlin, China, German, Germany, Ukraine, Europe, EU, Franco, Italian, Russia, Brussels, Beijing

Summary Egypt seeking cheaper wheat amid dollar crunchRussia blocked deal that undercut price floor- tradersCAIRO, Sept 21 (Reuters) - Egypt is in talks with an Abu Dhabi-based bank for a loan facility that would finance wheat purchases from Kazakhstan, three traders told Reuters. The move could give Egypt a cheap alternative to grain from Russia, which has supplied an increasing share of Egypt's wheat since last year but recently blocked a deal for a purchase below an unofficial price floor for wheat purchases, traders say. Russia's agriculture ministry recently prevented the private sale of 480,000 tons of Russian wheat to Egypt, apparently because it was sold below the price floor, traders told Reuters. Kazakhstan is already an approved wheat import origin for Egypt, but purchases from the Central Asian country are rare. The Egyptian government recently signed a $500 million loan agreement with the Abu Dhabi Exports Office (ADEX) to buy imported wheat from UAE-based agribusiness Al Dahra.

Persons: Abu, GASC, Sarah El Safty, Michael Hogan, Aidan Lewis, Mark Potter Organizations: Reuters, General Authority for Supply Commodities, Central, Abu, Abu Dhabi Exports Office, Thomson Locations: Egypt, Russia, CAIRO, Abu Dhabi, Kazakhstan, Ukraine, France, Bulgaria, UAE

It follows Russia's invasion of Ukraine and the loss of Moscow's cheap natural gas — an unprecedented shock to Germany’s energy-intensive industries, long the manufacturing powerhouse of Europe. The loss of cheap Russian natural gas needed to power factories “painfully damaged the business model of the German economy,” Kullmann told The Associated Press. One hotly debated solution: a government-funded cap on industrial electricity prices to get the economy through the renewable energy transition. However, squabbling among the coalition government over the energy price cap and a law barring new gas furnaces has exasperated business leaders. “The perception of Germany's underlying strength may also have contributed to the misguided decisions to exit nuclear energy, ban fracking for natural gas and bet on ample natural gas supplies from Russia,” he said.

Persons: “, Christian Kullmann, Kullmann, ” Kullmann, Evonik, Robert Habeck, Chancellor Olaf Scholz, Angela Merkel, —, Biden, Scholz, Evonik's Kullmann, Gerhard Schroeder, Holger Schmieding, ”, ” Schmieding, Schmieding Organizations: Jobs, International Monetary Fund, European Union, Evonik Industries, Associated Press, Greens Party, Social Democrat, Free Democrats, Companies, Schott AG, ” Locations: ESSEN, Germany, Ukraine, Europe, Europe's, Essen, Russia, Moscow, China, Bavarian, U.S, Lafayette , Indiana, Brussels, Berlin, Chile, Qatar, ” Germany, Berenberg

“We hope this G20 summit will show that the world’s major economies can work together even in challenging times,” US national security adviser Jake Sullivan said this week. The institutions, created in the aftermath of World War II, have long funded education, public health and infrastructure programs in developing countries. Sullivan said this week the World Bank reforms were “not against China,” noting Beijing is a shareholder in the bank. “The biggest shareholders of the World Bank are all sitting around the G20 table. The contrast between Biden’s presence at the summit – which includes a number of developing countries – and Xi’s absence will also give the American president an opportunity to highlight the US’ commitment to the developing world.

Persons: Joe Biden, Biden, Biden’s, Jake Sullivan, Narendra Modi, Modi, India hasn’t, Sullivan, We’ve, ”, Yun Sun, Stimson, –, – Biden, “ We’ve, Xi, Putin, China –, ” Sullivan Organizations: New, New Delhi CNN, ”, Indian, West, World Bank, Bank, Initiative Locations: New Delhi, Russia, China, Ukraine, Beijing, United States, India, Ukraine –, Bali

Traders have told Reuters the price could possibly be below an unofficial floor set by Russia's government to control domestic wheat prices. Other Russian wheat suppliers submitted offers on Friday at a free-on-board price of $265 per metric ton, believing it to be the set price floor, and a C&F price that exceeded $270 per ton. Traders told Reuters the price floor was not legally binding but that suppliers were expected to follow instructions from Russia's agriculture ministry. There is a lack of clarity in the market about the level of the Russian minimum floor price. GASC had also privately bought one cargo of Bulgarian wheat at $270 per ton C&F on Friday.

