Russia faces ‘economic oblivion’
Russian President Vladimir Putin attends a plenary session at the Strong Ideas for a New Time Forum held by the Agency for Strategic Initiatives (ASI) in Moscow, Russia on July 20, 2022.
Alexey Mashev | The Kremlin | Sputnik | via Reuters
Several economists said that Russia faces “economic forgetfulness” in the long run due to international sanctions and corporate flight.
Many see long-term costs to the Russian economy from the exit of foreign firms – which will damage productive capacity and capital and lead to a “brain drain” – along with the long-term loss of oil and gas markets and diminished access to critical imports for technology and inputs.
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– Elliot Smith
BP’s Gelsenkirchen plant no longer uses Russian crude
BP’s shares are up more than 20% since the start of the year.
soba pictures | Light Rocket | Getty Images
Mid-Two-Quarter Earnings Update TuesdayBP CEO Bernard Looney said the company’s refinery in Gelsenkirchen, Germany, no longer uses Russian crude, down from 50%.
The oil majors were one of several sectors that significantly reduced or reduced their exposure to Russia after its invasion of Ukraine.
Back in late February, BP announce It was offloading its 19.75% stake in the Russian-controlled oil company Rosneft.
– Matt Clinch
Blinken says the US is “extremely concerned” about Russia’s control of Ukraine’s nuclear facilities
US Secretary of State Anthony Blinken speaks at the 10th Annual Review of the Treaty on the Non-Proliferation of Nuclear Weapons at United Nations Headquarters on August 1, 2022 in New York City.
Spencer Platt | Getty Images
Secretary of State Anthony Blinken said the United States is “deeply concerned” about reports that Russian forces have seized nuclear facilities in Ukraine.
“There are credible reports, including in the media today, that Russia is using this plant as the equivalent of a human shield, but it is a nuclear shield in the sense that it is firing at Ukrainians around the plant,” Blinken told reporters at United. He added that this represented “the height of irresponsibility.”
“Of course, the Ukrainians cannot and will not respond, for fear of a terrible accident involving a nuclear plant,” he said.
Blinken said it was important to give the IAEA access to nuclear facilities in order to protect against an accident.
– Amanda Macias
Germany argues over nuclear shutdown amid gas supply concerns
Steam rises from the cooling tower of the Isar 2 nuclear power plant (NPP) in Essenbach, Germany.
Armin Weigl | Photo Alliance | Getty Images
Growing concern about the impact of a possible Russian gas moratorium is fueling debate in Germany over whether the country should shut down the last three nuclear power plants as planned at the end of this year.
The door to some kind of extension appeared to have opened a fissure after the Economy Ministry announced in mid-July a new “stress test” on the security of the electricity supply. It is supposed to take into account a more stringent scenario than the previous test, completed in May, which found supplies to be guaranteed.
Since then, Russia has reduced natural gas supplies through the Nord Stream 1 pipeline to Germany to 20% of capacity amid tensions over the war in Ukraine. She cited technical problems that Germany says are just an excuse to play on political power. Russia recently took in about a third of Germany’s gas supply, and there are fears that it may turn off the tap completely.
The main opposition bloc has increasingly made repeated demands to extend the life of nuclear plants. Similar calls were made by the smallest party in Chancellor Olaf Schultz’s coalition government, the pro-business Liberal Democrats.
– News agency
Macron tells Zelensky that Russia’s war crimes will not go unpunished
French President Emmanuel Macron said he supports a Russian oil price cap while speaking to the media on the third and final day of the G7 summit in Schloss Elmau on June 28, 2022 near Garmisch-Partenkirchen, Germany.
Sean Gallup | Getty Images News | Getty Images
French President Emmanuel Macron told Ukrainian President Volodymyr Zelensky in a phone call that war crimes committed by Russian forces “will not go unpunished.”
A source in the French presidential office wrote in a statement: “While war crimes are multiplying, the President of the Republic affirmed his support and resistance to the Ukrainian people, and announced his determination to ensure that these crimes do not go unpunished.”
During the call, Macron, the 36th exchange between the two leaders since the start of the Russian war in Ukraine, said France would send a team of forensic experts and a mobile DNA analysis laboratory to Ukraine.
– Amanda Macias
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