International
G7 to implement Russian oil price cap ‘urgently’
AFP | by Sebastien ASH
G7 industrialised powers vowed Friday to move urgently towards implementing a price cap on Russian oil imports in a bid to cut off a major source of funding for Moscow’s war in Ukraine.
The G7 said it was working towards a “broad coalition” of support for the measure but officials in France urged caution, saying a final decision could only be taken once all 27 members of the European Union had given their assent.
Households on the continent have borne the brunt of rising energy prices, with governments under pressure to alleviate the pain of the resulting high inflation.
“Russia is benefitting economically from the uncertainty on energy markets caused by the war and is making big profits from the export of oil and we want to counter that decisively,” German Finance Minister Christian Lindner said in a press conference after the move was announced.
The aim of the price cap on oil exports was to “stop an important source of financing for the war of aggression and contain the rise in global energy prices”, he added.
Ahead of Friday’s decision, Kremlin spokesman Dmitry Peskov sounded a clear warning.
The adoption of a price cap “will lead to a significant destabilisation of the oil markets,” and force American and European consumers to pay the price, he said.
And Russia’s Deputy Prime Minister Alexander Novak had warned on Thursday that Moscow would “simply not supply oil and petroleum products to companies or states that impose restrictions,” according to Russian news agencies.
‘Powerful tool’
At a summit in June, the G7 leaders agreed to work towards implementing the ceiling on crude sales.
In their statement, finance ministers from the G7 said they would “urgently work on the finalisation and implementation” of the long-considered measure, without specifying the cap level.
The price cap was “one of the most powerful tools we have to fight inflation and protect workers and businesses in the United States”, US Treasury Secretary Janet Yellen said in a statement Friday.
She said the measure already was beginning to influence prices, with countries that have not yet committed to join the cap able to negotiate lower prices from Russia.
“We’re already seeing this initiative pay off because countries that are buying Russian oil are signing deals with Russia to sell oil at greatly discounted prices,” Yellen said on MSNBC.
She said the capped price “will be set at a level that will continue to make it profitable for Russia to produce,” rather than follow through on Moscow’s threat to shut-in their oil and keep it off world markets.
The G7 move would block Russia from getting any kind of service, including maritime insurance, on its petroleum shipments unless the product is sold at or below the cap, she explained.
And Yellen noted that G7 countries provide the vast majority of such services, including maritime insurance, 90 percent of which come from Britain and the EU.
A senior US Treasury official told reporters that the cap would include three prices, one for crude oil and two for refined petroleum products.
The French finance ministry said technical work on the price cap was still in progress.
“It is clear that no final decision can be taken until we have consulted and obtained unanimous support from all 27 member states of the European Union,” it said.
“We support all measures that reduce the income that Russia derives from the sale of oil,” French Finance Minister Bruno Le Maire added.
EU Commissioner Paolo Gentiloni said the bloc aims to find a deal by December 5 for crude oil and February 5 for petroleum products.
‘Broad coalition’
The G7 also voiced ambition to extend the measure beyond the bloc, saying it was seeking to form a “broad coalition” of support for the oil price cap to “maximise” the effectiveness of the measure.
The ministers urged “all countries that still seek to import Russian oil and petroleum products to commit to doing so only at prices at or below the price cap”.
The push to get as many countries as possible to go along with the cap is expected to be a key topic for discussion by leaders at the G20 summit in Bali on November 15 and 16.
The initial cap would be set “at a level based on a range of technical inputs” the G7 ministers said, adding that its effectiveness would be “closely monitored”.
Analysts warned, however, that the cap may yet fuel another rise in prices.
The cap would introduce new risks for the oil market by “potentially disrupting Russian energy supplies”, Capital Economics analyst Liam Perch said in June. “This could push global energy prices up further.”
International
Costa Rica hails appointment of Japan’s first female Prime Minister, Takaichi Sanae
The Government of Costa Rica on Tuesday congratulated Japan on the appointment of Takaichi Sanae as the country’s first female prime minister and reaffirmed its commitment to strengthening bilateral relations in multiple areas.
