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🔹United States 🇺🇸 president Joe Biden condemned Uganda's 🇺🇬 new anti-gay law (one of the world's toughest anti-LGBTQ laws), and said the US may impose sanctions and will evaluate the implications of the law "on all aspects of US engagement with Uganda." Biden said, "this shameful act is the latest development in an alarming trend of human rights abuses and corruption in Uganda".
🔹The US🇺🇸 may restrict visas issued to Ugandan officials and will review Uganda’s eligibility for the African Growth and Opportunity Act, which provides duty-free treatment to goods of designated sub-Saharan African countries. Same-sex relations were already illegal in Uganda, as in more than 30 African countries, but the new law goes further.
🔹Last year, Uganda 🇺🇬 announced a discovery of 31 million metric tons of gold, awaiting to be mined. The Ugandan gov't licensed China's 🇨🇳 Wagagai gold mining company to start producing gold products, indicating the African shift away from the West. Recently, India’s🇮🇳 opened a special rupee vostro accounts in Uganda for settling payments in Indian rupees.
🔹Trade earnings for 2023 has seen an uptick 📈 in Uganda, on account of higher export earnings from mineral products, tobacco, maize and cotton.
Video source - AFP & SABC News.
🔹The US
🔹Last year, Uganda 🇺🇬 announced a discovery of 31 million metric tons of gold, awaiting to be mined. The Ugandan gov't licensed China's 🇨🇳 Wagagai gold mining company to start producing gold products, indicating the African shift away from the West. Recently, India’s
🔹Trade earnings for 2023 has seen an uptick 📈 in Uganda, on account of higher export earnings from mineral products, tobacco, maize and cotton.
Video source - AFP & SABC News.
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🔹The Kingdom of Saudi Arabia (KSA)🇸🇦 imported 174,000 barrels of diesel and gasoil a day from Russia 🇷🇺 in April '23. At the same time, the KSA emerged as the EU’s 🇪🇺 number one supplier due to the kingdom ramping up production at refineries. This way they are not evading any sanctions.
🔹 The KSA is buying cheap diesel and gasoil from Russia for domestic consumption and selling their own to Europe at a higher market price. Saudi Arabia outpaced the US 🇺🇸 to become the world’s second-biggest exporter of diesel and gasoil in April. Nearly 35% of the kingdom’s overall April exports were reportedly shipped to EU member states and the UK 🇬🇧.
🔹The Saudis may reduce the official selling price of its flagship Arab Light grade 🛢 for Asian buyers further, having done so several times already for 2023 so as to secure market share in a region that has become the largest importer of Russian crude.
🔹They are also importing unprecedented amounts of this cheap Russian diesel and in turn shipping 🚢 record volumes to Singapore🇸🇬 , where the fuel can achieve higher margins. That allowed state oil giant Saudi Aramco to increase its May import arrivals to Singapore to record levels and cash in on better arbitrage netbacks in the east than Europe.
Previously reported on this channel:
💠 Russia 🇷🇺 started exporting diesel to the KSA, which could be refined further & re-exported.
💠 Saudi Arabia will not sell oil 🛢 to any country that imposes a price cap on its supply.
💠 The KSA 🇸🇦 imports Russian fuel oil, resulting in having more unrefined crude to sell on international markets at higher prices.
Video source - Firstpost & Forbes.
🔹 The KSA is buying cheap diesel and gasoil from Russia for domestic consumption and selling their own to Europe at a higher market price. Saudi Arabia outpaced the US 🇺🇸 to become the world’s second-biggest exporter of diesel and gasoil in April. Nearly 35% of the kingdom’s overall April exports were reportedly shipped to EU member states and the UK 🇬🇧.
🔹The Saudis may reduce the official selling price of its flagship Arab Light grade 🛢 for Asian buyers further, having done so several times already for 2023 so as to secure market share in a region that has become the largest importer of Russian crude.
🔹They are also importing unprecedented amounts of this cheap Russian diesel and in turn shipping 🚢 record volumes to Singapore
Previously reported on this channel:
💠 Russia 🇷🇺 started exporting diesel to the KSA, which could be refined further & re-exported.
💠 Saudi Arabia will not sell oil 🛢 to any country that imposes a price cap on its supply.
💠 The KSA 🇸🇦 imports Russian fuel oil, resulting in having more unrefined crude to sell on international markets at higher prices.
Video source - Firstpost & Forbes.
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🔹Leaders and representatives from 12 South American countries gathered in Brazil 🇧🇷 for a summit on May 30th to discuss a possible revival of the regional bloc previously known as the Union of South American Nations, or UNASUR. This is the first meeting they have had in nine years. Eleven of the continent's 12 heads of state attended.
🔹Brazil's president Luiz Inacio Lula da Silva promoted the idea of creating a regional trade currency, one that could rival the dominance of the United States🇺🇸 dollar. Venezuelan 🇻🇪President Nicolas Maduro received a warm welcome by Lula, just several years after he was banned from entering Brazil. Maduro called for a “multi-polar” world rather than one dominated by the US. Lula expressed his favor of Venezuela's entry in BRICS 🇧🇷 🇷🇺 🇮🇳 🇨🇳 🇿🇦.
🔹The "Bi-Oceanic Corridor," project was mentioned, a transportation artery to enable countries to ship goods across the continent overland instead of by sea. On the agenda was also a common energy market and integration of the region’s defense and security.
Last reported on this channel:
💠 Venezuela 🇻🇪 will move forward on the path of ditching the US dollar in economic transactions.
💠 Bolivia's 🇧🇴 is evaluating the possibility of using China's 🇨🇳yuan as a replacement for the U.S. dollar in its foreign trade.
💠 Argentina 🇦🇷 is set to follow Brazil and start to pay for Chinese imports in yuan rather than US dollars 💵.
💠 Argentina & Brazil🇧🇷 want to "advance discussions on a common South American currency" to be used for financial and trade flows.
Video source - InContext & IntelRepublic
🔹Brazil's president Luiz Inacio Lula da Silva promoted the idea of creating a regional trade currency, one that could rival the dominance of the United States
🔹The "Bi-Oceanic Corridor," project was mentioned, a transportation artery to enable countries to ship goods across the continent overland instead of by sea. On the agenda was also a common energy market and integration of the region’s defense and security.
