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Russia will ban the sale of its oil to countries using the ceiling price on February 1

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Eva Deschamps / December 29, 2022

Russia will prohibit from February 1 the sale of its oil to foreign countries that use the cap on the price of Russian black gold, a decision that has little reaction of crude oil prices on the markets Tuesday.
 
This price cap had been set in early December at $ 60 per barrel by the EU, the G7, and Australia; and aims to deprive Moscow of important revenues to finance its military intervention in Ukraine.
 
“The delivery of Russian oil and oil products to foreign legal entities and other individuals is prohibited” if they use the ceiling price, it says in a decree signed Tuesday by Russian President Vladimir Putin.
 
The decree specifies that this measure will last for five months, “until July 1, 2023.
 
Only “a special decision” of Vladimir Putin himself will be able to allow the delivery of Russian oil to a country or countries that have implemented the price cap in recent weeks, it is stated in the decree published Tuesday.
 
In early December, the 27 member states of the European Union, the G7 countries and Australia had agreed, after months of negotiations, on a cap on the price of Russian oil exports at 60 dollars per barrel.
 
In practice, only oil sold by Russia at a price of 60 dollars or less can continue to be delivered. Beyond this ceiling, it is forbidden for companies to provide services allowing its maritime transport (freight, insurance, etc…).
  
Faced with Moscow’s decision on Tuesday, black gold prices, already at their highest in three weeks, initially climbed but the rise was short-lived.
 
The price of a barrel of North Sea Brent crude for delivery in February finally ended up a modest 0.48% at $84.33.
 
As for U.S. West Texas Intermediate (WTI), also due in February, it gave up 0.03% to $79.53.
 
“There has been a very distinct reaction of prices” to the Russian announcement “but in fact, this decision is not a surprise for the market,” commented Matt Smith commodity market analyst at Kpler to AFP.
 
This was to be expected, given everything the Russians have already said in recent months and what they have done with natural gas, refusing to sell to Bulgaria and Poland because these countries did not pay in rubles,” added the analyst.
 
According to him, the implementation of this ban will have a limited impact, because “large buyers of Russian crude such as India or China do not apply the ceiling price” and buy it below $ 60 per barrel.
 
“This will tighten supply a bit, but not that much,” commented Matt Smith.
The price of a barrel of Russian oil (Ural crude) itself is currently around 65 dollars, which is barely more than the ceiling set, implying a limited short-term impact of this capping measure, according to many observers.
 
Ukrainian President Volodymyr Zelensky deplored the “weak position” of his Western allies at the time of its implementation.
 
For their part, the Russian leaders had repeatedly declared that they “do not accept” this mechanism which “will have no impact” on the course of the Russian offensive against its Ukrainian neighbor.
 
On December 9, Vladimir Putin had threatened the West to “reduce the production” of Russian oil “if necessary”, blasting a “stupid decision”.
 
Russia is the world’s second largest exporter of oil and was, in 2021, the second largest supplier of black gold to European Union countries. According to European leaders, 90% of Russian oil exports to the EU will already be stopped by the end of 2022 to protest against the Russian offensive in Ukraine.

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Moscow attack: Vladimir Putin promises those responsible will all be “punished”, EI says four of its fighters carried out the attack

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Moscow attack: Vladimir Putin promises those responsible will all be “punished”, EI says four of its fighters carried out the attack, Magnate Daily
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Eva Deschamps / March 23,

 

At least 133 people were killed on Friday evening in an armed attack followed by a huge fire at a concert hall on the outskirts of Moscow, which was claimed by the jihadist group Islamic State (EI).
 
The four perpetrators” of the attack were arrested “on their way to Ukraine”, said the Russian president on Saturday March 23.
 
The Russian president spoke at a time of terrible tragedy in Russia. “The four perpetrators” of the attack near Moscow were arrested “on their way to Ukraine”, he said in a televised speech broadcast the day after the murderous attack. “According to initial data [from investigators], on the Ukrainian side, a passage had been prepared for them to cross the border”, he continued, notes Le Monde.
 
