🔹The US 🇺🇸Sanctions Coordinator, said that they expect Türkiye 🇹🇷to comply with sanctions against Russia 🇷🇺, & that the US can impose embargoes to stop Türkiye's violations.

🔹The EU 🇪🇺 has also chastised Türkiye 🇹🇷 for not sanctioning Russia. The Turkish President responded to top EU diplomat J. Borrell’s call for Türkiye to sanction Russia by saying the EU politician has no authority over relations between Moscow & Ankara.

🔹Turkish President Erdogan has attended the first trilateral summit with Azerbaijan 🇦🇿 & Turkmenistan 🇹🇲.

🔹Many Turks believe, that if Turkiye does not join the anti-Russian sanctions, this will have a positive impact on the country’s economy.

Last reported on this channel:

💠 West blames Türkiye 🇹🇷 over disruption of oil shipments from the Black Sea.

💠 President Putin proposed building a major gas hub in Türkiye.

💠 Russia 🇷🇺 resumes Black Sea grain deal after Türkiye's 🇹🇷 guarantees.

Video courtesy TRT World

🔹The euro 💶 area countries annual inflation rate was 10.1% in Nov. 2022, down from 10.6% in Oct. It's was 4.9% in Nov. 2021.

🔹The EU 🇪🇺member countries annual inflation rate was 11.1% in Nov. 2022, down from 11.5.6% in Oct. It's was 5.2% in Nov. 2021.

🔹The highest annual rates were recorded in Hungary 🇭🇺 (23.1%), Latvia 🇱🇹 (21.7%), Estonia 🇪🇪 & Lithuania 🇱🇺(both 21.4%).

🔹In November, the highest contribution to the annual euro area inflation rate came from energy (+3.82 percentage
points, pp), followed by food, alcohol & tobacco (+2.84 pp), services (+1.76 pp) and non-energy industrial goods
(+1.63 pp).

🔹Britain’s 🇬🇧 largest North Sea oil producer, Harbour Energy, is refusing to bid for new UK oil 🛢& gas wells. It is reviewing its investments & company-wide capital allocation.

🔹The UK Chancellor recently hiked taxes 📈 on energy firm profits to 35% from 25%. This would send the oil & gas sector’s effective tax rate on UK profits rise to 75%. The extra windfall tax could be extended to 2028.

🔹Shell 🇬🇧🇳🇱 is reviewing plans to invest £25bn in Britain’s energy system after the windfall taxes policy. The UK Chancellor’s statement is forcing Shell to re-examine a slew of projects in the pipeline.

🔹French 🇫🇷 oil giant Total Energies has become the first major North Sea operator to cut investment as a direct result of the windfall tax. Total will reduce 📉 planned spending on new wells by 25% in 2023 as the levy forces drilling businesses to reexamine their plans.

Video courtesy GB News

🔹Germany 🇩🇪 & Poland 🇵🇱 have agreed to Poland supplying enough crude for Germany's PCK Schwedt refinery (confiscated from Russia's Rosneft) to run at a capacity of 70% from January.

🔹Supply to be imported through the German port of Rostock 🚢 & Poland (re-sold Kazakh oil).

🔹PCK Schwedt refinery is supplied via the Druzhba oil 🛢 pipeline (exempt from sanctions) from Russia. Poland is seeking German support to slap EU 🇪🇺 sanctions on the Polish-German section of the Druzhba pipeline. Sanctions will allow Polish refiner PKN Orlen to break the contract & not pay any penalties to Russia 🇷🇺.

🔹However, sanctions will starve those receiving from the southern section of the pipeline mainly Hungary 🇭🇺, Slovakia 🇸🇰 & the Czech Republic 🇨🇿.

🔹Rosneft protested against the refinery seizure calling it illegal & saying it amounts to an expropriation of equity assets in which it had invested €4.6bn in refining capacity. The 3 refineries ran by Rosneft provide 12% of Germany’s total refining capacity

🔹UK 🇬🇧 - Civil Service forecasters/MET Office blamed for underestimating the scale of the winter chill resulting in poor planning & now the prospect of rolling power cuts. Emergency plans have been drawn up to impose power cuts between different peak times & days, if the electricity💡grid overloads.

🔹The UK is encouraging consumers to scale back demand for power & natural gas, such as lowering the temperature on home boilers.

🔹ONS data indicates that 63% of British adults were using less gas & electricity 🔌 because of increases in the cost of living.