Last reported on this channel:
💠 Venezuela 🇻🇪 will move forward on the path of ditching the US dollar in economic transactions.
💠 Bolivia's 🇧🇴 is evaluating the possibility of using China's 🇨🇳yuan as a replacement for the U.S. dollar in its foreign trade.
💠 Argentina 🇦🇷 is set to follow Brazil and start to pay for Chinese imports in yuan rather than US dollars 💵.
💠 Argentina & Brazil
Video source - InContext & IntelRepublic
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🔹Russia's 🇷🇺 Rosneft's net profit for Q1 2023 attributable to shareholders increased by 46% quarter-on-quarter to 323 billion rubles ($3.9 bln). It's Russian Far East Sakhalin-1 oil production was up 📈 1.8 times in Q1 with increases in liquid hydrocarbons and gas also. Rosneft gives priority to payments made in rubles and currencies of friendly countries for settlements under export supplies.
🔹Oil output from the 🇷🇺 Sakhalin-1 project has bounced back to its plateau level of about 200,000 bpd 🛢 from zero. India's🇮🇳 state-run Oil and Natural Gas Corp (ONGC) hopes to reclaim its 20% stake in the project in coming months after some 'terms and conditions' are fulfilled. ONGC is not in a hurry to repatriate almost $100 million of dividend pending from Sakhalin-1, and could even consider reinvesting it in the project.
Last reported on this channel:
💠 Japan's crude oil imports from the Sakhalin 2 project gets exempted from the G-7/EU 🇪🇺 price cap as it considers it a matter of energy security.
💠 Japan 🇯🇵, backtracks on sanctions, & remain involved in Sakhalin-1.
💠 Sakhalin-1, will be transferred to a local entity. The same was done for the Sakhalin- 2 earlier.
💠 LNG 🚢 from Russia's Sakhalin 2 accounts for roughly 9% of Japan's 🇯🇵 total LNG imports.
🔹Oil output from the 🇷🇺 Sakhalin-1 project has bounced back to its plateau level of about 200,000 bpd 🛢 from zero. India's
Last reported on this channel:
💠 Japan's crude oil imports from the Sakhalin 2 project gets exempted from the G-7/EU 🇪🇺 price cap as it considers it a matter of energy security.
💠 Japan 🇯🇵, backtracks on sanctions, & remain involved in Sakhalin-1.
💠 Sakhalin-1, will be transferred to a local entity. The same was done for the Sakhalin- 2 earlier.
💠 LNG 🚢 from Russia's Sakhalin 2 accounts for roughly 9% of Japan's 🇯🇵 total LNG imports.
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🔹The BRICS 🇧🇷 🇷🇺 🇮🇳 🇨🇳 🇿🇦 Ministers of Foreign Affairs and International Relations met in Cape Town, South Africa on June 1st for a BRICS summit. A meeting was also held with the "Friends of BRICS Foreign Ministers" (candidate countries wishing to join). The member countries reaffirmed their commitment to strengthening the framework of BRICS cooperation under the three pillars of political/security, economic and cultural cooperation.
🔹The Ministers expressed concern about the use of unilateral coercive measures, which are incompatible with the principles of the Charter of the UN 🇺🇳 and produce negative effects notably in the developing world. They recommitted to instil new life in the discussions on reform of the UN Security Council & the need for a comprehensive reform of the UN.
🔹They committed to engage constructively to pursue the necessary World Trade Organisation reform and the restoration of a fully and well-functioning dispute settlement system ⚖️ accessible to all members by 2024. They called on continuing the process of IMF governance reform under the 16th General Review of Quotas. They encouraged the BRICS New Development Bank to follow the member-led and demand-driven principle, aiming to be a premier multilateral development institution.
🔹The Ministers recalled their national positions concerning the situation in and around Ukraine. They noted with appreciation relevant proposals of mediation and aimed at peaceful resolution of the conflict through dialogue and diplomacy. They called for the full and effective implementation of the Black Sea Grain 🇺🇳🇷🇺 🇹🇷🇺🇦 Initiative. The Ministers expressed concern about the outbreak of violence in Sudan 🇸🇩 .
Video source - RT
🔹The Ministers expressed concern about the use of unilateral coercive measures, which are incompatible with the principles of the Charter of the UN 🇺🇳 and produce negative effects notably in the developing world. They recommitted to instil new life in the discussions on reform of the UN Security Council & the need for a comprehensive reform of the UN.
🔹They committed to engage constructively to pursue the necessary World Trade Organisation reform and the restoration of a fully and well-functioning dispute settlement system ⚖️ accessible to all members by 2024. They called on continuing the process of IMF governance reform under the 16th General Review of Quotas. They encouraged the BRICS New Development Bank to follow the member-led and demand-driven principle, aiming to be a premier multilateral development institution.
🔹The Ministers recalled their national positions concerning the situation in and around Ukraine. They noted with appreciation relevant proposals of mediation and aimed at peaceful resolution of the conflict through dialogue and diplomacy. They called for the full and effective implementation of the Black Sea Grain 🇺🇳
Video source - RT
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🔹Iran 🇮🇷 and Turkmenistan 🇹🇲 have signed two cooperation agreements and three MoUs to expand their economic and energy cooperation. Turkmenistan and Iran are two major natural gas producers in the world and have been trading gas for swap delivery purposes for years. Iran advocated for increased collaboration in regional and transregional organizations such as the Shanghai Cooperation Organization 🇨🇳🇮🇷🇮🇳🇵🇰🇰🇬🇰🇿🇹🇯🇺🇿🇷🇺.
🔹A contract for imports of 10 million cubic meters (mcm) per day of gas from Turkmenistan to Iran will be signed between the two neighbors very soon. Iran currently imports 10 mcm per day of gas from Turkmenistan under a swap deal that also involves Azerbaijan🇦🇿 . Thus 20 mcm of gas provides a good capacity for trade between the two countries.
🔹Turkmenistan ranks 4th in the world in terms of gas reserves. Iran has the capacity to transport 40-50 million cubic meters of gas daily from the country. Iran incurred a debt of $1.65 billion for importing gas from Turkmenistan during the period of the previous Iranian government (2016-2021). This debt has already been paid in full.
Previously reported on this channel:
💠 Turkmenistan & China are discussing the construction of the fourth branch (D) of the Turkmenistan 🇹🇲-China🇨🇳 gas pipeline.
