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
Chuck Schumer Unveils Proposal to Strengthen Oversight of the U.S. Presidency
U.S. Senate Democratic Leader Chuck Schumer on Thursday announced legislation to establish a federal anti-corruption office aimed at strengthening oversight of the executive branch and preventing future presidents from using the White House for personal financial gain.
Schumer said the proposal was prompted by what he described as President Donald Trump’s misuse of the presidencyto benefit his family’s business interests.
“In just 18 months, the Trump family has made more than $4 billion by exploiting the influence of the presidency,” Schumer alleged.
The New York senator also argued that the alleged corruption has had direct economic consequences for American households.
“The same corrupt practices Trump is using to pocket billions of dollars are also forcing Americans to pay, on average, $3,100 more each year because of the rising cost of living,” he said.
The legislation was introduced alongside Democratic Senators Alex Padilla, Jeff Merkley, and Andy Kim.
According to Schumer, the bill has two primary objectives: “First, to return money to the American people. Second, to ensure that no one can ever steal from them again.”
He added that the proposal would create legal mechanisms allowing citizens to seek the recovery of funds allegedly obtained through government corruption.
“The fact that Trump stole money from the American people does not make it his. Americans deserve to get that money back,” Schumer said.
Under the proposed legislation, any U.S. citizen—as well as state attorneys general acting on behalf of their residents—would be authorized to file civil lawsuits to recover funds allegedly acquired through corrupt practices by public officials.
“Our bill would empower any individual, including a state attorney general acting on behalf of the people of that state, to bring legal action to recover money stolen from the public through government corruption,” Schumer said.
The measure is expected to face debate in Congress, where Republicans and Democrats remain deeply divided over executive accountability and the scope of presidential powers.
International
Trump Administration Urges Latin America to Increase Defense Spending Against Organized Crime
The administration of U.S. President Donald Trump on Wednesday urged Latin American countries to increase investment in defense and security to strengthen the fight against organized crime and drug trafficking networks.
The appeal was made by Elbridge Colby, the U.S. Under Secretary of Defense for Policy, in an article published by Americas Quarterly. Colby argued that governments across the region should assume greater responsibility for protecting their territories from transnational criminal organizations.
“It is essential that our neighbors in the region invest more in their own defense and security. There is no reason why any country, especially those facing significant narco-terrorist threats, should spend so little on defense,” Colby wrote.
The Pentagon official described it as “absurd” that some Latin American nations allocate less than 1% of their Gross Domestic Product (GDP) to defense, although he did not identify the countries. He contrasted that with NATO members in Europe, many of which are increasing defense expenditures to 3.5% of GDP, with an additional 1.5% devoted to security-related investments.
Colby, who participated earlier this month in the Conference of Defense Ministers of the Americas in Cusco, Peru, said there is “a historic opportunity” for the United States and its regional partners to strengthen cooperation against drug trafficking and other transnational threats.
He also defended the proposed Shield of the Americas, a military partnership promoted by the Trump administration to combat organized crime and supported by several conservative governments in the region. The initiative does not include Brazil or Mexico.
In addition, Colby said the administration’s security strategy includes an updated interpretation of the Monroe Doctrine, the long-standing U.S. foreign policy principle that historically viewed Latin America as part of Washington’s sphere of influence.
“Of course, we recognize that the Monroe Doctrine is controversial in many circles. But it is also frequently misunderstood,” he said.
According to Colby, the United States is not seeking “exploitation, subordination or dependence,” but rather a region characterized by greater prosperity, stability and security.
He also stated that Washington is prepared to use “all available resources,” including the U.S. Armed Forces, to combat drug trafficking and irregular migration. Colby highlighted ongoing counternarcotics operations in the Caribbean, despite criticism from human rights organizations that have questioned some missions over allegations of extrajudicial killings in international waters.
International
FAO and WFP Seek $42 Million to Prepare Southern Africa for Unprecedented El Niño
The Food and Agriculture Organization of the United Nations (FAO) and the World Food Programme (WFP) on Thursday appealed for $42 million to help vulnerable communities in southern Africa prepare for what is expected to be an unprecedented El Niño event.
The funding will enable humanitarian agencies to protect millions of people before worsening weather conditions severely affect agricultural production across the region.
Following a meeting with partners in Maputo, Mozambique, the two UN agencies said they still need to secure $42 million of the $54 million required to assist 2.3 million people in Madagascar, Malawi, Mozambique and Zimbabwe.
In a joint statement, FAO and WFP said the appeal marks the first time the two organizations have launched a large-scale, forward-looking call for anticipatory action, warning that insufficient funding could push the region’s most vulnerable families into a major food security crisis.
“The period before the main planting season is critical for taking action,” said José Luis Fernández, FAO Representative in Mozambique. He stressed that early intervention is both more effective and less costly than responding after crops have failed and productive assets have already been lost.
“With timely and flexible financing, we can help farmers access appropriate seeds and agricultural inputs, protect livestock and water resources, and sustain food production before reduced rainfall causes irreversible damage,” Fernández said.
Claire Conan, WFP Representative in Mozambique, emphasized that acting before disasters strike is more efficient and cost-effective than responding after communities have lost their livelihoods. She added that the agency is working closely with the Mozambican government to translate climate forecasts into preventive measures aimed at reducing the impact of droughts and floods.
The planned interventions include supporting farmers, strengthening food production systems and protecting the food security of the region’s most vulnerable households, with the goal of reducing the risk of widespread hunger.
El Niño is a recurring climate phenomenon characterized by unusually warm sea surface temperatures in the equatorial Pacific Ocean and changes in atmospheric circulation, disrupting weather patterns around the world. Its most recent episode, between 2023 and 2024, was associated with record global temperatures, severe droughts across southern Africa, Central America and northern South America, as well as destructive wildfires, torrential rainfall and widespread flooding.
-
International3 days agoU.S. and Iran Maintain Ceasefire as Trump Expresses Optimism Over New Talks
-
International3 days agoPolice Investigate After Remains of Five Newborns Found in French Apartment
-
International2 days agoFive Bodies Found in Ecuador as Police Probe Suspected Gang Turf War
-
International3 days agoPortuguese Authorities Seize 2.6 Tons of Cocaine Worth More Than $550 Million in Drug Bust
-
International2 days agoGeorgia Teen Sentenced to Life Without Parole for Deadly School Shooting
-
International4 days agoCosta Rica Seeks to Expand Extradition Law to Target Organized Crime
-
Central America2 days agoProsecutors Accuse Ex-Defense Minister of Undermining Press Freedom in Honduras
-
Central America4 days agoEU Urges Nicaragua to Hold Free and Transparent Elections Amid Proposed Electoral Reforms
-
International16 hours agoChuck Schumer Unveils Proposal to Strengthen Oversight of the U.S. Presidency
-
International4 days agoChina Accuses U.S. AI Firms of Using Chinese Models to Train Artificial Intelligence
-
International4 days agoThree Killed, Four Injured in Shooting Near Seattle’s Space Needle
-
International16 hours agoTrump Administration Urges Latin America to Increase Defense Spending Against Organized Crime
-
International16 hours agoFAO and WFP Seek $42 Million to Prepare Southern Africa for Unprecedented El Niño






























