The World Blog by humble servant.

Natural gas supplies to Finland will be halted starting this Saturday, Russian company Gazprom Export said on Friday, confirming earlier reports by Finnish state-owned energy group Gasum. “As of the end of the working day on May 20 (the payment deadline stipulated by the contract), Gazprom Export did not receive payment from Gasum for gas supplies in April,” the Russian company’s statement said. “In this regard, Gazprom Export notified Gasum of the suspension of gas supplies starting from May 21, 2022 and until payment is made in accordance with the procedure established by [presidential] decree.” Gasum announced earlier on Friday that the Russian side had informed it about the gas cut-off if it failed to pay for future supplies in rubles. The Finnish company, however, added that it does not intend to switch to a new gas payment system and intends to file a lawsuit in arbitration. Gazprom Export said it would defend its interests in the arbitration proceedings by available means.

The US, EU and other Western nations are using their currencies as a tool of blackmail against Russia, Russian Prime Minister Mikhail Mishustin said at a council of CIS countries videoconference on Friday. “The dollar and the euro are increasingly being used as an instrument of political pressure and economic blackmail,” the official stated. According to Mishustin, in the face of sanctions Russia has to strengthen interaction with its partners and make more active use of multilateral mechanisms. In particular, agreements should be reached on a free-trade zone, cooperation in transport and logistics, as well as the use of national currencies in mutual settlements between CIS countries. The prime minister stressed that Russia’s “focus remains on de-dollarization,” meaning eliminating the use of US currency in settlements. Ruble smashes four-year high against US dollar Over the past two months, Russia has faced an unprecedented number of economic restrictions, ranging from the freezi...

As average gas prices in the US are expected to reach $6 per gallon by August according to American Automobile Association (AAA), Energy Sec Jennifer Granholm was grilled for pinning the blame on Vladimir Putin and Russia’s military operation in Ukraine. During a Senate hearing on Thursday, US Energy Secretary Jennifer Granholm was pressed by Republican Senator Josh Hawley from Missouri about the record high gas prices, questioning what the Biden administration plans to do to lower costs. “I’m sure you've seen the reporting this morning," said Hawley, "AAA is projecting that gas prices will hit a national average, average, of $6 a gallon by the month of August. Is this acceptable to you?" “No, it is not,” replied Granholm, adding that “you can thank the activity of Vladimir Putin for invading Ukraine and pulling us..” “Nonsense,” Hawley interrupted. “With all due respect, Madam Secretary, that’s utter nonsense.” Hawley explained that prices were already on the ...

Russia will not supply free natural gas to countries that refuse to switch to the new ruble payment scheme, Kremlin spokesperson Dmitry Peskov said on Friday. “Obviously, no one will supply anything to anyone for free,” Peskov told reporters. Peskov was asked whether the delivery of gas to Finnish company Gasum will end this week. “We do not have information about all the companies with which Gazprom has contracts. This is not our prerogative. For details, of course, you need to ask Gazprom,” the Kremlin spokesman said. In March, Russian President Vladimir Putin ordered the government, the central bank, and Gazprombank to develop the necessary tools to switch all payments for Russian natural gas from “unfriendly states” to rubles after April 1. The measure applies to countries that have imposed sanctions on Russia and have frozen its foreign reserves. If this condition is not met, deliveries will be terminated, the Kremlin warned. Poland and Bulgaria have already been cut off fro...

QUESTION: You mention that cryptocurrency has been orchestrated to get people accustomed to cryptocurrencies for the end goal of the Great Reset – all digital currency so they can tax, absolutely every transaction. All popular blockchains are transparent and provide no privacy but there are some blockchains that do provide privacy and are uncensorable. Do you think crypto could ultimately live up to its name? Jerry ANSWER: The sales pitch behind cryptocurrency is seriously flawed. (1) they depend entirely upon the government; with the stroke of a pen, they can all be seized; (2) They also depend upon a power grid; (3) they also become dependent upon others accepting them. But note that the last 12 years from 2020 to 2032 is dominated by a rising authoritarian level of government. That means you better not trust that they will simply standby and allow some alternative currency to defeat them. It’s not going to happen. Anyone who disagrees has unprecedented confidence in politicians....

COMMENT: It appears your Putin is backing down as reported by Fortune. That must mean that Ukraine is winning! JM REPLY: You wish.I have warned that Putin is a reasonable man. The hatred the Neocons keep painting him with is not just unfairit is not true, it is a strategic ploy to DEMONIZE your opponent to justify your own position. They used that same tactic against Trump. Step back and look at Putin in Ukraine. He seized the nuclear power station, the biggest in Europe, but he did not shut it down. He did not knock out the communications and he did not attack the water supply. All of that PROVES he had no intention of conquering Ukraine, but he was in fact defending the separation of Donbas. I have tried to explain that Putin is the ONLY rational world leader today. I have warned that if you remove Putin, you will be shocked at what stands behind him. Putin has been called “weak” behind the scenes in Russia because he has been too soft on Ukraine. All the comments about attacking ...

China’s energy imports from Russia have continued to grow, topping $6 billion in April, according to customs data cited by Bloomberg on Friday. The statistics showed that purchases of oil, gas and coal jumped 75%, while imports of Russian liquefied natural gas surged 80% from a year earlier to 463,000 tons. Crude oil imports rose 4% on the year to 6.55 million tons, with Russia again behind only Saudi Arabia as China’s main source of oil. The figures showed that 72% of China’s total imports in April from its strategic partner were energy-related, Bloomberg said. According to the report, the volume figures for gas don’t include pipeline imports, which haven’t been reported since the start of the year. The media also reported earlier this week that Beijing is in discussions with Moscow to buy additional oil supplies as it seeks to replenish its storage tanks with discounted Russian crude before prices rise again. At a press briefing on Friday, Chinese Foreign Ministry spokesman Wan...

