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
Brésil : 11 morts et 45 blessés dans un violent accident entre un bus et un camion
Onze personnes ont perdu la vie et quarante-cinq autres ont été blessées lors d’une collision frontale entre un camion de marchandises et un autobus dans le centre-ouest du Brésil, ont annoncé les autorités ce samedi.
L’accident s’est produit vendredi à 21h40, heure locale, sur la route BR-163, près de la localité de Lucas do Rio Verde, dans l’État du Mato Grosso.
Selon la Police routière fédérale (PRF), un autobus reliant la capitale de l’État, Cuiabá, à Sinop est entré en collision frontale avec un camion transportant des graines de coton.
« L’accident a fait 11 morts », a indiqué la PRF dans un communiqué, précisant qu’une enquête est en cours pour déterminer les causes du drame.
Les blessés ont été transportés vers des hôpitaux de la région : 11 sont dans un état grave, 26 présentent des blessures modérées et 8 sont légèrement touchés, selon la police routière.
Le conducteur du camion a subi des blessures modérées.
La société de transport Rio Novo, propriétaire de l’autobus, a confirmé l’accident.
« Notre priorité est de prendre soin des victimes et de leurs familles », a déclaré l’entreprise dans un message publié sur les réseaux sociaux.
Les accidents mortels sont fréquents sur les routes brésiliennes, un pays aux dimensions continentales.
Dimanche dernier, huit personnes avaient trouvé la mort dans une collision impliquant deux voitures et une moto dans l’État de Minas Gerais (sud-est).
En mai, une collision frontale entre une minifourgonnette et un camion avait fait neuf morts et dix blessés, également dans le Minas Gerais.
International
U.S. doubles bounty on Venezuela’s Nicolás Maduro to $50 million
In February, the United States designated eight Latin American criminal organizations as “global terrorist” groups, including Mexico’s Sinaloa Cartel, Venezuela’s Tren de Aragua, and the MS-13 gang. In July, it added the Cartel of the Suns to the list — a group Washington claims is led by Venezuelan President Nicolás Maduro.
Last Thursday, U.S. President Donald Trump’s administration doubled the reward for information leading to Maduro’s arrest, raising it from $25 million to $50 million, U.S. Attorney General Pam Bondi announced on social media platform X.
U.S. Secretary of State Marco Rubio explained that labeling the Cartel of the Suns as a terrorist organization allows for a strategic shift in dealing with the Venezuelan regime, as it is now also considered a direct threat to U.S. national security, according to El Espectador.
In an interview with The World Over on EWTN, Rubio said the designation enables the U.S. to “use intelligence agencies, the Department of Defense, or any other element of American power to go after them.” He stressed this is no longer just a law enforcement matter, but a national security operation.
When asked at the White House whether he believes it is worth sending the military to combat Latin American drug cartels, Trump responded:
“Latin America has many cartels, a lot of drug trafficking, so, you know, we want to protect our country. We have to protect it.”
International
Three injured in early-morning New York City shooting
A shooting in New York City early Saturday morning left three people injured, a police spokesperson told AFP.
The incident occurred at around 1:20 a.m. local time (05:20 GMT) following a dispute. An 18-year-old woman sustained a scratch to the neck, while a 19-year-old man and a 65-year-old man were injured in the lower limbs.
The victims were taken to Bellevue Hospital, where they were reported to be in stable condition.
The alleged shooter was taken into custody at the scene, and a firearm was recovered. As of now, the suspect has not been formally charged.
Videos circulating on social media show scenes of panic among the crowd, though AFP has not been able to verify their authenticity. The incident comes just weeks after another shooting in a Manhattan skyscraper that left four people injured before the gunman took his own life.
Honduras : l’ONU appelle à garantir les droits territoriaux des peuples autochtones
Brésil : 11 morts et 45 blessés dans un violent accident entre un bus et un camion
U.S. doubles bounty on Venezuela’s Nicolás Maduro to $50 million
Tec de Monterrey honors one of its students for his contribution to nanotechnology in medicine
Defense Minister commends salvadoran soldier for Central American Cross Country victory
Extension of the state of emergency approved in southern Chile
-
International3 days agoMassive wildfire in Southern France kills one, injures nine
-
International3 days agoFlorida officials warn against raw milk after dozens sickened
-
Central America3 days agoFour honduran presidential candidates sign anti-corruption pact ahead of 2025 elections
-
International5 days agoU.S. Embassy staff restricted as gunfire erupts near compound in Port-au-Prince
-
International5 days ago
Uribe requests freedom amid appeal of historic bribery conviction
-
Central America18 hours agoNicaragua’s Telica volcano erupts four times, no damages reported
-
International3 days agoJapan marks 80 years since Hiroshima bombing with call for nuclear disarmament
-
International19 hours agoOver 240 guatemalans detained at Florida’s Alligator Alcatraz await deportation
-
International19 hours agoMaría Corina Machado thanks OAS allies for condemning Venezuela’s growing repression
-
International19 hours agoColombian President Gustavo Petro announces talks with clan del Golfo outside country
-
International2 hours agoThree injured in early-morning New York City shooting
-
Central America1 hour agoHonduras : l’ONU appelle à garantir les droits territoriaux des peuples autochtones
-
International2 hours agoBrésil : 11 morts et 45 blessés dans un violent accident entre un bus et un camion
-
International2 hours agoU.S. doubles bounty on Venezuela’s Nicolás Maduro to $50 million