CAN'T GET NO RESPECT
Saudi Arabia and UAE leaders ‘decline calls with Biden’ amid fears of oil price spike

Edward Helmore
Tue, March 8, 2022, 

Photograph: Apu Gomes/AFP/Getty Images

The de-facto leaders of Saudi Arabia and the United Arab Emirates have declined to arrange calls with US president Joe Biden in recent weeks as the US and its allies have sought to contain a surge in energy prices caused by Russia’s invasion of Ukraine.

According to the Wall Street Journal, citing Middle East and US officials, both Saudi Crown Prince Mohammed bin Salman and the UAE’s Sheikh Mohammed bin Zayed al Nahyan have been unavailable to Biden after US requests were made for discussions.

“There was some expectation of a phone call, but it didn’t happen,“ a US official said of a plan for Saudi Prince Mohammed and Biden to speak. “It was part of turning on the spigot [of Saudi oil].”

Related: How the US ban on Russian oil risks splitting the west’s response

Last week, OPEC+, which includes Russia, declined to increase oil production despite western entreaties.

But reports of frigid communications with Saudi Arabia come as the Biden administration seeks to increase oil supply after formally banning Russian oil imports on Tuesday, pushing oil prices to $130 a barrel, the highest level in 14 years.

However, the US has for the first time in years opened up diplomatic channels with Venezuela, a Russian ally and which has the world’s largest oil reserves. Venezuela has now released at least two Americans from jail in an apparent goodwill gesture toward the Biden administration in a possible prelude to increasing production to ease the price surge.

Relations between the US and Saudi Arabia have chilled during the Biden administration over American policy in the Gulf region.

Issues include the revival of the Iran nuclear deal; lack of US support for Saudi intervention in Yemen’s civil war and its refusal to add Houthis to its list of terrorist groups; US help with a Saudi civilian nuclear program; and legal immunity for Prince Mohammed, who is facing lawsuits over the murder of Saudi journalist Jamal Khashoggi by a Saudi hit-team in its Istanbul consulate four years ago.

During Biden’s election campaign he vowed to treat the kingdom as a “pariah” state, saying there is “very little social redeeming value in the present government in Saudi Arabia.”

Earlier this week, White House spokesperson Jen Psaki said there were no plans for the Biden and Prince Mohammed to talk soon, and no plans for the president to travel to Riyadh.

Yousef Al Otaiba, the UAE ambassador to the US, confirmed strained relations between the two countries. “Today, we’re going through a stress test, but I am confident that we will get out of it and get to a better place,” Al Otaiba predicted.

The two Gulf nations are regarded as the only global suppliers with capacity to pump more oil to ease the price surge.

Related: How important is Russian oil and how high could prices go?

Senior US officials with the national security council and state department had reported travelled to Riyadh and Abu Dhabi in recent weeks to make direct US representations.

The Journal, however, reported that Biden had spoken with Prince Mohammed’s 86-year-old father, King Salman, on 9 February. On the call they affirmed their countries’ strategic and economic partnership. The UAE’s ministry of foreign affairs said Biden and Sheikh Mohammed call would be rescheduled.

LGBTQ RIGHTS ARE HUMAN RIGHTS

STATE TERRORISM

Texas loses appeal over investigation of trans teen's family

ANDREW DeMILLO

Wed, March 9, 2022, 

A Texas court on Wednesday tossed out the state's appeal of an order preventing child welfare officials from investigating the parents of a transgender teenager over gender-confirming care the youth received.

The Texas 3rd Court of Appeals dismissed Republican Attorney General Ken Paxton's appeal of the temporary order a judge issued last week halting the investigation by the Department of Family and Protective Services into the parents of the 16-year-old girl.

The court ruled that the judge's temporary order was not appealable.

The parents sued over the investigation and Republican Gov. Greg Abbott’s order that officials look into reports of such treatments as abuse. The lawsuit marked the first report of parents being investigated following Abbott’s directive and an earlier nonbinding legal opinion by Paxton labeling certain gender-confirming treatments as “child abuse.”

The appeals court's decision clears the way for the judge to hold a hearing on whether to issue a broader temporary order blocking enforcement of Abbott’s directive.

