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Russia says capped oil prices won’t stop it funding war effort in Ukraine, Reuters

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© Reuters. Crude oil tankers, including the Troitsky Bridge vessel, dock in the Gulf of Nakhodka near the port city of Nakhodka, Russia, December 4, 2022. REUTERS/Tatiana Mel

LONDON (Reuters) – Russia said on Monday that a cap on its oil prices by the West would destabilize global energy markets but would not affect its ability to maintain what it calls its “special military operation” in Ukraine.

Kremlin spokesman Dmitry Peskov said Russia was preparing its response to Friday’s move by the Group of Seven and allies aimed at reducing Moscow’s energy revenues and reducing its ability to wage war.

“Russia and the Russian economy have the required capacity to fully meet the needs and requirements of the special military operation,” Peskov told reporters when asked if the move would undermine Moscow’s military efforts.

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“It is clear and indisputable that taking these decisions is a step towards destabilizing global energy markets,” he said.

The move by the Group of Seven, the European Union and Australia would allow other countries to continue importing seaborne Russian oil, but would bar shipping, insurance and reinsurance companies from handling shipments of Russian crude unless it is sold for less than $60 a barrel.

The European Union itself bans the import of Russian crude by sea from Monday. The global index rose 1.95 percent to $87.24 a barrel by 1052 GMT.

A number of Russian officials have said in the past that Moscow will not sell oil to countries that adhere to the cap.

Former Russian President Dmitry Medvedev, who is now deputy head of Putin’s Security Council, wrote on Telegram that pressure on Russian oil would lead to an “unimaginable” jump in world prices.

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He suggested that the West freeze this winter as a result of entering into an “unequal battle with the Russian Bear and General Frost.”

“What is good for a Russian is death for a German,” he added, referring to the winter cold. “One thing is clear – nothing good will come of consumers, that’s for sure. So let them stock up on liquor, quilts and water heaters.”

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MicroStrategy is at its lowest level since 2020 after the sales were revealed

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(Bloomberg) — Shares of MicroStrategy touched their lowest level since August 2020 after the enterprise software company, which in recent years has been known as the largest buyer of bitcoin, revealed its first sale of the token.

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The stock fell 1.1 percent to $136.63 on Thursday, down 75 percent this year. Bitcoin rose less than 1% to around $16,590 and is believed to have fallen 64% since the start of the year.

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In a filing on Wednesday, MicroStrategy said it acquired approximately 2,395 Bitcoin between the beginning of November and December 21 through its subsidiary MacroStrategy, and paid out approximately $42.8 million in cash. It then sold 704 of the tokens on Dec. 22 for a total of about $11.8 million, citing tax purposes, before buying another 810 of them two days later.

Matt Malley, chief market strategist for Miller Tabak + Co. Step down as CEO. This news means they don’t seem to want to do that anytime soon.”

Overall, MicroStrategy held about 132,500 bitcoins worth over $4 billion USD as of December 27th. The company paid an average purchase price of $30,397 per bitcoin.

“Given MicroStrategy’s $2.4 billion in leverage, we believe the company may have a lot of leverage over Bitcoin, and may face some liquidity risk,” Jefferies analyst Brent Thiel wrote in a note on Wednesday. Thill has an “underperform” rating on the stock and a price target of $110.

Over the years of the pandemic, MicroStrategy has become well known for its Bitcoin takeovers, largely led by Saylor. Earlier this year, Saylor stepped down from that role and now serves as CEO at the company and continues to lead its bitcoin strategy.

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MicroStrategy was trading around $120 before Saylor first announced the company’s Bitcoin purchases in 2020. The stock reached an all-time high of $1,315 in February 2021.

(Updates to include the stock’s closing price in the second paragraph.)

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Bankman-Fried May File Petition in New York Federal Court Next Week Before Judge Louis Kaplan By Cointelegraph

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Former FTX CEO Sam Bankman-Fried is set to appear in court on the afternoon of January 3 to enter a lawsuit over two counts of wire fraud and six counts of conspiracy against him related to the collapse of cryptocurrency exchange FTX, according to Reuters. mentioned on December 28, citing court records. Bankman-Fried will appear before District Judge Lewis Kaplan in Manhattan.

Judge Kaplan was appointed to hear the case on December 27 after the original judge in the case, Ronnie Abrams, Resigned herself because of connections between FTX and the law firm Davis Polk & Wardwell, where her husband is a partner. The company provided advisory services to FTX in 2021.