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EU countries agree to cap Russian oil at $60 per barrel

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EU countries agree to cap Russian oil at $60 per barrel

European Union nations agreed on Friday to cap the maritime commerce of Russian oil at $60 per barrel, constructing upon an initiative by the Group of Seven (G7) to additional weaken the Kremlin’s skill to wage conflict on Ukraine.

Ambassadors spent a number of days engaged in an intense debate over how excessive or how low the value cap needs to be, attempting to strike a balancing act between the necessity to impair Russian revenues and keep away from any abrupt disruption in world markets.

Poland and the Baltic states adopted a hard-line stance and pushed for a powerful restrict, going so far as $30 per barrel, whereas Greece, Cyprus and Malta, whose home transport industries play a key position within the worldwide transport of Russian oil, demanded a $70 cap, diplomats with information of the scenario informed Euronews.

Negotiators tried to discover a center floor between the 2 sides, with the primary compromise of $65 per barrel and a second of $62, which was nonetheless deemed excessively excessive by the Japanese European group.

The talks additionally centered on enforcement, transparency and a possible new raft of EU sanctions.

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On Thursday, consensus settled on $60 (€57) per barrel, following a brand new provide by the European Fee, which acted as an intermediator between the bloc and the G7.

A ultimate deal was reached on Friday night after Poland gave its much-awaited inexperienced gentle, a number of diplomats informed Euronews.

Russia, nonetheless, is already promoting its Urals oil at a reduced worth, which has in latest weeks ranged between $77 and $64 per barrel – about $20 cheaper than the benchmark Brent Crude.

Beneath the plan, Russia will lose the distinction between the business worth and the capped worth. The restrict will probably be often reviewed to make sure it stays at the least 5% beneath Russia’s promoting level.

The cap “will additional diminish Russia’s revenues,” stated European Fee President Ursula von der Leyen. “On the identical time, it should stabilise world vitality markets.”

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As soon as endorsed by the G7, the cap will enter into power on 5 December, the identical day the EU’s personal ban on Russian oil is scheduled to take full impact, a transfer that may take away tens of millions of barrels from the market.

The value cap will work as a ban to offer key companies: the G7, the EU and Australia will prohibit their financing, insurance coverage, flagging and transport corporations from working with Russian corporations that promote crude oil and refined merchandise, corresponding to naphtha and gasoil, at a worth that exceeds the $60 cap.

Western nations maintain a dominant place in these companies and imagine Russia will be unable to completely change them if it refuses to adjust to the value cap.

Given the untested nature of the measure, it stays unclear what number of viable substitutes Russia can discover outdoors the Western sphere to maintain its fossil gasoline trade operating easily.

‘Historic second’

The cap’s reasonable vary of $60 per barrel – so near the Urals precise worth – is anticipated to dent the measure’s energy, stated Ben McWilliams, an vitality analyst on the Bruegel assume tank.

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“My sense is that the G7 continues to be scared of Russian barrels being withdrawn from world markets, and so it is providing an ‘engaging’ deal to Putin,” McWilliams informed Euronews.

“If Russia complies,” he added, “it should nonetheless be a historic second in oil market historical past.”

The impression will probably be however felt: the sale of fossil fuels is Russia’s predominant income, representing over 40% of its federal funds.

From the beginning of the conflict on 24 February to twenty-eight November, Moscow has earned over €116 billion from gross sales of crude oil and €38 billion from oil merchandise and chemical substances, in keeping with numbers offered to Euronews by the Middle for Analysis on Vitality and Clear (CREA), a Helsinki-based organisation.

The European Union was the most important purchaser throughout this era.

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However the scenario will quickly change: 5 December marks the ultimate deadline for EU nations to section out all imports of Russian seaborne crude. Two months later, on 5 February, they are going to be compelled to eliminate all refined petroleum merchandise.

The EU embargo launched a complete prohibition on offering companies to Russian oil tankers. This provision will now be softened to permit the servicing of Russian corporations that respect the G7 cap.

Each measures – the EU ban and the G7 cap – are intrinsically linked: because the EU removes itself as a prime consumer of Russian oil, the worldwide market will see a disruption within the delicate supply-demand steadiness, which the value cap is meant to assist cushion.

Officers in Brussels admit the cap has to tangibly harm Russia but additionally enable it to reap a minimal degree of income in order that the nation retains buying and selling its merchandise all over the world.

There may be additionally concern the measure, if not correctly calibrated, would possibly backfire, set off an abrupt spike in oil costs and alienate low-income nations in opposition to the West.

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The Kremlin has repeatedly stated it won’t do enterprise with nations that take part within the novel cap.

“We won’t provide oil and gasoline to the nations which might set (the cap) and be a part of the cap,” Kremlin spokesman Dmitry Peskov stated final month. “However we have to analyse every part earlier than we formulate our place.”

