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Ukraine War - Economic Consequences thread - February 24+

https://www.wsws.org/en/articles/2022/10/08/jwlu-o08.html
Half of Ukrainian 2023 budget dedicated to NATO proxy war against Russia

Jason Melanovski

7 October 2022

Initial details on Ukraine’s 2023 draft $70 billion budget have revealed that half of the country’s spending for the upcoming year will be devoted to the NATO-backed proxy war with Russia. By contrast, social spending on medicine, housing and pensions will be cut massively as the country continues to run a monthly budget deficit of approximately $3 billion to $5 billion.

According to the popular Ukrainian news outlet Strana, the government expects GDP to grow by 4.6 percent after contracting by a third this year due to the war. Meanwhile, the Ukrainian working class will be faced with an astounding 30 percent inflation rate and 28.2 percent unemployment...
 
Related to post #85: "Russia and Saudi Arabia agree to massive cuts to oil output. Here's why it matters"

Saudi Arabia -

A statement from the Ministry of Foreign Affairs regarding the statements issued about the Kingdom following the OPEC+ decision

October 12, 2022

An official at the Foreign Ministry in the Kingdom of Saudi Arabia stated that the government of the Kingdom of Saudi Arabia has viewed the statements issued about the Kingdom following the OPEC+ decision announced on October 5, 2022, which have described the decision as the Kingdom taking sides in international conflicts and that it was politically motived against the United States of America.

The Government of the Kingdom of Saudi Arabia would first like to express its total rejection of these statements that are not based on facts, and which are based on portraying the OPEC+ decision out of its purely economic context. This decision was taken unanimously by all member states of the OPEC+ group.

The Kingdom affirms that the outcomes of the OPEC+ meetings are adopted through consensus among member states, and that they are not based on the unilateral decision by a single country. These outcomes are based purely on economic considerations that take into account maintaining balance of supply and demand in the oil markets, as well as aim to limit volatility that does not serve the interests of consumers and producers, as has been always the case within OPEC +.

The OPEC+ group makes its decisions independently in accordance with established independent practices followed by the international organizations.

The Government of the Kingdom of Saudi Arabia would also like to clarify that based on its belief in the importance of dialogue and exchange of views with its allies and partners outside the OPEC + group regarding the situation in the oil markets, the Government of the Kingdom clarified through its continuous consultation with the US Administration that all economic analyses indicate that postponing the OPEC+ decision for a month, according to what has been suggested, would have had negative economic consequences.

The Government of the Kingdom of Saudi Arabia affirms that any attempts to distort the facts about the Kingdom’s position regarding the crisis in Ukraine are unfortunate, and will not change the Kingdom’s principled position, including its vote to support UN resolutions regarding the Russian-Ukrainian crisis, based on the Kingdom’s position on the importance for all countries to adhere to the United Nations Charter, principles of international law, and the Kingdom's rejection of any infringement on the sovereignty of countries over their territories.

The Kingdom stresses that while it strives to preserve the strength of its relations with all friendly countries, it affirms its rejection of any dictates, actions, or efforts to distort its noble objectives to protect the global economy from oil market volatility.

Resolving economic challenges requires the establishment of a non-politicized constructive dialogue, and to wisely and rationally consider what serves the interests of all countries.

The Kingdom affirms that it view its relationship with the United States of America as a strategic one that serves the common interests of both countries. The Kingdom also stresses the importance of building on the solid pillars upon which the Saudi-US relationship had stood over the past eight decades. These pillars include mutual respect, enhancing common interests, actively contributing to preserve regional and international peace and security, countering terrorism and extremism, and achieving prosperity for the peoples of the region.


https://www.saudiembassy.net/statem...ing-statements-issued-about-kingdom-following
 
 
FfXZAEuWAAAM80t


https://twitter.com/AFP/status/1582409882036076552/photo/1
 
Diesel Shortage Leaves US With Just 25-Day Supply as Demand Surges: Report
...
BY
NICO DEMATTIA
|PUBLISHED OCT 23, 2022 12:38 PM

