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
Mexico Arrests CJNG Leader “El Jardinero” in Nayarit
Mexican authorities arrested Audias Flores, known as “El Jardinero,” on Monday during a naval operation in the western state of Nayarit, delivering another major blow to the Cártel Jalisco Nueva Generación (CJNG).
Flores was considered one of the top regional leaders within the cartel and had reportedly overseen criminal operations along Mexico’s Pacific coast. Security analysts viewed him as a potential successor to slain drug kingpin Nemesio Oseguera.
The arrest was carried out by Mexico’s Navy Special Forces in a planned operation, according to Security Minister Omar García Harfuch.
The United States Department of the Treasury had previously identified Flores as a “significant foreign narcotics trafficker,” while U.S. authorities offered a reward of up to $5 million for information leading to his capture and extradition.
A U.S. grand jury indicted Flores in 2021 on charges including conspiracy to distribute cocaine and heroin.
His capture comes months after the reported death of “El Mencho,” an operation that Mexican authorities considered a priority due to the cartel leader’s alleged involvement in a 2020 assassination attempt against García Harfuch.
International
Suspect Armed With Shotgun and Knives Detained at White House Correspondents Dinner
U.S. authorities confirmed Saturday that the suspect who stormed into the White House Correspondents’ Association Dinner while President Donald Trump was attending acted alone, adding that there is no ongoing threat to the public following the incident, which left one Secret Service agent injured.
Acting Metropolitan Police Department chief Jeff Carroll said during a press conference that the suspect was carrying “a shotgun, a handgun, and multiple knives” when he attempted to pass through a Secret Service security checkpoint inside the hotel lobby at approximately 8:36 p.m. local time.
“At this point, everything indicates that this was a lone actor, a lone gunman,” Carroll stated, adding that investigators have found no preliminary evidence suggesting the involvement of additional suspects.
During the exchange of gunfire inside the hotel corridors, the suspect was not struck by bullets but was subdued by law enforcement officers and later transported to a hospital for medical evaluation.
A member of the United States Secret Service Uniformed Division was shot during the incident, though the bullet was stopped by the officer’s ballistic vest, preventing serious injuries. The agent was taken to a hospital and is reportedly “in good spirits,” according to Carroll.
The shooting prompted the immediate evacuation of President Trump, Melania Trump, and several senior officials attending the event after multiple gunshots were heard outside the hotel’s main ballroom.
International
U.S. allows Venezuela to fund Maduro and Cilia Flores’ legal defense
Until now, the U.S. administration had blocked the Venezuelan government from covering the legal fees of Nicolás Maduro and his wife, Cilia Flores, who is also jailed and facing drug trafficking charges, due to international sanctions imposed on Venezuela.
The couple’s legal team had relied on that argument in an attempt to have the indictment dismissed, claiming that preventing a defendant from accessing counsel of their choice violates rights guaranteed under the Sixth Amendment of the U.S. Constitution.
However, the U.S. Treasury Department will now allow “defense attorneys to receive payments from the Government of Venezuela under certain conditions,” New York prosecutor Jay Clayton wrote in a letter dated Friday to Judge Alvin Hellerstein, who is overseeing the case.
According to the letter, the funds must have become available after March 5, 2026, and cannot come from Venezuelan oil sales regulated in the United States.
Since Maduro’s removal from power in early January, former Vice President Delcy Rodríguez has served as Venezuela’s interim leader.
The United States effectively controls Venezuelan crude exports, with revenues deposited into special accounts supervised by Washington.
Court documents filed on Friday show that the defense acknowledged the sanctions exemption and, for now, withdrew its motion seeking dismissal of the charges.
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