The oil industry enjoyed record profits in 2022 after Russia invaded Ukraine, but the prices of oil and natural gas have fallen sharply in recent months.
Category: Embargoes and Sanctions
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U.S. and E.U. Face Uphill Fight in Keeping Chips Out of Russia
Western technology goods are winding up in Russian missiles, raising questions about the efficacy of sanctions.
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With Russia’s Exit, Norway Becomes Europe’s Energy Champion
It is now the continent’s largest supplier of natural gas, and last year the country’s energy earnings jumped $100 billion.
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Fight Over Corruption and Congo’s Mining Riches Takes a Turn in Washington
The New York Times – Business:Dan Gertler, an Israeli billionaire, is pressing President Biden to remove sanctions that were imposed on him for bribe-fueled transactions in the impoverished African country.
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As Zelensky Visits Kherson, World Bank Says Ukraine Needs $411 Billion to Rebuild
The New York Times – Business:The bank released a significantly higher figure as European Union leaders approved plans to provide Kyiv with one million artillery shells over the next 12 months.
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Xi and Putin Bind China and Russia’s Economies Further, Despite War in Ukraine
The New York Times – Business:On the second day of the Chinese leader’s state visit in Moscow, Xi Jinping and Vladimir V. Putin declared an enduring economic partnership, in an effort to insulate their countries from punitive Western measures.
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Banned From Russian Airspace, U.S. Airlines Look to Restrict Competitors
The New York Times – Travel:Because of the war in Ukraine, U.S. carriers have to take the long way on flights to and from Asia, giving an advantage to foreign rivals flying the same routes.
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China’s Leader, With Rare Bluntness, Blames Troubles on U.S. Containment
The New York Times – Business:Xi Jinping criticized what he called a U.S.-led campaign of “encirclement and suppression.” His new foreign minister said it was impossible for China not to fight back.
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Biden Dispatches Yellen and Blinken to Bolster Support for Ukraine
The New York Times – Business:Treasury Secretary Janet Yellen traveled to Kyiv the day before Secretary of State Antony Blinken was to visit Central Asia in a show of American solidarity with Ukraine in its battle with Russia.
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E.U. Officials Ban TikTok From Employees’ Phones
The New York Times – Business:The European Commission takes aim at the popular Chinese-owned app, citing “cybersecurity threats.”
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China’s Economic Support for Russia Could Elicit More Sanctions
The New York Times – Business:U.S. officials pledged to crack down on shipments to Russia that can be used for both civilian and military purposes, but that has proved hard to police.
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Oil Prices Rise on Talk of Russian Output Cut
The New York Times – Business:Russia’s deputy prime minister said the country would reduce its oil production by about 5 percent to counter Western sanctions.