Economic disputes have a method of ending up being shooting wars, therefore we should all be deeply alarmed by what we are witnessing. With each passing day, authorities in the United States and authorities in Russia are enforcing much more steps which are intended to penalize the opposite economically. The good news is, our militaries are not contending one another yet, however a financial war has actually already started and it simply shifted into overdrive. On Tuesday, Joe Biden announced that his administration has chosen to prohibit all imports of Russian oil and natural gas …
“Today I am announcing the United States is targeting the primary artery of Russia’s economy. We’re prohibiting all imports of Russian oil and gas and energy,” Biden said at the White House. “That suggests Russian oil will no longer be appropriate at U.S. ports and the American people will deal another effective blow to Putin’s war maker.”
About the very same time, the government in the UK likewise revealed that it will be banning Russian oil…
The U.K. government will ban all imports of Russian oil, its newest sanctions move versus Vladimir Putin’s administration over the war in Ukraine.
The measure– taken in show with the U.S.– will be phased in over the rest of 2022, Organization Secretary Kwasi Kwarteng stated. The ban uses to refined items such as diesel– which the U.K. counts on Russia for about a third of its imports. It will not apply to natural gas.
Will these relocations harm the Russians?
To a certain level.
The rest of Europe has not signed up with the U.S. and the UK in this boycott yet, and Russia will constantly be able to offer huge quantities of oil and gas to China.
In reaction to this newest relocation, Vladimir Putin signed an order which will ban the export of certain basic materials…
Within hours of Joe Biden revealing a far-reaching ban on all US imports of Russian oil– while warning Americans that gas rates are about to “go up even more”– Vladimir Putin is reported to have actually signed his own counter-measure decree.
Russia’s RIA news firm is reporting that the new decree obstructs all exports and basic materials from Russia “of particular materials” — with state media reports noting the specific list will be revealed in two days.
We will have to wait and see what particularly will be on that list, however I sense that it will certainly include nickel.
On Tuesday, trading of nickel was suspended after it all of a sudden more than doubled in rate…
The London Metal Exchange on Tuesday suspended the trading of nickel after costs more than doubled to go beyond $100,000 per metric ton.
The LME said in a statement that trading will be suspended for at least the rest of the day.
A global lack of nickel is going to significantly hurt industries all over the world.
And obviously Russia might choose to cut off all oil and gas exports to the western world also. If that takes place, gas costs in Europe would skyrocket to catastrophic levels, and the Russians are warning that we could eventually see the cost of oil reach $300 per barrel…
Russia has actually threatened to close a major gas pipeline to Germany and cautioned of $300 oil costs if the West goes ahead with a restriction on its energy exports.
“It is absolutely clear that a rejection of Russian oil would lead to disastrous consequences for the worldwide market,” Russian Deputy Prime Minister Alexander Novak stated Monday in an address on state tv.
“The rise in rates would be unpredictable. It would be $300 per barrel if not more.”
Sadly, we are not speaking about a short-term crisis.
Western powers are never going to forgive Russia, and Russia is never going to forgive the western powers. So a great deal of the relocations that are being executed now are most likely to be long-term.
And that is genuinely a problem scenario.
Right now, numerous Americans are grumbling about the rising cost of fuel. On Tuesday, it hit another brand name new record high…
After rising dramatically following Russia’s invasion of Ukraine, the rate of gas has actually reached a new record, topping an all-time high that meant almost 14 years.
As of Tuesday morning, the typical national price for a gallon of regular gasoline touched $4.17, according to AAA, the highest cost ever, not accounting for inflation. That was up from $4.07 on Monday and $3.61 a week earlier.
However this is just the start.
Not too long from now, $4.17 for a gallon of fuel will appear like a rip-roaring bargain.
Needless to state, higher gasoline prices are going to be very unpleasant for average American families that are simply attempting to make it through from month to month. According to Yardeni Research study, the typical home “will spend an extra $2,000 annually in gasoline on top of an extra $1,000 in food expenses” in 2022 …
The latest research note from Yardeni Research study approximates the average family will spend an extra $2,000 per year in fuel on top of an additional $1,000 in food expenses. Including this all up, the common household will spend $3,000 less this year on other things.
Ouch.
Speaking of food, the war in Ukraine has definitely paralyzed shipping in the Black Sea, and it has basically resulted in “a shutdown of the world’s second-largest grain exporting region”…
The war in Ukraine has actually badly hobbled shipping in the Black Sea, with broad effects for international transport and worldwide supply chains. Lots of cargo ships are stranded at the Ukrainian port of Mykolaiv, shipping trackers stated. An approximated 3,500 sailors have been stuck on some 200 ships at Ukrainian ports, according to London-based shipping tracker Windward Ltd. More ships are stranded around the globe than at any point because The second world war, maritime historians said.
The result is a shutdown of the world’s second-largest grain exporting region. Ukraine represents 16% of global corn exports, and together with Russia, 30% of wheat exports.
As I have described to my readers many times, we struggle to feed the whole planet even in the very best of years, and this is certainly not going to be among the best of years.
Worldwide appetite was quickly spreading out even before we got to 2022, and Time Publication is reportingthat the price of wheat has risen by a whopping 70 percent over the past couple of months …
The war has already driven wheat rates 70% greater in Chicago this year and is threatening to upend worldwide food trade. Russia and Ukraine are essential providers of grains, vegetable oil and fertilizers, which indicates that supply disruptions will be felt all over the world. Wheat prices have gone beyond levels last seen throughout the 2008 international food crisis– which assisted stimulate prevalent demonstrations– and a United Nations index of food rates hit a record in February.
What we are experiencing is going to have a terrible impact all over the world.
For instance, Egypt imports more wheat than anyone else in the world, and they usually get almost all of it from Russia and Ukraine…
Egypt– the world’s biggest wheat importer– gets roughly 60% of its wheat from Russia and 25% from Ukraine, JPMorgan analysts wrote in a research note last week.
So what is Egypt going to do now?
On the other hand, the price of fertilizer continues to skyrocket to unprecedented heights, and experts are assuring us that a “international food crisis” is dead ahead…
“Half the world’s population gets food as an outcome of fertilisers … and if that’s removed from the field for some crops, [the yield] will visit 50%,” Svein Tore Holsether, head of agri company Yara International, told the BBC.
Called “the breadbasket of Europe,” Russia and Ukraine export around a quarter of the world’s wheat and half of its sunflower items, such as seeds and oil.
“For me, it’s not whether we are moving into a global food crisis– it’s how big the crisis will be,” said Holsether, keeping in mind that increasing gas rates were causing a steep rise in the cost of fertiliser.
I want that I could get everybody to understand how serious this is.
The worldwide food crisis that you have actually been finding out about for several years has actually now shown up, and the poorest areas of the planet are going to be struck the hardest.
This war in Ukraine could have been prevented so quickly, however there is no turning back the clock now.
A chain of events has begun that no one is going to be able to stop, and things that were when thought about unimaginable will soon end up being commonplace.
*** It is finally here! Michael’s new book entitled “7 Year Armageddon” is now available in paperbackand for the Kindleon Amazon. ***
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