The $60-per-barrel cap will probably be often revised to make sure it stays synchronised with market traits and takes into consideration Russia’s financial scenario.

“Each greenback counts,” stated Estonian Prime Minister Kaja Kallas. 

Based on a pre-war estimate by Worldwide Financial Fund (IMF), Russia must promote its oil at a worth between $30 and $40 per barrel as a way to recoup all manufacturing prices, together with transportation, extraction and improvement of latest wells.

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“It’s believable that the sanctions launched for the reason that begin of the conflict have considerably elevated (these prices),” an IMF spokesperson informed Euronews.

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OpenAI unveils new AI model as competition heats up

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OpenAI unveils new AI model as competition heats up
ChatGPT maker OpenAI said on Monday it would release a new AI model called GPT-4o, capable of realistic voice conversation and able to interact across text and image, its latest move to stay ahead in a race to dominate the emerging technology.
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Zionism explained from its biblical origins to the rebirth of the state of Israel

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Zionism explained from its biblical origins to the rebirth of the state of Israel

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JERUSALEM – As Israelis mark the rebirth of their nation 76 years after the country’s first prime minister, David Ben-Gurion, declared the modern founding of Israel in 1948, opponents of the Jewish state (anti-Zionists) seek its destruction.

Fanatic anti-Israel activists and antisemites, particularly on American college campuses, have launched a campaign to strip Jews of their national homeland, the state of Israel, and turn the Mideast’s only democracy into a pariah state, often using anti-Zionist tropes in their chants and on their banners. 

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To many watching today’s protests against Israel, Zionism might have developed a negative connotation, but both biblically and politically, some say it’s a philosophy of action. Theodor Herzl, the founder of modern Zionism, famously wrote over 100 years ago about the creation of a new Jewish state: “If you will it, it is no dream.”

Fox News Digital spoke to experts about the mixture of biblical passages and modern philosophy – Zionism – that laid the religious and intellectual foundation for the re-establishment of Israel. 

CAMPUS CHAOS AND ANTI-ISRAEL RHETORIC REVEAL STARK FAILURES OF TODAY’S HIGHER EDUCATION

Israeli Prime Minister David Ben Gurion reads the Jewish “Declaration of Independence” in Tel Aviv on May 14, 1948. (Getty Images)

Herzl, an Austrian-Hungarian Jewish journalist, wrote about the First Zionist Congress, in Switzerland in 1897, “At Basel I founded the Jewish State. If I said this out loud today, I would be answered by universal laughter. Perhaps in five years, and certainly in 50, everyone will know it.”

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“…I will firmly plant them in their own land, never again to be uprooted from the land that I have given them, says the Lord your God.”

Herzl’s prescient vision about the Jewish state became a concrete reality.

Israelis celebrate Independence day in 2023.

Fighter jets perform during an air show celebrating Israel’s Independence Day in Tel Aviv, Israel, on April 26, 2023 (Chen Junqing/Xinhua via Getty Images)

BIBLICAL ORIGINS

Ze’ev Orenstein, the director of international affairs for the City of David Foundation in Jerusalem, explained its religious importance. “Zionism not only represents the return of the Jewish people as sovereign to their ancestral homeland – the Land of Israel – where we have had a continuous presence dating back some 3,500 years to the time of the Biblical Joshua until today.”

SURVIVOR OF HAMAS TERROR ATTACK ON ISRAEL RECOUNTS PAIN, GRIEF OF LOSING ‘ANGEL’ BOYFRIEND ON OCT. 7 

Israel Independence Day.

The major state ceremony for Israel’s Independence Day takes place at Mount Herzl in Jerusalem. (Yoav Dudkevitch/TPS-IL)

“A land where the Jewish people are worshiping the same God, practicing the same faith, walking upon the very same hills and valleys, speaking the same language and keeping the same traditions and festivals as our ancestors did millennia ago,” he said.

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Orenstein cited a biblical passage from Amos 9: 14-15 that grounds the creation of the Jewish state in the Holy land: “I will restore My people Israel from captivity; they will rebuild and inhabit the ruined cities. They will plant vineyards and drink their wine; they will make gardens and eat their fruit. I will firmly plant them in their own land, never again to be uprooted from the land that I have given them, says the Lord your God.”

Netanyahu and Herzl

Israeli Prime Minister Benjamin Netanyahu points at a portrait of Theodor Herzl, founder of Zionism, as he attends a weekly cabinet meeting in Jerusalem June 2, 2019. (Photo by RONEN ZVULUN/POOL/AFP via Getty Images) (Photo by RONEN ZVULUN/POOL/AFP via Getty Images)

Orenstein noted the transition from the Bible to the modern solidification of Israel as a state “also represents the return of the Jewish people to being masters of our own fate and destiny – only fully possible as sovereign in our homeland – striving to build a society which will serve as a source of light, inspiration and blessing – not only to Israel and the Jewish people, but to all the peoples of the region and to the entire world.”