💠 Iran pushes for the implementation of the Ashgabat agreement and the establishment of a four-way transit route between Iran 🇮🇷, Oman 🇴🇲, Turkmenistan 🇹🇲 and Uzbekistan🇺🇿 .
💠 A trilateral gas swap deal between Iran, Turkmenistan & Azerbaijan helps foil sanctions imposed against Iran.
🔹A contract for imports of 10 million cubic meters (mcm) per day of gas from Turkmenistan to Iran will be signed between the two neighbors very soon. Iran currently imports 10 mcm per day of gas from Turkmenistan under a swap deal that also involves Azerbaijan
🔹Turkmenistan ranks 4th in the world in terms of gas reserves. Iran has the capacity to transport 40-50 million cubic meters of gas daily from the country. Iran incurred a debt of $1.65 billion for importing gas from Turkmenistan during the period of the previous Iranian government (2016-2021). This debt has already been paid in full.
Previously reported on this channel:
💠 Turkmenistan & China are discussing the construction of the fourth branch (D) of the Turkmenistan 🇹🇲-China
💠 Iran pushes for the implementation of the Ashgabat agreement and the establishment of a four-way transit route between Iran 🇮🇷, Oman 🇴🇲, Turkmenistan 🇹🇲 and Uzbekistan
💠 A trilateral gas swap deal between Iran, Turkmenistan & Azerbaijan helps foil sanctions imposed against Iran.
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🔹Ireland’s 🇮🇪 Minister for Agriculture, Charlie McConalogue, confirmed that a cow culling scheme is in the works, where as many as 65,000 cows 🐄 per year might need to be slaughtered between 2023 and 2025. This is to meet 2030 emissions reduction targets and he claims the scheme is voluntary.
🔹The Irish Farmers’ 🚜 Association believe such reports further fuel the view that the gov't is working behind the scenes to undermine their dairy and livestock sectors. Reducing dairy or beef production in Ireland will also lead to production moving to other countries. For example, Brazil🇧🇷 will just produce more and Ireland will end up importing.
🔹Spending vast sums of taxpayer’s money on destroying productive animals would be a perfect summation of the net zero madness infecting the West. Wreaking havoc on livestock 🐂 farming families in the name of climate science is also very short-sighted. Meanwhile, Ireland is spending 43 million euros on a cattle genomics 🧬programme.
🔹Ireland🇮🇪 is the 2nd victim of disastrous EU 🇪🇺 'climate change' policies , after the Netherlands 🇳🇱 . Dutch farmers are undergoing a battle as they face the possibility of 3,000 farms being closed down and restrictions on land area for cattle grazing. Netherlands' gov't claims this is to help the environment from nitrogen pollution.
Video source - VirginMediaNews, Aontu Ireland & The Irish Git.
🔹The Irish Farmers’ 🚜 Association believe such reports further fuel the view that the gov't is working behind the scenes to undermine their dairy and livestock sectors. Reducing dairy or beef production in Ireland will also lead to production moving to other countries. For example, Brazil
🔹Spending vast sums of taxpayer’s money on destroying productive animals would be a perfect summation of the net zero madness infecting the West. Wreaking havoc on livestock 🐂 farming families in the name of climate science is also very short-sighted. Meanwhile, Ireland is spending 43 million euros on a cattle genomics 🧬programme.
🔹Ireland
Video source - VirginMediaNews, Aontu Ireland & The Irish Git.
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🔹 India 🇮🇳 shattered its previous records of imports of Russian 🇷🇺 crude and took in May, 1.96 million barrels per day (bpd) 🛢 of crude from Russia—an all-time high. India’s Russian oil imports alone were higher than combined imports from the next four largest suppliers - Iraq 🇮🇶, Saudi Arabia 🇸🇦 , the United Arab Emirates (UAE) 🇦🇪 , and the US 🇺🇸 .
🔹 Oil flows from Saudi Arabia to India have plunged to a 28-month low. An Indian agency has stepped in to provide safety certification for most of Mumbai-based Gatik Ship Management's fleet 🚢, a major carrier of Russian oil to India, after Lloyd's Register and the American Bureau of Shipping withdrew classification for many of its vessels.
🔹In China🇨🇳 , refiners are scrambling to cut feedstock costs and improve refining margins by buying Russian crude. Private refiner Hengli Petrochemical, which operates a 400,000-bpd refinery 🏭 in northeast Dalian, received its first Urals crude cargo in early May.
Last reported on this channel:
💠The EU 🇪🇺 want's to take action against India 🇮🇳 for circumventing sanctions by selling refined petroleum products to Europe derived from Russian oil.
💠 Russia's largest oil producer Rosneft and India's top refiner (IOC) agreed to use the Asia-focused Dubai🇦🇪 oil price benchmark. India have begun paying for this oil in UAE dirhams instead of USD.
💠 India's Oil Min. - "India is not obligated to buy Russian 🇷🇺 oil at rates below the price cap imposed by the G7 & other Western nations".
🔹 Oil flows from Saudi Arabia to India have plunged to a 28-month low. An Indian agency has stepped in to provide safety certification for most of Mumbai-based Gatik Ship Management's fleet 🚢, a major carrier of Russian oil to India, after Lloyd's Register and the American Bureau of Shipping withdrew classification for many of its vessels.
🔹In China
Last reported on this channel:
💠The EU 🇪🇺 want's to take action against India 🇮🇳 for circumventing sanctions by selling refined petroleum products to Europe derived from Russian oil.
💠 Russia's largest oil producer Rosneft and India's top refiner (IOC) agreed to use the Asia-focused Dubai
💠 India's Oil Min. - "India is not obligated to buy Russian 🇷🇺 oil at rates below the price cap imposed by the G7 & other Western nations".
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🔹Moldova 🇲🇩 - A few thousand people gathered today (June 3rd) in Chisinau to rally for the future continued celebration of Victory Day after attempts by the pro-EU gov't to cancel celebrations last month on May 9th. The gov't proposed renaming Victory Day as Memorial and Reconciliation Day and celebrating the new holiday as in Europe, on May 8.
🔹The 🇲🇩 gov't implemented a ban on wearing the St. Georges ribbon, claiming it is supporting 'Russian 🇷🇺 aggression'. Many who refused to comply were fined. Citizens are resisting by protesting a slow yet cunning attempt to eventually stop Victory Day celebrations on May 9th and destruction of Soviet era memorials as has been done in other EU 🇪🇺 states.
