Shell warns the move could worsen the current energy crisis

The CEO of energy major Shell, Ben van Beurden, has raised doubts about plans by the Group of Seven (G7) leading Western nations to impose a price cap on Russian oil to limit Moscow’s revenue from sales.

“You can see all the flaws already,” he told Bloomberg on Wednesday, noting that the system would work only if there were broad participation beyond Europe and the US.
 
Otherwise, “you will continue to just see what is currently happening, which is Russian crude will go to countries that are perfectly OK to still purchase Urals [Russia’s main crude export grade], for instance,” he explained.
 
According to Van Beurden, the world is heading for a “turbulent period” as tightening supplies of liquefied natural gas and oil exacerbate a global energy crunch.
 
The Shell CEO explained it would be hard to replace large swaths of Russian oil and gas that still flow into Western Europe. “There will be more LNG supply coming into Europe, but will there be a lot of extra new LNG supply to plug the gap? I don’t think so,” Van Beurden said.

He also pointed out that spare capacity from OPEC was lower than most believed or hoped, adding: “We’ll face tight markets unless there’s very significant fallout in demand.”

READ MORE: Anti-Russia alliance explores oil options

This week, the G7 economies reportedly agreed to explore the feasibility of a price cap on Russian oil exports.
 
The idea was first introduced by US Treasury Secretary Janet Yellen earlier this year, and was then taken up by the G7, which is considering the possibility of an embargo on the transportation of Russian seaborne crude oil unless it is purchased at or below a price to be agreed with international partners.

For more stories on economy & finance visit RT’s business section

Hours after a White House aide told Congress that Rudy Giuliani sought a presidential pardon for trying to topple American democracy, the ex-mayor—who denied that accusation—greeted a coterie of well-wishers inside a Manhattan Republican club following his son’s concession speech in the gubernatorial primary.

Guardian Angels in red berets ran security for Trump acolytes in red MAGA caps. Curtis Sliwa posed for photos in front of a step and repeat with Peggy Lee blaring from the sound system. And hours after a White House aide told Congress that Rudy Giuliani sought a presidential pardon for trying to topple American democracy, the ex-mayor—who denied that accusation—greeted a coterie of well-wishers inside a Manhattan Republican club. Some even touched his wounded back.

Good cheer permeated the primary night party for Andrew Giuliani, a Republican candidate for governor, well after the results showed him trailing Rep. Lee Zeldin by about 20 percentage points statewide. When the younger Giuliani took the microphone around 10:45 p.m. to concede defeat, he predicted a spate of GOP victories across New York and pledged to back Zeldin in the November general election.

“I’m happy to do whatever I can behind the scenes, publicly, to make sure that this is a big Red Wave,” said Giuliani, who won a plurality of the GOP vote in New York City. “And this Red Wave nationally comes right into the state of New York.”

The everyday Republicans who sipped drinks from a cash bar or sat at tables in a second-floor banquet hall howled along with the VIPs, who had been dining a few floors up inside 3 West Club in Midtown, home of the Women’s National Republican Club. Photos of past presidents lined a stairway, along with paintings of elephants.

It was a relatively big tent.

Libertarians who privately blasted the Supreme Court decision to overturn abortion rights but refused to go on the record mingled with Christian college students who said Giuliani was the “America First” candidate best representing their deep conservative religious values. A former Democrat who said he was turned off by what he considered the party’s leftward drift discussed the merits of Mitchell Lama housing. A guy handed out weed gummies from a messenger bag.

Carlos Gemal, a college student from Maspeth, said he backed Giuliani because he thought he could follow in his father’s footsteps and impose stricter “broken windows policing” to curb crime.

“If he does half the stuff his father did in New York City, he will be successful,” Gemal said.

For Chris Squassi, a wealth manager living on the Upper East Side, the decision to support Giuliani in the four-candidate GOP field also came down to “bloodline.”

“Rudy took New York City [and] he saved New York,” Squassi said.

Recent Supreme Court decisions striking down New York’s gun restrictions and eliminating the last remnants of nationwide abortion protections motivated several voters who spoke with City Limits at the polls Tuesday. But Squassi said those issues will matter little come the Nov. 8 general election.

