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Mint
18-07-2025
- Business
- Mint
Oil Climbs as EU Tightens Russian Sanctions With Lower Price Cap
Oil rose as the European Union agreed to a lower price cap for Russian crude, and data showed the US economy holding up despite the fallout from the Washington-led trade war. Global benchmark Brent topped $70 a barrel, while West Texas Intermediate was above $68. EU member states agreed to the bloc's 18th package of sanctions on Moscow over its war against Ukraine, including the lower cap, EU foreign affairs chief Kaja Kallas said in a social-media post. The limit will be set at $15 a barrel below market rates. Since Russia's invasion of Ukraine in 2022, the EU has agreed to repeated waves of sanctions including the cap, which is intended to reduce Moscow's revenues from energy sales, while also seeking to keep those flows going into the global market to avoid a price spike. Earlier this week, US President Donald Trump's also threated to impose tighter financial penalties on Russian energy, including nations taking its oil such as India and China. Oil is higher so far this month, following gains in May and June. Both Morgan Stanley and Goldman Sachs Group Inc. have made the case in recent days that while global crude stockpiles have been expanding, the substantial builds have occurred in regions that don't hold much sway in price-setting. The diesel market has also been tight, especially in Europe and the US. 'The logic of diesel tightness propping up crude flat prices remains unchanged,' said Huang Wanzhe, an analyst at Dadi Futures Co., who added that the peak-demand season had seen a solid start. 'The key question is how long this strength can last,' she said. In wider markets, strong US data eased concerns about the world's largest economy, helping to underpin a risk-on mood and global equity rally. Asian stocks advanced. Crude futures, as well as those for gasoil, remain in backwardation in the nearer months of their curves, which means traders are having to pay more to secure prompt supplies. That pattern points to tight conditions even as producers' cartel OPEC has been relaxing output curbs at a rapid clip. To get Bloomberg's Energy Daily newsletter in your inbox, click here. This article was generated from an automated news agency feed without modifications to text.
AllAfrica
14-07-2025
- Politics
- AllAfrica
Tokyo, Manila moves arouse Chinese concerns about Asian mini NATO
Manila's adoption of Japan's 'one theater concept' has further escalated tensions with China. Proposed in March this year, the concept breaks from Tokyo's traditional security outlook and views the East China Sea, the South China Sea and the Korean Peninsula as a 'single theater.' Analysts in Chinese news media were quick to read it as a formation of a Washington-led 'Mini NATO in the Asia-Pacific' aimed at 'containing China.' A commentary noted how President Ferdinand Marcos Jr.'s attempts at a thaw with Beijing in early 2025 were derailed within a week when the US promised $50 million in military aid that 'thoroughly exposed' Marcos's 'profiteering tendency.' Another analysis related the situation to the Reciprocal Access Agreement signed between Manila and Tokyo in July last year. Many defined the concept as an 'absurd' one that 'deliberately confuses' distinct geographical regions, solely to build a case for foreign intervention. The continued stationing of US military's advanced missile systems, Typhon and NMESIS, in Manila is similarly viewed as a way of targeting China. While Philippine Defense Secretary Gilberto Teodoro Jr.'s moves are broadly described as 'unacceptable,' some in China believe he is still 'pragmatic' in finding common strategic ground with Japan when compared with Lithuania, which expressed concerns over the 'axis' formed by 'China, Russia and North Korea' that must be opposed through an 'alliance of democracies.' Others describe the concept as Japan's attempts to 'blur' the boundaries of the 'hot spots' by linking the Taiwan Strait and East China Sea to its 'surrounding areas,' hence using it as an 'excuse' to break free from restrictions placed by its peace constitution. Highlighting Manila's intentions of 'controlling the entire Bashi Channel,' some Chinese analysts have pointed to several hindrances in this 'plan' – particularly differing defense interests of the members of the informal SQUAD alliance (QUAD, with an S for 'security' added) and Trump's insistence that allies expand their military expenditures, which many, including Tokyo and Manila, are unable to do. Many also flagged Washington's 'unreliability' to its allies, particularly the imposition of tariffs that pushed Tokyo and Seoul towards Beijing. Describing Manila as a 'pawn' for 'big brothers,' a commentary noted that Washington's 'abandonment and looting' of