Tag: Russian oil

US Asks Germany to Hold Off on Russian Energy Sanctions Until Midterm Elections

Guest Post by Martin Armstrong

Reports are circling that the Biden Administration has begged Germany to hold off on banning Russian oil until after the midterm elections. The Democrats are so desperate to win amid their record-low popularity that they are openly asking other nations to alter major policies at the expense of the people. Biden has banned Russian energy imports, but the EU, which is more reliant on Russian energy, must wait.

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EU To Impose Full Embargo On Russian Oil Next Week, Will Send Price Above $185 According To JPMorgan

Via ZeroHedge

Update (13:15 ET): What was largely a theoretical modeling exercise until moments ago, is set to go live because Reuters reports that the EU is set to declare a full embargo on Russian oil after this weekend’s French election:

  • EU GAS PRICE TO SHOOT UP AS EU TO DECLARE EMBARGO ON RUSSIAN OIL AFTER FRENCH ELECTION NEXT WEEK – SOURCE

Why wait until after the election to launch the embargo? Simple: Europe’s bureaucrats are correctly terrified that the coming oil price spike to push the vote in Le Pen’s favor, which is why Europe will wait until after the election (when Macron will supposedly be the next president of France, as Belgium hopes) to announce it publicly.

More below (and in the full JPM report available to pro subs).

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Weaponizing Russian Energy

Guest Post by Martin Armstrong

In an attempt to boost the ruble and avoid sanctions, Russia will stop accepting payments in dollars and euros from “unfriendly countries.” India is on board and willing to change to a SWIFT alternative to easily convert rupees to rubles. The G7 has declared that they will not pay for gas in rubles. “[A]ll G-7 ministers agreed completely that this (would be) a one-sided and clear breach of the existing contracts,” German energy minister Robert Habeck stated. “Payment in ruble is not acceptable, and we will urge the companies affected not to follow Putin’s demand,” Habeck said.

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