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
Climate-driven rains trigger one of Indonesia’s deadliest flood emergencies in years
A torrential monsoon season, compounded by two unusual tropical cyclones, has triggered intense rainfall in several regions since last week, including southern Thailand, northern Malaysia, and large parts of Indonesia.
Climate change has recently intensified rainfall patterns, as a warmer atmosphere is able to hold more moisture. In Indonesia, desperation is growing among those affected by the disaster due to the slow pace of rescue operations and the distribution of humanitarian aid.
Relief agencies warned that the scale of the emergency is nearly unprecedented, even for a country accustomed to frequent natural disasters.
Across the island of Sumatra, the death toll was revised downward to 770 fatalities and at least 463 people still missing as of Wednesday night. Earlier, the national disaster management agency had reported 804 deaths.
Gathering accurate information on the ground remains difficult, as many regions are still cut off due to flood damage, widespread power outages, communication failures, or a combination of all three.
International
Russian authorities ban Roblox citing child safety and moral concerns
Russia has blocked access to the U.S.-owned game creation platform Roblox, accusing it of distributing extremist materials and what authorities described as “LGBT propaganda,” state media reported on Wednesday.
The country has repeatedly threatened to ban certain foreign digital platforms, a move that human rights organizations view as part of broader efforts by authorities to tighten control over internet use.
In a statement released through Russian news agencies, the federal communications watchdog Roskomnadzor accused Roblox of hosting “inappropriate content that can negatively affect the spiritual and moral development of children.”
“The game exposes minors to sexual harassment, tricks them into sharing intimate photos, and encourages them to commit acts of depravity and violence,” the regulator claimed.
Last week, the same agency also threatened to ban WhatsApp, the country’s second most widely used messaging app, accusing it of failing to prevent criminal activity.
Roblox, which is owned by the U.S.-based Roblox Corporation, did not immediately respond to a request for comment.
According to company data for 2024, the platform has around 100 million daily users worldwide, nearly 40% of whom are under the age of 13.
Other countries, including Qatar, Iraq and Turkey, have also restricted or banned Roblox, mainly over concerns about the safety of underage users. In the United States, the states of Texas and Louisiana have filed lawsuits against the platform on similar grounds.
International
El Chapo’s son Joaquín Guzmán López pleads guilty to U.S. drug trafficking charges
Joaquín Guzmán López, one of the sons of notorious Mexican drug lord Joaquín “El Chapo” Guzmán, pleaded guilty on Monday to drug trafficking charges in a U.S. court, months after his brother Ovidio reached a similar plea agreement, according to local media reports.
The defendant appeared before a federal court in Chicago early Monday afternoon and changed his previous plea in the case, the Chicago Tribune reported. U.S. authorities accuse him of forming, together with his three brothers, the cartel faction known as “Los Chapitos.”
The group is believed to have continued the operations of El Chapo, who has been serving a life sentence in the United States since 2019.
Guzmán López, 39, was arrested after landing in Texas in a small aircraft alongside cartel co-founder Ismael “El Mayo” Zambada.
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