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G7 nations finalizing Russian oil price cap

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The G7 intergovernmental political forum says it is close to finalizing a mechanism through which it will limit the amount of money flowing into Russia while ensuring nations can still access its oil exports.

The bloc — which comprises Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States — said the initiative, which Australia has also vowed to participate in, will apply to seaborne shipments of Russian crude oil, and involve Western insurance companies only insuring shipments sold at or below the G7’s price cap.

The bloc believes that, by keeping the selling price down, it will deprive the nation of income that could finance Moscow’s involvement in the Russia-Ukraine conflict.

Antony Blinken, the US secretary of state, told reporters on Friday: “Russia needs to sell energy to keep the country going, to keep its economy going, and it wants to sell energy to fund the war. This is a good mechanism for making sure energy remains on the market but that the gains Russia gets from it have a ceiling.”

The Financial Times newspaper said Russia’s oil and gas exports earned the nation $117 billion during the first eight months of 2022, which was around a third of the nation’s total budget for the year.

The G7 said, following two days of talks in Germany, it still has some details to iron out before the initiative is activated.

“We will finalize implementation of the price cap on seaborne Russian oil in the coming weeks,” the statement said.

The G7 wants the initiative to come into force on or before Dec 5, which is when European Union sanctions against Russian crude oil come into effect.

The cap will only apply to crude oil and not to products refined from it, such as diesel and gasoline. And The Wall Street Journal said it will call for oil shipped under the terms of the initiative that is re-sold to still be pegged below the price cap if it is shipped on by sea, but that nations will be able to buy oil at price cap prices and resell it domestically at market prices, offering an incentive for countries to take part.

The Financial Times said the success of the cap will likely depend on whether China and India support it, because of their large demand dictated by their populations. But the paper said, if they do not sign up to take part, they could still ensure Russia sees less oil revenue by using the price cap as a bargaining chip when purchasing Russian oil.

Source(s): China Daily

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Talks between Israel, Egyptian delegation over Gaza ceasefire reportedly ‘very good’

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Negotiations over Israel’s upcoming offensive in the Gaza Strip’s southernmost city of Rafah and efforts to achieve a ceasefire deal with Hamas were “very good” between Israeli officials and a high-level Egyptian delegation, media and sources said Friday.

The negotiations were “very good, focused, held in good spirits and progressed in all parameters,” a senior Israeli official told Israeli media Ynet.

“In the background, there are very serious intentions from Israel to move ahead in Rafah,” and the Egyptians are willing to exert pressure on Hamas to achieve a deal, the official was quoted as saying.

According to the Israeli official, Israel made a warning that it would not agree to foot-dragging by Hamas on the hostage deal to delay the military operation in Rafah, and he also mentioned that Israel had deployed reserve soldiers to the Gaza Strip.

According to Channel 12, the official added that Israel is prepared to make more “significant compromises,” such as permitting the evacuation of Gazan civilians in northern Gaza and removing its troops from a crucial corridor that divides Gaza.

Meanwhile, Egypt reportedly sent a high-level delegation, led by senior intelligence official Abbas Kamel, to Israel on Friday with the hope of brokering a ceasefire agreement with Hamas in Gaza.

Considerable progress has been achieved in bringing the views of the Egyptian and Israeli delegations closer together regarding reaching a truce in Gaza, Egypt’s Al-Qahera News TV reported.

In addition, two high-ranking Egyptian security officials confirmed to Xinhua news agency that the talks discussed Egypt’s “rescue initiative,” which aims to prevent any more escalations in the Strip and avoid the invasion of Rafah.

On Thursday, Israeli media reported that the country is expected to “soon” begin evacuating civilians from Rafah ahead of a planned ground attack.

Earlier Thursday, Israel’s wartime cabinet and security cabinet convened to discuss a possible assault on Rafah, a city previously considered a “safe zone” from the relentless Israeli bombardments, where about 1.4 million displaced Palestinians have found refuge.

Source(s): CGTN

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Wang Yi says China supports reconciliation among Palestinian factions

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Chinese Foreign Minister Wang Yi said China supports internal reconciliation among different factions of Palestine through dialogue, in a written interview with Al Jazeera Media Network published on Thursday.

The interview covers questions ranging from the Gaza crisis and the Russia-Ukraine conflict to the Taiwan question and China-U.S. relations.

As for the ongoing Gaza conflict, Wang said China will continue to strengthen solidarity and cooperation with Middle East countries and the whole international community to support the just cause of the Palestinian people in restoring their legitimate national rights.

China also supports Palestine’s full membership in the United Nations at an early date and supports establishing the independent State of Palestine and realizing “the Palestinians governing Palestine,” Wang said.

“We call for a more broad-based, more authoritative and more effective international peace conference to set a timetable and a road map for the two-state solution, to promote comprehensive, just and lasting settlement of the Palestinian question, and to ultimately realize peaceful coexistence between Israel and Palestine as well as harmony between the Arab and Jewish peoples,” he said.

Wang also said China is deeply concerned about the rising tensions in the Red Sea. “For quite some time, rising tensions in the Red Sea have affected important interests of regional countries, especially the littoral states. They have also heightened the overall security risk of the region and weighed on the global economic recovery.”

“We stand ready to coordinate more closely with regional countries and work together with the international community to continue with our constructive role in restoring peace and stability in the Red Sea at an early date,” Wang added.

In response to the escort mission by the Chinese Navy in the Gulf of Aden and the waters off Somalia, Wang said the mission is not related to the Red Sea situation but authorized by the UN Security Council.

Speaking of the Ukraine crisis, Wang said China’s position on the Ukraine crisis is consistent, unequivocal and transparent, while elaborating on China’s efforts to promote a ceasefire and end the fighting.

“We will work with all parties constructively to promote political settlement of the crisis, and contribute more to regional tranquility and security and enduring world peace,” said the Chinese foreign minister.

In the interview, Wang once again said Taiwan has been an inseparable part of China since ancient times, and the Taiwan question is entirely China’s internal affair.

“We will strive for peaceful reunification with the utmost effort and greatest sincerity. In the meantime, our bottom line is also clear: we will absolutely not allow anyone to separate Taiwan from China in any way,” Wang said.

Answering questions about how China sees the U.S. election and the prospects of China-U.S. relations, Wang said the U.S. election is an internal affair of the United States, and China never interferes in the internal affairs of other countries.

“The China-U.S. relationship cannot go back to its past. But it should, and can fully, have a bright future. China is ready to work with the United States to carry out more win-win cooperation, do more that benefits the whole world, and truly fulfill their respective responsibilities to the international community,” Wang said.

Source(s): CGTN

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Macron warns Europe could die of three challenges

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PARIS, April 25 (Xinhua) — Europe could die of three challenges it faces in security, economy and culture, French President Emmanuel Macron said Thursday in a speech on Europe at Sorbonne University in Paris.

Europe is in a situation of encirclement, pushed by many powers at its borders and sometimes within it, while some “uninhibited, regional powers” are showing their capabilities, he warned in a local live broadcast.

Macron also said that the European economic model as conceived today is no longer sustainable facing competition with the United States and China.

“In our Europe, our values, our culture are threatened,” he added, because Europe is experiencing “the cultural battle, the battle of the imaginary, of narratives, of values, which is increasingly delicate.”

This speech came seven years after his first speech on Europe at the university.

Source(s): Xinhua

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