₦airaland Forum

Igbofam2:
Putin has clearly bitten off more than he can chew.

EU is ramping up the punishment and there is no going back anymore

babyboy4every1:
Why don't you put total embargo and see whio feels the heat the most. Mumu people. USA dey push unna anyhow. Winter is here already.

whitebeard:
um incase u don't quiet understand the whole thing..um america that pushed ukraine to war are making the EU pay for the way by selling expensive oil to them, in the end america has the most to gain from the war. Even if they sacrifice the EU.

African Union warns of ‘collateral impact’ as EU’s Russia sanctions hit food supplies
Developing nations say ban on Swift payment system for Russian banks impedes purchases of grain and fertiliser



African Union warns of ‘collateral impact’ as EU’s Russia sanctions hit food supplies
Developing nations say ban on Swift payment system for Russian banks impedes purchases of grain and fertiliser



Western sanctions on Russian banks have made it difficult or impossible for African countries to buy grain from Russia to help solve a global food crisis triggered by the invasion of Ukraine, the head of the African Union has told EU leaders.

Macky Sall, Senegal’s president, made the complaint by videoconference at an EU summit on Tuesday, the latest sign of concern in developing countries about the economic and humanitarian impact of the Ukraine war and the surge in energy and food prices that has been exacerbated by sanctions aimed at Moscow.

“Our countries are very worried about the collateral impact of the disruptions caused by blocking the Swift payment system as a result of sanctions,” Sall said. He was speaking after the EU endorsed a sixth package of sanctions that will curb 90 per cent of Russian oil imports to the EU and added Sberbank to the list of Russian banks excluded from the Swift messaging system for financial transfers.

“When the Swift system is disrupted, it means that even if produce exists, payment for it becomes difficult or even impossible,” Sall said. “I would like to insist that this question be examined as soon as possible by our relevant ministers to find suitable solutions.” 

Russia and Ukraine are among the world’s biggest grain exporters, and about 20mn tonnes of wheat are stranded and awaiting shipment from the Black Sea port of Odesa because of a Russian naval blockade of the Ukrainian coast.

Faced with complaints by Sall and other African governments about the difficulties of importing grain and fertiliser from Russia, EU leaders have laid the blame squarely on Russian president Vladimir Putin while simultaneously trying to arrange the export of Ukrainian wheat stocks by sea or overland.

“The fact that there is a severe food crisis developing is only the fault of Russia’s unjustified war,” European Commission president Ursula von der Leyen said at the conclusion of the summit, noting that there were no EU sanctions on Russian exports of food or fertiliser.

Olaf Scholz, German chancellor, said: “There are many stories that are a distraction from Russia’s war in Ukraine — we shouldn’t accept that.” Last week a senior French official said it was important to “deconstruct” the Russian narrative that it was the retaliatory sanctions rather than the invasion itself that lay behind the growing international food crisis.

But Scholz acknowledged that there were some issues with payments for fertilisers and an EU official said that there was a “glitch” in the sanctions regime given the difficulty of paying for produce that was not supposed to be affected by the EU’s measures against Moscow.

In much of Africa, the Ukraine war threatens not only to increase food prices but also to push the cost of fertiliser beyond the means of millions of farmers, threatening next year’s harvest. “Eastern African countries are fully dependent on fertiliser imports and the rising fertiliser costs are expected to have severe implications of food availability and prices,” the UN said.

A senior Ethiopian official has argued that the war in Ukraine and Swift sanctions on Russia — which make it hard to pay for Russian grain and fertilisers — are “bringing significant shocks” to the economies of east Africa, as inflation spiked.

President Emmanuel Macron of France, which holds the rotating presidency of the EU, said he hoped that in the coming days and weeks an agreement with Russia could be found for Ukrainian food exports, saying that recent talks between the Russian and Turkish presidents on the matter were a “positive sign”.

Additional reporting by Valentina Pop and Javier Espinoza in Brussels and Andres Schipani in Nairobi

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https://www.ft.com/content/e558de33-6064-4b10-a784-eb344cb17915

OneKinGuy:
India and China is, already buying alot of Oil from Russian ever since the war began and sooner of later, Germany will need to power its Economy machine and they will go back to Russian gas.

babyboy4every1:
Why don't you put total embargo and see whio feels the heat the most. Mumu people. USA dey push unna anyhow. Winter is here already.

quentin06:
Plan to stop use of combustion engines implemented.

nedekid:
Shebi winter season will soon come. Let's see how they will cope without Russian oil and Gas.

pansophist:
The thing about sanctions is that it help to strengthen the independence and self-reliance of the sanctioned. From small countries like Cuba, North Korea, Syria, to huge powerhouse like Russia and China. The west believe so much in their sanctions but it just doesn't work.

nedekid:
And what is the alternative to combustion engines?

KillerCrocodile:
Breakingviews: Oil embargo will hurt Putin more than EU

After some hesitation, the European Union has decided to ban most Russian oil imports.

Replacing Urals crude with more expensive Brent will swell the bloc’s already red-hot energy bill. Still, the move will shrink Moscow’s most lucrative export revenue source and help stunt Vladimir Putin’s war machine.

The bloc’s new sanctions package, due to be formalised by EU leaders later on Tuesday, envisages an immediate ban on 75% of Europe’s imports of Russian crude.

This will rise to 90% by year end. The partial embargo is intended to allow naysayer Hungary and other landlocked countries to continue to import Russian oil via pipeline.

The uneven implementation of Europe’s most powerful sanctions tool is an eyesore. It will also result in a higher energy bill for already strained consumers.

The EU has been importing between 3 and 3.7 million barrels of Russian Urals oil per day, says Rystad Energy. Replacing 75% of that with $120-a-barrel Brent would imply an extra cost of at least $2 billion a month.

Yet the embargo is still significant. Russian exports of crude oil and condensate amounted to $110 billion, more than a fifth of Moscow’s entire commodity export proceeds in 2021.

Even though oil can be more easily shipped elsewhere than gas, Russia will struggle to fully replace those lost EU exports.

India has been buying record amounts of discounted Russian crude, but is already running its refineries above their official capacity, RBC analysts say.

China has yet to ramp up imports, but its economy is less buoyant following extensive Covid lockdowns. And the EU embargo will discourage non-Russian tankers from transporting Moscow’s crude.

Russia could earn at least $8.1 billion per month by exporting 3 million barrels per day to the EU at current Urals crude prices.

Rystad analysts say Moscow may be able to reroute at best 1 million of the barrels previously destined for the EU, implying that exports of 3 million barrels will quickly shrink to just 1.75 million barrels.

That means lost revenue of at least $3.4 billion per month in the initial phase of the embargo, or just over 40% of Moscow’s estimated monthly proceeds from EU exports, Breakingviews calculations show.

That loss could rise to at least $4.5 billion a month once the full EU ban kicks in. The EU oil embargo will hurt Russia more than Europe.

https://www.reuters.com/breakingviews/oil-embargo-will-hurt-putin-more-than-eu-2022-05-31/

Yankee101:
Oil prices going up but nothing is being paid into Nigeria’s accounts

There was IBB’s gulf windfall
This is buhari’s Russian windfall


Either buhari is a big thief or his appointees are
Or most sadly, both. But probe this nonsense after he leaves office

gambojimeta:
Would you like to live in North Korea or live in Syria.

Igbofam2:
Lmao the fact that you actually think you know more than they do about their country and their back up systems is just plain laughable and stupid.

Kelvin3476:
AND U THING U ARE WISE LIKE THIS ?