An attorney for the parents said at a court hearing last week that he has heard of at least two other families facing DFPS abuse investigations for gender-confirming care. A Dallas-area family said the department is investigating them, The 19th, a nonprofit news organization, reported Wednesday.

Texas Children's Hospital has announced it will stop providing hormone therapies for transgender youth because of the governor's order.

The lawsuit was filed on behalf of the family by the American Civil Liberties Union and Lambda Legal. The groups also represent a clinical psychologist who has said the governor’s directive is forcing her to choose between reporting clients to the state or losing her license and other penalties.

The ACLU urged courts to halt the “egregious government overreach" of the investigations.

“This crisis in Texas is continuing every day, with state leaders weaponizing the Department of Family and Protective Services to investigate families, invade their privacy, and trample on the rights of parents simply for providing the best possible health care for their kids under the guidance of doctors and medical best practices," Brian Klosterboer, ACLU of Texas attorney, said in a statement.

The governor’s directive and Paxton’s opinion go against the nation’s largest medical groups, including the American Medical Association, which have opposed Republican-backed restrictions on transgender people filed in statehouses nationwide. A federal judge last year blocked an Arkansas law prohibiting gender-confirming care for minors, and the state is appealing that decision.

President Joe Biden last week condemned Abbott’s directive and announced steps his administration was taking to protect transgender youth and their families in the state.

AMERIKAN  FASCISM 

Idaho bill would make medical treatment for trans youth punishable by life in prison

Wed, March 9, 2022


Idaho's state House of Representatives has approved the most far-reaching bill yet to criminalize medical treatments for transgender youth, a measure that threatens anyone who facilitates that treatment - or even helps a minor travel to another state to receive gender-affirming care - to be sentenced to life in prison.

The measure, approved Tuesday on a mostly party-line vote, adds medical care for transgender youth to a section of Idaho law already on the books that bans female genital mutilation.

It adds language making it a felony either to perform gender-affirming surgery on transgender youth or to provide medication meant to block or delay the onset of puberty.

The existing law already makes a felony of anyone who takes a child from Idaho to another state for the purpose of female genital mutilation; the new language would add transporting someone across state lines for gender-affirming medical care to the felony list.

Similarly, the new language would make either providing gender-affirming medical care or transporting a child to another state to receive that care a felony punishable by up to life in prison.

"This bill is about protecting children, which is a legitimate state interest. We do that all of the time," the bill's lead sponsor, state Rep. Bruce Skaug (R), said on the House floor. "We need to stop sterilizing and mutilating children under the age of 18. This bill is not about the adults or adult trans community at all. It is about children."

Skaug compared transgender medical treatment to allowing children to get tattoos or drink alcohol.

But transgender rights advocates point to specific provisions that include medicine meant to block or delay puberty as evidence that the bill goes far beyond a ban on surgery. Trans children are at far higher risk of suicide and suicidal ideation than cisgender children - a risk that can be significantly lowered with gender-affirming health care, according to a recent study.

Groups like the American Psychiatric Association, the American Medical Association and the American Academy of Pediatrics have opposed less far-reaching measures that have been introduced in other states in recent months.

"These bills do nothing to invest and protect Idaho youth and families, and Idahoans deserve better," said Chase Strangio, the deputy director for transgender justice at the American Civil Liberties Union. "Criminalizing health care for transgender adolescents is counter to science, medicine and ethics and we stand ready to fight any attack on transgender youth and their families."

One Republican, state Rep. Fred Wood (R) - the only physician serving in the state House - voted with Democrats against the bill.

The bill moves to the state Senate, where Republicans also hold an overwhelming majority. But Idaho's state Senate, considered the more centrist of the two legislative bodies, has often clashed with the House in recent years, making its passage far from certain.

The state Senate has passed a bill to end this year's session on Friday, March 25.

Idaho's bill is one of dozens of measures related to transgender youth that have been introduced in Republican-led legislatures across the country this year, and 25 that target medical treatment for transgender people specifically. Legislators in Tennessee, Mississippi, Oklahoma, Alabama, Arizona, Kansas, Iowa, Wisconsin, Kentucky and New Hampshire are all considering multiple bills related to transgender medical care.