“That’s a long time away and people are going to forget about it,” he said. “What people care about right now is filling up the tank, going to the grocery store and paying their electric bill.”

In that race, Zeldin, now the Republican nominee, faces off against Gov. Kathy Hochul after the incumbent pulled off an easy win in the Democratic primary Tuesday. It’s an uphill climb for the GOP in heavily-Democratic New York, even amid economic malaise, but ex-Dem Mike Muñoz said his new party can pull off an upset.

Muñoz, an Army veteran who helps other former military members apply for Mitchell Lama housing, said he decided to switch parties after a friend invited him to a meeting of the New York Young Republicans and he felt welcomed “with open arms.”

“I was already a moderate and I don’t like being attacked,” he said of his old party.

He said he disagreed with the Supreme Court decision to strike Roe v Wade, but said differences of opinion were OK among the Republicans he has  joined.

“The majority of people vote for safety and their wallet,” he said.

Still, representatives of the party’s nationalist bent were also out in force, illustrating the affinity for Trumpian politics that Guiliani attempted to harness.

Queens Councilmember Vickie Paladino walked through the venue in a tie-dye dress talking with voters. Young Republican Club President Gavin Wax, who last week defended racist Congressional candidate Carl Paladino in a Newsmax op-ed, stood near Giuliani at the podium. A man in an InfoWars t-shirt with Thomas Jefferson’s “blood of tyrants” quote waited to meet the losing candidate.

And as the election results began to roll in, someone changed the televisions from NY1 to Fox News, where host Laura Ingraham held court before a rapper briefly warmed up the crowd with a call back to the pre-insurrection 2020 election.

“That’s why they’re pushing vote-by-mail, and letting high-profile criminals out of jail,” he rapped over a recorded track. “Trump 2020, say it loud. I wear a MAGA hat and I do it proud.”

Tuesday marked the first of this year’s primary elections in New York. Some voters told City Limits they were motivated to show up by the recent, controversial U.S Supreme Court decisions that overturned the constitutional right to an abortion as well as New York’s concealed-carry gun law.

Tuesday marked the first of this year’s primary elections in New York, with party races for governor, lieutenant governor, State Assembly and some judicial posts on the ballot. A second primary will take place Aug. 23 for State Senate and Congressional contests—the result of a chaotic redistricting year in which some district maps were tossed out and redrawn late in the season, splitting the state’s midterm primaries in two.

Voter turnout so far appears to be taking a hit: During early voting from June 18-26, just 86,890 city voters cast their ballots, according to the NYC Board of Elections, compared to 191,197 early voters during last year’s June mayoral primary. Some 279,622 people in the five boroughs had voted as of 3 p.m. Tuesday, according to NYCBOE, a tally which included early voting. Polls are open until 9.m.

But voters trickled into poll sites across the five boroughs throughout the day Tuesday. Some told City Limits they were motivated to show up by the recent, controversial U.S Supreme Court decisions that overturned the constitutional right to an abortion as well as New York’s concealed-carry gun law.

READ MORE: No Loud Music. No Smoking. No Guns. Can NYC Landlords Ban Firearms?

“I’m glad I live here, I can say that,” said 40-year-old Brooklyn voter J. Plant—who asked to be identified only her first initial and last name—referring to trigger laws in others states that outlawed abortion in the wake of last week’s court ruling. While she always votes in general elections, she said she only sometimes votes in primaries, but felt compelled to show up Tuesday in light of the recent decisions, adding that she voted for Democratic incumbent Gov. Kathy Hochul.

“I think it’s also important to keep women in power,” she said.

Upper East Side resident and grandmother of two Chickie Bucco said she too came out to vote for democrats because she was upset and frustrated with the ruling to overturn Roe v. Wade. “I took my teenage son to a pro-choice march 30 years ago,” she said, expressing sadness and frustration.

“I’m glad I’m on my way out because I can’t take it,” Bucco added, wiping her eyes.

The SCOTUS decision also angered New York University nursing professor Madeline Naegle. “I no longer feel like we have a neutral court,” she said.

Naegle voted for Hochul, too, saying she believes the incumbent has done a good job in the role, particularly related to abortion access. “She’s made a real effort in keeping the doors open in New York State and providing support for other states,” she said.

