February 25, 2022
RT @DeItaone: GERMAN FINANCE MINISTER SAYS WE ARE OPEN TO CUTTING RUSSIA OFF SWIFT
RT @DeItaone: GERMAN FINANCE MINISTER SAYS WE ARE OPEN TO CUTTING RUSSIA OFF SWIFT
RT @OnesandToozePod: On today's episode, @adam_tooze and @CameronAbadi discuss the sanctions President Biden has imposed on Moscow over it…
RT @DianaEGarvin: How did Italian Fascists play Monopoly? Who fought for wine v. beer as the national beverage? Did Mussolini really make…
“The sanctions will not target the oil flows as we go forward,” Amos Hochstein, the State Department’s senior energy security adviser. Not just Germany. This is the core of the US position. It is written deep into the sanctions measures. See Chartbook #86 adamtooze.substack.com/p/chartbook-86… https://t.co/Gr5ofeUVzs
RT @usv1980: My country is committing a horrible crime in Ukraine that can have no justification. Official references to Art.51/defence of…
RT @KateAronoff: Yesterday I listened to LNG executives talk about the war in Ukraine. Wrote about that and the rush from industry, Republi…
RT @OnesandToozePod: @markrlowe @adam_tooze @CameronAbadi You guessed it. We're talking Russia this week podcasts.apple.com/us/podcast/how…
The decline in real median household income among African Americans btw 2000 and 2011 was remarkable. thedailyshot.com/2022/02/21/sp-… https://t.co/TUeQ9TtQF2
India is exploring ways to set up a rupee payment mechanism for trade with Russia to soften the blow on New Delhi of Western sanctions. Fertilizer imports are key. twitter.com/nationalpost/s…
The role of the Gulf states as possible swing suppliers in oil and gas markets is crucial down the line. As @JavierBlas pointed out, Russia lost an economic war in 2020 … against Saudis. What role will UAE and Qatar play? Anyone know anything good to read? twitter.com/mfa_russia/sta…
German government spokesman explaining/defending failure to cut Russia out of SWIFT and insisting that it was not all down to Germany. twitter.com/ARD_BaB/status…
@maischberger @c_lindner @fdp @DasErste Und diese Logik schreibt sich auch in die Sanktionsmassnahmen der USA ein auf Deutschlands drängen. @maischbergerhttps://adamtooze.substack.com/p/chartbook-86-about-those-sanctions?utm_source=url
EV are beginning to make inroads in the global car market. But man is there a long way to go! H/t @SoberLook thedailyshot.com/2022/02/21/sp-… https://t.co/ud513gO3Yy
Biden onThursday: ‘I will do everything in my power to limit the pain the American people are feeling at the gas pump. This is critical to me." ft.com/content/35d50b… And man did he deliver. Sanctions v Putin’s energy-fueled aggression exempt energy! adamtooze.substack.com/p/chartbook-86… https://t.co/utaT6I7LPj
In seiner Pressekonferenz verwies Biden auf Europa in Sachen SWIFT. Was er nicht offen aussprach war, dass selbst die von ihm angekuendigten Sanktionen auf bitten Deutschlands Zahlungen fuer Energie ausnehmen. D.h. sie sind weitgehend wirkungslos. adamtooze.substack.com/p/chartbook-86…
Nicht nur SWIFT @WaltrautDunz Deutschland hat ausserdem die durch Amerika verhaengten Sanktionen ausgehoelt. Zahlungen fuer Energie werden systematish ausgeklammert. Siehe Chartbook #86 adamtooze.substack.com/p/chartbook-86… twitter.com/WaltrautDunz/s…
@grudkev Isn't the point that they broadly share Russia's diagnosis of the entire post Cold War as illegitimate. It is clear that US has no intention of defending Ukraine and EU lacks both will and means. So, if Putin wants war, why would they alienate Russia?
RT @Barnes_Joe: Italian prime minister Mario Draghi successfully secured a carve out for Italian luxury goods from the EU's package of econ…
"The impact of throwing Russia out of Swift” this by @senoj_erialc for @FTAlphaville ft.com/content/7a6613… Pairs well with Chartbook #86 on the gigantic “loophole” in the non-SWIFT sanctions that Biden did declare yesterday. adamtooze.substack.com/p/chartbook-86… https://t.co/4y4QekBLc7
General License No. 8 reproduced here by the excellent @JavierBlas basically exempts everything that matters on the energy side from the "massive" sanctions Biden declared yesterday. For more, check out Chartbook #86 and sign up. adamtooze.substack.com/p/chartbook-86… twitter.com/JavierBlas/sta…
RT @JavierBlas: FULL DOCUMENT: This is the general license that US Treasury has issued exempting any "energy" related dealings from the san…
It is a striking fact that more unequal societies (US and UK) have more progressive income tax systems. thedailyshot.com/2022/02/21/sp-… https://t.co/EzrE8NGxlW
Over the next few years, more rapid inflation is really going to help with global debt/gdp dynamics. thedailyshot.com/2022/02/21/sp-… https://t.co/lqnfgB0hyX
To have major effects, sanctions against Russia need to strike the energy sector. That is precisely what Biden’s package of yesterday exempts. Check out Chartbook Newsletter #86 adamtooze.substack.com/p/chartbook-86… https://t.co/NzBT21dqws
What Biden said @ press conference is that Europe (i.e. Ger/It) blocked SWIFT measures v. Russia. What he did not say is that by way of energy carve-out Europeans have also eviscerated sanctions he did announce. Check out Chartbook #86 adamtooze.substack.com/p/chartbook-86… https://t.co/q8pBNoSGqA
@BachmannRudi Hi Rudi … people who know more convinced me that SWIFT was secondary and then the whole question of GL8 opened up and the question takes on a third aspect. But Berlin is at the heart of this either way. As with Obama-Merkel this seems to be a Berlin-DC duet.
What Biden said press conference is that Europe (i.e. Ger/It) blocked SWIFT measures v. Russia. What he did not say at the press conference is that by way of GL8 they have also eviscerated the sanctions he did announce. Check out Chartbook #86 adamtooze.substack.com/p/chartbook-86… https://t.co/884HoxTlF6
The sanctions that aren’t Chartbook #86 just dropped. On Biden’s announcement and the energy carve-out of GL8 adamtooze.substack.com/p/chartbook-86… https://t.co/xZ1PvFxurT
@AlbertoNardelli BRILLIANT thank you. I thought I was losing my mind. So the logic flow is: Oh SWIFT really doesn’t matter Cos correspondent banking is the real thing Except,, of course, that transactions with Sberbank in energy through non-American institutions are ok … cos covered by GL8.
Do Biden’s historic sanctions against ALL the big Russian banks actually contain a giant carve out for energy, precisely what matters most for sanctions? Can someone who knows this stuff confirm? Am I barking up wrong tree? home.treasury.gov/news/press-rel… home.treasury.gov/policy-issues/… https://t.co/DvoRT0yODW
@karolkarpinski @uwwauw I think I found the relevant text here FAQ 977 976 home.treasury.gov/policy-issues/… https://t.co/EGVmAbtSq2
"all funds transfers related to energy (GL8) involving Covered Entities must be processed indirectly through a non-sanctioned, non-U.S. financial institution.” It would seem that payments for energy can be routed to Sberbank via Europe @karolkarpinski home.treasury.gov/policy-issues/… https://t.co/oTqwXVlxkj
General licenses: Does anyone have a good take on the exemptions to the US Treasury sanctions? Is there a word missing in the critical sentence? “payments for energy are from production to consumption” .. what does that mean? home.treasury.gov/news/press-rel… https://t.co/K2sLlF8dS0
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