Chinese and Indian oil buyers are ignoring the West’s price cap on Russian crude, snapping up a majority of Moscow’s output at prices well above the $60 per barrel limit. The cap was imposed by G7 countries in a bid to curb revenue used by the Russian military to fund its operations in Ukraine. (REUTERS)
Germany will move to reduce its dependence on critical minerals processed in China by supporting refining initiatives in Namibia, Chile and Indonesia and other countries rich in strategic resources, said Chancellor Olaf Scholz. Chinese officials, however, argue that such “friend-shoring” efforts will exacerbate global supply chain problems. (REUTERS)