Beth Dannhauser, a longtime Upper East Side resident, came out to the polls not to vote but to get information on switching her parties. The gun control and abortion decisions finally swayed her to switch from independent to democrat so that she would be able to vote in future primary elections.

“I don’t think women will give up this fight,” she said. “They opened a Pandora’s box.”

For Anthony Stirpe, though, the most pressing issue was the economy and rapidly rising prices. Citing a need for change, he was mostly interested in the governor’s race—he cast a ballot at Yorkville Community School on the Upper East Side for Republican candidate Lee Zeldin. “I want to see everyone be able to afford their gas,” he said.

Another nearby polling site at the Church of the Heavenly Rest on 5th Avenue and East 90th Street was among the busier polling sites on Tuesday. Site coordinator Carmen Mathis noted her surprise at receiving more voters than she had in previous elections, with the first arriving at 6:02 that morning and a continuous stream after that, she said.

Mathis, who hosts an eponymous show on the Manhattan Neighorhood Network and has acted on the Netflix show “Orange is the New Black,” kept a gregarious attitude while navigating staffing shortages and lingering technical difficulties during the Tuesday morning rush. She was already down four workers and an accessibility clerk when three of her workers were poached to help out at the poll at the Guggenheim Museum, just about 300 feet away.

One of her two scanners had jammed five times by about 9:30 a.m. and she had one problem with the second scanner, forcing her to collect an emergency ballot. She reported the issues on the phone with a representative from the Board of Elections. “We are not trying to hang with scanner A anymore,” she said, describing how the ballots had been jamming and not falling into the back of the machine as intended. “It’s like a screw is loose or something,” she told the representative.

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More local issues were top of mind Tuesday for some voters. At Brooklyn’s I.S. 136 in Sunset Park, Laquinn Lee, 30, said affordable housing was the key priority when he cast his gubernatorial ballot for Jumaane Williams, the current New York City public advocate and former city councilmember who’s campaigned as a more progressive alternative to incumbent Hochul. Williams’ advocacy, Lee said, seems focused not just on housing but on “truly affordable housing,” for lower income New Yorkers.

“He was an activist for a while,” Lee said of Williams, who got his start in public service as a tenant organizer.

Aaron, a 40-year-old voter from Brooklyn who declined to share his last name, also cited housing as the driving force behind his vote, favoring candidates who are pro-development.

“When I see somebody who doesn’t say ‘yes’ to housing, I say ‘no,’ basically,” he said, adding that he was likely to vote for local business owner Erik Frankel for the 51st Assembly District in Sunset Park, though he wasn’t aware the candidate was running until showing up to the polls.

But he was not keen to support incumbent Assemblymember Marcela Mitaynes, he said, because of her past opposition to the expansion of the Made in New York Campus at Brooklyn’s Bush Terminal and what he described as a “reflexive no” against new development in general from some progressive lawmakers.

“I just can’t stomach their ‘perfect in the way of good’ kind of thing,” he said. “Housing has galvanized me.”

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The first indication that it might be a sleepy Election Day on Staten Island came during a two-mile drive along Todt Hill Road. As elections near, the mansion-lined roadway often features a number of campaign signs on front lawns and outside iron gates. But on Tuesday, there were just two—each advertising incumbent Rep. Nicole Malliotakis, who isn’t on the ballot until August.

Inside the Staten Island Republican Party headquarters, decked out with signs for Assembly candidate Paul Ciurcina, committee members prepared to fan out and rally voters. “Primaries are often low turn-out elections and we are seeing that today,” said GOP Chair Anthony Reinhardt.

Less than a mile away at Staten Island Tech High School, this year’s double primaries and recent redistricting seemed to confuse some voters who showed up at the wrong polling place. Several had to fill out affidavit ballots or find their new site, said coordinator Anthony Raiola. “I think the redistricting is causing a lot of issues with voters,” Raiola said. “It’s a lot more paperwork.”

“It’s been a mess,” City Limits overheard a poll worker tell a voter registered at a different site. By 12:45 p.m., 137 people had voted at the school, according to a tally of the machine counts. About 300 people had cast ballots there during the nine-day early voting period, Raiola said.

