The United Kingdom and international coalition partners have announced price caps on Russian oil products
The Price Cap Coalition of the G7, the European Union and Australia have set caps on the price of seaborne Russian oil products, effective from 05 February 2023.
High-value Russian exports such as diesel and gasoline, will be capped at $100 while lower-value products such as fuel oil will be capped at $45.
Chancellor Jeremy Hunt hails the efforts of the UK and its allies in throttling the revenues fuelling Vladimir Putin’s illegal war in Ukraine.
The UK and its coalition partners will only provide services facilitating the maritime transport of refined oil products originating in Russia if the goods are traded at or beneath the cap levels of $100 for high-value products like diesel and $45 for low-value products like fuel oil. These prices will be kept under review.
This follows the $60 price cap on Russian crude oil that came into force on 5 December last year. Initial signs suggest that the crude oil cap is successfully curtailing Putin’s ability to use revenues from oil sales to finance his illegal war while minimising disruption to global supply. Russia’s flagship crude oil is now selling around $40 lower than global benchmarks.
The UK government has already introduced an import ban on Russian oil products; therefore, the caps will not be used by the UK.
Chancellor of the Exchequer, Jeremy Hunt, said: “Undermining Putin’s war machine through further sanctions on its funding streams will ensure the Russian government faces the full consequences of its unjustifiable actions.
“The UK has already banned the import of Russian oil products, and we stand shoulder to shoulder with our allies in continuing to pile the pressure on Putin’s revenues while standing in solidarity with the Ukrainian people.”
G7 finance ministers agreed to capping the price of Russian seaborne oil and refined oil products in September 2022 as a way of undermining Putin’s ability to fund his illegal war in Ukraine through inflated global oil prices, while ensuring that third countries can continue to secure affordable oil.
The UK has been front footed in its engagement with international allies and has worked closely with industry and US partners to lead design of the caps. This collaboration has been key given the major role of UK services in facilitating maritime trade. For example, the UK is a global leader in the provision of protection and indemnity (P&I) insurance cover which relates to third-part liability claims – 60% of the global cover provided by the International Group of the P&I clubs is written in the UK.
Given the number of varied oil products on the market, two caps have been introduced to cover two categories of refined oil products. ‘Premium-to-crude’ products are those of high export value often used for transport and electricity generation, such as kerosene-based jet fuel and diesel, while ‘discount-to-crude’ pertains to products of a lesser value like naphtha. The two-cap approach has been introduced as this is the simplest to implement and most workable for industry.
UK-funded expert research has exposed how the Kremlin is using a troll factory to spread lies on social media and in comment sections of popular websites.
UK Government funded expert research unveils new tactics of the Kremlin’s large-scale disinformation campaign.
Troll factory is targeting politicians and baiting audiences across a number of countries including the UK, South Africa and India.
The operation has suspected links to Yevgeniy Prigozhin, founder of infamous bot-farm the Internet Research Agency.
UK-funded expert research has exposed how the Kremlin is using a troll factory to spread lies on social media and in comment sections of popular websites.
The ‘cyber soldiers’ are ruthlessly targeting politicians and audiences across a number of countries including the UK, South Africa and India.
The research exposes how the Kremlin’s large-scale disinformation campaign is designed to manipulate international public opinion of Russia’s illegitimate war in Ukraine, trying to grow support for their abhorrent war, and recruiting new Putin sympathisers.
Sick masterminds of the operation are believed to be working overtly from an old factory in St Petersburg, with paid employees, and internal working teams.
Foreign Secretary Liz Truss said: “We cannot allow the Kremlin and its shady troll farms to invade our online spaces with their lies about Putin’s illegal war.
“The UK Government has alerted international partners and will continue to work closely with allies and media platforms to undermine Russian information operations.”
Culture Secretary Nadine Dorries said: “These are insidious attempts by Putin and his propaganda machine to deceive the world about the brutality he’s inflicting on the people of Ukraine.
“This evidence will help us to more effectively identify and remove Russian disinformation and follows our decisive action to block anyone from doing business with Kremlin-controlled outlets RT and Sputnik.”
The evidence shows the troll factory is using Telegram to actively recruit and co-ordinate new supporters who then target the social media profiles of Kremlin critics – spamming them with pro-Putin and pro-war comments. Targets include the senior UK ministers’ social media accounts, alongside other world leaders.
The operation has suspected links to Yevgeniy Prigozhin, the founder of the most infamous and wide-ranging bot-farm the Internet Research Agency, both of whom the UK has sanctioned.
The UK Government will share this latest research with major social media platforms. It is already working closely with them to ensure they swiftly remove disinformation and coordinated inauthentic or manipulated behaviour, as per their Terms of Service.
The UK has also created a Government Information Cell (GIC) to counter Russian disinformation. Made up of experts from across the UK Government, the Cell is focussed on identifying and assessing Russian disinformation and both advising on and delivering output to expose and challenge the Kremlin’s lies.