Last reported on this channel:
💠 Videos leaked of Moldovan officials who openly admitted to various schemes to enrich Western investors for an appropriate fee.
💠 Moldovan police raided the central election commission of Gagauzia, alleging irregularities after a politician championing better relations with Russia🇷🇺 , and not the EU 🇪🇺, won the local gubernatorial vote.
💠 Ex-Moldovan President Igor Dodon has voiced concerns over a possible provocation against Transnistria by Ukraine🇺🇦 .
💠 Feb 19th '23 Moldovan protestors call for resignation of president Maya Sandu.
💠 Moldovan 🇲🇩 PM N. Gavrilita resigned & was replaced with an even more pro-EU PM. Moldova forced several Russian-language media outlets to shut down after not renewing their broadcasting licenses.
Video source- NewsMaker & Maimunka & Matreshka
🔹The 🇲🇩 gov't implemented a ban on wearing the St. Georges ribbon, claiming it is supporting 'Russian 🇷🇺 aggression'. Many who refused to comply were fined. Citizens are resisting by protesting a slow yet cunning attempt to eventually stop Victory Day celebrations on May 9th and destruction of Soviet era memorials as has been done in other EU 🇪🇺 states.
Last reported on this channel:
💠 Videos leaked of Moldovan officials who openly admitted to various schemes to enrich Western investors for an appropriate fee.
💠 Moldovan police raided the central election commission of Gagauzia, alleging irregularities after a politician championing better relations with Russia
💠 Ex-Moldovan President Igor Dodon has voiced concerns over a possible provocation against Transnistria by Ukraine
💠 Feb 19th '23 Moldovan protestors call for resignation of president Maya Sandu.
💠 Moldovan 🇲🇩 PM N. Gavrilita resigned & was replaced with an even more pro-EU PM. Moldova forced several Russian-language media outlets to shut down after not renewing their broadcasting licenses.
Video source- NewsMaker & Maimunka & Matreshka
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🔹The Kingdom of Saudi Arabia 🇸🇦 (KSA) will make an additional voluntary cut of 1 million barrels 🛢 of oil per day starting July to support the sagging cost of crude. The rest of the OPEC producers agreed to extend earlier production cuts through the end of 2024.
🔹There are concerns about economic weakness in the US 🇺🇸 and Europe 🇪🇺, while China’s 🇨🇳 rebound been less robust than many had hoped. Production capacity has suffered due to underinvestment, with conditions exacerbated by the COVID pandemic. As Asia markets opened this morning June 5th, WTI Crude is $72.63, up +1.25% 📈 & Brent Crude $76.96, up +1.09%.
🔹Saudi Arabia, along with Russia 🇷🇺 and other OPEC+ oil producers, announced in April that they are planning on cutting 1.16 million barrels per day. This decision came after the oil producing countries had already pledged to cut production of 2 million barrels a day through the end of the year.
Last reported on this channel:
💠 The U.S.🇺🇸 Administration has been weighing the possibility to begin crude oil repurchases to fill the Strategic Petroleum Reserve (SPR) as early as this month. The SPR has not been this low since the 1980's.
💠 Saudi 🇸🇦 Aramco announced record profits of $161billion USD for the year 2022.
💠 The KSA leads OPEC+'s 2 million barrels of oil 🛢 per day prduction cut.
Video source - Emma Graham, Squawk Asia, CNBC & Watchtower.
🔹There are concerns about economic weakness in the US 🇺🇸 and Europe 🇪🇺, while China’s 🇨🇳 rebound been less robust than many had hoped. Production capacity has suffered due to underinvestment, with conditions exacerbated by the COVID pandemic. As Asia markets opened this morning June 5th, WTI Crude is $72.63, up +1.25% 📈 & Brent Crude $76.96, up +1.09%.
🔹Saudi Arabia, along with Russia 🇷🇺 and other OPEC+ oil producers, announced in April that they are planning on cutting 1.16 million barrels per day. This decision came after the oil producing countries had already pledged to cut production of 2 million barrels a day through the end of the year.
Last reported on this channel:
💠 The U.S.
💠 Saudi 🇸🇦 Aramco announced record profits of $161billion USD for the year 2022.
💠 The KSA leads OPEC+'s 2 million barrels of oil 🛢 per day prduction cut.
Video source - Emma Graham, Squawk Asia, CNBC & Watchtower.
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🔹 Russia's 🇷🇺 Gazprom shipped its first liquefied natural gas cargo via the Northern Sea Route (NSR) in the Arctic onboard the vessel Fedor Litke. The tanker was loaded at the Yamal LNG plant in the country's north. The Fedor Litke is led by Rosatom controlled Atomflot FSUE's lead nuclear ☢️ powered icebreaker Arktika (built 2020).
🔹 The NSR is reshaping global energy flows as it now takes half the time for a tanker from Russia to arrive in Asia instead of taking the conventional route through the Suez Canal 🇪🇬. The navigation along the NSR ⚓️ will be fully provided with operational and high-quality ice situation information from a Russian satellite group within the next two years.
🔹 The 2 year term chairing role at the Arctic Council 🇨🇦🇩🇰🇫🇮🇮🇸🇳🇴🇷🇺🇸🇪🇺🇸 (countries with borders that reach the Arctic Ocean, the North Pole) has passed from Russia to Norway. The US is worried over a possible threat to the US that emanates from the Russian Northern Fleet presence in the Arctic.
🔹 Russia wants the NSR, the shortest shipping 🚢 route between East Asia and Europe, to become a major shipping lane and has invested heavily in infrastructure there. Rosatom is discussing with Lukoil and Gazprom Neft oil companies on the possible redirection of part of the Arctic oil🛢 from the west to the east along the NSR.
Photo source - Visual Capitalist
🔹 The NSR is reshaping global energy flows as it now takes half the time for a tanker from Russia to arrive in Asia instead of taking the conventional route through the Suez Canal 🇪🇬. The navigation along the NSR ⚓️ will be fully provided with operational and high-quality ice situation information from a Russian satellite group within the next two years.
🔹 The 2 year term chairing role at the Arctic Council 🇨🇦🇩🇰🇫🇮🇮🇸🇳🇴🇷🇺🇸🇪🇺🇸 (countries with borders that reach the Arctic Ocean, the North Pole) has passed from Russia to Norway. The US is worried over a possible threat to the US that emanates from the Russian Northern Fleet presence in the Arctic.
