Gas prices at the pump hit $4 a gallon in every state for the first time Monday, according to the American Automobile Association (AAA). This is mainly due to languishing refinery capacity across the US, dwindling fuel stockpiles, and robust demand for gas ahead of the summer driving season, Zero Hedge reports.
Sri Lanka has only enough petrol for one day and urgently needs $75 million in foreign exchange to pay for essential imports within the next couple of days, the country’s new prime minister said on Monday, according to The Epoch Times.
The Governor of the Bank of England Andrew Bailey told a committee of Parliament on Monday that Russia’s war on Ukraine is leading to an “apocalyptic” food shortage. Due to the war, Ukraine’s major global grain supplier can’t export, Bailey said.
Last week, Italian League party leader Matteo Salvini warned the looming food shortages due to the war could cause as many as 20 million people from Africa to migrate to Europe.
The EU plans to put forward its sixth package of sanctions on Russia.
Hungary is objecting to the oil sanctions, and they might be taken out. Germany, in particular, but also the entire EU, relies on Russia for 40-50% of their oil. An oil embargo appears to be suicidal. Hungary’s Viktor Orban is saving them from themselves.
Originally, in the first package of sanctions, Germany put through a food and grain embargo. Prices are skyrocketing and they now have food shortages.
The EU Times reports German Foreign Minister Annalena Baerbock claimed on Saturday that Russia is causing world hunger. This was after a G7 meeting.
“Russia made a conscious decision to turn the war against Ukraine into a ‘grain war,’” the German minister stated.
”There is a threat of brutal hunger,” she said.
“We must not be naive about this,” Baerbock warned. “It’s not collateral damage, it’s a perfectly deliberate instrument in a hybrid war that is currently being waged.”
She said the countries of the G7 wanted to look for alternative ways of delivering grain from Ukraine to the world. Well, they’d better get to it.
RUSSIA DID IT ALONE?
Earlier in the week, the US State Department tweeted: “While Ukraine used to export up to five million tons of grain per month, shipments have all but stopped due to the Kremlin’s blockade of Ukrainian ports.” Washington claimed that such actions put “millions at risk of famine.”
Russia points to the sanctions as the cause.
All we see is world hunger and devastation.
SEIZING RUSSIA’S ASSETS
German Finance Minister Christian Lindner told the business daily Handelsblatt that he was open to the idea of seizing Russian state assets to finance the reconstruction of Ukraine. Linder also called for assessing the legal possibilities for seizing the foreign assets of the Russian Central Bank.
The potential confiscation of Russian assets abroad could lead to the collapse of the international system of political economy. That is according to the Financial Times reported on Tuesday.
An outright seizure of Moscow’s wealth would be viewed as crossing a political Rubicon, Simon Hinrichsen said. He is a visiting fellow at the London School of Economics.
Russia called it blatant, outright theft.
Reuters three reasons to not do it:
To begin with, the move would deprive Western powers of a key source of leverage over Russia when negotiating a truce...
Once seized, the reserves would also be open to claims from individuals or organizations alleging they have been wronged by Moscow…
Finally, confiscating the reserves would imply that Europe and the United States have given up hope of a future Russia ever rejoining the international system…
We think Russia has a huge nuclear arsenal. If they feel they are facing an existential threat, they’ll possibly use them. The US and EU just keep escalating to overturn the Russian government. And Russia keeps seizing land in Ukraine and destroying its infrastructure. We are back to assuming the position of policemen of the world. At the same time, the economy, hunger, and everything vital to survival are in the crosshairs.
Do you think Joe Biden has a clue as to what’s going on?