The roughly 15 people who showed up between 12 and 1 p.m. reflected an array of ideologies, including some nuanced positions. Republican Bill Fallon, a boilermaker in Brooklyn, said he planned to vote for Zeldin and found candidate Andrew Giuliani too aligned with Donald Trump, who he called “a showboat.”

“Where the world is today, it’s getting crazy so hopefully we can put some Republicans in there,” he said. “I’m not a big fan of Trump.”

Another Republican who declined to give their name said they planned to vote for Gov. Hochul in the general election and cried last week after the far-right Supreme Court overturned Roe v. Wade and the last remaining federal abortion protections.

A registered Democrat named Terry, who declined to give his last name, said he planned to vote for Tom Suozzi for governor after Hochul’s first pick for lieutenant governor, Brian Benjamin, was arrested for corruption earlier this spring. He said he found the left wing of the party “too progressive.”

A mix of national and local issues weighed heavily on a pair of Democrats leaving the polling place around noon. Marilyn Carreta, a retired state worker, and John Pirrone, a retired carpenters union benefit fund manager, said democracy itself was at stake.

“Staten Island is a hell hole of pro-insurrectionists, anti-democrats, bigots and racists,” Carretta said. “They don’t care about democracy…it’s a disgrace.”

Both said they voted for Hochul and her running mate, ex-Rep. Antonio Delgado, a candidate for lieutenant governor, because they thought Hochul had done a good job standing up for reproductive rights and gun control measures. They also said they hoped to counter a GOP that had turned “anti-patriotic.”

“The Republican Party has become autocratic,” Pirrone said. “To me, the country is a mess and I’m going to do my part to elect people who represent my views.”

Despite booming profits for Moscow, the US secretary of state insisted that the sanctions will hurt the Kremlin soon

US Secretary of State Antony Blinken told CNN on Sunday that an embargo on Russian gold exports will strip Moscow of around $19 billion in annual revenue. Pressed over the West’s failure to hurt the Russian economy with sanctions thus far, Blinken predicted that the effects will be seen next year.

The US, UK, Canada, and Japan will announce a ban on the import of Russian gold during the G7 Leaders’ Summit in Germany on Sunday, according to a statement from the British government. 

Gold is “the second most lucrative export that Russia has, after energy,” Blinken told CNN’s Jake Tapper. “It’s about $19 billion per year, and most of that is within the G7 countries. Cutting that off, denying access to about $19 billion of revenue a year, that’s significant.”

It is unclear whether the rest of the G7 nations will sign on to the ban, with European Council President Charles Michel saying on Sunday that the EU would first need to determine whether it would be “possible to target gold in a manner that would target the Russian economy and not in a manner that would target ourselves.”

Read more

US President Joe Biden has said that a gold ban would impose “unprecedented costs on [Russian President Vladimir] Putin,” and UK Prime Minister Boris Johnson has claimed that it will “strike at the heart of Putin’s war machine.”

However, both leaders said the same about the multiple rounds of sanctions imposed on Russia by their countries and by their EU allies. Yet, while Biden promised in March to “crater” the Russian economy, Moscow is reporting record profits from oil and gas sales, and the Russian ruble currently stands at a seven-year high against both the dollar and the euro.

Meanwhile, inflation is at its highest level in 40 years in Europe and the US, and customers on both sides of the Atlantic are paying record high fuel prices. Despite agreeing on a Russian oil embargo last month, the EU is reportedly importing more Russian crude now than at any point over the last two months.

Russia will also still have the option to sell its gold to refiners, or to look for new buyers in China, India, or the Middle east, as it has done with its fossil fuels.

“The US said that Western sanctions against Russia would devastate its economy but that doesn’t seem to be happening. When are these sanctions going to start having the effect that the West and President Biden has promised?” Tapper asked Blinken.

READ MORE: EU steps back into coal age – media

“Everything that we’ve done from the start in imposing these unprecedented sanctions and export controls, it is having a profound impact on Russia,” Blinken replied, claiming that Russia now “can’t acquire what it needs to modernize its defense sector, modernize its technology, to modernize its energy exploration.”

“Already we’re seeing predictions that the Russian economy will shrink by 8-15% next year,” he stated, seemingly quoting the same figures Biden did earlier this month, which he attributed to unnamed “experts.”