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According to Reuters data, the discount of Dubai spot crude oil to swap prices has widened to more than $4 per barrel, the largest discount since May 2020.On July 2, the Ministry of Natural Resources issued a legal commentary on the announcement by Japan and the Philippines to initiate bilateral maritime boundary delimitation negotiations. The document states that Japan and the Philippines recently announced the commencement of negotiations on the delimitation of their exclusive economic zones and continental shelves in the waters east of Taiwan. China, Japan, and the Philippines are maritime neighbors in this region, and the proposed delimitation area largely overlaps with Chinas exclusive economic zone and continental shelf under international law. This move, without consultation with China, disregards the specific geographical conditions of the region, violates the principles of sovereign equality and good faith under international law, as well as the obligations of cooperation and restraint, constituting an internationally wrongful act. To fulfill their international obligations and assume their national responsibilities, Japan and the Philippines should immediately cease their bilateral maritime boundary delimitation negotiations and actively engage in consultations with China.July 2nd, Futures News: The market is closely monitoring the navigation status and shipping recovery progress of the Strait of Hormuz. Several cargo ships have already transited the strait, but their final unloading destinations are yet to be determined. In the short term, sulfur prices are highly susceptible to various geopolitical developments and information regarding the straits navigability, leading to a cautious trading atmosphere. Once the sulfur successfully exits the strait, it will be redistributed among various consuming countries globally, leaving uncertainties regarding my countrys import sources. The current tight supply in the spot market has not been substantially alleviated, and most industry players and traders are maintaining a cautious approach.Jun Mimura, Japans top foreign exchange official: No comment on exchange rate levels.Harvest Gold LOF: Subscription (including regular fixed-amount investment) business remains suspended.

US Restricts Exports To Russian and Belarusian Firms

Aria Thomas

Apr 02, 2022 09:17

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The Commerce Department said Friday's move intends to "degrade Russian and Belarusian military, aerospace, marine, and other vital sectors in reaction to Russia's savage attack on Ukraine's sovereignty."


The White House contended that the limits would help prevent equipment and software from reaching Russia's and Belarus' military sectors.


"These parties are effectively isolated from the inputs required to maintain Putin's war," Commerce Secretary Gina Raimondo said in a statement.


The regulations are based on a major extension of the so-called Foreign Direct Product Rule, which requires enterprises manufacturing high- and low-tech things abroad using American equipment to get a license from the US prior to exporting to Russia.


Additionally, the measures direct the Commerce Department to refuse virtually all of those licensing applications.


The Commerce Department added 260 organizations to the entity list as a result of Russia's invasion of Ukraine, which Russia describes as a "special operation."

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