“The Government of Costa Rica extends its warmest congratulations to the Government and people of Japan on the election of Prime Minister Takaichi Sanae. Costa Rica celebrates this decision, made by the Japanese Parliament, which for the first time places a woman in such a high office,” the Costa Rican Foreign Ministry said in an official statement.
Costa Rica also reiterated its “strong commitment to further strengthening the traditional bonds of friendship and cooperation between both nations,” and to promoting joint initiatives “based on mutual respect, multilateralism, and shared democratic values.”
The statement also conveyed Costa Rica’s “best wishes for success” to Prime Minister Takaichi and expressed its “hopes for the well-being and prosperity of the Japanese people.”
Takaichi officially became Japan’s first female head of government on Tuesday after winning a parliamentary vote to succeed Shigeru Ishiba, who resigned in September following poor electoral results during his little more than a year in office.
International
Colombian court overturns ex-president Uribe’s conviction for witness tampering
Colombia’s judiciary overturned on Tuesday a conviction against former President Álvaro Uribe for witness tamperingin a case linked to his alleged ties with anti-guerrilla paramilitary groups.
The 73-year-old right-wing leader had become in August the first Colombian ex-president to be criminally convictedand sentenced to 12 years of house arrest for bribery and procedural fraud, following a first-instance ruling that his defense immediately appealed.
However, a judge from the Bogotá Superior Court annulled the conviction, ruling that there was insufficient evidenceto incriminate Uribe. The court also deemed the wiretaps used as evidence illegal and pointed to methodological flaws in the original ruling.
Leftist Senator Iván Cepeda, who filed the complaint against Uribe, announced he will file an appeal in cassation before the Supreme Court of Justice. Speaking at a press conference, Cepeda said he received the decision with “calm and respect,” though he disagreed with it.
After a six-hour reading of the verdict, the hearing concluded with Uribe attending virtually.
Uribe, who governed from 2002 to 2010, spent about 20 days under house arrest before being released on a previous court decision—the same court that has now overturned his conviction.
International
Venezuela accuses U.S. of using anti-drug operations as pretext to target Maduro
Venezuelan Defense Minister Vladimir Padrino criticized on Tuesday what he described as the greater lethality of U.S. anti-drug operations in the Caribbean compared to those in the Pacific, where most drug trafficking routes are concentrated.
Venezuela maintains that the real goal of the U.S. military deployment in the region is to oust President Nicolás Maduro, rather than to combat drug trafficking as claimed by the White House.
Since September, the United States has reported seven attacks in the Caribbean against vessels allegedly linked to Venezuelan drug trafficking. President Donald Trump himself has shared videos of airstrikes on speedboats, with at least 32 people killed in these operations.
“The interdictions carried out in the Pacific do not receive the same treatment as those here in the Caribbean Sea,” Padrino said during a state television broadcast. “What is the real purpose behind this U.S. air and naval deployment in the Caribbean? Is it really about drug trafficking?” he asked.
Venezuelan authorities argue that only 5% of the drugs produced in Colombia leave through Venezuelan territorytoward the Caribbean, claiming that most shipments travel through the Pacific on their way to the United States.
The government also reports an increase in domestic anti-drug operations, showcased by state media, involving the destruction of clandestine airstrips and laboratories, and the seizure of boats, vehicles, and weapons, as well as the shooting down of aircraft allegedly used by traffickers.
On Tuesday, Padrino presented a report on several of these operations alongside the military commanders who led them.
Costa Rica hails appointment of Japan’s first female Prime Minister, Takaichi Sanae
Colombian court overturns ex-president Uribe’s conviction for witness tampering
Venezuela accuses U.S. of using anti-drug operations as pretext to target Maduro
Tec de Monterrey honors one of its students for his contribution to nanotechnology in medicine
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