Diesel stockpiles in the U.S. are reportedly at their lowest point since 2008, with only enough fuel for a 25-day supply, according to a recent report from Bloomberg.
...
According to U.S. Energy Information Administration (EIA), the average price of diesel is at $5.34 per gallon. That's an increase of $1.67 per gallon, compared to this time last year. The area getting hit the hardest is New England, where people burn diesel fuel for heat more than anywhere else in the country. There, stockpiles of diesel fuel are a third of what they normally are at this time of the year...
...
Part of the reason for the diesel supply shortage is maintenance season but the bigger issue is Russia's war in Ukraine, which has hurt global fuel supplies. Thankfully, according to Bloomberg, there may be some good news on the horizon. One million barrels of diesel fuel is said to be headed to New York, after two shipping vessels were diverted from their original European destinations. ...

https://www.thedrive.com/news/diese...th-just-25-day-supply-as-demand-surges-report
 
U.S. Energy Information Administration

The United States exported record amounts of petroleum products in the first half of 2022

SEPTEMBER 26, 2022


main.svg

Data source: U.S. Energy Information Administration, Petroleum Supply Monthly
Note: HGLs = hydrocarbon gas liquids.

In the first half of 2022 (January–June), U.S. exports of petroleum products averaged nearly 6 million barrels per day (b/d), the most first-half-of-year exports in Petroleum Supply Monthly data, going back to 1973. U.S. petroleum product exports increased in the first half of 2022 by 11% (596,000 b/d) compared with the first half of 2021—the fastest growth rate for that time period since 2017. Nearly all petroleum products contributed to increased exports, and the largest volumes came from distillate fuel oil and hydrocarbon gas liquids (HGLs), which include propane.

Distillate fuel oil exports increased by 19% (190,000 b/d) from the first half of 2021 to the first half of 2022. High demand and low inventories globally, along with economic sanctions against Russia and self-sanctioning by some firms after Russia’s full-scale invasion of Ukraine in February, have disrupted global distillate trade. ...

...while U.S. distillate exports to Latin America increased to more than 1 million b/d.

Propane was the most-exported U.S. petroleum product in the first half of this year by volume, continuing a trend started in 2020. U.S. propane exports averaged 1.4 million b/d in the first half of 2022, a 6% increase (78,000 b/d) from the first half of 2021. U.S. exports to Asia have grown rapidly in recent years as consumption of propane as a petrochemical feedstock and consumer demand have both increased. This year, changing supply patterns have increased Europe’s demand for U.S. propane. Most of the growth in propane exports in the first half of 2022 went to Europe. U.S. propane exports to Europe increased by 51% (87,000 b/d) and set a record of 349,000 b/d in June.

U.S. motor gasoline exports increased by 11% (89,000 b/d) to reach a record of 910,000 b/d for the first half of 2022. U.S. jet fuel exports more than doubled in the first half 2022 compared with the same period last year. ...

https://www.eia.gov/todayinenergy/detail.php?id=53999
 
https://keypennews.org/stories/local-animal-rescuer-is-home-from-the-war-for-now,5944?
Local Animal Rescuer Is Home From the War, for Now

A retired truck driver from Lakebay takes a break from volunteering to help abandoned animals and hungry people in Ukraine.

Ted Olinger, KP News

...Bates planned to come home within three or four weeks. He took a short trip back but spent another five months in Ukraine, returning to the States in September to raise money to continue his work.

“The Ukrainian government is not spending any money on anything but weapons,” Bates said. “There’s no humanitarian aid, they don’t buy dog food for their K-9 units, everybody is dependent on international aid.”

He works mostly with women because the men are out fighting the war. “The men are defending Ukraine; the women are saving it,” he said. “They’re making the things happen that need to happen.” He estimated that 90% of his contacts are female...
 
America Faces a Huge Bill To Prop up Ukraine's Economy. Will it Pay?

BY DAVID BRENNAN ON 10/29/22 AT 4:00 AM EDT

Ukrainian leaders are calling on the U.S., European Union and International Monetary Fund to cover a predicted budget deficit of up to $55 billion, a shortfall which threatens to collapse Ukraine from within even while its troops steadily push back occupying Russian forces.

Kyiv insiders told Newsweek that the U.S. is expected to cover between one third and one half of the 2023 budget gap: a contribution of between $18 and $28 billion.
...
The U.S. has already contributed more than $52 billion to help Ukraine—about $15 billion in financial assistance, $27 billion in military aid, and $9 billion in humanitarian support, according to Statista—making it by far the most generous nation ...

https://www.newsweek.com/america-hu...-will-republican-democrats-russia-war-1755389
 
https://www.bbc.com/news/business-63071930

Cost of living: Why more Australians are giving up their pets
  • Published
23 October

By Annabelle Liang & Monica Miller
BBC News

"It's quite a sad day when people have to make a choice of either feeding their animals or their children. For some people, sadly, it has got to that situation."