war-torn Ukraine serve as a lesson for the Philippines. Some link the situation to the internal political turmoil brewing in Manila. Ruptures between the 'pro-US' Marcos family and the 'pro-China' Duterte family, particularly the latter's better performance in the mid-term elections and their possibility of sweeping off the former in the 2028 general elections, are emphasized. Chinese analysts believe that the concept will nevertheless receive little support from ASEAN nations or the Pacific Islands which have refrained from choosing sides between Beijing and Washington. Faultlines do exist. Many in Japan worry that an unclear delimitation of the theater carries the threat of embroiling Tokyo in conflicts of regional allies. South Korea, too, is unhappy, particularly with the concept seen as 'unnecessarily stoking conflict with China.' Differing security perceptions are similarly highlighted by Teodoro's statement that the Korean Peninsula will not form a part of Manila's adaptation. While most Chinese analysts favor dialogue, their confidence in the PLA's ability to launch a crushing defeat on the Philippines remains unabashed. The question, however, remains: Is China ready to take up arms? Though it cannot be denied that the concept's focus on Taiwan presents a fragile security situation given the Chinese maritime strategy's core being anti-access/area denial in the 'first island chain,' the few episodes of intense confrontation in the past years have not escalated into a war – yet. The PLA Southern Theater Command's response included a joint sea and air patrol in the 'second island command' with its advanced H-6K bombers equipped with Eagle Strike-12 anti-ship missiles, capable of launching an attack on targets as far as 4000 km from the Chinese mainland. While an intense move, it broadly falls in line with Beijing's previous response to Manila's unilateral and bilateral military exercises with Washington in January. Chinese commentators have also highlighted how NATO's short and narrowly-focused The Hague Summit Declaration's silence on China points to Trump 'changing his mind' on a conflict with Beijing. But mounting tensions are hard to overlook. China's latest white paper on national security noted 'gross interference' in the South China Sea issue from external powers. The paper clearly underscores a growing pessimism as it notes how 'Western anti-China forces' are 'leaving no stones unturned' to 'encircle, suppress and contain' Beijing. China's sanctions against former Senator Francis Tolentino for his 'malicious remarks and moves' are similarly seen as a strong move. This is the first time a senior official has been sanctioned since bilateral relations deteriorated in 2023, further elevating tensions as Manila summoned the Chinese ambassador to express its concerns. Despite the intensity, it must be noted that Beijing refrained from sanctioning Tolentino while he was in office, reflecting a cautious approach. Manila too has been prudent in not pushing the boundary too far. Hence, while the 38-year travel ban on Filipino officials traveling to Taiwan was lifted in April, restrictions remain on visits by the president and vice president and the foreign and defense secretaries. Despite its 2023 National Security Policy describing cross-strait relations as a 'major concern,' the Philippines has clarified it has no intentions of ever participating if a conflict erupts over Taiwan. The clarification came as part of a statement at a press conference for the Balikatan annual military exercises in April 2025, the largest between Manila and Washington. Manila favored reaching a provisional understanding with Beijing over invoking its Mutual Defense Treaty with Washington as tensions escalated in June last year. The situation, for now, can best be understood as a game of brinkmanship. Moreover, despite China's growing naval strength, its warships remain untested in warfare. While this acts as a deterrent to Beijing, China's advanced defense technologies and their ability to cause irreparable losses deter Washington and Manila. Nevertheless, a lack of a consistent high level military-to-military communication between both Beijing and Washington, and Beijing and Manila, as well as the complete absence of a reliable crisis management mechanism do exacerbate uncertainties. While all eyes remain fixed on military muscle flexing, the South China Sea faces a critical challenge. Sea levels have risen by 3.75mm per year since 1993, and microplastic pollution has reached an alarming level. While a war seems unlikely, peace remains elusive. Such pressing concerns urgently demand cooperation on all sides. Cherry Hitkari is a doctoral fellow with the Institute of Chinese Studies Delhi and the Harvard-Yenching Institute, currently pursuing a PhD in Chinese Studies at University of Delhi.