🔹UK 🇬🇧 PM has scrapped plans to strike several long-term deals with foreign gas suppliers. He claims it did not make sense to lock taxpayers into long-term contracts at high prices.

🔹The UK has approved the development of its 1st new coal mine in 30 years It will take 2 years to construct & cost $201 million. Almost 50% of the coal used in UK steel production traditionally comes from Russia 🇷🇺, & now under sanctions.

Video courtesy GB News

🔹Matterhorn Asset Management 🇨🇭:
$300 trillion of global debt & $2 quadrillion of quasi debt in the form of derivatives can only end in currencies going to 0 & sovereign borrowers defaulting. Sanctions, energy prices, inflation, 📈 & many more problems in Euroland, make gold a 'sine qua non' (necessity) in order to avoid total wealth destruction.

🔹Mises Institute:
Thinking about the gold price in terms of any fiat currency, not just the USD 💵, is not really helpful. It’s not gold’s value that fluctuates, what fluctuates is the perceived & totally imaginary value of all these useless pieces of paper.

War also causes the type of inflation that results from a rapid expansion of money & credit. In WWI, the American 🇺🇸people were characteristically unwilling to finance the total war effort out of increased taxes. Much of the expenditures in WWI, were financed out of the inflationary increases in the money supply.

Prof. Everisto Benyera: Africa/Gold/USD. Video: South Africa's SABC News.

🔹PERU 🇵🇪 - The death toll has risen to 23 in nationwide protests denouncing a coup. At least 426 people, including 216 security personnel, have been wounded in the capital Lima & other regions.

🔹Newly installed President Dina Boluarte is removing her PM, Pedro Angulo after 10 days in office. US 🇺🇸 Secretary of State Antony Blinken asked the different political actors in Peru to multiply their efforts to make “the necessary reforms” to safeguard democratic stability.

🔹President Boluarte ruled out that she will resign & demanded that Congress reconsider “voting on the advancement of elections”, after the rejection on the eve of her plans to hold elections in December 2023.

Last reported on this channel:

💠 President 🇵🇪 Pedro Castillo was removed by Congress & arrested on accusations of corruption & extending executive power. US backed VP Dina Boluarte takes power with plans to build Peru better as per WEF agenda. State of Emergency declared to suspend certain constitutional rights.

🔹Belarussian 🇧🇾 President, Lukashenko at a joint press conference with Russian 🇷🇺President Putin, complimented the sanctions specialists from both countries on a job well done. Russia's MoD Shoigu & FM Lavrov also arrived in Minsk for a series of talks with their Belarusian counterparts about economic, military, & energy cooperation.

🔹The two members of the Union State 🇷🇺🇧🇾will continue their joint exercises, intended to boost the combat readiness of their militaries. Both had already activated an integrated air defense & warning system.

🔹Belarus will take over the rotating presidency of the Collective Security Treaty Organization 🇧🇾🇦🇲🇰🇿🇰🇬🇹🇯🇷🇺in January. Minsk is now armed with Iskander ballistic missiles and protected by S-400 air defense systems. Pilots from Belarus will soon receive training in using “special weapons & special ammunition,”.

🔹The US 🇺🇸 responded to Putin’s visit to Minsk by accusing Belarus of “ceding its independence” to Russia.

Video courtesy Smotri_Media

🔹The Japanese 🇯🇵 gov't is currently in discussions with local oil refineries to buy oil produced as part of Russia's 🇷🇺Sakhalin-2 project. The oil, a by-product at the LNG plant, needs to be shipped out regularly for LNG production to continue.

🔹A potential restart of Russian oil 🛢imports by Japan is not likely to upset its allies in the G7 as they have agreed to exempt Sakhalin-2 oil from the price cap for one year.

🔹The Sakhalin-2 project provides almost 9% of Japan's consumption of LNG, almost all used to generate electricity, providing 3% of Japan's generation.

Last reported on this channel:

💠 Russia is selling LNG 🚢 from the Sakhalin-2 project at a 50% discount & the operating company, is still making a profit.

💠 Moscow approved Japan’s 🇯🇵 Mitsubishi participation in the Sakhalin-2 LNG project. Tokyo Gas & JERA signs long term LNG contracts.

💠 President Putin 🇷🇺 ordered the re-organization of the Far Eastern Sakhalin-2 LNG project, transferring ownership to a new domestic co.

🔹EU 🇪🇺 negotiators reached a political deal to overhaul the bloc's carbon market, cutting planet-heating emissions faster and imposing new CO2 costs on fuels used in road transport and buildings from 2027.