Suzana Talevski knows this well. Her Lost Dogs' Home animal shelter in Melbourne, Australia looks after hundreds of domestic animals - and their numbers are growing by the day.

One of the shelter's newest guests is four-year-old Charcoal, a 63kg Neapolitan mastiff. He was given up by his owners who said they could no longer afford a pet.

And they are not alone in their struggles.

The cost of living has soared around the world as the effects of the pandemic and the Ukraine war push up the price of food, fuel and other essentials.

It is not just the food that we eat that is now costing more - prices for pet food and other products for domestic animals have also jumped...
 
https://www.economist.com/finance-a...europe-falls-into-recession-russia-climbs-out

As Europe falls into recession, Russia climbs out

Real-time data show a subdued but strengthening economy


Oct 13th 2022

These days Russians do not have much to boast about, so they take what they can get. Social-media trolls are posting videos, intended for European audiences, showing gas stoves left on full blast. What might cost hundreds of euros in Berlin comes to a few roubles in Moscow. The taunting is childish, but it hints at a deeper truth: the economic war between Russia and the West is at a delicate moment. While Europe teeters on the brink of recession, Russia is emerging from one...
 
https://markets.businessinsider.com...risis-manufacturing-work-shift-us-2022-9?op=1
Soaring natural gas prices are prompting European companies to move their manufacturing operations to the US
Carla Mozée
Sep 21, 2022, 8:42 AM
  • European companies are shifting operations to the US after the jump in regional energy prices following Russia's invasion of Ukraine, The Wall Street Journal reported.
  • Steelmaker ArcelorMittal and chemical maker OCI are among companies making changes.
  • Benchmark European natural gas prices climbed by more than 400% at their height during 2022.
 
25 min ago

4 killed by shelling in Russian-occupied city of Donetsk, regional official says


From CNN's Darya Tarasova and Anna Chernova

Four people have been killed by Ukrainian shelling of the center of the city of Donetsk in eastern Ukraine, according to the head of the Russian-backed Donetsk administration.

"As a result of the shelling of central areas of Donetsk tonight, four people were killed. Four civilians were injured to varying degrees of severity," Alexei Kulemzin said on Telegram.

Russian state news agency RIA/Novosti reported that "Ukrainian troops shelled the center of Donetsk, the fire was aimed on residential buildings."


1 hr 11 min ago


Satellite imagery appears to show damage at Russian air base


From CNN's Oren Liebermann


https://www.cnn.com/europe/live-news/russia-ukraine-war-news-12-05-22/index.html
 
Translation Google

Putin promises free grain to Africa if deal not renewed in May

Creation date: Mar 21, 2023 3:16 p.m.

(Ecofin Agency) - The tenant of the Kremlin assured that African countries received only 3% of the grain volumes exported from Ukrainian ports, while "satisfied countries of Europe" obtained 45%.

" If we decide not to extend this [Ukrainian grain] export agreement in 60 days, then we are ready to deliver from Russia for free all the volume that was destined lately to the most needy countries in Africa " , he said during a speech at the Russia-Africa parliamentary conference in Moscow.

" Russia conscientiously fulfills all its obligations in the supply of food, fertilizers, fuel and other critical products for the states of the continent, thus contributing to ensuring their food and energy security", added Mr. Putin, indicating that his country " has always given and will continue to give priority to cooperation with African States ”.

These statements come two days after the extension of the agreement on Ukrainian exports for another two months.

The Kremlin tenant also indicated in his speech that Moscow " will decide on its future participation " in the grain agreement, which has been extended until May 18, only if " a fair and complete implementation " of that this is " insured ".

He specified in this context that African countries “ only received 3% of the volumes of cereals exported from Ukrainian ports ” while countries “ satisfied with Europe obtained 45% ”.

Russian Foreign Minister Sergei Lavrov made the extension of the agreement next May conditional on " the reconnection of the Russian bank Rosselkhozbank to the international payment system Swift, the abolition of restrictions on insurance and reinsurance of ships and the release of foreign assets and accounts of Russian companies associated with the production and transport of foodstuffs and fertilizers ”.

https://www.agenceecofin.com/agro/2...en-cas-de-non-reconduction-de-l-accord-en-mai
 
Japan buys Russian oil above $60-a-barrel cap, breaking with US allies: report

Bradford Betz
Sun, April 2, 2023 at 3:56 PM CDT·

...
Japan has begun purchasing Russian crude oil above the $60-a-barrel cap, breaking with Western allies thanks to an exception authorized by the United States.

