EU, G7 Countries Roll Out Price Cap on Russian Oil |
To limit Russia’s ability to finance its war in Ukraine, Group of Seven (G7) countries, the European Union (EU), and Australia began implementing a price cap (Reuters) on seaborne Russian oil today. Their tankers, credit institutions, and insurance companies will only support the shipping of Russian oil sold for $60 per barrel or less. Moscow said it would not accept the cap. An EU embargo on most Russian crude also begins today (NYT).
Meanwhile, explosions occurred (WSJ) at two Russian air bases far from the war’s front line. No one claimed responsibility. Ukrainian officials reported that a new round of Russian missile attacks hit homes (Reuters) in Ukraine’s south and knocked out power in its north.
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“It took a long time to get [to today’s curbs on Russian oil revenue]—but this arguably is one of the strongest responses to [Russian President Vladimir] Putin’s war in Ukraine,” Bruegel’s Simone Tagliapietra tweets. “Analysts and traders are skeptical about how well the price cap will work because it may be difficult to administer and will mainly hit large customers for Russian oil like India and China,” the New York Times’ Stanley Reed writes. In Foreign Affairs, German Chancellor Olaf Scholz lays out how to avoid a new Cold War. |
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Some COVID-19 Restrictions Eased in Chinese City That Sparked Protests |
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Top Taliban Official Meets Emirati President in Abu Dhabi |
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Middle East and North Africa |
Iranian Official Says Authorities Are Reviewing Headscarf Law |
Attorney General Mohammad Jafar Montazeri said Iran’s mandatory headscarf law for women is under review (AFP). He also suggested that Tehran is disbanding (BBC) the morality police, who enforce the law, but state media outlets refuted the comment. A woman’s death after being detained by the morality police sparked Iran’s ongoing countrywide protests.
UAE/Ukraine: The countries announced that they will begin trade talks (FT). Officials aim to boost trade that has been lost due to the war in Ukraine.
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Sudanese Military, Political Parties Sign Deal on Transition |
The agreement lays out a path (Reuters) for a two-year political transition toward elections and a civilian-led government. The military, which seized power in a coup last year, agreed to only be represented on a security council led by a prime minister. DRC: The Catholic Church led anti-violence protests (AFP) in cities across the Democratic Republic of Congo (DRC) yesterday after militants allegedly killed more than one hundred civilians in an eastern village last week. |
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U.S., EU Hold Trade Meeting |
EU officials are expected to raise objections (Bloomberg) to what they view as unfair subsidies in the U.S. Inflation Reduction Act during a ministerial meeting of the U.S.-EU Trade and Technology Council today. |
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Colombian Government Signals Progress in Peace Talks With Militants |
Colombia’s government and the National Liberation Army (ELN) agreed to allow Indigenous groups displaced by the two sides’ conflict to return to their lands (BBC), Colombian President Gustavo Petro said.
U.S./Brazil: A delegation of U.S. diplomats and national security officials are in Brasília to meet with Brazil’s outgoing and incoming governments today, the White House said. They plan to discuss cooperation on climate change and migration.
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Supreme Court Weighs Case on Line Between Business Owners’, Gay Couples’ Rights |
The court begins hearing arguments (NPR) today for a case in which a Colorado web designer is objecting to creating websites for gay weddings on the grounds that doing so would be inconsistent with her faith. |
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Council on Foreign Relations |
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