🔹The EU 🇪🇺 carbon market requires around 10,000 power plants & factories 🏭 to buy CO2 permits when they pollute. Then the EU's plan involves removing 90 million CO2 permits from the system in 2024, 27 million in 2026.

🔹"From 2027 on, its crunch time. Everybody needs to reduce emissions by then or will have to pay a lot," said the EU lead negotiator Peter Liese. From 2026-2034, the EU will phase out the free CO2 permits that protect industry from foreign competition.

🔹The EU carbon price is trading around 84 euros per tonne of CO2, roughly ten times 📈 its value 5 years ago.

🔹An EU Carbon Border Adjustment Mechanism will be set up to equalise the price of carbon paid for EU products operating under the EU Emissions Trading System & one for imported goods.

Video courtesy Paul Joseph Watson.

🔹The EU approved Germany’s 🇩🇪 nationalization of two major gas companies with a long list of conditions requiring both firms to sell off assets & subsidiaries.

🔹The EU 🇪🇺authorized a €34.5 billion rescue package for Uniper SE. It also approved the €6.3 billion rescue of SEFE GmbH, the confiscated European trading & supply unit of Russia's 🇷🇺 Gazprom PJSC.

🔹Uniper must sell power plants 🏭 in Germany & Hungary 🇭🇺 to satisfy the commission. The deal requires Uniper to use 30% of its profits to cover the cost of replacing Russian gas.

Last reported on this channel:

💠 Uniper reported a 4.8 billion euros loss in the first 9 months of 2022.

💠 Uniper increasing debt & low levels in Rhine river affect hydro-power plants / commodity transport 🚢.

💠 Uniper seeks gov't bailout as sanctions on Russia 🇷🇺 result in higher gas prices.

💠 Uniper reducing storage volumes 📉 to maintain liquidity.

💠 German 🇩🇪 gov't attempted to pass new gas tax to help Uniper.

Video courtesy Reuters

🔹USA 🇺🇸- The White House stated that reviving the nuclear deal with Iran 🇮🇷 is “not our focus right now,” after an unconfirmed video of US President Biden calling the Joint Comprehensive Plan of Action (JCPOA) “dead” was put online.

🔹🇺🇸 National Security Council spokesman John Kirby responded to the video saying, “There is no progress happening with respect to the Iran deal now. We don't anticipate any progress anytime in the near future. That's just not our focus,”.

🔹The JCPOA was a deal struck between the five permanent members 🇺🇸🇬🇧🇫🇷🇨🇳🇷🇺of the UN Security Council & Germany 🇩🇪(P5+1) on one side and Iran on the other, in July 2015. The arrangement provided for lifting the UN sanctions against Iran in exchange for strict oversight of Tehran’s nuclear program. In May 2018, the US ended the deal.

🔹Russia's UN Rep. said "unlawful, unilateral, & discriminatory US sanctions against Iran 🇮🇷 must be fully & permanently removed" at the UN Security Council meeting.

Video courtesy PressTV

I'll be on to speak along with others at Off-Grid Ireland. That is 9pm GMT (Dublin), later today God's willing.

Jonathan

👉 @timkirbyhardcore
👉 @TheParadigmShiftChannel
👉 @martinpcostello
Chats Off-Grid Ireland Wednesday @ 9pm
https://news.1rj.ru/str/OffgridiIreland?livestream

🔹Russia’s 🇷🇺 2nd largest bank, VTB, has launched a new service allowing both individuals & businesses to transfer money to & from Iran.

🔹Russia wants to cooperate with Iran 🇮🇷 on manufacturing of gas turbines. Iran has committed to supply 40 turbines to Russia to help the country with its plans to build modern gas power 🏭 plants.

🔹Iran is considering joint production of automobiles with Russia. Iran hosts 6th intl. transportation exhibition with representatives from Russia, Italy 🇮🇹, China🇨🇳, & Singapore 🇸🇬.

🔹Iran and Russia are discussing joint production of passenger planes with a capacity of 70-150 seats.

Last reported on this channel:

💠 Iran 🇮🇷 negotiating with EAEU on bilateral free trade.

💠 Russia & Iran working out mechanisms to implement oil 🛢 & gas swap deals.

💠 Iran & Russia 🇷🇺 unifying banking systems for trade in ruble/rial currency pair.

Video courtesy PressTV.