🔹 Russia wants the NSR, the shortest shipping 🚢 route between East Asia and Europe, to become a major shipping lane and has invested heavily in infrastructure there. Rosatom is discussing with Lukoil and Gazprom Neft oil companies on the possible redirection of part of the Arctic oil🛢 from the west to the east along the NSR.
Photo source - Visual Capitalist
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🔹As Europe pushes for more electrification (electric cars & wind turbines etc.), findings by Chalmers University of Technology, Sweden 🇸🇪, on behalf of the European Commission 🇪🇺 warn that this is not feasible. With the current levels of worldwide rare earth elements production, there will not be enough of these metals in future, not even if recycling increases.
🔹The EU now risks making access to the rare earth element neodymium (Nd), difficult for future generations if they are unable to use what is already in circulation. Nd is essential to make permanent magnets for electric motors ⚙️, generators & wind turbines. Nd usage has increased by around 400% since 2006.
🔹Continuous advancements in permanent magnet technology are fueling utilization of alloys containing neodymium and is bolstering market growth. Nd magnets 🧲 help reduce the size and weight of components particularly for wind turbines generators.
🔹Contradictions arise from environmental policies geared towards electrification. A 2 megawatt wind turbine contains about 800 pounds of Nd. A megawatt of direct drive wind turbine capacity may require around 1100 pounds of permanent magnets.
🔹For example, the Bayan’obo district of Inner Mongolia 🇲🇳🇨🇳, has an open pit mine for rare earth's including Nd. Each metric ton of rare-earth element mined there necessitates clearing 3,230 square feet of vegetation and topsoil, and releases 1,000 metric tons of contaminated wastewater and 2,000 metric tons of solid or liquid waste tailings.
🔹Further problems arise as Nd magnets need significant amounts of dysprosium to perform at elevated temperatures; such as in EV's 🚗. Dysprosium relative abundance in the earth’s crust , is less than 1% of all rare earth elements. Alternatives to rare earth-based alloys already exist, but they lack the energy density needed to replace neodymium based magnets. Such alternative magnets will never be more than 60% as powerful as their rare earth counterparts.
Video source - SKAGEN Fondene
🔹The EU now risks making access to the rare earth element neodymium (Nd), difficult for future generations if they are unable to use what is already in circulation. Nd is essential to make permanent magnets for electric motors ⚙️, generators & wind turbines. Nd usage has increased by around 400% since 2006.
🔹Continuous advancements in permanent magnet technology are fueling utilization of alloys containing neodymium and is bolstering market growth. Nd magnets 🧲 help reduce the size and weight of components particularly for wind turbines generators.
🔹Contradictions arise from environmental policies geared towards electrification. A 2 megawatt wind turbine contains about 800 pounds of Nd. A megawatt of direct drive wind turbine capacity may require around 1100 pounds of permanent magnets.
🔹For example, the Bayan’obo district of Inner Mongolia 🇲🇳🇨🇳, has an open pit mine for rare earth's including Nd. Each metric ton of rare-earth element mined there necessitates clearing 3,230 square feet of vegetation and topsoil, and releases 1,000 metric tons of contaminated wastewater and 2,000 metric tons of solid or liquid waste tailings.
🔹Further problems arise as Nd magnets need significant amounts of dysprosium to perform at elevated temperatures; such as in EV's 🚗. Dysprosium relative abundance in the earth’s crust , is less than 1% of all rare earth elements. Alternatives to rare earth-based alloys already exist, but they lack the energy density needed to replace neodymium based magnets. Such alternative magnets will never be more than 60% as powerful as their rare earth counterparts.
Video source - SKAGEN Fondene
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🔹German 🇩🇪 business chiefs warn that the country faces electricity shortages that will see critical industries leave after the gov't decided to shut down the last remaining nuclear power plants 🏭 in favour of renewable energy sources. Germany's electricity system remains vulnerable to electricity shortages and price volatility.
🔹Germany's power producers must continue to retool the country's entire power system at a record pace. The German gov't has dismissed such concerns, arguing that Europe's integrated electricity💡network, allows Germany to import electricity when needed.
🔹The German🇩🇪 gov't now plans large agri-solar development, where solar arrays share land with farming. The EU 🇪🇺 common agricultural policy requires 4% of agricultural land to be set aside to promote biodiversity and agri-solar would qualify for this.
🔹High electricity prices 📈 and "renewables" push, now threatens the future viability of Germany's chemical sector (an important segment of its' economy), as most chemical plants run off natural gas or coal, and use crude oil as a major feedstock. German polyvinyl chloride (PVC), is currently trading at nearly 90% more than that of South East Asia. Linear low density polyethylene is trading around 80% above prices offered out of the US🇺🇸 .
🔹Germany's energy regulator, Bundesnetzagentur, warns that despite comfortable levels of natural gas in storage the energy crisis is far from over, and weather will be the biggest factor.
Previous Germany reports on this channel:
💠 Germany🇩🇪 is confirmed to be in a recession. Reasons for it's economic decline include.....
💠 Germany shut down its last three remaining nuclear 🏭 power plants.
💠 Part 7 of the de-industrialisation of Germany series.
Video courtesy DW
🔹Germany's power producers must continue to retool the country's entire power system at a record pace. The German gov't has dismissed such concerns, arguing that Europe's integrated electricity💡network, allows Germany to import electricity when needed.
🔹The German
🔹High electricity prices 📈 and "renewables" push, now threatens the future viability of Germany's chemical sector (an important segment of its' economy), as most chemical plants run off natural gas or coal, and use crude oil as a major feedstock. German polyvinyl chloride (PVC), is currently trading at nearly 90% more than that of South East Asia. Linear low density polyethylene is trading around 80% above prices offered out of the US
🔹Germany's energy regulator, Bundesnetzagentur, warns that despite comfortable levels of natural gas in storage the energy crisis is far from over, and weather will be the biggest factor.
Previous Germany reports on this channel:
💠 Germany
💠 Germany shut down its last three remaining nuclear 🏭 power plants.
💠 Part 7 of the de-industrialisation of Germany series.