Twitter rolled out an update to its “crisis misinformation policy” on Thursday, saying it will put a warning label on posts about the conflict in Ukraine that fit certain criteria, limiting their ability to be seen, shared or liked. The announcement comes just a day after the resignation of US government’s “disinformation czar” Nina Jankowicz, who had advocated for the ability to edit other people’s tweets. The policy will be applied globally and guide Twitter’s efforts to “elevate credible, authoritative information,” and “help to ensure viral misinformation isn’t amplified or recommended by us during crises,” said Yoel Roth, the company’s head of Safety and Integrity. As soon as there is evidence that something posted “may be misleading,” Twitter will label it with a notice and won’t amplify or recommend it in the Home timeline, Search, and Explore tabs. Warning notices will be prioritized for “high profile accounts” such as those designated “state-affiliated media,” verified users...

Wheat prices surged to a new record high on Monday after India decided to prohibit exports of the commodity as a heatwave hit production. The price climbed to €435 ($453) per ton as the European market opened. Soft red winter wheat for July delivery rose 4.2%. New Delhi said this weekend it was curbing exports as the country, the world’s second-largest wheat producer, saw its hottest March on record. The authorities have expressed worries about the food security of the nation’s own 1.4 billion people amid lower production and sharply higher global prices. Export deals agreed before the directive issued on May 13 could still be honored but future shipments will need government approval, New Delhi said. The export ban drew sharp criticism from the Group of Seven industrialized nations, which said that such measures “would worsen the crisis” of rising food prices. India, which possesses major buffer stocks, previously said it was ready to help compensate for some of the supply short...

The global community needs to prepare for wheat prices rising to $700 per ton this year, a nearly 40% jump from the current $430, the Ukrainian minister of agrarian policy and food, Mykola Solsky, said on Wednesday, as cited by TASS. “Are we ready to pay $500, $600, $700 per ton? The situation is critical for Asian and African countries, which mostly imported grain from Ukraine,” Solsky added. He also warned that the country’s harvest this year could be much lower than it was in 2021. “This year we expect a 50% drop from last year’s harvest,” he stated, adding that due to Russia’s ongoing military operation in Ukraine, “the next winter sowing campaign is in jeopardy.” Earlier on Wednesday, UN Secretary General Antonio Guterres said the global community will not be able to fully solve the food crisis without Ukrainian grain and Russian and Belarusian fertilizers, adding that “Russian products and fertilizers should have full and unlimited access to world markets.” Earlier this mont...

Food products and fertilizers from Russia, Ukraine and Belarus must be allowed on the world markets if the global community wants to stem an unfolding food crisis, UN Secretary-General António Guterres said at a ministerial meeting on global food security on Wednesday. “Let’s be clear, there is no more effective solution to the food crisis without the reintegration of Ukrainian food production, as well as food and fertilizer produced by Russia and Belarus, into world markets,” he stressed. Earlier this month, Guterres warned that a fifth of humanity was at risk of poverty and hunger due to the current situation in the grain market, with wheat prices soaring following Western sanctions imposed on Russia and Belarus. Russian President Vladimir Putin recently stated that the threat of a global famine is the result of the West’s “sanctions obsession.” According to Guterres, instead of being the sole reason behind the current food crisis, Russia’s military operation has added to the pro...

The attempt by the US to take over Ukraine’s grain reserves may spark a humanitarian crisis in the country and lead to grain shortages globally, Maksim Oreshkin, an aide to President Vladimir Putin, said on Thursday. According to the official, a global famine could break out by this coming fall. “It is important that in the conditions, for example, of a global famine that will occur closer to autumn, by the end of this year all over the world, Russia should not suffer, but be fully provided with food,” Oreshkin stated, as cited by RIA Novosti. The main reason for this potential global famine, in his opinion, is the increase in the cost of wheat in the world market, which stems from Washington’s irresponsible monetary policy. Russian exports can solve global food crisis – UNREAD MORE: Russian exports can solve global food crisis – UN “Until about 2020, wheat prices on the world market were stable, but following the increased printing of the dollar, which started around July 2020, p...

Russia will not export food to the detriment of its own population, Deputy Chairman of the Security Council and former president Dmitry Medvedev has said, adding that the West can blame its own “cosmic cretinism” for the looming crisis. In a lengthy Telegram post, Medvedev commented on recent statements by Western leaders about food security. As Russia and Ukraine are major wheat suppliers, accounting for some 30% of global exports, prices have significantly grown since the launch of the Russian military offensive in the neighboring state and the subsequent sanctions imposed on Moscow by the US, EU, UK and others. On Wednesday, UN Secretary-General Antonio Guterres said that fertilizers and food products from Russia should be available to the world markets without obstacles. Medvedev agreed that without wheat and other food supplies from Russia, the importing countries would “have a very difficult time,” especially, he noted, because, without Russian fertilizers, “only juicy weeds [...

The Russian ruble reached a four-year high on the US dollar and a seven-year high against the Euro on Friday. The ruble is being propelled by capital controls, the new ruble-based gas payment scheme and looming corporate tax dues, which are pushing up domestic demand for the currency. Reaching 57.67 rubles against the dollar at 08:13 GMT represents the ruble’s strongest position since March 2018, according to data from the Moscow Exchange. The ruble also gained nearly 5% on the euro, with the exchange rate reaching below 60 rubles per euro. According to Bloomberg, the Russian currency has become the world's best-performing currency this year despite its sharp drop in April sparked by unprecedented economic sanctions placed on Russia. However, it has since strengthened due to measures introduced by Russia’s central bank and government. As part of the regulator's capital controls, Russian citizens and residents are allowed to buy euros, US dollars or other European currencies...