Six European Countries Call for Lower Russian Oil Price Cap to Restrict Moscow’s Revenue
Six European Union countries, including Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia,
have urged the EU Commission to lower the price cap on Russian oil exports.
In a letter sent on Monday,
these countries emphasized that reducing the price cap is a vital step in undermining
Moscow’s ability to finance its military operations in Ukraine.
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Russia
The G7 has imposed a price cap of $60 per barrel on Russian oil,
along with additional limits on refined products such as $100 for diesel and gasoline and $45 for fuel oil.
However, Russian oil prices have remained below these levels in recent years.
The countries that signed the letter stated that with the war ongoing, it is time to tighten sanctions and further lower the price cap.
This comes after the United States imposed new sanctions targeting two of Russia’s largest oil companies
and 183 tankers from its shadow fleet.
China
New Loans in China Reach 3-Month High in December
Data from the People’s Bank of China on Friday showed a significant increase in new yuan-denominated loans in December,
surpassing market expectations.
New loans reached ¥990 billion, compared to the forecasted ¥890 billion,
and marked a sharp rise from November’s ¥580 billion.
This data reflects growing consumer and business confidence in the financial outlook,
as borrowing activity tends to rise when individuals and companies feel optimistic about spending,
directly supporting economic growth.
Additionally, the broad money supply (M2) grew by 7.3% year-on-year in December,
in line with expectations and exceeding November’s 7.1% growth.
Trump
Canada Warns of Retaliation Over Trump’s Tariff Plans
Canada’s ambassador to the United States, Kirsten Hillman,
warned that any additional tariffs planned by President-elect Donald Trump on
Canadian products would be met with reciprocal measures.
However, she affirmed that Canada prefers cooperation over escalation.
In an interview with Bloomberg, Hillman noted that such tariffs would be costly for the U.S. economy,
as they could drive American companies to seek alternative suppliers from countries like Russia and China.
She added that while Canada is prepared to respond, it hopes to avoid escalating tensions.
Trump has threatened to impose a 25% tariff on all imports from Canada and Mexico unless they address border security issues
with the U.S. He also proposed the controversial idea of annexing Canada as the “51st state” of America.
In response, Hillman dismissed the annexation idea as unserious and merely a negotiation tactic.
She reiterated Canada’s willingness to enhance trade cooperation, including increasing imports of U.S. products like submarines.
Six European Countries Call for Lower Russian Oil Price Cap