It is not certain that those measures will stand up to scrutiny. Strangio, of the ACLU, pointed to an Arkansas law that was blocked by a judge earlier this year. A Texas judge last week put on hold a state agency's move to investigate the mother of a transgender girl under orders from Gov. Greg Abbott (R).

NIMBY IS ABOUT PROPERTY VALUES
Emotions buffet NJ coastal wind project in peek at US future





Suzanne Hornick walks from the surf in Ocean City N.J. on July 8, 2021. She is a leader of a residents group that opposes three offshore wind energy projects approved for the ocean off Ocean City. On Monday, March 7, 2022, she and many others voiced strong opposition to the project in a public hearing that could be a glimpse at the future of efforts to connect offshore power projects to the shoreline.

 (AP Photo/Wayne Parry, FILE)

WAYNE PARRY
Tue, March 8, 2022,

OCEAN CITY, N.J. (AP) — Some warned that God will be angry if windmills mar the pristine horizon, and some claimed climate change either isn't real or isn't caused by human activity.

Others said climate change is real, warning that humankind has to stop burning fossil fuels for energy, and some apologized for the “conspiratorial” comments of those opposed to offshore wind.

All this concerned the prospect of a single electrical cable from half of just one offshore wind project approved off the coast of New Jersey, where thousands of wind turbines are likely to be built in the coming years.

More than 200 people attended a virtual public hearing Monday night on two companies' joint plan to bring a power line ashore in Ocean City. Danish wind developer Orsted and PSEG plan to connect their offshore wind farm project to the power grid in two spots: the former Oyster Creek nuclear power plant in Lacey Township, and the former B.L. England coal-fired power plant in Upper Township.

The hearing concerned a plan to bring the line bound for Upper Township ashore in Ocean City.

If the level of emotion was any indication, America's offshore wind energy industry will face strong headwinds onshore, particularly in New Jersey, where one of the most intense gold rushes anywhere in the nation for the right to lease stretches of ocean floor for wind projects is underway.

Late last month, six companies bid a combined $4.3 billion for the right to build wind energy projects on the ocean floor off New Jersey and New York in the U.S. government’s largest such auction in history. That's in addition to three offshore wind projects already approved by New Jersey utility regulators.

“Go up to the boardwalk, and look out at the ocean,” said Nathan Brightbill, a meeting participant, who like many of those who spoke during a Zoom meeting did not give his hometown. “God created that. God doesn't want us to put tons of stinking windmills out there. It's immoral.”

“These will be totally visible from our shoreline,” said Cathy Ingham. “If they were 50 miles offshore and not visible, it would be less of an impact. We the people should have had a vote on this project, and our vote would have been ‘no.’”

The purpose of the hearing was to take public comment on the diversion of less than an acre of publicly owned recreational and open space land to bring the cable ashore in the southern part of the barrier island.

But despite repeated pleas from meeting moderators to limit comments to that topic, few complied. Instead, many inveighed against the wind farm project, the offshore wind energy industry as a whole, and some questioned the reality or severity of climate change and sea level rise.

Opponents raised concerns about potential effects from electromagnetic fields they suspect will be emitted from the cable, as well as what they consider to be the risks to birds, fish and other animals.

And a recurring theme was the seeming futility of it all in the wake of New Jersey lawmakers enacting a measure last year stripping local communities of the ability to block power lines from offshore wind projects coming ashore in their towns.

“This is being rammed through and imposed on residents without our buy-in,” said Robin Shaffer. “These are the basic elements of why ‘not-in-my-backyard’ exists.”

“You're coming in and taking land that belongs to the people of Ocean City, and doing what you want with it,” added Tony Butch. “It's happening too fast, too quick.”

Opponents who spoke at Monday night's hearing far outnumbered supporters. But those who favor wind energy said it's an important way to stop burning fossil fuel for energy.

“Offshore wind is an important tool in fighting climate change,” said Patty Cronheim of the New Jersey League of Conservation Voters. “The biggest threat to our ocean is not turbines; it's climate change.”

“I've heard many claims tonight that are simply not true,” added Marcus Sibley, an official with the New Jersey NAACP. “Climate change is real; it's impacting everything.”

