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Daily Caller

Russia Has Mostly Managed To Dodge One Of Biden’s Key Energy Sanctions

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From the Daily Caller News Foundation 

 

By Nick Pope

 

Russia is dodging a U.S.-led sanction meant to limit its energy revenues by using a fleet of “shadow tankers” to sell oil at higher prices, according to The New York Times.

Led by the U.S., Western countries imposed a $60 per-barrel price cap on Russian oil after the Ukraine war started in February 2022, a policy proponents claimed would severely limit Russia’s ability to generate oil cash while falling sort of imposing onerous costs on developing countries. However, Russia has managed to sell about 70% of its oil sales above the West’s price by utilizing a fleet of “shadow tankers” — vessels that are unregistered or registered in nations that are not party to the price cap agreement — to dodge the restrictions, the NYT reported, citing a new report by the Kyiv School of Economics Institute.

In the first half of 2024, Russia managed to sell about 75 million barrels of oil each month using vessels with an average age of 18 years, according to the NYT. Russia spent about $10 billion to develop its “shadow tanker” fleet.

Moreover, ships that are a part of the Russian “shadow tanker” fleet or that are subject to sanctions for breaking the price cap carried a record amount of oil and related products in September, according to the NYT. Some of these vessels made deliveries to ports in China and India, buyers that have purchased considerable amounts of Russian oil despite the Western sanctions against Putin’s economy.

Some officials inside the Biden-Harris administration want to see the government take a harder line against the “shadow tanker” fleet to continue to squeeze Putin, but others are in favor of treading lightly out of concern that cracking down could put upward prices on energy prices with a pivotal presidential election looming, according to the NYT. More broadly, policymakers have been especially careful in how they’ve handled Russia’s energy industry given the risks of a hot war between Iran and Israel, which would likely drive prices up.

While the U.S. and allies will continue working on enforcement, Russia is still selling oil at suboptimal prices and spending billions on its “shadow tanker” fleet, meaning that the sanction is still a success even if it is being evaded to some degree, one U.S. official who requested anonymity to speak freely on the subject told the NYT.

The White House and the Department of the Treasury did not respond immediately to requests for comment.

conflict

‘They Don’t Know What The F*ck They’re Doing’: Trump Unloads On Iran, Israel

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From the Daily Caller News Foundation

By Harold Hutchison

President Donald Trump expressed frustration Tuesday after Iran broke a ceasefire, prompting retaliation from Israel during a gaggle with reporters on the White House lawn.

Trump announced the ceasefire Monday, saying it was supposed to take effect at 1 a.m. Eastern Daylight Time, but Iran fired missiles at Israel Tuesday. Trump vented, saying the countries had been “fighting so long” they couldn’t make peace.

WATCH:

“You know, when I say okay, now you have 12 hours, you don’t go out in the first hour just drop everything you have on them,” Trump said. “So I’m not happy with them. I’m not happy with Iran either. But I’m really unhappy if Israel is going out this morning because the one rocket that didn’t land, that was shot, perhaps by mistake, that didn’t land, I’m not happy about that.”

“We basically have two countries that have been fighting so long and so hard, that they don’t know what the fuck they are doing,” Trump added.

The United States struck facilities in Fordow, Natanz and Isfahan related to Iran’s effort to develop nuclear weapons early Sunday morning local time, using as many as 14 GBU-57 Massive Ordnance Penetrators in the operation, which involved a 37-hour flight by seven B-2A Spirit bombers.

The American strikes came ten days after Israel launched a military operation targeting the Iranian nuclear program. Iran has responded with repeated missile attacks on Israeli cities and a refusal to resume negotiations over its efforts to pursue nuclear weapons.

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Automotive

Supreme Court Delivers Blow To California EV Mandates

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From the Daily Caller News Foundation

By Katelynn Richardson

“The Supreme Court put to rest any question about whether fuel manufacturers have a right to challenge unlawful electric vehicle mandates”

The Supreme Court sided Friday with oil companies seeking to challenge California’s electric vehicle regulations.

In a 7-2 ruling, the court allowed energy producers to continue their lawsuit challenging the Environmental Protection Agency’s decision to approve California regulations that require manufacturing more electric vehicles.

“The government generally may not target a business or industry through stringent and allegedly unlawful regulation, and then evade the resulting lawsuits by claiming that the targets of its regulation should be locked out of court as unaffected bystanders,” Justice Brett Kavanaugh wrote in the majority opinion. “In light of this Court’s precedents and the evidence before the Court of Appeals, the fuel producers established Article III standing to challenge EPA’s approval of the California regulations.”

Kavanaugh noted that “EPA has repeatedly altered its legal position on whether the Clean Air Act authorizes California regulations targeting greenhouse-gas emissions from new motor vehicles” between Presidential administrations.

“This case involves California’s 2012 request for EPA approval of new California regulations,” he wrote. “As relevant here, those regulations generally require automakers (i) to limit average greenhouse-gas emissions across their fleets of new motor vehicles sold in the State and (ii) to manufacture a certain percentage of electric vehicles as part of their vehicle fleets.”

The D.C. Circuit Court of Appeals previously rejected the challenge, finding the producers lacked standing to sue.

“The Supreme Court put to rest any question about whether fuel manufacturers have a right to challenge unlawful electric vehicle mandates,” American Fuel & Petrochemical Manufacturers (AFPM) President and CEO Chet Thompson said in a statement.

“California’s EV mandates are unlawful and bad for our country,” he said. “Congress did not give California special authority to regulate greenhouse gases, mandate electric vehicles or ban new gas car sales—all of which the state has attempted to do through its intentional misreading of statute.”

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