Global Express: Trump-Putin-Munir tango, and why India is out of step
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Time of India
5 minutes ago
- Time of India
Russian energy export disruptions since start of Ukraine war
When US President Donald Trump meets Russian President Vladimir Putin on Friday, one of his bargaining chips to encourage Putin to make progress toward a ceasefire in Ukraine will be to ease US sanctions on Russia 's energy industry and exports. Trump has also threatened tougher sanctions if there is no progress. Here is how sanctions have impacted Russian energy exports since the start of the conflict. Natural gas and LNG Russia was the top supplier of natural gas to Europe before the war. Most gas travelled through four pipeline routes: Nord Stream running under the Baltic Sea, the Yamal line crossing Poland, transit via Ukraine, and the Turkstream line. Europe also imports Russian liquefied natural gas (LNG). In 2021, total Russian gas imports to the EU totalled 150 billion cubic metres (bcm) per year, or 45 per cent of its total imports, and have fallen to 52 bcm or 19 per cent since, according to the European Commission. While the EU has not imposed sanctions on Russian pipeline gas imports, contract disputes and damage to Nord Stream caused by an explosion, have cut supplies. As part of a fresh round of sanctions announced in July, the European Union has now banned transactions including any provision of goods or services related to Nord Stream, which albeit damaged could be revived as a gas supply route. Transit via Ukraine ended at the end of 2024, leaving just Turkstream as a functioning route for Russian pipeline gas to Europe. The European Commission has also proposed a legally binding ban on EU imports of Russian gas and LNG by the end of 2027, but this has not been passed into legislation yet. The US in 2024 imposed sanctions on companies supporting the development of Russia's Arctic LNG 2 project, which would become Russia's largest plant with an eventual output of 19.8 million metric tons per year. Oil The US, UK, and EU all prohibited the import of seaborne crude oil and refined petroleum products from Russia during the first year of the war in Ukraine. In addition to the embargoes, the G7 group of countries (including the US, UK, and EU) imposed a price cap on Russian seaborne crude oil for third countries at $60 per barrel in December 2022, and a cap on fuels the following February. The EU and UK altered the crude price cap level in June 2025 to $47.60, or 15 per cent below the average market price, but the US did not back the move. The price cap aims to reduce Russia's revenues from oil sales by prohibiting shipping, insurance and reinsurance companies from handling tankers carrying crude traded above the cap level. Western powers have also imposed sanctions on more than 440 tankers belonging to the so-called shadow fleet that transports sanctioned oil outside of Western services and the price cap. Russia's leading shipper Sovcomflot is also under sanctions in the West. The US has also sanctioned major Russian oil companies including Gazprom Neft and Surgutneftegaz . The measures banning Russian oil imports in the west and restricting Russian oil trade elsewhere have redirected Russian oil flows towards Asia, with China, India, and Turkey emerging as the major buyers for Russian crude. The price cap was meant to keep Russian oil flowing to prevent a spike in global oil prices which would have followed a halt or severe drop in Russian exports. Trump has, however, signalled a change in policy in recent weeks by threatening to impose secondary sanctions on India and China for buying Russian oil to put pressure on Putin to agree to a ceasefire in Ukraine. Coal The European Union banned imports of Russian coal in 2022, seeing volumes drop from 50 million metric tonnes in 2021 to zero by 2023, according to data from Eurostat.
New Indian Express
8 minutes ago
- New Indian Express
European leaders to join Ukraine's Zelenskyy for White House meeting with Trump
KYIV: European leaders will join Ukraine's President Volodymyr Zelenskyy for his crucial meeting with President Donald Trump, European Commission President Ursula von der Leyen said on Sunday. The move in relation to the key White House meeting on Monday is an apparent effort to prevent a repeat of the heated encounter Zelenskyy faced when he met Trump in February.
Time of India
19 minutes ago
- Time of India
$1,390 stimulus check in your bank account soon? IRS' crucial update for millions of Americans
Rumours have spread online last week that the US government will soon be issuing stimulus checks to taxpayers in certain income brackets. But, the truth is US citizens won't receive any stimulus payment this summer. But Congress has not passed legislation to authorize such payments, and, according to the IRS, no new stimulus checks will be distributed in the coming weeks. What is the claim around stimulus payment in the US? According to news agency AP, claims are doing round on social media that the Internal Revenue Service and the Treasury Department have approved $1,390 stimulus checks that will be distributed to low- and middle-income taxpayers by the end of the summer. But these claims don't hold any truth. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like When the Camera Clicked at the Worst Possible Time Read More ALSO READ: $5,108 Social Security August payment arriving next week: Are you getting the amount this month? Check exceptions An IRS official clarified to AP that taxpayers in the US will not receive new stimulus checks of any amount this summer. A stimulus check is a payment made to a taxpayer by the US government. Stimulus checks are made by paper check or through direct deposit and are intended to encourage spending during times of economic contraction. Also known as economic impact payments, stimulus checks are authorized by Congress through legislation and distributed by the Treasury Department. Republican Sen. Josh Hawley of Missouri last month introduced a bill that would send tax rebates to qualified taxpayers using revenue from tariffs instituted by President Donald Trump. Hawley's bill has not passed the Senate or the House. Live Events Earlier this year, the IRS revealed it would release roughly $2.4 billion to taxpayers who missed out on claiming the Recovery Rebate Credit on their 2021 tax returns. This refundable credit was designed for individuals who did not receive one or more of the COVID-19 stimulus payments, with a maximum benefit of $1,400 per person. ALSO READ: Millions of US citizens to receive $1,390 stimulus soon? Check if you qualify and when to expect it To qualify, taxpayers who hadn't already filed their 2021 return needed to do so by April 15. An IRS spokesperson has confirmed that no new credit is available for taxpayers to claim. The rumor may stem from a separate IRS announcement earlier this year about distributing about $2.4 billion to taxpayers who failed to claim a 2021 Recovery Rebate Credit. That refundable credit, worth up to $1,400 per person, was tied to COVID-era stimulus programs — but the deadline to claim it was April 15. The IRS has not announced any new relief programs, and no similar proposals are currently moving through Congress other than one from Sen. Josh Hawley that remains in committee. American Worker Rebate Act Republican Sen. Josh Hawley proposed the American Worker Rebate Act in July, which would send at least $600 per taxpayer from tariff revenue, plus extra payments for qualifying children. The bill has not passed either the House or Senate. ALSO READ: Hurricane Erin 2025 turns deadly? NHC's urgent warning of flash food, heavy rainfall as these US states are at risk Hawley said Americans "deserve a tax rebate" and likened his proposal to one floated by President Donald Trump. Supporters argue that sharing tariff revenue would put money back in Americans' pockets. Opponents say such rebates could be unpredictable because they rely on fluctuating tariff revenue and would need congressional approval before reaching taxpayers. Rebates could increase if tariff revenue is higher than expected. Taxpayers with an adjusted annual gross income above a certain amount — $75,000 for those filing individually — would receive a reduced rebate. 'Like President Trump proposed, my legislation would allow hard-working Americans to benefit from the wealth that Trump's tariffs are returning to this country,' Hawley said in a press release. ALSO READ: Apple Watch blood oxygen feature returns: Stunning update rolls out with iOS 18.6.1 and watchOS 11.6.1. How can you access it?