Through an unprecedented package of sanctions against Russia, the UK has already targeted peddlers of Russian disinformation, including Putin’s key political allies, regime spokespeople including Putin’s Press Secretary Dmitry Peskov and Foreign Affairs spokeswoman Maria Zakharova, and Kremlin-backed disinformation agencies.
The Government has also directly sanctioned state media organisations, targeting the Kremlin-funded TV-Novosti who owns RT, formerly Russia Today, and Rossiya Segodnya who control news agency Sputnik.
A short-life taskforce has been established to monitor, identify and respond to any potential disruption to food security and supply resulting from the impact of the war in Ukraine.
The Scottish Government has set up the Food Security and Supply Taskforce jointly with industry. It will be co-chaired by Cabinet Secretary for Rural Affairs and Islands, Mairi Gougeon and Chief Executive of Scotland Food & Drink, James Withers.
Drawing on technical and scientific knowledge and expertise from across a range of sectors, agencies and organisations, the taskforce will include key food and drink industry leaders and will meet frequently over the coming weeks.
Ms Gougeon said: “The truly terrible events in Ukraine and the resulting western sanctions on Russia are, rightly, changing the way the world does business. Our immediate focus as a Government continues to be on doing everything we can within our power to support the people of Ukraine and address their humanitarian need.
“We need to take action now to better understand the potential impact of disruption to the food supply chain in Scotland, how industry and government might work together to manage and mitigate those, and be alert to the resulting impact on the cost of food products.
“Over the last two years, our food and drink sectors have experienced a series of shocks in terms of disrupted supply chains and new barriers to trade through COVID and Brexit. It is clear that the unfolding tragedy in Ukraine will have further impacts – not least through the hugely challenging increases in energy bills which affect households and everyone in the food industry, from farmers to hauliers, processors to retailers.
“That is why the Scottish Government has convened a taskforce jointly with industry to monitor, identify and respond to these issues, as well as recommending actions that can be taken by business, the Scottish and UK Governments to mitigate the challenges.
“Crucially, the taskforce will also consider how we can continue to get products and food supplies to Ukraine we must not forget that there is a population still there that will desperately need our help and support in the weeks ahead.
“I welcome the involvement of food and drink industry leaders across Scotland and look forward to working together to strengthen food security and supply.”
James Withers said: “The establishment of this taskforce is a welcome and an important step.
“The immediate focus from the war in Ukraine is on the humanitarian fallout. However, it is also critical that we assess urgently the potential impact of the conflict on national food security and supply.
“From wheat and barley to sunflower oil, Ukraine and the surrounding region is a major player in terms of global food supply and agricultural production.
“Immediate supplies of food and animal feed are secure, even if prices are rising sharply. However, whilst much still remains unknown in terms of the impact of the war on global supply chains, there is clearly a shock to the system coming.
“We must understand its implications for Scotland’s farmers, food manufacturers and consumers and consider any short or medium-term action we can take to mitigate their impact.”
The European Movement in Scotland (EMiS) condemns Russia’s indiscriminate war against Ukraine and stands in solidarity with Ukrainian’s in their struggle to defend peace, democracy and freedom – the values that underpin Europe’s history and culture.
We therefore support the application of President Zelensky and his government for Ukraine to become a member of the European Union according to the Copenhagen criteria and welcome the backing given by some EU member states for Ukraine to be granted immediate applicant status.
The EU has throughout this conflict, unprecedented on European territory for almost 80 years, taken the lead in providing humanitarian, economic and military aid to Ukraine and imposing effective sanctions against the Putin regime and its financial backers.
EMiS especially welcomes the EU’s decision to activate the temporary protection directive allowing millions of Ukrainian refugees to enter its member states’ territory visa-free and to live and work within its borders for up to three years.
This stands in stark contrast to the chaotic and deplorable approach of the UK Government towards imposing bureaucratic hurdles on tens of thousands of desperate families fleeing a savage war.
EMiS also welcomes the clear evidence that working together in solidarity with a fellow European nation has enabled the EU-27 to play a key role in the search for an equitable peace in the region, based on the principles of territorial integrity and national sovereignty enshrined in international law.
We believe this further exposes the lies and myths that lay behind Brexit and underpin the grand illusion of Global Britain. It strengthens the case for the UK and Scotland to pursue closer relations with our EU neighbours and partners up to and including early moves to rejoin the European Union.
PM Boris Johnson announces £40 million of further humanitarian aid to Ukraine
£40m more aid released to provide vital medical supplies and other help to Ukraine
Assistance in addition to wider economic and military support bolstering the Ukrainian resistance to the Russian invasion
Announcement follows PM discussions with President Zelenskyy and meeting with Ukrainian community leaders in London this weekend
The UK has stepped up its support to the people of Ukraine again today (Sunday) with the announcement of £40 million of further humanitarian aid to the country.
The funding will help aid agencies respond to the deteriorating humanitarian situation, creating a lifeline for Ukrainians with access to basic necessities and medical supplies such as medicines, syringes, dressings and wound care packs.
UK Government humanitarian experts have also deployed to the region to support those fleeing the violence in Ukraine.
On Saturday evening the Prime Minister spoke again to Ukrainian President Zelenskyy who updated him on the critical need for humanitarian assistance as people are forced to flee their homes and seek safety.