Video courtesy DW
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🔹Iran 🇮🇷 plans to become a gas hub in the region given the country’s proper geographical situation and its 33 trillion cubic meters of extractable gas. “Through cooperation with Russia 🇷🇺, Turkmenistan 🇹🇲 and Qatar 🇶🇦, Iran is trying to have a gas hub in the Asaluyeh port in the Persian Gulf region, with preparations being planned.
🔹Last week, Iran and Turkmenistan signed two cooperation agreements and three MoUs to expand their economic and energy cooperation. Iran currently imports 10 mcm per day of gas from Turkmenistan under a swap deal that also involves Azerbaijan 🇦🇿.
🔹Oil Minister Javad Owji underlined that Iran is making progress in the energy field despite the sanctions, and said that his ministry will continue its gas swap deals with the neighboring states. Iran currently sits on the second largest gas reserves in the world. The country is also the third largest global producer of natural gas after the United States 🇺🇸 and Russia 🇷🇺 with some 1 billion cubic meters per day of output.
Previous Iran gas reports on this channel:
💠 A trilateral gas swap deal between Iran, Turkmenistan & Azerbaijan helps foil sanctions imposed against Iran.
💠 Iran welcomes Saudi 🇸🇦 investments into it's oil 🛢and gas industry.
💠 Iran & Venezuela 🇻🇪 to share technological advances in petrochemicals, oil & gas sectors.
💠 Russia 🇷🇺 wants to cooperate with Iran on manufacturing of gas turbines.
🔹Last week, Iran and Turkmenistan signed two cooperation agreements and three MoUs to expand their economic and energy cooperation. Iran currently imports 10 mcm per day of gas from Turkmenistan under a swap deal that also involves Azerbaijan 🇦🇿.
🔹Oil Minister Javad Owji underlined that Iran is making progress in the energy field despite the sanctions, and said that his ministry will continue its gas swap deals with the neighboring states. Iran currently sits on the second largest gas reserves in the world. The country is also the third largest global producer of natural gas after the United States 🇺🇸 and Russia 🇷🇺 with some 1 billion cubic meters per day of output.
Previous Iran gas reports on this channel:
💠 A trilateral gas swap deal between Iran, Turkmenistan & Azerbaijan helps foil sanctions imposed against Iran.
💠 Iran welcomes Saudi 🇸🇦 investments into it's oil 🛢and gas industry.
💠 Iran & Venezuela 🇻🇪 to share technological advances in petrochemicals, oil & gas sectors.
💠 Russia 🇷🇺 wants to cooperate with Iran on manufacturing of gas turbines.
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🔹The Eurasian Intergovernmental Council of the Eurasian Economic Union (EAEU) 🇷🇺 🇦🇲 🇰🇿 🇰🇬 🇧🇾 summit, the Commonwealth of Independent States (CIS) Heads of Government Council meeting and the 3rd Eurasian Congress are being held in Sochi Russia. Russian PM M. Mishustin, at the Eurasian Congress focused on import replacement measures, perspective projects in transportation, industry, agriculture etc. within the EAEU.
🔹Russian🇷🇺 President V. Putin called for activity down the line of executive authorities and central banks of EAEU countries aimed at consolidating financial sovereignty. This will diversify and harmonize the Eurasian financial market "in a way that creates comfortable conditions for preserving capital and its investment".
🔹CIS and EAEU gov'ts are facing large, complex tasks to promote the process of integration buildup in the economic, social and humanitarian spheres. President Putin noted that Russia is not going to isolate itself from the world economy and produce everything on its own, but self-sufficiency is needed in critical areas.
🔹Interest in EAEU is growing worldwide. Cuban 🇨🇺 PM M. Marrero, stressed the need to promote strategic alliances with EAEU companies and that his country play a role in expanding associations with Latin America and the Caribbean. China🇨🇳 recently expressed readiness to work with EAEU states.
Video source - RT
🔹Russian
🔹CIS and EAEU gov'ts are facing large, complex tasks to promote the process of integration buildup in the economic, social and humanitarian spheres. President Putin noted that Russia is not going to isolate itself from the world economy and produce everything on its own, but self-sufficiency is needed in critical areas.
🔹Interest in EAEU is growing worldwide. Cuban 🇨🇺 PM M. Marrero, stressed the need to promote strategic alliances with EAEU companies and that his country play a role in expanding associations with Latin America and the Caribbean. China
Video source - RT
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🔹The French 🇫🇷 gov't has completed the nationalization of the country’s largest energy💡utility, EDF, with the co. officially removed from the Paris stock exchange. The takeover follows the co. suffering a net financial debt soaring by 50% to €64.5 billion & a record loss last year, with nuclear 🏭 output falling to a 34-year low.
🔹In late 2022, Paris launched a buyout of the 16% stake in EDF, offering around €10 billion 💶 to take full control of the debt-laden electricity provider. The French state had already owned almost 84% of the EDF, while 15% was in the hands of private shareholders, and the remaining 1% held by the utility’s employees.
🔹France lodged last-minute opposition to the EU's 🇪🇺 law on more ambitious renewable energy goals last month. Paris has sought changes to the law to offer more favourable treatment of nuclear energy.
Last reported on this channel:
💠 France’s power prices for early 2024 are double the German 🇩🇪 prices for next winter.
💠 EDF is considering using funds from depositors in a centuries-old savings account to finance part of a €50bn plan to build six nuclear reactors.
💠 🇫🇷 EDF said that it had lowered its nuclear output target for 2022 due to the impact of strikes & corrosion issues on its reactor maintenance schedule.
💠The French gov't to fully nationalize the EDF. which runs a 29 billion Euro loss.
Video source - Into Europe
🔹In late 2022, Paris launched a buyout of the 16% stake in EDF, offering around €10 billion 💶 to take full control of the debt-laden electricity provider. The French state had already owned almost 84% of the EDF, while 15% was in the hands of private shareholders, and the remaining 1% held by the utility’s employees.
🔹France lodged last-minute opposition to the EU's 🇪🇺 law on more ambitious renewable energy goals last month. Paris has sought changes to the law to offer more favourable treatment of nuclear energy.
Last reported on this channel:
💠 France’s power prices for early 2024 are double the German 🇩🇪 prices for next winter.
💠 EDF is considering using funds from depositors in a centuries-old savings account to finance part of a €50bn plan to build six nuclear reactors.
💠 🇫🇷 EDF said that it had lowered its nuclear output target for 2022 due to the impact of strikes & corrosion issues on its reactor maintenance schedule.
