Why has the euro fallen to $1 and what does it mean for the rupee? The euro’s decline in value relative to the dollar indicates that investors are shifting funds away from the Eurozone and toward the US.
India’s payment to Putin’s government is still far less than that of China. Let’s take a look at exactly what India and China are spending on Russian oil in the present market.
Europe would be on “red alert” for gas supply over the upcoming winter and it is the consequence of their actions. This comes amid reports of EU importing more U.S. LNG than Russian pipeline gas for the first time ever.
The BRICS group had before stated that it was seeking to create a shared payment network in order to reduce dependency on the Western banking system. Now, Putin has declared they are planning a new global reserve currency for the BRICS.
A new report from Reuters has stated that Russia has overtaken Saudi Arabia as China’s top oil supplier by supplying 1.98 million bpd of Russian crude oil in May.
Media outlets announced in March that a Turkey-Israel gas pipeline was being planned behind closed doors as one of Europe’s alternatives to Russian energy. Europe essentially wants to replace Russia with Israel for natural gas needs.
Despite pressure from the US and European partners, India has refused to abandon its energy partnership with Moscow as oil prices rise. Recently, India was forced to slam Bloomberg for causing tensions amidst India-Russia oil deal.
Saudi Arabia had publicly expressed its dissatisfaction with the Biden Administration’s lack of assistance for Saudi defense against the Iran-backed Houthis in Yemen before. Now, the US Senate has passed the NOPEC Antritrust bill, paving way for Biden to sue OPEC.
French presidential candidate Marine Le Pen in a recent interview said that Americans are indifferent to the ordinary French people and their predicament and that the US should compensate France for losses if the EU bans Russian gas.