Straits Times
13-07-2025
- Politics
- Straits Times
US senators aim to arm Trump with ‘sledgehammer' sanctions against Russia
Sign up now: Get ST's newsletters delivered to your inbox US President Donald Trump said he would be open to the sanctions bill as relations with Russian counterpart Vladimir Putin grow frosty. WASHINGTON - US senators on July 13 touted a bipartisan bill that would arm President Donald Trump with 'sledgehammer' sanctions to use against Russia, ahead of a visit by the US special envoy to Ukraine. Mr Trump has indicated he would be open to the sanctions bill as relations with Russian counterpart Vladimir Putin grow increasingly frosty. US special envoy Keith Kellogg is due to begin his latest visit to Ukraine while Mr Trump said he would make a 'major statement... on Russia' on July 14. Republican Senator Lindsey Graham said he had majority backing in the Senate for his bill, which was gaining momentum as Washington-led peace efforts in Ukraine have struggled to make headway. The bill would allow Mr Trump 'to go after Putin's economy, and all those countries who prop up the Putin war machine,' Mr Graham told broadcaster CBS news. Mr Trump, who has repeatedly said he is 'disappointed' with Mr Putin as Moscow unleashed deadly barrages of missiles against Kyiv, has hinted he might finally be ready to toughen sanctions. Mr Trump held off for the past six months while he tried to persuade Mr Putin to end the war. But the Republican president's patience appears to be wearing thin, telling reporters during a cabinet meeting at the White House on July 8 that Mr Putin was talking 'a lot of bullshit' on Ukraine. Last week, Mr Trump also agreed to send Mr Zelensky more weapons, including through a deal with Nato which would involve the alliance purchasing US weapons to send to Ukraine. On July 10 , Mr Trump appeared to back the bill without detailing whether he would use it to slap sanctions on Moscow. 'They're going to pass a very major and very biting sanctions bill, but it's up to the president as to whether or not he wants to exercise it,' Mr Trump told broadcaster NBC. Asked during a cabinet meeting about his interest in the bill, Mr Trump said: 'I'm looking at it very strongly.' 'This congressional package that we're looking at would give President Trump the ability to impose 500 per cent tariffs on any country that helps Russia,' said Mr Graham, adding that those could include economies that purchase Russian goods like China, India or Brazil. 'This is truly a sledgehammer available to President Trump to end this war,' said Mr Graham. 'Without a doubt, this is exactly the kind of leverage that can bring peace closer and make sure diplomacy is not empty,' the Ukrainian leader said about the proposed bill in an X post. Mr Graham and Democratic Senator Richard Blumenthal were to meet Nato Secretary General Mark Rutte on th e night of July 1 4. Mr Blumenthal told CBS news they would also discuss the legally thorny issue of unlocking frozen Russian assets in Europe and the United States for access by Ukraine. 'The US$5 billion (S$6.4 billion) that the United States has also could be accessed, and I think it's time to do it,' said Mr Blumenthal. AFP
Int'l Business Times
13-07-2025
- Business
- Int'l Business Times
US Senators Aim To Arm Trump With 'Sledgehammer' Sanctions Against Russia
US senators on Sunday touted a bipartisan bill that would arm President Donald Trump with "sledgehammer" sanctions to use against Russia, ahead of a visit by the US special envoy to Ukraine. Trump has indicated he would be open to the sanctions bill as relations with Russian counterpart Vladimir Putin grow increasingly frosty. US special envoy Keith Kellogg is due to begin his latest visit to Ukraine while Trump said he would make a "major statement... on Russia" on Monday. Republican Senator Lindsey Graham said he had majority backing in the Senate for his bill, which was gaining momentum as Washington-led peace efforts in Ukraine have struggled to make headway. The bill would allow Trump "to go after Putin's economy, and all those countries who prop up the Putin war machine," Graham told broadcaster CBS news. Trump, who has repeatedly said he is "disappointed" with Putin as Moscow unleashed deadly barrages of missiles against Kyiv, has hinted he might finally be ready to toughen sanctions. Trump held off for the past six months while he tried to persuade Putin to end the war. But the Republican president's patience appears to be wearing thin, telling reporters during a cabinet meeting at the White House Tuesday that Putin was talking "a lot of bullshit" on Ukraine. Last week, Trump also agreed to send Zelensky more weapons, including through a deal with NATO which would involve the alliance purchasing US weapons to send to Ukraine. On Thursday, Trump appeared to back the bill without detailing whether he would use it to slap sanctions on Moscow. "They're going to pass a very major and very biting sanctions bill, but it's up to the president as to whether or not he wants to exercise it," Trump told broadcaster NBC. Asked during a cabinet meeting about his interest in the bill, Trump said: "I'm looking at it very strongly." "This congressional package that we're looking at would give President Trump the ability to impose 500% tariffs on any country that helps Russia," said Graham, adding that those could include economies that purchase Russian goods like China, India or Brazil. "This is truly a sledgehammer available to President Trump to end this war," said Graham. "Without a doubt, this is exactly the kind of leverage that can bring peace closer and make sure diplomacy is not empty," the Ukrainian leader said about the proposed bill in an X post. Graham and Democratic Senator Richard Blumenthal were to meet NATO Secretary General Mark Rutte on Monday night. Blumenthal told CBS news they would also discuss the legally thorny issue of unlocking frozen Russian assets in Europe and the United States for access by Ukraine. "The $5 billion that the United States has also could be accessed, and I think it's time to do it," said Blumenthal.