💠The French gov't to fully nationalize the EDF. which runs a 29 billion Euro loss.
Video source - Into Europe
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🔹In an effort to further cement Venezuela’s 🇻🇪 ties to West Asia despite opposition from the US, last week President Nicolas Maduro visited the Kingdom of Saudi Arabia 🇸🇦. He also visited Türkiye 🇹🇷 where he attended Recep Tayyip Erdogan’s inauguration. This was Maduro’s first visit to the Gulf region since 2015. President Maduro said that during his visit, he had succeeded in strengthening bilateral relations with each of the countries.
🔹The Saudi Ministry of Foreign Affairs said MBS and Maduro discussed bilateral cooperation and issues of common interest, but did not give further details. Erdogan also looks to expand relations with Saudi Arabia, his re-election was a relief to many Gulf officials.
🔹This is a reflection that Saudi Arabia is looking to have an independent foreign policy dictated by its national interest. Venezuela and Saudi Arabia are founding members of OPEC. And they can work towards making the oil market less dependent on the US 🇺🇸 and its sanctions regime.
Last reported on this channel:
💠 🇻🇪 President Maduro received a warm welcome by Brazilian President Lula, as he attends a summit with 12 South American countries, just several years after he was banned from entering Brazil.
💠 The US 🇺🇸 will gradually lift sanctions on Venezuela only if the country moves toward restoring 'fair' elections.
💠 Russia's 🇷🇺 FM S. Lavrov visited Venezuela to discuss the formation of a multipolar world order.
💠 Iran 🇮🇷 & Venezuela to share technological advances in petrochemicals, oil & gas sectors.
💠 Türkiye's 🇹🇷 FM M. Çavuşoğlu calls on the US to lift sanctions on Venezuela.
Video source - teleSUR, imdat oner, TCV News, Vanessa Ortiz.
🔹The Saudi Ministry of Foreign Affairs said MBS and Maduro discussed bilateral cooperation and issues of common interest, but did not give further details. Erdogan also looks to expand relations with Saudi Arabia, his re-election was a relief to many Gulf officials.
🔹This is a reflection that Saudi Arabia is looking to have an independent foreign policy dictated by its national interest. Venezuela and Saudi Arabia are founding members of OPEC. And they can work towards making the oil market less dependent on the US 🇺🇸 and its sanctions regime.
Last reported on this channel:
💠 🇻🇪 President Maduro received a warm welcome by Brazilian President Lula, as he attends a summit with 12 South American countries, just several years after he was banned from entering Brazil.
💠 The US 🇺🇸 will gradually lift sanctions on Venezuela only if the country moves toward restoring 'fair' elections.
💠 Russia's 🇷🇺 FM S. Lavrov visited Venezuela to discuss the formation of a multipolar world order.
💠 Iran 🇮🇷 & Venezuela to share technological advances in petrochemicals, oil & gas sectors.
💠 Türkiye's 🇹🇷 FM M. Çavuşoğlu calls on the US to lift sanctions on Venezuela.
Video source - teleSUR, imdat oner, TCV News, Vanessa Ortiz.
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🔹Former French 🇫🇷 Prime Minister François Fillon (2007-2012) dropped bombshells in a recent National Assembly Commission of Enquiry into foreign/Russian interference in France's internal affairs'. He openly criticized instead US 🇺🇸 spying on French politicians, backfiring sanctions, poor diplomatic relations with countries outside the West and the euro 💶 held hostage to the USD 💵 & American security for Europe.
🔹Media and opponents have labeled him "under the influence of Russia" due to his publicly known business relationship with Russian companies despite those companies having no strategic relationship to France's industry.
🔹Since his defeat in the 2017🇫🇷 presidential election, François Fillon has changed careers to the private sector. Last year, he drew strong criticism after deploring « refusal of Westerners » to hear Moscow's claims regarding NATO expansion and was forced to resign his positions in Russian 🇷🇺 affiliated businesses.
NB - The video above is a short summary for the important topics examined over the 2 hour and 20 minute hearing.
🔹Media and opponents have labeled him "under the influence of Russia" due to his publicly known business relationship with Russian companies despite those companies having no strategic relationship to France's industry.
🔹Since his defeat in the 2017
NB - The video above is a short summary for the important topics examined over the 2 hour and 20 minute hearing.
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🔹Saudi Arabia🇸🇦 signed $10 billion worth of investment agreements with Chinese 🇨🇳 companies on 11 June, the first day of the 10th Arab-China Business Conference in Riyadh. More than 3,500 government officials, investors, business representatives and experts from 23 countries have reportedly participated in the event, co-organised with the Arab League and the China Council for the Promotion of International Trade.
🔹The deals include a $5.6 billion agreement with Chinese electric car 🚗 maker Human Horizons for automotive research, development, manufacturing, and sales of luxury electric vehicles. Other investment agreements span sectors such as technology, renewables, agriculture, real estate, minerals, supply chains, tourism, and healthcare.
🔹Closer ties between China and the Middle East have raised concerns in Washington DC🇺🇸 and European capitals. The Saudi 🇸🇦 oil minister went so far as to say he would “ignore” Western suspicions over the warming ties between the two countries.
🔹Energy Minister Prince Abdulaziz bin Salman responded to reporters saying: "We are Saudi Arabia, we don't have to be engaged in what I call a zero-sum game. We believe that there are so many global opportunities."
Last reported on this channel:
💠 Saudi Arabia working towards becoming a dialogue partner in the Shanghai Cooperation Organization.
💠 The Export-Import Bank of China 🇨🇳 achieved the first loan co-operation with Saudi Arabia 🇸🇦 (KSA) National Bank, denominated in yuan.
💠 China mediated the rapprochement between the KSA & Iran 🇮🇷.
💠 China’s imports from & exports to the KSA now exceeds the Saudis combined trade with the US 🇺🇸 & the EU 🇪🇺.
💠 The KSA 🇸🇦 is open to discussions about trade in currencies other than the USD, such as the Chinese yuan.
Video source - WION
🔹The deals include a $5.6 billion agreement with Chinese electric car 🚗 maker Human Horizons for automotive research, development, manufacturing, and sales of luxury electric vehicles. Other investment agreements span sectors such as technology, renewables, agriculture, real estate, minerals, supply chains, tourism, and healthcare.
