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Bank of Japan policy board member Yoichi Masaki stated that the Bank of Japan should carefully examine economic developments and guide policy in an appropriate manner to stabilize the core inflation rate at around 2%.Bank of Japan board member Yoichi Masaki stated that no specific timeframe has been set for how quickly the Bank of Japan should raise interest rates to a level considered neutral to the economy.Bank of Japan policy board member Yoichi Masaki: I am not saying that food prices are rising in a way that requires immediate policy action.February 6th - Spanish Prime Minister Pedro Sánchez is taking a bold gamble, believing the benefits of accepting a large influx of undocumented immigrants will justify the inevitable backlash. With elections just a year and a half away, his move last week to legalize the status of 500,000 foreigners is a high-stakes gamble. He bets this will both boost the economy and improve his standing among voters by challenging the global tone set by Trump. However, the prime minister also knows from the experience of his European counterparts that an overly welcoming attitude towards immigrants can breed resentment on the electoral front and embolden the far right. Nevertheless, the influx of immigrants over the past decade has added 3 million to Spains population, helping it become one of Europes fastest-growing major economies. The Bank of Spain forecasts a 2.2% growth rate by 2026, almost double the European Central Banks forecast for the entire Eurozone. Against the backdrop of favorable immigration policies, legalizing workers means signing more taxpayers.On February 6th, Iranian Foreign Minister Araqchi issued a statement ahead of the start of nuclear negotiations with the United States, saying, "Iran embarks on its diplomatic journey with a clear mind, remembering the events of last year. We participate with sincerity while firmly defending our rights." Araqchi also stated that commitments must be fulfilled. Equality, mutual respect, and common interests are necessary conditions and cornerstones for reaching a sustainable agreement. The United States and Iran are scheduled to hold nuclear talks in Muscat, the capital of Oman, on the 6th. Neither side has yet specified the format of the talks.

Ukraine Will Block A Crucial Russian Gas Transit to Europe, Blaming Russia

Charlie Brooks

May 11, 2022 09:46

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Ukraine said on Tuesday that it will cease the flow of gas via a transit point that, according to Kiev, sends over one-third of the fuel piped from Russia to Europe through Ukraine. Kiev blamed Moscow for the action and said it would redirect the flows elsewhere.


Even after Moscow's invasion, Ukraine has remained a significant transit route for Russian gas to Europe.


The operator of Ukraine's gas infrastructure, GTSOU, has declared "force majeure" and will cease shipments through the Sokhranivka route as of Wednesday. "Force majeure" is a provision triggered when a firm is affected by circumstances beyond its control.


However, Gazprom (MCX:GAZP), which has a monopoly on Russian gas pipeline exports, said that it was "technologically impossible" to move all volumes to the Sudzha connecting point farther to the west, as GTSOU requested.


GTSOU CEO Sergiy Makogon told Reuters that Russian occupation troops have begun transporting gas flowing through Ukraine to two rebel territories supported by Russia in the country's east. He failed to provide proof.


The company stated that it was unable to operate at the Novopskov gas compressor station due to "the interference of the occupying forces in technical processes," adding that it could temporarily redirect the affected flow to the Sudzha physical interconnection point, which is located on Ukrainian territory.


Ukraine's suspension of Russian natural gas shipments via the Sokhranivka route should have no effect on the local Ukrainian market, according to Yuriy Vitrenko, the president of the state-owned energy business Naftogaz.


The national gas company of Moldova, a tiny country on Ukraine's western border, said that neither GTSOU nor Gazprom had notified them of a supply interruption.


Russian army and separatist militants have controlled the Novopskov compressor station in the Luhansk area of eastern Ukraine since shortly after Moscow launched a "special military operation" in February.


GTSOU said that it is the first compressor in the Ukraine gas transit system in the Luhansk area, the transit route for about 32,6 million cubic metres of gas per day, or a third of the Russian gas transported to Europe through Ukraine.


To fulfill its "transit responsibilities to European partners in full," GTSOU said that it will "temporarily move unavailable capacity" to the Sudzha interconnection point.


Gazprom said it had received information from Ukraine that the nation will cease gas transit to Europe through the Sokhranivka interconnector at 7:00 a.m. on Wednesday local time.


The Russian corporation said that it observed no evidence of force majeure or impediments to business as usual. Gazprom emphasized that it was fulfilling its commitments to European gas purchasers.


As punishment for the invasion of Ukraine, the United States has pushed other nations to reduce their reliance on Russian energy and has prohibited Russian oil and other energy imports.


Ned Price, a spokeswoman for the U.S. State Department, said that Tuesday's declaration does not alter the "as soon as feasible" schedule for reducing global dependency on Russian oil.

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