‘Anti-Zionism’ is a transparent rebranding of antisemitism.”

MOTHER OF AMERICAN-ISRAELI HOSTAGE TAKEN ON OCT. 7 SAYS HER FAITH HELPS HER THROUGH HER DARKEST DEPTHS OF PAIN

Theodor Herzl

Writer and statesman Theodor Herzl (1860-1904), is the founder of national Zionism and the World Zionist Organization. (Jewish Chronicle/Heritage Images/Getty Images)

He added, “The return of the Jewish people to Israel as sovereign after 2,000 years of exile, serves as an eternal reminder to individuals and nations alike that what was need not be. Despite seemingly insurmountable odds, and with equal measures of unwavering determination and unbreakable faith, good will ultimately triumph.” 

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Anti-Zionists continue to denigrate both Herzl’s founding philosophy of the modern Jewish state, Zionism, and the Biblical foundation of the state of Israel. The U.N. also played a key role in stoking antisemitism and anti-Israel hatred, argue its critics. 

In 1975, a majority of U.N. member states, spearheaded by the Soviets and Arab dictatorships, passed a resolution equating Zionism with racism. After the collapse of the communist Soviet Union and its allies in Eastern Europe, member states overturned the antisemitic resolution in 1991. 

INCREASING ANTISEMITISM

Eugene Kontorovich, an Israeli legal scholar, told Fox News Digital, “Opposition to Zionism means that Jews, having achieved national independence, are not entitled to keep it. There is no similar global opposition to any other people’s statehood, which makes it hard to separate ‘anti-Zionism’ from the millennia of antisemitism that faced Jews before they had a state. Indeed, with the plurality of the world’s Jews living in Israel and almost all of the rest strongly attached to it, ‘anti-Zionism’ is a transparent rebranding of antisemitism.”

‘DEATH TO AMERICA’ RAPIDLY EMERGING AS KEY SLOGAN OF ANTI-ISRAEL AGITATORS IN US

Sign reads 'death to Zionism' on the UCLA campus

“Death to Zionism” graffiti at the Powell Library on the UCLA campus, where anti-Israel agitators erected an encampment on April 29, 2024, in Los Angeles. (Brian van der Brug/Los Angeles Times via Getty Images)

Kontorovich noted, Zionism is the national independence movement of the Jewish people. For 2,000 cruel years, the Jewish people did not have a home, and was at the mercy of the nations and empires they found themselves in – a minority everywhere.”

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He added, “Supporting Zionism means that just as the Irish have Ireland, the Ukrainians have Ukraine, and Japanese have Japan, Jews should have an independent state in their ancestral homeland. Many ethnic groups are majorities in numerous states, like Arabs, which have over 20 countries that identify themselves as Arab. Zionism does not insist that Jews, have two states – say one for Azshkenazi Jews, and one for Sephardim. Just one. “

Azshkenazi Jews have their modern roots in Eastern and Central Europe, while Sephardic Jews have their origins in Portugal and Spain and later fled to North Africa and Turkey.

Israeli flag over jersusalem

An Israeli flag flies in Jerusalem, with the Temple Mount and the Dome of the Rock in the background, on July 30, 2020. (Ahmad Gharabli/AFP via Getty Images)

For many Jews, the yearning of a return to their Biblical homeland is also captured by the famous Psalm 126:

“A song of ascents. When the Lord restored the captives of Zion, we were like dreamers. Then our mouths were filled with laughter, our tongues with shouts of joy. Then it was said among the nations, The Lord has done great things for them. The Lord has done great things for us and we are filled with joy.”

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Pro-Palestinian university students in the Netherlands uphold protest

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Pro-Palestinian university students in the Netherlands uphold protest

On Monday, students and faculty members from multiple universities in the Netherlands protested, voicing their opposition to Israel’s military operations in the Gaza Strip.

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In the capital, demonstrators entered the University of Amsterdam building, set up tents, and built barricades using office furniture.

The University reported trespassing and vandalism and requested police intervention.

The mayor of Amsterdam, the police chief, and the public prosecutor decided to deploy riot police to break up the campus protest and restore order, a spokesperson for the mayor told Dutch media.

It is unclear how many protesters were arrested.

Similar protests also took place across Dutch university in Groningen, Nijmegen, Utrecht, Wageningen and Leiden.

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Student protests have been gaining momentum across Europe, following similar actions in the US universities where several encampments have spread out.

The war started after the Palestinian militant groups attacked the southern of Israel, killing 1,200 people in a surprise attack and taking around 250 hostage.

Israel’s’ retaliatory military operation has killed more than 34,700 Palestinians, according to local health officials, and has devastated the Gaza Strip.

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