On May 2, local time, European stocks opened lower across the board, and then fell sharply. As of press time, the French CAC40 index, the German DAX index, and the Italian FTSE MIB index have all fallen across the board. Crude oil also dived during the session. ICE oil distribution dropped from a red line to 3%, and NYMEX crude oil also fell by more than 3%.
In the international situation, on May 1, local time, an oil refinery in Erbil, northern Iraq, was attacked by rockets and caused a fire. A rocket attack was also reported near the refinery in April.
Regarding Russia and Ukraine, the European Commission is currently discussing the latest sanctions against Russia. At the meeting of energy ministers on May 2, whether to gradually impose an oil embargo on Russia will be a key topic of discussion.
On May 2, local time, German Chancellor Scholz said in an interview with the media that Germany will stop importing Russian coal this summer, gradually stop importing Russian oil by the end of the year, and significantly reduce imports of natural gas from Russia. In addition, German Foreign Minister Belberk said on the same day that Germany is promoting the implementation of an oil embargo against Russia, which will also cause a long-term blow to the Russian economy.
In an interview with local media on May 1, Hungarian Prime Minister Gujaš Gergej said that the Hungarians should not be made to pay the price for the conflict between Russia and Ukraine. The EU should withdraw its earlier decision and should not approve the measures against Russia’s energy sanctions, otherwise Hungary will have to buy energy at higher prices.
In addition, according to reports by the Russian Satellite News Agency, citing Finnish media, Finland is preparing to stop importing natural gas from Russia from May.
European stocks open lower across the board, U.S. tarpaulin oil dives
On May 2, local time, European stocks opened lower across the board, fell sharply during the session, and then narrowed the decline.
The French CAC40 index once fell more than 3%, and fell 1.77% as of press time.
Germany’s DAX index fell nearly 3% at one point, and the decline narrowed to about 1% as of press time.
Italy’s FTSE MIB index fell nearly 4% at one point, and fell 1.4% as of press time.
In terms of commodities, U.S. oil and cloth oil dived in the session.
ICE oil prices fell more than 3% from a slight rise.
NYMEX crude oil also fell sharply by more than 3%.
Rockets hit oil refinery in northern Iraq
Iraqi security forces said a rocket attacked an oil refinery in northern Iraq’s Erbil on May 1, setting off a fire that was later brought under control without causing any casualties. Iraqi Prime Minister Kadimi condemned the attack. So far, no organization or individual has claimed responsibility for the attack.
A rocket attack was also reported near the refinery in April.
Germany: Will phase out Russian oil imports by the end of the year
According to CCTV news reports, on May 2, local time, German Chancellor Scholz said in an interview with the media that Germany will stop importing Russian coal this summer, gradually stop importing Russian oil by the end of the year, and significantly reduce imports of natural gas from Russia.
In addition, German Foreign Minister Belberk said on the same day that Germany is promoting the implementation of an oil embargo against Russia, which will also cause a long-term blow to the Russian economy.
Bellburke said Germany is currently coordinating within the EU to ask the EU to phase out oil imports from Russia in the sixth round of sanctions against Russia.
And a few weeks ago, Germany also said that measures to impose an energy embargo on Russia “cannot last for a month”. Before the start of the Russian-Ukrainian conflict, oil imports from Russia accounted for 35% of Germany’s total oil imports. However, German Deputy Chancellor and Minister of Economics and Climate Protection Habeck recently said that Germany’s dependence on Russian oil has been reduced to 12%. Harbeck also said that all the measures Germany is taking to reduce its energy dependence on Russia “requires a huge joint effort” by all parties, and the German economy and consumers “are feeling” the cost of these measures.
Bell Burke believes that Germany is ready for an oil embargo. She said the sanctions would only be lifted after Russia completely withdraws its troops from Ukraine.
The European Commission is currently discussing the latest sanctions against Russia. At the meeting of energy ministers on May 2, whether to gradually impose an oil embargo on Russia will be a key topic of discussion. The measure is aimed at weakening the Russian economy in the long term.
