How is Biden's energy embargo against Russia working???

Sullivan

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Nov 24, 2001
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From what I can tell, the Europeans and U.S. are paying higher prices for oil and natural gas. Meanwhile, Russia has made more money from oil and gas in 2022, than they did in 2021.


 
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RoyalT12

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Dec 3, 2020
6,395
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From what I can tell, the Europeans and U.S. are paying higher prices for oil and natural gas. Meanwhile, Russia has made more money from oil and gas in 2022, than they did in 2021.


Your Biden Deranged Syndrome is getting worse by the day. I have a life and haven’t officially counted but your incessant posting belies an insecurity about the slow death of your God and your kind that you are having trouble coming to terms with. The only person you are really trying convince with your reverse Trump criticism campaign is yourself. Dude , get a hobby , BDS is consuming you. I’ll count to ten and you will respond 10, 9, 8…
 
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Ski

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May 29, 2001
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Russian banks lost $25 billion in first half of the year as Ukraine war and sanctions see them go into the red for first time in seven years

  • Banking sector earnings were disclosed on Friday, the first time since February
  • The Kremlin has treated financial reports as state secrets since invasion began
  • And while Russia has been able to deploy emergency capital controls to limit the damage to the rouble, analysts say this has only papered over the cracks
  • Dmitry Tulin, First Deputy Chairman of the Central Bank, said banks had lost a combined 1.5 trillion roubles - mostly as a result of foreign currency operations
By CHRIS JEWERS FOR MAILONLINE

PUBLISHED: 08:10 EDT, 2 September 2022 | UPDATED: 08:27 EDT, 2 September 2022

Russian banks lost $25 billion in the first half of the year as sanctions over the war in Ukraine caused them go into the red for the first time in seven years.

Dmitry Tulin, First Deputy Chairman of the Central Bank, disclosed the banking sector earnings on Friday - the first time Russia has done so since February.

Since president Vladimir Putin's forces invaded Ukraine, the Kremlin has treated financial reports as closely guarded state secrets to avoid revealing the true scale of the economic damage caused by Western sanctions.

And while Russia has been able to deploy emergency capital controls to limit the damage to the rouble, analysts say this has only papered over the cracks.

Tulin said the country's banks had lost a combined 1.5 trillion roubles ($24.86 billion) in the first six months of 2022, against the backdrop of the on-going invasion.

Around two-thirds of the losses seen by banks are related to foreign currency operations, he said in an interview with the RBC business daily.

There is a 'more than 50 percent chance' that losses for the year would exceed the 1.5 trillion rouble figure from the first term, he added.

Banking losses were concentrated among Russia's largest banks, the chairman said.

Loss-making institutions recorded a combined 1.9 trillion rouble ($31.60 billion) loss, compared to profitable lenders that earned a combined 400 billion roubles ($6.65 billion) - combining to make the net loss of 1.5 trillion roubles.

The rouble spent most of August near 60 per-dollar.

Volatility has subsided since it hit a record low of 121.53 per dollar in Moscow trade in March, soon after Russia sent tens of thousands of troops into Ukraine.

It then rallied to its strongest in seven years of 50.01 per dollar in June.

So far this year, the rouble has been the world's best-performing currency buoyed by emergency capital controls rolled out by the central bank in a bid to halt a mass sell-off. This helped to avoid an economic meltdown that many had predicted.

Sanctions imposed on Russia by the West after it sent its troops into Ukraine in late February initially sent its economy into a freefall, and late last month Russia defaulted on its foreign debt for the first time in more than 100 years.

EU leaders agreed in May to embargo most Russian oil imports by the end of the year, while more than 1,000 western companies pulled out of Russia. Sanctions have also been placed on several individuals among Russia's elite oligarchs.

The Kremlin responded to the sanctions by hiking rates and demanding 'unfriendly' countries pay for Russian gas in roubles, in an attempt to shore up the currency.

News of the Russian banking losses came as the Kremlin said Russia would stop selling oil to countries that impose price caps on Russia's energy resources - caps that Moscow said would lead to significant destabilisation of the global oil market.

'Companies that impose a price cap will not be among the recipients of Russian oil,' Kremlin spokesman Dmitry Peskov told reporters in a conference call, endorsing comments made on Thursday by Deputy Prime Minister Alexander Novak.

'We simply will not cooperate with them on non-market principles,' Peskov said.

Group of Seven (G7) finance ministers were due to meet virtually on Friday and were expected to firm up plans to impose a price cap on Russian oil purchases with the aim of reducing the revenues flowing to Moscow.

