Russia faces ‘economic oblivion’
Russian President Vladimir Putin attends a plenary session at the Strong Ideas for a New Time forum, held by Agency for Strategic Initiatives (ASI) in Moscow, Russia on July 20, 2022.
Alexey Maishev | Kremlin | Sputnik | via Reuters
Russia faces long-term “economic oblivion” due to international sanctions and corporate flight, several economists have said.
Many see long-term costs to the Russian economy from the exit of foreign companies – which will erode production capacity and capital and result in a “brain drain” – along with the long-term loss of its oil and gas markets and reduced access. to critical input of technology and inputs.
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BP’s Gelsenkirchen plant no longer uses Russian crude
Shares of BP are up more than 20% this year.
Sopa images | Light rocket | Getty Images
During Tuesday’s second-quarter update, Bernard Looney, CEO of BP, said the company’s refinery in Gelsenkirchen, Germany, no longer uses Russian crude, a 50% drop.
Oil majors are one of several sectors that have reduced or significantly reduced their exposure to Russia after the invasion of Ukraine.
In late February, BP announced it was selling its 19.75% stake in Rosneft, a Russian-controlled oil company.
— Matt Clinch
US ‘deeply concerned’ over Russian control of Ukrainian nuclear facilities, says Blinken
US Secretary of State Antony Blinken speaks at the 10th Annual Nuclear Non-Proliferation Treaty Review at UN Headquarters on August 1, 2022 in New York City.
Spencer Platt | Getty Images
Secretary of State Antony Blinken said the US is “deeply concerned” about reports that Russian forces have taken over nuclear facilities in Ukraine.
“There are credible reports, including in the media today, that Russia is using this factory as the equivalent of a human shield, but a nuclear shield in the sense that it is firing at Ukrainians from across the factory,” Blinken told reporters for the United States. Nations, adding that this was “the height of irresponsibility.”
“And of course the Ukrainians cannot and will not fire back, otherwise a terrible accident would happen to a nuclear power plant,” he said.
Blinken said it is important for the International Atomic Energy Agency to have access to nuclear facilities to protect itself against an accident.
— Amanda Macias
Germany debates nuclear shutdown amid gas supply concerns
Steam rises from the cooling tower of the nuclear power plant (NPP) Isar 2 in Essenbach Germany.
Armin Weigel | Image Alliance | Getty Images
Growing concerns about the impact of a potential Russian gas shutdown are fueling debate in Germany over whether the country should shut down its last three nuclear power plants as planned by the end of this year.
The door to some sort of expansion seemed to be ajar after the Ministry of Economic Affairs announced a new “stress test” on the security of the electricity supply in mid-July. It is assumed that a more difficult scenario is being considered than a previous test, which concluded in May, which showed that the stocks were insured.
Since then, Russia has cut natural gas supplies to Germany through the Nord Stream 1 pipeline to 20% capacity amid tensions over the war in Ukraine. It cited technical problems that Germany believes are just an excuse for a political power play. Russia recently accounted for about a third of Germany’s gas supply and there are concerns that it may turn the tap completely off.
The Union’s largest opposition bloc has increasingly called for an extension of the life of nuclear power plants. Similar calls come from the smallest party in Chancellor Olaf Scholz’s coalition government, the pro-business Free Democrats.
— Associated Press
Macron tells Zelenskyy that Russian war crimes will not go unpunished
French President Emmanuel Macron says he is in favor of a price cap for Russian oil as he addresses media on the third and final day of the G7 summit at 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 Zelenskyy in a telephone conversation that war crimes committed by Russian troops “will not go unpunished”.
“As war crimes mount, the President of the Republic has reaffirmed his support for the Ukrainian people and their resistance and expressed his determination to ensure that these crimes do not go unpunished,” a French presidential source wrote in a readout of the appeal. .
During the call, the 36th exchange between the two leaders since Russia’s war in Ukraine began, Macron said France would send a team of forensic experts and a mobile DNA analysis lab to Ukraine.
— Amanda Macias