Croatia has recently made a significant decision, refusing to transport Russian oil to Hungary and Slovakia through its port and the Adria pipeline. This move is framed as a stance against “war profiteering,” a bold declaration that resonates with many who are watching the ongoing geopolitical shifts with concern. For Croatia, this decision carries a particular weight, a echoes of their own recent past. Thirty-five years ago, Croatia faced what they describe as an existential threat, a situation that clearly informs their current position and their empathy for Ukraine.
From a Hungarian perspective, this Croatian decision is met with a strong sense of gratitude.… Continue reading
Conservative shadow foreign secretary Dame Priti Patel has urged the government to intensify its actions against Russia, asserting that current sanctions are being bypassed. Patel advocated for cutting off all financial flows supporting the Russian economy, including the closure of Russian oil refineries, and called for direct action against individuals and businesses enabling Russia’s activities. This comes as the Russian embassy in London vehemently denies any involvement in Alexei Navalny’s death, dismissing Western accusations as baseless propaganda and a mockery of the deceased.
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German Defence Minister Boris Pistorius has indicated that Russia’s ability to financially sustain its conflict in Ukraine is diminishing, stating it would be surprising if Moscow could maintain the war effort for an extended period. To hasten the war’s end, he emphasized the urgency of completely and decisively cutting off Russia’s revenue from gas and oil sales. This perspective aligns with recent statements from French President Emmanuel Macron, who also highlighted the need for increased sanctions and economic pressure on Russia, in conjunction with a renewed focus on cooperation with the US and prioritizing long-term, favorable conditions for negotiations.
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EU has blacklisted Russia for risk of money laundering, “This will slow down and increase the costs of transactions with Russian banks” Kallas says. Alright, so the EU has finally put Russia on a blacklist due to the risks of money laundering. Seems like a pretty significant move, and the stated goal is to slow down and increase the costs of financial transactions with Russian banks. Considering the ongoing situation, this action feels like a long time coming. It’s hard to ignore the sentiment that this should have happened sooner.
EU has blacklisted Russia for risk of money laundering, “This will slow down and increase the costs of transactions with Russian banks” Kallas says.… Continue reading
French authorities have escalated their efforts to combat vessels allegedly assisting Russia in evading Western oil sanctions. The oil tanker “Grinch,” suspected of belonging to Russia’s shadow fleet, was intercepted and escorted to the Gulf of Fos, with its Indian captain taken into custody. The operation, involving marine commandos and occurring in the Alboran Sea with allied support, triggered nautical and aerial exclusion zones. This marks the second such action in weeks, following the interception of the “Boracay” in September, indicating France’s intent to increase pressure on the ghost fleet and impede Russia’s ability to fund its war.
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During the World Economic Forum in Davos, Ukrainian President Volodymyr Zelenskyy accused forces within the EU of attempting to undermine the bloc, specifically criticizing leaders like Hungarian Prime Minister Viktor Orbán. Zelenskyy highlighted the need for stronger sanctions against Russia, pointing out that despite existing measures, Russian companies continue to operate and access critical components from various countries, including those within Europe and the US. He also stated Ukraine’s capability to target Russian naval vessels and announced an upcoming trilateral meeting between Ukraine, the US, and Russia in the UAE.
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On January 4th, President Zelensky enacted sanctions against 95 individuals and 70 entities involved in supporting Russia’s military-industrial complex. These sanctions, targeting both Russian and Chinese citizens, include asset freezes, trade restrictions, and transportation bans, intending to cripple Russia’s weapons production capabilities. The measures also extend to key industrial sectors like chemicals, mining, and energy. Notably, some entities targeted by Ukraine are also facing sanctions from the European Union, which recently expanded its sanctions on Russia’s “shadow fleet” of tankers.
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On December 21st, Swedish authorities detained the sanctioned Russian vessel, the Adler, after an overnight inspection following the ship’s engine failure and subsequent anchoring off the coast. The cargo ship, owned by the sanctioned M Leasing LLC, has a history of transporting Russian weapons and carrying North Korean ammunition to Russia, leading to the inspection conducted by Swedish Customs in cooperation with the Coast Guard. This action comes amid rising tensions and concerns over Russia’s “shadow fleet,” which has been linked to sabotage operations and drone launches. The case has been referred to the prosecutor for further investigation, highlighting the seriousness of the situation.
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US quietly removes sanctions from firms accused of supplying Russia’s military. Well, this is a headline that certainly gets your attention, doesn’t it? It’s the kind of thing that makes you sit up and take notice, and honestly, it’s not particularly encouraging. I mean, we’re talking about companies that have been accused of supporting Russia’s military, and the US government, in a move described as “quiet,” has decided to ease up on the restrictions. You have to wonder, what’s the reasoning behind this?
US quietly removes sanctions from firms accused of supplying Russia’s military. It’s tough not to feel a sense of betrayal.… Continue reading
The Russian Finance Ministry announced a significant decrease in oil and gas revenues for November, marking a 34% drop year-over-year. This decline, attributed to sanctions, weak crude prices, and a strong ruble, resulted in 530.9 billion rubles collected in oil and gas taxes. Mineral extraction tax revenue decreased by 36% and export duties by nearly 40%, further contributing to the revenue shortfall. The Urals crude average price also fell to its lowest point since March 2023 at $44.87 per barrel in November, which added to the economic pressures.
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Matt Underwood 
John Q. Hosedrinker