Bell Burke also confirmed that she was planning a visit to the Ukrainian capital, Kyiv.
Recently, a number of German officials said they would speed up their efforts to get rid of Russia’s energy dependence. However, German business and industry have warned that stopping the use of Russian energy could have immeasurable consequences for the country’s economy.
Hungarian official: EU should not approve energy sanctions against Russia
In an interview with local media on May 1, Hungarian Prime Minister Gujas Gergej said that Hungary is in the Russian gas industry.bankOpen an account and pay for natural gas in the way Russia has proposed, and nine other EU countries are also doing the same.
Gujas said the Hungarians should not be made to pay the price for the Russian-Ukrainian conflict. The EU should reverse its earlier decision and should not approve the sanctions on Russian energy, otherwise Hungary will have to buy energy at a higher price, which will undermine the cap on household energy and the economy will not function. “Our sanctions must not primarily punish ourselves, not who we want to sanction,” Guash said.
The EU has not approved any sanctions that would prevent the purchase of Russian gas in rubles, Guyash said, noting that such transactions between states and companies are governed by civil law.contractconstraint.The Hungarian government did not use the ruble to buy Russian gas, but the Russian gas industrybankA euro account was opened to convert the euros that the Hungarian government had transferred into his account into rubles. Nine other EU countries are also using the same payment method.
Finland plans to stop importing Russian gas in May
On May 1, local time, it has been one month since Russia’s decree requiring customers from “unfriendly” countries and regions to buy natural gas in rubles came into effect. According to reports by the Russian Satellite News Agency, citing Finnish media, Finland is preparing to stop importing natural gas from Russia from May.
Finland, along with most of Europe, may cut off gas supplies from Russia on May 21, Finnish media Helsinki Daily reported. Gazprom has previously asked Finland’s state-owned gas company to respond to the “ruble settlement order” by May 20.
Without Russian gas, Finland will need to find alternative sources, such as getting gas from Norway through the “Baltic Connector” pipeline, or reducing industrial production, Finnish officials said. Finland’s dependence on Russian natural gas is as high as more than 90%, with chemical and timber companies using the most.
Russian President Vladimir Putin previously announced that from April 1, EU member states and other countries that have imposed sanctions against Russia will be required to switch to rubles to settle natural gas. If payment is not made in rubles, it will be regarded as a breach of contract by Russia, and Russian suppliers will stop supplying natural gas. According to a report by “Russia Today” on April 27, Finland has rejected Russia’s ruble settlement request.
Turkish President: Russian and Ukrainian leaders can meet in Turkey to discuss eastern Ukraine
Turkish President Recep Tayyip Erdogan said on May 2 local time that the leaders of Russia and Ukraine could meet in Turkey to discuss eastern Ukraine.
Erdogan said that after Turkish Presidential Spokesperson Karen visited Ukraine at the end of last month, Turkey received some demands from Ukraine, and he planned to have a phone call with Russian President Vladimir Putin as soon as this week.
Erdogan revealed that the Ukrainian side asked Turkey to support its grain exports, and Turkey was willing to pave the way for it. But first, the leaders of Russia and Ukraine should be urged to meet as soon as possible.
Erdogan said Putin and Zelensky could meet in Istanbul, Turkey or the capital Ankara. “I believe that a solution to measures in eastern Ukraine can be made in the Turkish meeting.”
US congressional delegation to visit Poland and Ukraine to meet with Polish president on 2nd
On May 1, local time, U.S. House of Representatives Speaker Nancy Pelosi issued a statement on the congressional delegation’s visit to Poland and Ukraine, saying that the United States stands with NATO allies and supports Ukraine.
Pelosi said that the congressional delegation has met with the U.S. Army’s 82nd Airborne Division in Poland and is looking forward to meeting with Polish President Duda on the 2nd. The two sides will discuss issues such as strengthening the partnership and assisting Ukraine.
(Article Source:securitiesTimes)