Many speakers were angry that their questions to representatives of Orsted and PSEG were not answered during Monday's meeting. The companies said they will respond to each question once a public comment period ends in a few weeks.

But one thing seemed certain, according to speaker Tim Flynn.

“This is not going to be the end of people protesting this project,” he said.

___

Follow Wayne Parry on Twitter at http://twitter.com/WayneParryAC

SEE https://plawiuk.blogspot.com/search?q=NIMBY+WIND

WEAR YOUR MASK!
More transmissible subvariant on course to displace original Omicron strain in Alberta

Tue., March 8, 2022

A health-care worker collects a sample at a drive-thru COVID-19 testing facility in Alberta. (Alberta Health Services - image credit)

A more transmissible Omicron subvariant, known as BA.2, is eating up a larger proportion of the province's COVID-19 cases, and experts are worried this could jeopardize Alberta's downward trend in case counts and hospitalizations.

In a weekly update sent to community physicians last Friday, Alberta Health Services said BA.2 accounted for an average of 23 per cent of positive cases tested for variant strains between Feb. 25 and March 2.

That's up from the week before when the Omicron subvariant accounted for an average of 10 per cent of daily lab confirmed cases.

"If the trend continues, we should see BA. 2, this week, becoming the most common variant in Alberta," said Sarah Otto, a University of British Columbia professor and member of an independent COVID-19 modelling group.

Otto said, based on these numbers, BA.2 appears to be doubling in Alberta every week, and because it spreads more easily than the original Omicron strain (BA.1), the vulnerable are at risk.

"It will find those communities — find those pockets — where there aren't that many people immunized, either through boosters or through having had a recent Omicron infection."

A key problem for Alberta, according to Otto, is timing.

"We see BA.2 rising in frequency. We know it's more transmissible. At the same time, we're seeing restrictions ease up. This isn't a great recipe. It certainly makes me concerned about … whether we're going to see a surge because we've got this double whammy happening at the same time."

With virtually all public health measures eliminated in Alberta, Otto said it's difficult to predict what will happen. If enough Albertans choose to continue with measures such as masking on their own, that could mitigate spread, she said.

CBC

Hospitals still 'full'

Dr. Daniel Gregson, an infectious disease and medical microbiology specialist with the University of Calgary, is watching the numbers closely.

"The concern is that with a more transmissible variant and removing restrictions, there will be either a plateauing of our hospitalizations or an uptick in the hospitalizations," he said.

"It varies from hospital to hospital, but many of the hospitals are actually full."

He had hoped the provincial government would ease restrictions in a more cautious manner — waiting until acute care capacity was more manageable.

"That's obviously not going to happen. I think that the government says they're following the wastewater levels and will respond if those change. We'll see if that occurs. We're sort of stuck in this situation where they've made decisions and we'll have to see what happens."

Gregson does not expect a repeat of the fall, when hospitals were so overwhelmed, doctors were warning the health system was on the brink of collapse.

But, he said, the subvariant could still pose problems.

"I am concerned that our hospitals could continue to be full of patients with COVID, [and] it really disrupts our ability to care for the standard patients that come in on a regular basis. So it's a concern for overwork. It's a concern for our inability to provide usual care for patients. It's a concern for the cost associated with taking care of these patients in hospital as well."

Gregson said the growth of the subvariant underscores the need for people to get vaccinated and get their third dose if they haven't already.

In its update to physicians, Alberta Health Services noted the Omicron sublineage is on track to take over in Alberta.

"It appears the BA.2 is trending to higher proportions as has been seen in other countries where Omicron BA.2 is now the predominant strain," the letter stated.

Meanwhile, in a statement emailed to CBC News, Alberta Health said it continues to screen all lab-confirmed COVID-19 cases for variants of concern, including BA.2. This process resumed in February after it was halted over Christmas due to surging case numbers.

"At this time, fewer than 25 per cent of positive cases are BA.2. It is not the dominant strain of Omicron in the province. That being said, there is no evidence of higher severity than BA.1 or any other clinical differences, and initial analyses from the WHO (World Health Organization) indicates no increase in hospitalizations compared to BA.1," spokepserson Lisa Glover said in the email.

