An oil embargo on Russia would affect the global economy in many ways. First, it would squeeze global markets. Second, it would reduce supplies to many countries, particularly the European Union, which relies on Russia for more than 30 percent of its oil supplies. Third, an oil embargo would force Europe to cut back on its consumption and imports, which would in turn push up prices and reduce global GDP.
If Russia is unable to pay its foreign debt, the next question is what comes next. The Russian government is expected to find alternative ways to pay its debt. While Russia's energy sales have buoyed the country's economy, it is unlikely to find it easy to avoid the financial institutions.
In a move that could hint at future annexation of Ukraine, Russian President Vladimir Putin has approved a fast-track citizenship path for citizens of the occupied Ukraine. The decree will allow people in eastern Zaporizhzhia and Kherson regions to get citizenship without having to take a language exam and other normal requirements.
The process of gaining EU membership can take several years. EU member countries must agree on a framework for negotiations and ratify the treaty after they're complete. Ukraine has asked for faster admission under a new "special procedure," but other European leaders have resisted. If Ukraine joins the EU, it will receive financial assistance to help it implement reforms and fulfill its obligations as a member.
If the US and NATO are prepared to shut down their skies over Ukraine, should they also open the land borders? This is the question that the US and Russia are grappling with in the present situation. As of this writing, there are no such agreements, but the United States has been providing Ukrainian officials with intelligence for the past week.
A recent European Central Bank survey showed that one in 10 euro zone households now owns crypto-as a form of digital currency. While many people support this type of currency, others question whether it is the right way for the ECB to regulate it. In the accompanying article, we examine the Legitimacy dilemmas and the politicization of the ECB.
A recent EU official warned that a corn shortage in Ukraine was imminent, but EU food production depends heavily on imports from Russia and Ukraine. This could disrupt supply chains throughout the world, affecting lower-income countries that rely on food imported from Ukraine. However, the EU has committed to help Ukraine by taking measures to ensure food security, and it is keen to do its part to support the EU's food exporting nation.
Ukrainian President Zelensky has called for intensified sanctions against Russia, including an oil embargo, the isolation of Russian banks from global financial systems, and a ban on trade with Moscow. He said maximum sanctions would make clear the immediate consequences of Russia's aggression.
The World Health Organisation is holding an emergency meeting to discuss the outbreak of monkeypox in Europe. The disease first occurred in monkeys, and is spread via close contact. It rarely spreads outside Africa. In Europe, there have been more than 100 cases of monkeypox reported. The outbreak has prompted the health ministry to order airports and ports to isolate sick passengers from those who have recently traveled to infected areas.
The EU and the U.S. have weighed in on the recent Russian halt in natural gas exports to Finland. The Russian company, Gazprom, said the cuts were due to a dispute over payments.
A 9 billion euro loan to Ukraine has been proposed by the European Commission, and lawyers are looking for ways to use frozen oligarchs' assets to help the country rebuild after the war. The European Commission is already considering weaning Europe off Russian energy and businesses, but it's unclear if this is enough.
Until now, the country has kept a low profile when it comes to its purchases of Russian oil. That has changed in recent months as China quietly increases purchases of low-priced Russian crude.
On May 18, a Russian official claimed that Moscow has developed a powerful new laser weapon prototype that could hit drones and satellites in Ukraine. But is the news true? Experts say it's hard to separate fact from fiction.
Olaf Scholz, the German Chancellor, defended Germany's response to the crisis in Ukraine, proposing an EU solidarity fund for the country to rebuild. While Russian President Vladimir Putin has not publicly announced plans to escalate the war in Ukraine, Germany's Scholz has proposed the EU establish a solidarity fund to help rebuild the country.
"I am shocked and appalled at the decision of Russia to expel diplomats from the European Union." said Italian Prime Minister Mario Draghi at a joint press conference with his Finnish counterpart, Sanna Marin. The Russian Foreign Ministry summoned Italian ambassador and issued an expulsion notice, saying the expulsion measure would "restrict diplomatic relations with the EU."
If prices are too high, people will spend as soon as they receive it. However, as prices climb, the value of the currency is at risk. People tend to spend as soon as they receive their money because they are afraid that prices will continue to rise.