This evening he met Ukrainian community leaders at the Ukrainian Catholic Cathedral in London to hear their stories about the impact of Russian violence on the people of Ukraine.
In response to the growing concern of Ukrainians living in the UK about their welfare of their families back home, today the Prime Minister also confirmed that any person settled in the UK will be able to bring their Ukrainian immediate family members to join them here. This will benefit many thousands of people who at this moment are making desperate choices about their future.
The UK also continues to support those Ukrainians who wish to remain close to home through logistical and humanitarian support to Ukraine’s neighbours.
The Prime Minister said: “In the last days the world has witnessed awe-inspiring displays of bravery and heroism from the Ukrainian people in response to those who seek to obliterate their freedom by force.
“The UK will not turn our backs in Ukraine’s hour of need. We are providing all the economic and military support we can to help those Ukrainians risking everything to protect their country.”
This latest assistance package brings the total amount of UK Government aid pledged to Ukraine this year to £140 million. Last week the Prime Minister also announced the UK would guarantee up to $500 million of loans to Ukraine through Multilateral Development Banks.
The UK also continues to supply defensive military equipment to the Ukrainian military to bolster their resistance against invading Russian forces.
Foreign Secretary Liz Truss said: “Putin’s regime has undertaken an illegal and violent assault against the people of Ukraine.
“The UK will provide £40 million in aid to help our Ukrainian friends, more funding to tackle what is becoming a humanitarian crisis.
“We stand with Ukraine, shoulder to shoulder, in its hour of need”.
Scotland also sends aid to Ukraine
Scottish Government to provide financial aid and medical supplies to Ukraine following Russian invasion
The Scottish Government will provide both financial aid and medical supplies to Ukraine following the illegal invasion by Russia.
Firstly, an initial £4m in humanitarian aid will be provided. As part of the global humanitarian efforts, this will help provide basic humanitarian assistance, including in health, water and sanitation, and shelter.
Officials are in discussions with humanitarian aid agencies to identify the best route to get this aid most quickly to those affected by the Ukraine crisis, including to those displaced by the invasion.
In addition to financial aid, the Scottish Government will provide medical supplies to Ukraine.
The supplies provided are based on a list of urgently needed medical equipment, supplies and pharmaceuticals provided by the Ukrainian Government via their Edinburgh consulate.
The supplies to be provided will include anaesthetic machines, syringe pumps and bandages.
However, further work is underway to identify what further supplies can be provided and in what quantities, in order that they can be shipped to Ukraine as quickly as possible.
First Minister Nicola Sturgeon said: “Scotland has given its unqualified support for Ukrainian independence, sovereignty and territorial integrity and to the people of Ukraine as they bravely resist the unprovoked and illegal aggression of the Russian regime.
“As a responsible and compassionate global citizen we will help with an initial £4 million in financial aid to provide essential help to those in desperate need.
“And we are also working with the Ukrainian government to provide medical supplies from stocks we hold. We are coordinating with other UK nations to ensure that these supplies get to where they are desperately needed as quickly as possible.
“There will be much more that we need to do in the days to come. But one thing is already clear. Words of support are not enough. Ukraine needs our active help and support now, and we will provide as much practical support as possible, starting immediately.”
Scotland’s Humanitarian Emergency Response Fund is currently assessing the response capacity on the Ukraine crisis.
Further Economic Sanctions Targeted at the Central Bank of the Russian Federation
The UK government has announced its intention to take further restrictive economic measures in response to the invasion of Ukraine by Russia, by targeting the Central Bank of the Russian Federation (CBR).
Following already announced sanctions measures aimed at imposing severe consequences on Russian President Vladimir Putin and the Russian economy, the Chancellor of the Exchequer, in coordination with the Governor of the Bank of England, yesterday announced the UK Government’s intention to take further economic action against Russia by targeting the Central Bank of the Russian Federation (CBR).
This action is taken in concert with the US and the European Union, to prevent the CBR from deploying its foreign reserves in ways that undermine the impact of sanctions imposed by us and our allies, and to undercut its ability to engage in foreign exchange transactions to support the Russian rouble.
The UK Government will immediately take all necessary steps to bring into effect restrictions to prohibit any UK natural or legal persons from undertaking financial transactions involving the CBR, the Russian National Wealth Fund, and the Ministry of Finance of the Russian Federation.
The UK Government intends to make further related designations this week, working alongside our international partners.
The Chancellor said: “These measures demonstrate our determination to apply severe economic sanctions in response to Russia’s invasion of Ukraine.
“We are announcing this action in rapid coordination with our US and European allies to move in lock step once more with our international partners, to demonstrate our steadfast resolve in imposing the highest costs on Russia and to cut her off from the international financial system so long as this conflict persists.
The Governor of the Bank of England said: “The Bank of England continues to take any and all actions needed to support the Government’s response to the Russian invasion of Ukraine.
“We welcome the steps taken today by the UK Government, in coordination with EU and US authorities, as an important and powerful demonstration of the UK’s commitment to the international rule of law.”