These numbers are based on PCR tests, which many Albertans have been unable to access since the province restricted testing to high-priority groups.

Glover said Alberta Health could not provide a prediction on when the subvariant would become the dominant strain.

"But [Alberta Health] continues to monitor the spread of COVID-19 in the province through wastewater surveillance, hospitalization data and PCR testing data for eligible Albertans."

SEE THIS APPLIES TO ALBERTA TOO

'Naive. Reckless. Irresponsible': Ontario doctors question decision to lift province's mask mandate as BA.2 variant rises

Russia's prime minister threatens retaliation against countries that ban Russian ships from ports

Grace Kay
Wed, March 9, 2022

Kayakers pass Seattle's container port.

Wolfgang Kaehler/LightRocket via Getty Images

Russia's prime minister said nations that ban Russian ships from their ports could face retaliation.


Mikhail Mishustin said this while discussing steps Russia was taking to protect its economy.


Last week, the UK banned all Russian-flagged ships from calling on its ports.

Russian Prime Minister Mikhail Mishustin said on Wednesday that the government plans to retaliate against the countries that ban Russian ships from entering their ports.

Mishustin threatened to retaliate against the nations barring Russian ships during a governmental meeting, in which the prime minister revealed several steps Russia is taking to protect its domestic economy against international sanctions, Reuters reported.

Mishustin said the government is "closely monitoring" food prices, especially bread. On Tuesday, Russian President Vladimir Putin signed an order banning the export of some goods and raw materials.

"Sanctions-linked turbulence will end, sooner or later," Mishustin said, according to the publication.

The prime minister did not specify how the government would retaliate. Putin has said in the past that the West's support for Ukraine in the form of sanctions and providing supplies to Ukraine is "akin to declaring war."

Mishustin's statement comes as an estimated 60,000 Russian and Ukrainian sailors are stuck at ports, The Wall Street Journal reported. Because Russian ships are no longer allowed into several Western ports, the crew are left in limbo — unable to deliver or collect cargo. The Journal said many have been unable to secure travel home or collect payment due to sanctions.

Over 10% of the global shipping workforce comes from Russia — a factor that could cause further labor shortages at sea and supply-chain delays if Russian sailors are forced home.

The UK banned Russian ships from entering their ports last week. The EU and US are also reportedly considering a similar ban. On Tuesday, Biden announced a ban on Russian oil imports.

Shipping companies have taken similar measures. Last week, the world's three largest shipping companies announced they would no longer call on Russian ports. The decision followed multiple reports of cargo ships off the coast of Ukraine being used as "human shields" for Russia's attack on Ukraine.

If sanctions on Russian ships continue, the country could find itself cut off from trade with much of the world outside of Asian shipping companies.

All at sea: Russian-linked oil tanker seeks a port

Wed, March 9, 2022, 

By Jonathan Saul

LONDON (Reuters) - A Russian-operated oil tanker that Britain turned away over a week ago has yet to find a port to discharge its cargo, and many other vessels are likely to be in the same position as buyers shun trade deals following Moscow's invasion of Ukraine.

On Tuesday, U.S. President Joe Biden imposed an immediate ban on Russian oil and other energy imports and Britain announced soon after that it would phase out the import of Russian oil and oil products by the end of 2022.

The European Union has yet to provide clarity on the prospect of a similar ban by the bloc. The European Commission, the EU executive, has only said it would continue to work on further sanctions.

Britain on March 1 banned from its ports all ships that are Russian-owned, operated, controlled, chartered, registered or flagged.

The situation is not clear-cut as Britain later said Russia could still send oil and gas to the country because the sanction targeted the vessel, not its cargo.

Dockers, however, refused to unload a tanker carrying Russian liquefied natural gas (LNG) last week, forcing it to discharge in France.

Earlier on Feb. 28, the NS Champion, operated by Russian shipping company Sovcomflot (SCF), changed course and sailed away from Britain towards Denmark, ship-tracking data on Eikon showed.

The vessel last reported its position close to Denmark's coast on Wednesday with its status showing as underway using engine, tracking data showed.

SCF did not respond to a request for comment, and the ship's crew could not be reached.