The European Union earlier this year imposed a partial ban on Russian oil purchases, which Brussels says will halt 90% of Russia's exports to the 27-member bloc when it fully comes into force.

European Commission head Ursula von der Leyen said on Friday it was time for the EU to consider a similar price cap on Russian gas purchases.

Peskov said it was European citizens who were paying the price for such moves, imposed in response to Moscow's military campaign in Ukraine.

'Energy markets are at fever pitch. This is mainly in Europe, where anti-Russian measures have led to a situation where Europe is buying liquefied natural gas (LNG) from the United States for a lot of money - unjustified money. U.S. companies are getting richer and European taxpayers are getting poorer,' Peskov said.

Russia was studying how a price ceiling on its oil exports might affect its economy, Peskov said. 'One thing can be said with confidence: such a move will lead to a significant destabilisation of the oil markets.'

Before Russia sent tens of thousands of troops into Ukraine in February, Europe was the destination for almost half of Russia's crude and petroleum product exports, according to the International Energy Agency.

The bloc imported 2.2 million barrels per day (bpd) of crude, 1.2 million bpd of refined products and 0.5m bpd of diesel in 2021, with Germany, Poland and the Netherlands the largest customers.
 

m.knox

Well-Known Member
Gold Member
Aug 20, 2003
107,973
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Your Biden Deranged Syndrome is getting worse by the day. I have a life and haven’t officially counted but your incessant posting belies an insecurity about the slow death of your God and your kind that you are having trouble coming to terms with. The only person you are really trying convince with your reverse Trump criticism campaign is yourself. Dude , get a hobby , BDS is consuming you. I’ll count to ten and you will respond 10, 9, 8…

HEIL BIDEN!!
 
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Sullivan

Well-Known Member
Nov 24, 2001
15,404
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Your Biden Deranged Syndrome is getting worse by the day. I have a life and haven’t officially counted but your incessant posting belies an insecurity about the slow death of your God and your kind that you are having trouble coming to terms with. The only person you are really trying convince with your reverse Trump criticism campaign is yourself. Dude , get a hobby , BDS is consuming you. I’ll count to ten and you will respond 10, 9, 8…

Dude. You’re having a meltdown.
 
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RoyalT12

Well-Known Member
Dec 3, 2020
6,395
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We’re you drunk or high last evening when you wrote that?
Not at all , just an observation of your nonstop daily posting. Now it’s the weekend so go do something fun, get some fresh air , meet a girl do something normal and try and hold yourself to maybe just 5? posts today. Today is the day- you are going to get a life !
 

Sullivan

Well-Known Member
Nov 24, 2001
15,404
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Russian banks lost $25 billion in first half of the year as Ukraine war and sanctions see them go into the red for first time in seven years

  • Banking sector earnings were disclosed on Friday, the first time since February
  • The Kremlin has treated financial reports as state secrets since invasion began
  • And while Russia has been able to deploy emergency capital controls to limit the damage to the rouble, analysts say this has only papered over the cracks
  • Dmitry Tulin, First Deputy Chairman of the Central Bank, said banks had lost a combined 1.5 trillion roubles - mostly as a result of foreign currency operations
By CHRIS JEWERS FOR MAILONLINE

PUBLISHED: 08:10 EDT, 2 September 2022 | UPDATED: 08:27 EDT, 2 September 2022

Russian banks lost $25 billion in the first half of the year as sanctions over the war in Ukraine caused them go into the red for the first time in seven years.

Dmitry Tulin, First Deputy Chairman of the Central Bank, disclosed the banking sector earnings on Friday - the first time Russia has done so since February.

Since president Vladimir Putin's forces invaded Ukraine, the Kremlin has treated financial reports as closely guarded state secrets to avoid revealing the true scale of the economic damage caused by Western sanctions.

And while Russia has been able to deploy emergency capital controls to limit the damage to the rouble, analysts say this has only papered over the cracks.

Tulin said the country's banks had lost a combined 1.5 trillion roubles ($24.86 billion) in the first six months of 2022, against the backdrop of the on-going invasion.

Around two-thirds of the losses seen by banks are related to foreign currency operations, he said in an interview with the RBC business daily.

There is a 'more than 50 percent chance' that losses for the year would exceed the 1.5 trillion rouble figure from the first term, he added.

Banking losses were concentrated among Russia's largest banks, the chairman said.