🔹Independent Chinese 🇨🇳 refiners have seen their refining margins jump, as they are able to negotiate steeper discounts for their preferred Russian crude grade, even if they buy it above the G7 price cap.

🔹A possible oil shock is on the horizon. Oil exports 🚢 of Russian ESPO-grade oil 🛢 from the Pacific port of Kozmino had collapsed more than 50% following the implementation of the western oil price cap.

🔹OPEC has not consistently produced more than 30 million bpd since 2015-2018. Structural underinvestment in new oil supply may lead to structurally higher prices. Meanwhile, the US 🇺🇸 needs to buy some oil for its strategic petroleum reserve after releasing close to 200 million barrels from it this year.

Last reported on this channel:

💠 Hungary 🇭🇺 got exemptions from the EU's oil price cap on Russian crude.

💠 Russia has discretely assembled a "shadow fleet" 🚢 of more than 100 tanker ships.

💠 Russia's 🇷🇺 Deputy PM warns that oil price cap will lead to market volatility.

🔹Croatian 🇭🇷 lawmakers narrowly rejected a proposal the country should join an EU mission in support of the Ukrainian military. President Zoran Milanovic said Croatia should not be involved in the war and that the proposal would violate the constitution because it failed to clarify the basis for declaring Ukraine an ally, given that it is not a member of the EU🇪🇺 or NATO.

🔹He also hit out against PM Andrej Plenkovic for his proposal to have Ukrainian 🇺🇦 troops trained in Croatia. Milanovic said such a move would “bring war” to the country. “You keep pushing moral blackmail,” he addressed Plenkovic, “but you have no morals yourself. Go to Ukraine and fight.”

🔹Speaking of the Croatian military’s preparedness to fight, Milanovic noted it had a shortage of anti-tank rockets, for example. “We have Americans 🇺🇸, who will defend us the way they defend the Ukrainians. Great!” he said sarcastically.

Video: Croatian President Zoran Milanovic

🔹Dmitry Medvedev, the former president of Russia 🇷🇺 and current deputy chair of the Security Council, met with Chinese President Xi Jinping during a visit to Beijing.

🔹Medvedev said he and his Chinese host discussed intra-party cooperation, among other things. Xi was re-elected as secretary general of the Communist Party of 🇨🇳 China in October. Medvedev leads the ruling United Russia party.

🔹The two officials also discussed bilateral relations between China and Russia as well as international affairs, including the crisis in Ukraine 🇺🇦.

🔹"The shaping of the 🇨🇳 Chinese-Russian 🇷🇺 comprehensive strategic partnership in the new era is a choice made by China and Russia accounting for their unique national features and long-term strategic interests," Xi added.

Video courtesy CGTN

🔹Europe faces impediment to bringing new renewable power 💡online due to insufficient grid capacity. European countries are planning huge additions of renewables over the next few years.

🔹A huge amount of grid capacity will need to be developed, both to integrate new generation capacity into respective countries’ power mixes and to better connect European countries so that electricity 🔌 can flow in the most optimal way.

🔹Europe's 🇪🇺 policymakers and the power sector will need to carefully examine if a country’s development plans for new generation capacity match its development plans for both internal and cross-border transmission capacity.

🔹UK 🇬🇧 signs MoU with EU & North Sea nations to develop wind farms and interconnectors in the North Sea.

EU approves Germany’s 🇩🇪 near US$30 billion renewables scheme lasting till 2026.

🔹The EU's 🇪🇺 natural gas price cap (from Feb 15th 2023) could limit Europe’s capacity to continue to draw most of the global spot LNG supply. If risks to the security of supply occur, they will suspend the price cap rule. More than 70% of all U.S. 🇺🇸 LNG 🚢 exports have headed to Europe in recent months.

🔹There simply may not be enough LNG supply to flow to Europe when China 🇨🇳& Asian demand rebounds in 2023.

🔹Head of the EU Energy Regulator admits, the EU’s price cap is an untested tool that may not work as intended to prevent gas price spikes. "The gas price cap is “a difficult creature, it’s unprecedented, it’s untested,”.

Last reported on this channel.

💠 Poland 🇵🇱, Spain 🇪🇸 & Greece 🇬🇷 are eager to implement the cap at a much lower price.

💠 Some EU 🇪🇺 leaders are insisting that the EU impose a price cap on all natural gas imports.

💠 EU 🇪🇺 plans to use joint purchasing power as leverage in gas negotiations.

💠 Hungary 🇭🇺 would not support a price cap on Russian gas.