Under Danish law, ports are obliged to receive vessels provided there is space and security considerations are met.

Danish authorities did immediately comment on whether they had been in contact with the NS Champion.

Up to 65 million barrels of Russian crude are estimated to be on board 90 tankers, which have yet to reach destinations, predictive maritime analytics company Windward said.

Seven of those vessels, with 5 million barrels of oil, were reporting their positions as headed to the United States, Windward added.

European Union countries are divided on whether to ban energy cargoes with a Russia footprint.

Other ships with Russian gas have been able to deliver their cargoes. Two LNG tankers have docked and discharged in ports in France and Belgium since March 5, analysis by data intelligence firm ICIS showed.

Denmark is pushing for the EU to take a common decision on excluding Russian vessels from ports in the bloc, Foreign Minister Jeppe Kofod said in emailed comments to Reuters.

"It will naturally be a far-reaching decision that requires careful preparation. Therefore, it is not something you just do," he said.

SCF was among the Russian entities the U.S. Treasury restricted in February from raising capital in U.S. markets, which shipping sources say will complicate transactions for the Moscow-listed company.

Shipowners and operators were "struggling to keep up with the unfolding sanctions and are concerned that activities that are permitted today, will be banned tomorrow," said Alexander Brandt, a sanctions lawyer at law firm Reed Smith.

Significant numbers of Russian-linked tankers carrying crude oil and LNG call at UK ports each year as well as ships carrying steel and other goods, added Nick Austin, a shipping partner at Reed Smith.

"Those ships and cargoes will now have to go elsewhere, or more likely never leave Russia at all," Austin said.

(Reporting by Jonathan Saul in London and Stine Jacobsen in Copenhagen, additional reporting by Forrest Crellin in Paris and Nora Buli in Oslo; editing by Barbara Lewis)

Russia surpasses Iran to become world's most sanctioned country


Julia Shapero
Mon, March 7, 2022, 

Russia is now the world's most sanctioned country, after other nations responded to its unprovoked invasion of Ukraine with sanctions.

By the numbers: Russia has faced 2,778 new sanctions in just under two weeks, according to the Castellum.AI dashboard, which tracks sanctions against Russia.

Russia faced 2,754 sanctions before Feb. 22, making it the second-most sanctioned country in the world behind Iran. However, since President Vladimir Putin ordered troops into eastern Ukraine on Feb. 21, sanctions against Russia have skyrocketed to 5,532.

In comparison, Iran has faced 3,616 sanctions, primarily for its nuclear program and support of terrorism, according to Bloomberg. Syria and North Korea follow closely behind Iran with 2,608 and 2,077 sanctions, respectively.

The big picture: The flood of sanctions comes from the U.S. and its Western allies, who have demonstrated significant unity in the face of Russia's invasion into Ukraine.

The historically neutral Switzerland leads other countries in the number of sanctions it has lobbied against Russia, with 568 sanctions. Alongside Switzerland, the European Union, France, Canada, Australia and the U.S. make up the vast majority of countries sanctioning Russia.

Putin said over the weekend that the sanctions were akin to a declaration of war.

Ukraine is getting Russian-made weapons to defeat its Russian invaders

Azmi Haroun
Tue, March 8, 2022,

A Ukrainian army instructor with the NLAW anti-tank missile system in Starychi, Ukraine, January 28, 2022.Gaelle Girbes/Getty Image

According to the Wall Street Journal, NATO countries have sent Ukraine 17,000 anti-tank weapons.

Czech Republic, Slovakia and Poland have re-supplied Ukraine with Soviet-era weapons.

A large portion of the weapons being sent to Ukraine for its efforts to fight off Russian forces is Soviet-made weapons, according to The Wall Street Journal.

So far, multiple weeks into Russia's war on Ukraine, allies in NATO have sent 17,000 antitank weapons to Ukraine.

The majority of weapons are coming from Central European NATO countries that used to be part of the Soviet Union. Czech Republic has sent the most equipment, according to the report.

Some of the Soviet-made weapons include 12 Dragunov rifles and Strela-2 shoulder-fired missiles sent by Czech Republic, according to Reuters, as well as the 73mm BWP1 and SPG-9 ammunition sent by Poland.