Persons: Mohamed Abd El Ghany, GASC, Sarah El Safty, Michael Hogan Organizations: REUTERS, Rights, General Authority for Supply Commodities, Solaris, Reuters, Traders, Abu, Abu Dhabi Exports Office, Thomson Locations: Al Qalyubia Governorate, Egypt, Rights CAIRO, Ukraine, Abu Dhabi, UAE

☆ Russians aren't the only victims of the ruble's implosion — the weak currency is also hitting migrant Central Asians who repatriate the cash
▼ + stars: | 2023-08-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The weak Russian ruble is hurting Central Asian workers in Russia too, per Radio Free Europe. At least 6 million Central Asians work as migrant laborers in Russia. At least 6 million Central Asians work as migrant laborers in Russia. One dollar buys around 95 rubles now, as compared to the 74 rubles it could buy at the start of 2023. The situation is so serious that about half of migrant laborers are considering leaving Russia due to the weak currency, the Vedomosti business daily reported last Tuesday, citing a survey among the Uzbek diaspora in Russia.

Persons: Serik Belgibay Organizations: Central, Radio Free Europe, Service, Russia, Radio Free, Facebook, Kazakh Locations: Russia, Wall, Silicon, Tajikistan, Kyrgyzstan, Kazakhstani, Kazakh, Kazakhstan

☆ Russia's economic woes have brought a flood of cash and sparked a real estate boom in the UAE
▼ + stars: | 2023-08-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Traders in the Gulf state have ramped up business in Russian oil and gold markets, the WSJ reported. Conversely, Russians are flocking to the UAE, bringing their wealth to its economy and sparking a real estate boom. That's as sanctions and trade restrictions have weighed heavily on Russia's economy, cutting it off from billions of its foreign reserves and crimping its energy trade. Russians were the third-largest group of real estate buyers in Dubai over the last quarter, the real estate firm Betterhomes told the Journal, up from the ninth-largest group in 2021. Russia's economy meanwhile is in a state of turmoil.

Persons: Betterhomes, Putin Organizations: Traders, Service, United Arab Emirates, UAE, Wall, Yale Locations: UAE, Gulf, Wall, Silicon, Russia, Ukraine, Dubai, Poland

☆ Why One Country Is Struggling to Break Away From Russian Gas
▼ + stars: | 2023-07-31 | by ( Patricia Cohen | More About Patricia Cohen | ) www.nytimes.com time to read: +1 min

In the 17 months since Moscow ordered soldiers into Ukrainian territory, countries across Europe have moved with surprising speed to reduce their longstanding dependence on cheap Russian gas. Germany, which got 55 percent of its supply from Russia before the war, now imports zero. And Italy has been steadily trimming imports, and pledges to be free of Russian natural gas by the end of this year. As long as Russia is selling gas, Austria will buy it, the chief executive of the Austrian energy company OMV Group said this month. The government’s difficulties in weaning itself off Russian gas, which it has pledged to do, have drawn complaints from critics who say Austria’s gas payments are helping to finance Moscow’s war machine.

Organizations: OMV Locations: Moscow, Europe, Germany, Russia, Poland, Bulgaria, Czech Republic, Italy, Austria, Austrian

LAUNCESTON, Australia, July 26 (Reuters) - China boosted its stockpiling of crude oil to the highest level in three years in June, taking advantage of cheap Russian crude to bolster inventories and add flexibility to future import requirements. The volume of crude available to refiners was 16.93 million bpd, consisting of imports of 12.67 million bpd and domestic output of 4.26 million bpd. This would have the impact of lowering their import bills, but also of cutting global oil demand and putting some downward pressure on oil prices. What is becoming clearer is that the amount of heavily discounted crude China can buy is reaching a maximum. In addition to discounted Russian oil, China also buys crude from Iran, although this is largely disguised as imports from other nations in official data.

Persons: China doesn't, Jamie Freed Organizations: National Bureau of Statistics, International Energy Agency, Brent, Reuters, Thomson Locations: LAUNCESTON, Australia, China, OPEC, Saudi Arabia, Russia, Iran, Ukraine

☆ Russian oil tops price cap set by Western countries for first time
▼ + stars: | 2023-07-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

London CNN —The price of Russian crude oil has risen above a price cap set by the Group of Seven nations, in the first “real test” of whether the West can enforce one of its key sanctions against Moscow. “This is the first real test of the price cap sanctions,” Matthew Wright, a senior freight analyst at Kpler, told CNN. “High interest rates, declining economic activity in China, and a potential recession in the West,” have depressed oil prices globally. The smaller gap shows that the G7 price cap is “having a diminishing impact on Russian oil revenues,” Richard Bronze, co-founder and head of geopolitics at Energy Aspects, told CNN. Despite rising oil prices, buyers like India are unlikely to turn their backs on Russian oil, said Wright at Kpler.

Persons: ” Matthew Wright, Wright, “ It’s, Russia —, That’s, ” Richard Bronze, Natalia Kolesnikova, “, Tim Lister Organizations: London CNN, Group, Moscow, Argus Media, European Union, Argus, EU, CNN, Organization of, Petroleum, Gazprom, US Treasury, International Energy Agency, IEA Locations: China, India, Europe, Russia, OPEC, Ukraine, Brent, Moscow, AFP, Western, Kpler, Russian, Saudi Arabia

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