Some of the oil the EU will forego under its new embargo could fuel countries in Asia, and President Biden has signed legislation to improve preventive care for veterans exposed to burn pits.
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Asia could offer market for Russian oil after EU ban
Countries like China and India have the power to undermine the European Union’s recent move to sanction Russia for its invasion of Ukraine, potentially lessening the impact of one of the most significant economic measures the West has taken against Moscow to date.
The EU on Friday officially agreed to ban most oil imports from Russia, joining countries including the US in pledges to ditch oil from the country.
But experts say the move is unlikely to put Russia in economic pariah status, as other countries, including big economies like China and India, will continue to import its fuels and provide the Kremlin with an alternative source of revenue.
“We expect most of what Russia is currently exporting to be taken up by other markets,” said Alan Gelder, vice president of refineries, chemicals and oil markets at energy research firm Wood Mackenzie.
“If they’re still finding buyers for their exports and need to negotiate a price, that means they’re getting a steady stream of income. If the whole world said no, it would be very different, but the world doesn’t say that,” added Gelder.
Greater incentive?: Patrick De Haan, head of petroleum analysis at GasBuddy, said China and India are likely to have even more incentives to buy oil after the European embargo.
Complicating matters further, De Haan said, Russian oil is of a quality that makes it desirable in international markets.
“It’s the heavier oil being distilled into more desirable molecules like diesel that Europe is really craving at the moment,” he said.
The delay could also help Russia: Kristine Berzina, head of the geopolitics team at the Alliance for Securing Democracy, said the fact that the ban won’t take effect immediately could also undermine its effectiveness, giving Russia more time to adjust.
She said alarms in the market could raise oil prices in the short term, giving Russia an advantage as it sells oil for now, and the country will also be able to partner with other countries like India, who are likely to buy the oil.
“They can negotiate prices there and try to adjust to the fact that they have to go to other markets in the long term,” she said.
Ben Cahill, a senior fellow at the Center for Strategic and International Studies, said that despite the restrictions, the EU sanctions are probably the most significant action the world has taken to limit the use of Russian oil.
“This is definitely the most consequential step yet in restricting Russian exports,” he said. “The big question is how much this will shut down Russian oil and how much it will just divert Russian oil from Europe to Asia.”
Read more about what could happen here.
Biden signs law to help those facing burn pits
President Biden signed legislation Tuesday to give veterans exposed to cremation pits greater access to mammograms as part of nine bills signed into law to improve health care for veterans.
The measure aims to ensure veterans who serve near burn pits receive preventive care and requires the Department of Veterans Affairs (VA) to conduct breast cancer screening for women who have served near toxic exposures.
the dr Kate Hendrick’s Thomas SERVICE Act was named after Marine Corps officer Kate Thomas, who was serving near a burn pit in Iraq and died of breast cancer in April. Biden honored her in remarks at the White House and paid tribute to her husband and son, who were present for the signing of the bill.
Biden has focused on expanding benefits for veterans who served in Iraq and Afghanistan and were exposed to toxic chemicals from burn pits. The issue of the burn pits touches the President personally, who believes that chemicals from the burn pits may have contributed to the brain tumor that ultimately killed his son, Beau Biden.
He signed eight other bills that focused on veteran health care, including a bill to improve breast imaging services for veterans whether or not they are exposed to cremation pits and to compensate veterans who contracted cancer and World War II diseases had. era nuclear programs.
Read more from The Hill’s Alex Gangitano here.
RELATED: ANOTHER TOXIC BILL ADVANCES
The Senate on Tuesday voted 86-12 to move forward another bill aimed at helping veterans who have been exposed to toxic substances.
The Honoring Our PACT Act specifically aims to expand health care eligibility through the Department of Veterans Affairs. Establishing a framework for linking toxic exposures to military service that would grant additional benefits to those who were exposed and expand the conditions suspected of being caused by service.
Voting to promote the measure was largely bipartisan, but all opposition came from Republicans.
It is expected that the law will soon come to a full vote on its passage.
INVITATION TO THE VIRTUAL EVENT
close gaps in health insurance, Wednesday, June 8 at 1 p.m. ET
A record number of Americans have insurance, but many remain vulnerable to significant medical expenses, including high premiums, expenses and prior authorization charges. The hill sits with me Majority Whip Jim Clyburn (DS.C.), Rep. David Schweikert (R-Ariz.) and more to discuss closing the gaps in health insurance. Register today.
At DOE: The Senate voted to confirm Tuesday Shalanda Baker to lead the Department of Energy’s Office of Minority Economic Impacts.
Lawmakers voted 54 to 45 to confirm her. The vote ran largely along party lines, but the Republicans supporting Baker are Sens. Susan Collins (Maine), Cindy Hyde-Smith (Miss.), Lisa Murkowski (Alaska), Thom Tillis (NC) and Roger Wicker (Miss .). .
Baker is currently Associate Director for Energy Equity in the Department’s Office of Economic Impact and Diversity. She was previously a professor of law, public policy and civic affairs at Northeastern University.
For NWS: The National Weather Service (NWS) got a new director on Tuesday. This was announced by the Biden administration Kenneth Graham runs the weather agency.
Graham has headed the National Hurricane Center since 2018. He has also held other roles with the agency, including serving as lead meteorologist for the NWS New Orleans/Baton Rouge office for 10 years.
NWS has not had an officially named leader since Louis Uccellini left in January. Meanwhile, Deputy Director Mary Erickson served as Acting Director.
ON TAP TOMORROW
- The House Science, Space and Technology Committee will hold a hearing on detection of methane from the oil and gas sector
- The Senate Environment and Public Works Committee will hold a hearing on two nominees for the Nuclear Regulatory Commission
WHAT WE READ
- Why is environmentally conscious California spending millions to support natural gas? (headlight)
- ERCOT projects Texas set to break electricity demand record this week (The Dallas Morning News)
- Rio Grande waters return to El Paso this weekend, erasing dry border region (El Paso Times)
- Shell, the oil giant, will sell renewable energy to Texans (The New York Times)
And finally: You don’t have to go home, but you can’t stay here
That’s it for today, thanks for reading. Visit The Hill’s energy and environment page for the latest news and reports. we will see you tomorrow
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