Slovakia has also sent 12,000 rounds of Soviet-made anti-tank ammunition.

On Tuesday, Poland announced that it would deliver all of its MiG-29s fighter jets, which are Soviet-made planes, to a US airbase in Germany, which would allow the US to then transfer the fleet to Ukraine. Following Poland's announcement, Pentagon press secretary John Kirby said that the plan, "raises serious concerns for the entire NATO alliance."

"It is simply not clear to us that there is a substantive rationale for it," Kirby tweeted. "We will continue to consult with Poland and our other NATO allies about this issue and the difficult logistical challenges it presents, but we do not believe Poland's proposal is a tenable one."

Ukrainian president Volodymyr Zelensky has repeatedly called on NATO to declare a no-fly zone over the country as Russia has continued its aerial campaign across the country. NATO has resisted the call, worrying that a no-fly zone could escalate the war across the continent.

Russian forces have waged an intense war on Ukraine since late February, engaging in heavy shelling and missile attacks that have hit residential buildings, an orphanage, kindergartens, and a children's hospital, according to the Ukrainian government.

Kharkiv, Ukraine's second-largest city, and Kyiv, the country's capital, have both been under intense shelling and airstrikes, and Kherson, Ukraine's third-largest city, was captured by Russia last week.

Russia's campaign so far has united Western nations in unprecedented ways, who have also unleashed wide-ranging sanctions on Putin and his allies, while global businesses and news outlets have ceased operations in Russia.

Read the original article on Business Insider

White House issues its executive order on cryptocurrencies

Lucas Matney
Wed, March 9, 2022

The Biden White House showed off a new executive order on Wednesday regarding the regulation of cryptocurrencies. The order essentially lays out a broad strategy for how the government plans to balance consumer protection while ensuring that the United States continues to be a space for innovation in the sector.

For those in the crypto sector concerned about aggressive government intervention, the order's language seems to signal that the Biden White House is uninterested in sweeping near-term reforms and is instead merely focused on ensuring that agencies are on the same page in researching and observing the national security implications of the crypto industry.

"The rise in digital assets creates an opportunity to reinforce American leadership in the global financial system and at the technological frontier, but also has substantial implications for consumer protection, financial stability, national security, and climate risk," a fact sheet issued by the White House reads.

The press release lays out seven major goals of the executive order with added detail:

Protect U.S. Consumers, Investors, and Businesses

Protect U.S. and Global Financial Stability and Mitigate Systemic Risk

Mitigate the Illicit Finance and National Security Risks Posed by the Illicit Use of Digital Assets

Promote U.S. Leadership in Technology and Economic Competitiveness to Reinforce U.S. Leadership in the Global Financial System

Promote Equitable Access to Safe and Affordable Financial Services

Support Technological Advances and Ensure Responsible Development and Use of Digital Assets

Explore a U.S. Central Bank Digital Currency (CBDC)

While crypto investors may generally breathe a sigh of relief, fellow lawmakers like Elizabeth Warren who have been highly critical of the crypto space may be less satisfied. In recent months, Warren has criticized the industry, drawing particular attention to the environmental impacts of cryptocurrencies and the investor risks associated with lax regulation of so-called stablecoin issuers and other players in the DeFi ecosystem.

The White House's communications regarding the EO largely seems to avoid calling out any particular coins or projectsm with the exception of noting the price volatility of Bitcoin specifically. There was no mention of particular verticals like DeFi or NFTs, either.

A particular concern among some in the crypto industry was that the potential use of cryptocurrencies by wealthy Russian elite to evade sanctions would prompt a crackdown, but one unnamed senior official on a background press call seemed to downplay this possibility. "I will say, on Russia, in particular, the use of cryptocurrency we do not think is a viable workaround to the set of financial sanctions we’ve imposed across the entire Russian economy and, in particular, to its central bank."

A major focus of the order is formally directing several government agencies to begin researching the development of a state-backed cryptocurrency -- a U.S. Central Bank Digital Currency (CBDC). "This research, along with the framework we will develop for international engagement and competitiveness, will help ensure we preserve the critical role of the United States in the global financial system," a senior White House official said.

