Each student will write total 3 News Write Ups News Write Up is a short (about 500 words) description of a current event (no more than 3 months old) related to any issues of global business issues It. Each student will write total 3 News Write Ups. News Write Up is a short (about 500 words) description of a current event (no more than 3 months old) related to any issues of global business issues. It should contain the following:1) Very brief description of the event or the news (about 150 words)2) Its connection to a specific topic of International Business (about 150 words)3) How can we (students) benefit andor learn from it (about 200 words)4) Provide the source of the article andor its Internet link_________________________________________________________1. The European Union (EU) is imposing its toughest sanctions against Russia, including a Russian oil embargo and a prohibition on insurance companies providing contracts for Russian tankers. This move is expected to create new challenges for Russias budget and economy and significant losses for Europe and the rest of the world. At the May 30 summit, the leaders of the EUs 27 member states agreed to gradually reduce Russian oil imports over the next six months, with the start of an embargo on most Russian oil imports into the EU expected by the end of this year. Furthermore, the EU prohibited insurance companies from selling insurance to Russian tankers worldwide. As a result, because European insurers provide contracts for much of the global oil trade, Europe will make it difficult for Russia to sell oil to customers in Asia. These sanctions are more challenging than expected as part of the EUs sixth package of sanctions against Russia over Ukraine.
Each student will write total News Write Ups News Write Up is a short (about 500 words) description of a current event (no more than months old) related to any issues of global business issues It should contain the following: 1) Very brief description of the event or the news (about 150 words) 2) Its connection to a specific topic of International Business (about 150 words) 3) How can we (students) benefit and/or learn from it (about 200 words) 4) Provide the source of the article and/or its Internet link _ The European Union (EU) is imposing its toughest sanctions against Russia, including a Russian oil embargo and a prohibition on insurance companies providing contracts for Russian tankers This move is expected to create new challenges for Russia's budget and economy and significant losses for Europe and the rest of the world At the May 30 summit, the leaders of the EU's 27 member states agreed to gradually reduce Russian oil imports over the next six months, with the start of an embargo on most Russian oil imports into the EU expected by the end of this year Furthermore, the EU prohibited insurance companies from selling insurance to Russian tankers worldwide As a result, because European insurers provide contracts for much of the global oil trade, Europe will make it difficult for Russia to sell oil to customers in Asia These sanctions are more challenging than expected as part of the EU's sixth package of sanctions against Russia over Ukraine Ending Europe's decades-long reliance on Russian oil poses a significant challenge, forcing countries in the region to seek new sources of supply This situation will raise global inflation and exacerbate gasoline shortages in poorer countries competing with Europe for oil As of June 1, Russia had cut off gas supplies to five EU countries, including the Netherlands, Denmark, Poland, Hungary, and Finland, after these countries refused to pay for Russian gas in rubles at President Vladimir Putin's request However, according to a report released on June 13 by the Finland-based Center for Research on Energy and Clean Air, Russia made $98 billion from fossil fuel exports in the first 100 days of the Ukrainian conflict with the EU being the largest importer (Day, 2022) Suppose Russia "closes the gas valve" to the rest of Europe In that case, it will cause significant harm not only to Russia and Europe but also to the rest of the world because fuel prices could spiral upward, pushing the global economy into stagflation - with high inflation and slowing growth, if not a recession Russia may have set a record for energy export revenues this year, but nothing can guarantee that figure when EU oil import bans and reduced gas purchases take effect Russia can be seen actively seeking customers, changing modes of transportation, and expanding its export market share in Asian and Middle Eastern countries Nonetheless, the "pivot of energy eastward" strategy will take years to implement as Russia faces higher logistics costs to deliver to new destinations The Asian market is unlikely to replace the European market entirely, but it will surely provide a partial replacement (Russell, 2022) However, in the long run, the Russian energy industry must consider the factor in the energy transition era when planning the country's economic and fiscal strategy The conflict between Russia and Ukraine has caused the economies of Russia, the EU, and the entire world to face numerous challenges, including energy and food crises Europe faces an increasing risk of economic recession, and energy is the continent's "Achilles heel." Furthermore, Russia's export revenue could suffer significantly if the EU "boycotts" oil and gas If a peaceful solution to the hostilities is not found, it is clear that the competitive endurance rivalry in terms of economic loss will continue The article’ link https://ec.europa.eu/commission/presscorner/detail/en/ QANDA_22_2823 References Day, C (2022, June 14) Explained: How Russia earned $98 billion from fuel exports in first 100 days of Ukraine War Firstpost Retrieved October 22, 2022, from https://www.firstpost.com/world/explained-how-russia-earned-98-billion-from-fuelexports-in-first-100-days-of-ukraine-war-10793401.html Russell, C (2022, April 11) Column: Asia unlikely to rescue Russian coal amid Europe ban Reuters Retrieved October 22, 2022, from https://www.reuters.com/markets/commodities/asia-unlikely-rescue-russian-coalamid-europe-ban-2022-04-11/ ... import bans and reduced gas purchases take effect Russia can be seen actively seeking customers, changing modes of transportation, and expanding its export market share in Asian and Middle Eastern... "pivot of energy eastward" strategy will take years to implement as Russia faces higher logistics costs to deliver to new destinations The Asian market is unlikely to replace the European market... rest of Europe In that case, it will cause significant harm not only to Russia and Europe but also to the rest of the world because fuel prices could spiral upward, pushing the global economy into