Loss-making institutions recorded a combined 1.9 trillion rouble ($31.60 billion) loss, compared to profitable lenders that earned a combined 400 billion roubles ($6.65 billion) - combining to make the net loss of 1.5 trillion roubles.

The rouble spent most of August near 60 per-dollar.

Volatility has subsided since it hit a record low of 121.53 per dollar in Moscow trade in March, soon after Russia sent tens of thousands of troops into Ukraine.

It then rallied to its strongest in seven years of 50.01 per dollar in June.

So far this year, the rouble has been the world's best-performing currency buoyed by emergency capital controls rolled out by the central bank in a bid to halt a mass sell-off. This helped to avoid an economic meltdown that many had predicted.

Sanctions imposed on Russia by the West after it sent its troops into Ukraine in late February initially sent its economy into a freefall, and late last month Russia defaulted on its foreign debt for the first time in more than 100 years.

EU leaders agreed in May to embargo most Russian oil imports by the end of the year, while more than 1,000 western companies pulled out of Russia. Sanctions have also been placed on several individuals among Russia's elite oligarchs.

The Kremlin responded to the sanctions by hiking rates and demanding 'unfriendly' countries pay for Russian gas in roubles, in an attempt to shore up the currency.

News of the Russian banking losses came as the Kremlin said Russia would stop selling oil to countries that impose price caps on Russia's energy resources - caps that Moscow said would lead to significant destabilisation of the global oil market.

'Companies that impose a price cap will not be among the recipients of Russian oil,' Kremlin spokesman Dmitry Peskov told reporters in a conference call, endorsing comments made on Thursday by Deputy Prime Minister Alexander Novak.

'We simply will not cooperate with them on non-market principles,' Peskov said.

Group of Seven (G7) finance ministers were due to meet virtually on Friday and were expected to firm up plans to impose a price cap on Russian oil purchases with the aim of reducing the revenues flowing to Moscow.

The European Union earlier this year imposed a partial ban on Russian oil purchases, which Brussels says will halt 90% of Russia's exports to the 27-member bloc when it fully comes into force.

European Commission head Ursula von der Leyen said on Friday it was time for the EU to consider a similar price cap on Russian gas purchases.

Peskov said it was European citizens who were paying the price for such moves, imposed in response to Moscow's military campaign in Ukraine.

'Energy markets are at fever pitch. This is mainly in Europe, where anti-Russian measures have led to a situation where Europe is buying liquefied natural gas (LNG) from the United States for a lot of money - unjustified money. U.S. companies are getting richer and European taxpayers are getting poorer,' Peskov said.

Russia was studying how a price ceiling on its oil exports might affect its economy, Peskov said. 'One thing can be said with confidence: such a move will lead to a significant destabilisation of the oil markets.'

Before Russia sent tens of thousands of troops into Ukraine in February, Europe was the destination for almost half of Russia's crude and petroleum product exports, according to the International Energy Agency.

The bloc imported 2.2 million barrels per day (bpd) of crude, 1.2 million bpd of refined products and 0.5m bpd of diesel in 2021, with Germany, Poland and the Netherlands the largest customers.

So the energy gains more than offset the banking losses.

Once again, the energy embargo was a failure.
 
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Sullivan

Well-Known Member
Nov 24, 2001
15,404
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1
Not at all , just an observation of your nonstop daily posting. Now it’s the weekend so go do something fun, get some fresh air , meet a girl do something normal and try and hold yourself to maybe just 5? posts today. Today is the day- you are going to get a life !

Did my 10 posts yesterday offend you???

And you wonder why people on this forum think you’re a snowflake…
 
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RoyalT12

Well-Known Member
Dec 3, 2020
6,395
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Did my 10 posts yesterday offend you???

And you wonder why people on this forum think your a snowflake…
Can’t help yourself can you ? Common fella the day is calling! You can throw out juvenile insults later - for the record you’ve already sent 3 . I’m heading out for a run then to our favorite restaurant for some breakfast. I don’t want to see here when I get back mister!
 

WexfordWarrior

Well-Known Member
Aug 30, 2017
425
1,077
1
Somewhere in the Carolinas.
Not at all , just an observation of your nonstop daily posting. Now it’s the weekend so go do something fun, get some fresh air , meet a girl do something normal and try and hold yourself to maybe just 5? posts today. Today is the day- you are going to get a life !
Let's see. Royal T has 5440 posts since 12/3/2020. That is 170 posts per month. Sullivan has 16,791 since 2001. That is about 67 posts per month.

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