The Vladimir Arsenyev tanker at the Kozmino oil terminal near the port city of Nakhodka in Russia. Reuters
The Vladimir Arsenyev tanker at the Kozmino oil terminal near the port city of Nakhodka in Russia. Reuters
The Vladimir Arsenyev tanker at the Kozmino oil terminal near the port city of Nakhodka in Russia. Reuters
The Vladimir Arsenyev tanker at the Kozmino oil terminal near the port city of Nakhodka in Russia. Reuters

Russia 'will not sell oil at G7 price' as cap comes into force


Soraya Ebrahimi
  • English
  • Arabic

Russia has said it will not abide by the the price cap set by G7 nations on its seaborne oil, even if it has to cut production.

The G7 price cap took effect on Monday as the West tries to limit Moscow's ability to finance its war in Ukraine.

Enforced by the G7, the EU and Australia, the price cap comes on top of the EU's embargo on imports of Russian crude by sea and similar pledges by the US, Canada, Japan and Britain.

It allows Russian oil to be shipped to third-party countries using G7 and EU tankers, insurance companies and credit institutions, only if the cargo is bought at or below the price cap.

Because the world's key shipping and insurance companies are based in G7 countries, the cap could make it difficult for Moscow to sell its oil for a higher price.

Ukraine war latest - in pictures

Russia, the world's second-largest oil exporter, said on Sunday it would not accept the cap or sell oil that is subject to it, even if it has to cut production.

Selling oil and gas to Europe has been one of the main sources of Russian foreign currency earnings since Soviet geologists found oil and gas in the swamps of Siberia in the decades after the Second World War.

A source told Reuters that a decree was being prepared to prohibit Russian companies and traders from interacting with countries and companies guided by the cap.

In essence, such a decree would ban the export of oil and petroleum products to countries and companies that apply it.

EU leaders agree to ban 90% of Russian oil - video

But with the price cap set at $60 per barrel, not much below the $67 level at which it closed on Friday, the EU and G7 countries expect Russia will still have an incentive to continue selling oil at that price, while accepting smaller profits.

The level of the cap is to be reviewed by the EU and the G7 every two months, with the first such review in mid-January.

"This review should take into account … the effectiveness of the measure, its implementation, international adherence and alignment, the potential impact on coalition members and partners, and market developments," the European Commission said.

The cap on crude will be followed by a similar measure affecting Russian petroleum products, which will come into force on February 5, although the level of that cap has not yet been determined.

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

COMPANY%20PROFILE
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Fixtures
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The%20pillars%20of%20the%20Dubai%20Metaverse%20Strategy
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Company profile

Name: Dukkantek 

Started: January 2021 

Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani 

Based: UAE 

Number of employees: 140 

Sector: B2B Vertical SaaS(software as a service) 

Investment: $5.2 million 

Funding stage: Seed round 

Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office  

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

What drives subscription retailing?

Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.

The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.

The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.

The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.

UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.

That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.

Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.

Indoor cricket in a nutshell

Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full

RESULTS
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The biog

Name: Salem Alkarbi

Age: 32

Favourite Al Wasl player: Alexandre Oliveira

First started supporting Al Wasl: 7

Biggest rival: Al Nasr

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
Manikarnika: The Queen of Jhansi

Director: Kangana Ranaut, Krish Jagarlamudi

Producer: Zee Studios, Kamal Jain

Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni

Rating: 2.5/5

Updated: December 05, 2022, 1:07 AM`