🔹Closer ties between China and the Middle East have raised concerns in Washington DC
🔹Energy Minister Prince Abdulaziz bin Salman responded to reporters saying: "We are Saudi Arabia, we don't have to be engaged in what I call a zero-sum game. We believe that there are so many global opportunities."
Last reported on this channel:
💠 Saudi Arabia working towards becoming a dialogue partner in the Shanghai Cooperation Organization.
💠 The Export-Import Bank of China 🇨🇳 achieved the first loan co-operation with Saudi Arabia 🇸🇦 (KSA) National Bank, denominated in yuan.
💠 China mediated the rapprochement between the KSA & Iran 🇮🇷.
💠 China’s imports from & exports to the KSA now exceeds the Saudis combined trade with the US 🇺🇸 & the EU 🇪🇺.
💠 The KSA 🇸🇦 is open to discussions about trade in currencies other than the USD, such as the Chinese yuan.
Video source - WION
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🔹German 🇩🇪 media warns about decoupling from China 🇨🇳 as it would be more dangerous than beneficial for the EU 🇪🇺. Even with a shift away from China, Europe would still be dependent on rare-earth element (REE) imports from places like Africa. As much as 90% of Europe's rare earths are imported from China.
🔹China controls 60% of global production of REE and 85% of the processing capacity. China is considering banning the export of technologies used to produce high-performance rare earth magnets 🧲 citing “national security”. Mining ⛏ REEs causes various types of environmental damage including radioactive waste because of how they are extracted. Processing centres are concentrated largely in China due to special know-how, high costs for processing plants 🏭 & operations.
🔹Africa as a continent can outmatch both China and the West by formulating a new strategic approach towards the REE industry by developing a sound mineral policy through inter-state cooperation in order to get geopolitical leverage in the global mineral market.
🔹African states involved in the REE sector need to consider:
🔸Strengthening tax policy to maximize revenue collection.
🔸Leveraging the African Continental Free Trade Area to maximise value addition.
🔸Using resources strategically to build strong trade partnerships.
Last reported on this channel:
💠 Neodymium permanent magnets for EV's 🚗 & electric motors face multiple supply chain & mining limitations.
💠 European sanctions can backfire if Russia 🇷🇺 closes it's rail cargo route to Europe with REE from China .
💠 Swedish 🇸🇪 discovers a major REE deposit. It will be at least 10-15 years before mined products is brought to market.
Video source - Shahid Bolsen of Middle Nation.
🔹China controls 60% of global production of REE and 85% of the processing capacity. China is considering banning the export of technologies used to produce high-performance rare earth magnets 🧲 citing “national security”. Mining ⛏ REEs causes various types of environmental damage including radioactive waste because of how they are extracted. Processing centres are concentrated largely in China due to special know-how, high costs for processing plants 🏭 & operations.
🔹Africa as a continent can outmatch both China and the West by formulating a new strategic approach towards the REE industry by developing a sound mineral policy through inter-state cooperation in order to get geopolitical leverage in the global mineral market.
🔹African states involved in the REE sector need to consider:
🔸Strengthening tax policy to maximize revenue collection.
🔸Leveraging the African Continental Free Trade Area to maximise value addition.
🔸Using resources strategically to build strong trade partnerships.
Last reported on this channel:
💠 Neodymium permanent magnets for EV's 🚗 & electric motors face multiple supply chain & mining limitations.
💠 European sanctions can backfire if Russia 🇷🇺 closes it's rail cargo route to Europe with REE from China .
💠 Swedish 🇸🇪 discovers a major REE deposit. It will be at least 10-15 years before mined products is brought to market.
Video source - Shahid Bolsen of Middle Nation.
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🔹Kenyan 🇰🇪 President William Ruto questions the notion why US dollars are needed between African countries for internal trade. He encouraged traders in African states to use the Afreximbank (African Export Import Bank) trade mechanism that allows trade between each other in goods and services, where the remaining balance is settled in local currencies. Kenya also champions a Pan-African Payment and Settlement System (PAPSS) pioneered locally.
🔹Kenya has been facing is a US dollar 💵 shortage in the country for many months, making the importation of goods and services to the country difficult. During the month of May, the Kenyan Shilling depreciated by 1.9% against the US Dollar, to close the month at 138.5 shillings. Kenya’s crippling dollar shortage is driving away investors, Nairobi’s All-Share Index has plunged 📉 19% this year.
🔹Kenya, the second-biggest economy in East Africa, central bank reserves dwindled 📉 to the lowest in 11 years, forcing importers to scrabble for dollars. More loans is also set to flow into Kenya in the form of financing from the IMF and World Bank. President Ruto recently emphasized the need for African nations to assert greater control over their economies and reduce their exposure to external economic fluctuations.
Last reported on this channel:
💠 Kenyan 🇰🇪 gov't starts making purchases of oil using Kenyan shillings so oil brokers will not hoard dollars.
💠 India has given approval for opening a special rupee vostro account with Kenya for facilitating international trade in the Indian 🇮🇳 rupee.
💠 Saudi 🇸🇦 Aramco to supply petroleum products in Kenya for 6 months on credit, due to Kenya's shortage of US dollars.
Video source - BRISL
🔹Kenya has been facing is a US dollar 💵 shortage in the country for many months, making the importation of goods and services to the country difficult. During the month of May, the Kenyan Shilling depreciated by 1.9% against the US Dollar, to close the month at 138.5 shillings. Kenya’s crippling dollar shortage is driving away investors, Nairobi’s All-Share Index has plunged 📉 19% this year.
🔹Kenya, the second-biggest economy in East Africa, central bank reserves dwindled 📉 to the lowest in 11 years, forcing importers to scrabble for dollars. More loans is also set to flow into Kenya in the form of financing from the IMF and World Bank. President Ruto recently emphasized the need for African nations to assert greater control over their economies and reduce their exposure to external economic fluctuations.
Last reported on this channel:
💠 Kenyan 🇰🇪 gov't starts making purchases of oil using Kenyan shillings so oil brokers will not hoard dollars.
💠 India has given approval for opening a special rupee vostro account with Kenya for facilitating international trade in the Indian 🇮🇳 rupee.
💠 Saudi 🇸🇦 Aramco to supply petroleum products in Kenya for 6 months on credit, due to Kenya's shortage of US dollars.
Video source - BRISL
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