Japan has almost none of its own fossil fuels, heavily relying on imports for much of its energy needs. Some analysts believe this dependency heavily influenced Japan’s hesitancy to fully back Ukraine against Russia. To date, Japan is the only Group of Seven members not to have supplied Ukraine with lethal weapons.
...

https://finance.yahoo.com/news/japan-buys-russian-oil-above-205648641.html?fr=sycsrp_catchall
 
Saudi Arabia Snaps Up Russian Diesel and Sends Its Own to Europe

Russian diesel arrivals in Saudi Arabia are at multi-year high
Saudi Arabia’s diesel/gasoil exports passed US flows in April

ByPrejula Prem
May 25, 2023 at 4:29 AM CST

Saudi Arabia is snapping up millions of barrels of Russian diesel that Europe no longer allows, while simultaneously sending its own supplies back to buyers in the EU.

The kingdom imported 174,000 barrels a day of the diesel and gasoil from Russia in April and even more so far this month, data compiled by Bloomberg from analytics firm Kpler show.

...https://www.bloomberg.com/news/arti...diesel-and-sends-its-own-to-europe#xj4y7vzkg​
 
https://www.reuters.com/business/ru...munist-run-islands-ailing-economy-2023-05-19/
Russia and Cuba ink deals to revitalize communist-run island's ailing economy

By Nelson Acosta and Dave Sherwood
May 19, 20233:48 PM CDTUpdated 9 days ago​
HAVANA, May 19 (Reuters) - Russian officials and business leaders have signed multiple deals with Cuban counterparts at a forum in Havana this week, agreeing to work together to boost sugar and rum output, assure wheat and crude oil supply to the communist-run island, and overhaul crumbling tourist facilities.

The longtime political allies - both subject to U.S. sanctions - are seeking to cement economic ties by facilitating trade and investment...
 
Related to post #101:

Russia says first free grain shipments to Africa are on their way

November 17, 2023 Staff Reporter World

MOSCOW,- Russia’s agriculture minister said on Friday that Moscow had begun free shipments of grain totalling up to 200,000 tonnes to six African countries, as promised by President Vladimir Putin in July.

In a statement posted on Telegram, Dmitry Patrushev said that ships headed for Burkina Faso and Somalia had already left Russian ports, and that additional shipments to Eritrea, Zimbabwe, Mali and the Central African Republic would soon follow.

Putin had promised to deliver free grain to the six countries at a summit with African leaders in July, soon after Moscow withdrew from a deal that had allowed Ukraine to ship grain from its Black Sea ports despite the war with Russia.
...

https://www.thezimbabwemail.com/wor...e-grain-shipments-to-africa-are-on-their-way/
 
Translation Google

​War in Ukraine: Russia threatens to retaliate if its frozen assets are seized

8 hours ago
By The info editorial team with Belga

Russia will retaliate if the country's assets currently frozen abroad are seized by the United States and its allies, Russian Finance Minister Anton Siluanov told state news agency RIA Novosti on Monday. “ We also have frozen foreign assets, which are not inferior to those blocked by the West ,” he added, without specifying the exact origin of these Western assets.

Western sanctions against Russia , imposed after the invasion of Ukraine, led to the freezing of billions of euros in Russian assets by the European Union, the United Kingdom and the United States, among others. Many politicians and activists are now calling for these assets to be used for the reconstruction of Ukraine.

According to the EU, a total of some 300 billion euros of assets of the Central Bank of Russia have been frozen since the start of the conflict, most of which are in Europe, and even in Belgium. Belgian Prime Minister Alexander De Croo announced on Saturday that a proposal will soon be made by the European Commission to allow profits made from Russian assets frozen in the EU to be used for the reconstruction of Ukraine. The G7 leaders also indicated in a statement on Saturday that they wanted to work " on all possible avenues through which Russian sovereign assets could be used to support Ukraine, in accordance with our respective legal systems and the law international ".

French President Emmanuel Macron is organizing a meeting in Paris on Monday with around twenty heads of state and government, mainly European, to discuss aid to Ukraine which could include the seizure of Russian assets.

https://www.rtbf.be/article/guerre-...en-cas-de-saisie-de-ses-avoirs-geles-11335555
 
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