US: Oil climbs to 13-year high on fears over Russian import ban

U.S. 03/07/22, 18:03

The oil price climbed on Sunday, March 6, to the highest level in 13 years as the Biden administration discussed whether it would ban its import from Russia in retaliation for attacks in Ukraine. On fears of shortages, markets reacted quickly, and Brent crude oil touched nearly $140 per barrel overnight ...

Biden supports investigating if Russian abuses in Ukraine ‘constitute a war crime’

U.S. 03/07/22, 17:37

Joe Biden's administration will check if the military conflict in Eastern Europe breaches international warfare rules. The White House is aware of allegations that Russian forces abused Ukraine residents and supports investigating whether deploying cluster bombs in densely populated areas "would constitute a war crime." "We have seen very credible reports of ...

Democrat Sen. Manchin is open to Ukraine no-fly zone, Russian oil import ban

U.S. 03/07/22, 16:09

A Democrat from West Virginia is willing to ban specific international air travel and oil imports between the United States and Eastern Europe. Sen. Joe Manchin is open to declaring a no-fly zone above Ukraine, and banning Russian oil imports, due to escalating tension between the two countries. "To take anything off ...

Russian firms open hundreds of Chinese bank accounts as sanctions bite

Insights 03/06/22, 01:53

Russian companies now want to open new accounts with the Chinese bank since its businesses face troubles as Western countries impose sanctions after it invaded Ukraine. After at least four of the most prominent Russian banks were removed from the SWIFT global financial messaging system, a Chinese bank received hundreds of ...

Ruble slumps against Yuan imposing pressure on Russia

Insights 03/06/22, 01:42

The sudden spike of the Yuan against the Ruble is imposing pressure on Russia when dealing with China, its most important trading partner. According to Chinese customs data, the total trade between Russia and China increased 35.9% last year to a record high of $146.9 billion. Since international sanctions were imposed on ...

$140 billion in Chinese bonds may be lifeline to Russia

Insights 03/05/22, 19:13

According to Australian and New Zealand Banking Group (ANZ) estimates, Russia's central bank and sovereign wealth fund may have $140-billion worth of Chinese bonds. Given global sanctions, Russia may seek to obtain Chinese bond assets to get out of trouble. In a report on Wednesday, analyst Raymond Yeung at ANZ pointed ...

UN General Assembly Resolution condemns Russia: Beijing opposes sanctions

Insights 03/05/22, 00:01

The United Nations held an emergency special session. They overwhelmingly passed a historic resolution, 141-5, condemning Russia's deadly invasion of Ukraine and demanding its immediate withdrawal of troops, Fox News reported on March 2. The resolution has no legal authority but can be seen as a symbol of global unity against ...

Chinese top banking regulator announces China will not sanction Russia

Insights 03/04/22, 21:53

On Mar. 2, Guo Shuqing (郭树清), chairman of the China Banking and Insurance Regulatory Commission, stated in a news conference that China would not join in sanctions on Russia. Reuters quotes Guo as saying that "As far as financial sanctions are concerned, we do not approve of these, especially the unilaterally ...

Chinese police warns Ukrainians in China, the Ukrainian embassy voiced concerns

Insights 03/04/22, 21:46

Russia invaded Ukraine last week. After the Russian-Ukrainian delegation concluded the first round of negotiations, the Russian army strengthened its offensive on all fronts and launched artillery and bombardment on Kyiv capital and Kharkiv city. Ukraine's military, as well as its people, have sustained significant losses. On Twitter, Chinese netizens said ...

DoD: ‘Rock solid’ support for Taiwan while keeping an eye on China,

China 03/04/22, 16:37

According to a statement issued by the Department of Defense on Tuesday, March 1, Russia and China are attempting to expand their military influence regionally and globally. For example, Moscow has invaded Ukraine, and Beijing is trying to seize control of Taiwan. Mara Karlin, assistant secretary of defense for strategy, plans, ...