The attack, which killed at least 133 people near Moscow, was in the eyes of the Kremlin leader a “bloody and barbaric act of terrorism”. “Peaceful, innocent people […] including children, teenagers and women” were killed, he continued, adding, “I express my deepest and most sincere condolences to those who have lost their loved ones.” A national day of mourning will be observed on March 24.
 
“War”. In his speech, Vladimir Putin assured that “those behind these terrorists will be punished” and that they “will have no future”. On Saturday, the Kremlin announced that eleven people had been arrested, including the four suspects who carried out the attack.

 
As a reminder, the Islamic State (EI) claimed responsibility for the attack. Its Afghan branch, the Islamic State in Khorassan, known as “EI-K”, is suspected of being behind the attack. According to EI, the attack is part of a “raging war” between the organization and countries fighting Islam, its Amaq news agency said in a statement.
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Princess Kate announces cancer diagnosis

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Princess Kate announces cancer diagnosis, Magnate Daily
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Sylvie Claire / March 23,

 

After weeks of silence from the British royal family, cancer-stricken Princess Kate has announced that she has begun chemotherapy.

 
Princess Kate has been diagnosed with cancer, Kensington Palace announced on Friday evening. The wife of the heir to the British throne has begun chemotherapy. “I’m fine,” assured the 42-year-old princess after her cancer diagnosis was announced. In a video, the princess explained, “I’d like to take this opportunity to thank you personally for all the wonderful messages of support and for your understanding. While I was recovering from surgery, it was an incredibly difficult two months for the whole family. But I had the benefit of a fantastic medical team who took great care of me, for which I am very grateful. In January, I underwent a major domino operation in London and, at the time, my condition was not thought to be cancerous“.
 
She continues: “The operation was successful, but tests carried out after the operation revealed the presence of cancer. My medical team therefore advised me to undergo preventive chemotherapy, and I am now in the early stages of this treatment. William and I have done everything in our power to manage this situation privately, in the best interests of our young family“.
 

Princess Kate explains that it has taken them some time to explain the situation to their children George, Charlotte and Louis. She concludes her message: “But for now, I need to focus on my full recovery. I am also thinking of all those whose lives have been affected by cancer. For anyone facing this disease in any form, don’t lose faith or hide. You are not alone.

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She underwent major abdominal surgery on January 16 at the London Clinic, where she was hospitalized for ten days. For weeks, rumors had been circulating about the princess’s state of health.
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Dragon Ball: a theme park inspired by Toriyama’s universe is coming soon!

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Dragon Ball: a theme park inspired by Toriyama’s universe is coming soon!, Magnate Daily
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Steph Deschamps / March 23,

 

The world’s first theme park inspired by the world of the famous Japanese manga and anime series Dragon Ball is to be built in a future leisure city in Saudi Arabia, the developer of this colossal project announced on Friday.
 
The planned opening date of this 500,000 m2 theme park was not specified, nor was its cost, as is usually the case for the Saudi kingdom’s tourism megaprojects.
 
Located in Qiddiya, near the capital Riyadh, the park will feature seven different zones from the Dragon Ball universe, around 30 attractions as well as hotels and restaurants, according to a press release from Qiddiya Investment Company, also issued by Japanese studio Toei Animation, producer of the franchise’s cartoons.
 
The death of Dragon Ball creator Akira Toriyama on March 1 at the age of 68 provoked a worldwide wave of emotion, reflecting the immense popularity of his work.

 
First published in 1984, Dragon Ball is one of the best-selling mangas of all time, and has spawned countless animated series, films and video games. It recounts the adventures of Son Goku, a young martial arts prodigy in search of seven crystal balls to help him and his allies protect the Earth from evil enemies.
 
The new town of Qiddiya is one of the pharaonic projects in Saudi Arabia’s “Vision 2030” program, designed to develop the country’s tourism industry and reduce its economy’s heavy dependence on hydrocarbons.
 
Qiddiya will eventually house several theme parks, sports facilities and cultural venues. Construction of the city began in 2019, but its completion date is not known.
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