Mint
07-07-2025
- Business
- Mint
With sanctions lifted, Syria looks to solar power as more than a patchwork fix to its energy crisis
DAMASCUS, Syria (AP) — Abdulrazak al-Jenan swept the dust off his solar panel on his apartment roof overlooking Damascus. Syria's largest city was mostly pitch-black, the few speckles of light coming from the other households able to afford solar panels, batteries, or private generators. Al-Jenan went thousands of dollars in debt to buy his solar panel in 2019. It was an expensive coping mechanism at the time, but without it, he couldn't charge his phone and run the refrigerator. Syria has not had more than four hours of state electricity per day for years, as a result of the nearly 14-year civil war that ended with the ouster of former President Bashar Assad in December. Syria's new leaders are hoping renewable energy will now become more than a patchwork solution. Investment is beginning to return to the country with the lifting of U.S. sanctions, and major energy projects are planned, including an industrial-scale solar farm that would secure about a tenth of the country's energy needs. 'The solution to the problem isn't putting solar panels on roofs,' Syria's interim Energy Minister Mohammad al-Bashir told The Associated Press. 'It's securing enough power for the families through our networks in Syria. This is what we're trying to do.' Some of the efforts focus on simply repairing infrastructure destroyed in the war. The World Bank recently announced a $146 million grant to help Syria repair damaged transmission lines and transformer substations. Al-Bashir said Syria's infrastructure that has been repaired can provide 5,000 megawatts, about half the country's needs, but fuel and gas shortages have hampered generation. With the sanctions lifted, that supply could come in soon. More significantly, Syria recently signed a $7 billion energy deal with a consortium of Qatari, Turkish, and American companies. The program over the next three and a half years would develop four combined-cycle gas turbines with a total generating capacity estimated at approximately 4,000 megawatts and a 1,000-megawatt solar farm. This would 'broadly secure the needs' of Syrians, said Al-Bashir. While Syria is initially focusing on fixing its existing fossil fuel infrastructure to improve quality of life, help make businesses functional again, and entice investors, the U.N. Development Program said in May that a renewable energy plan will be developed in the next year for the country. The plan will look at Syria's projected energy demand and determine how much of it can come from renewable sources. 'Given the critical role of energy in Syria's recovery, we have to rapidly address energy poverty and progressively accelerate the access to renewable energy,' Sudipto Mukerjee, UNDP's resident representative in Syria, said in a statement announcing the plan. While the war caused significant damage to Syria's infrastructure, crippling Washington-led sanctions imposed during the Assad dynasty's decades of draconian rule made it impossible for Syria to secure fuel and spare parts to generate power. 'Many companies over the past period would tell us the sanctions impact matters like imports, implementing projects, transferring funds and so on,' al-Bashir said. During a visit to Turkey in May, the minister said Syria could only secure about 1700 megawatts, a little less than 20%, of its energy needs. A series of executive orders by U.S. President Donald Trump lifted many sanctions on Syria, aiming to end the country's isolation from the global banking system so that it can become viable again and rebuild itself. The United Nations estimates the civil war caused hundreds of billions of dollars in damages and economic losses across the country. Some 90% of Syrians live in poverty. Buying solar panels, private generators or other means of producing their own energy has been out of reach for most of the population. 'Any kind of economic recovery needs a functional energy sector,' said Joseph Daher, Syrian-Swiss economist and researcher, who said that stop-gap measures like solar panels and private generators were luxuries only available to a few who could afford it. 'There is also a need to diminish the cost of electricity in Syria, which is one of the most expensive in the region.' Prices for electricity in recent years surged as the country under its former rulers struggled with currency inflation and rolling back on subsidies. The new officials who inherited the situation say that lifting sanctions will help them rectify the country's financial and economic woes, and provide sufficient and affordable electricity as soon as they can. 'The executive order lifts most of the obstacles for political and economic investment with Syria," said Qutaiba Idlibi, who leads the Americas section of the Foreign Ministry. Syria has been under Washington-led sanctions for decades, but designations intensified during the war that started in 2011. Even with some waivers for humanitarian programs, it was difficult to bring in resources and materials to fix Syria's critical infrastructure — especially electricity — further compounding the woes of the vast majority of Syrians, who live in poverty. The removal of sanctions signals to U.S. businesses that Trump is serious in his support for Syria's recovery, Idlibi said. 'Right now, we have a partnership with the United States as any normal country would do," he said. Meanwhile, Al-Jenan is able to turn on both his fans on a hot summer day while he watches the afternoon news on TV, as the temperature rises to 35 degrees Celsius (95 F). He doesn't want to let go of his solar panel but hopes the lifting of sanctions will eventually bring sustainable state electricity across the country. 'We can at least know what's going on in the country and watch on TV,' he said. 'We really were cut off from the entire world.' Chehayeb reported from Beirut.