President Biden will sign the executive order today, the White House says.

Biden signs order on cryptocurrency 

as its use explodes

FATIMA HUSSEIN

Wed, March 9, 2022,

WASHINGTON (AP) — President Joe Biden on Wednesday signed an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether the central bank should jump in and create its own digital currency.

Treasury Secretary Janet Yellen said the effort would “promote a fairer, more inclusive, and more efficient financial system" while countering illicit finance and preventing risks to financial stability and national security.

The Biden administration views the explosive popularity of cryptocurrency as an opportunity to examine the risks and benefits of digital assets, said a senior administration official who previewed the order Tuesday on the condition of anonymity, terms set by the White House.

Under the executive order, Biden also directed the Treasury Department and other federal agencies to study the impact of cryptocurrency on financial stability and national security.

Brian Deese and Jake Sullivan, Biden's top economic and national security advisers, respectively, said the order establishes the first comprehensive federal digital assets strategy for the United States.

"That will help position the U.S. to keep playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values and advances U.S. global competitiveness," Deese and Sullivan said Wednesday in a joint statement.

The action comes as lawmakers and administration officials are increasingly voicing concern that Russia may be using cryptocurrency to avoid the impact of sanctions imposed on its banks, oligarchs and oil industry due to the invasion of Ukraine.

Last week, Democratic Sens. Elizabeth Warren, Mark Warner, and Jack Reed asked the Treasury Department to provide information on how it intends to inhibit cryptocurrency use for sanctions evasion.

The Biden administration has argued that Russia won’t be able to make up for the loss of U.S. and European business by turning to cryptocurrency. Officials said the Democratic president's order had been in the works for months before Russia's Vladimir Putin invaded Ukraine last month.

Daleep Singh, a deputy national security and economic adviser to Biden, told CNN on Wednesday that “crypto’s really not a workaround for our sanctions.”

The executive order had been widely anticipated by the finance industry, crypto traders, speculators and lawmakers who have compared the cryptocurrency market to the Wild West.

Despite the risks, the government said, surveys show that roughly 16% of adult Americans — or 40 million people — have invested in cryptocurrencies. And 43% of men age 18-29 have put their money into cryptocurrency.

Coinbase Global Inc., the largest cryptocurrency exchange in the United States, said the company had not seen a recent surge in sanctions evasion activity.

Treasury Secretary Janet Yellen said last week that “many participants in the cryptocurrency networks are subjected to anti-money laundering sanctions” and that the industry is not "completely one where things can be evaded.”

As for the Federal Reserve getting involved with digital assets, the central bank issued a paper in January that said a digital currency “would best serve the needs” of the country through a model in which banks or payment firms create accounts or digital wallets.

Some participants in digital currency welcome the idea of more government involvement with crypto.

Adam Zarazinski, CEO of Inca Digital, a crypto data company that does work for several federal agencies, said the order presents the opportunity to provide “new approaches to finance.”

“The U.S. has an interest in growing financial innovation," Zarazinksi said. He added that China and Russia were looking at crypto and building their own currency. More than 100 countries have begun or are piloting their own digital sovereign currency, according to the White House.

Katherine Dowling, general counsel for Bitwise Asset Management, a cryptocurrency asset management firm, said an executive order that provides more legal clarity on government oversight would be “a long term positive for crypto.”

But Hilary Allen, a financial regulation professor at American University, cautioned against moving too fast to embrace cryptocurrencies.

“I think crypto is a place where we should be putting the brakes on this innovation until it’s better understood,” she said. “As crypto becomes more integrated into our financial system it creates vulnerabilities not just to those who are investing in crypto but for everybody who participates in our economy.”

On Tuesday, the Treasury Department said its financial literacy arm would work to develop consumer-friendly materials to help people "make informed choices about digital assets.”

“History has shown that, without adequate safeguards, forms of private money have the potential to pose risks to consumers and the financial system,” said Nellie Liang, undersecretary for domestic finance.

Bitcoin and cryptocurrency related stocks got a boost Wednesday following Biden’s executive order.

The price of Bitcoin was up 9.8% at $42,211, according to Coindesk. Shares in cryptocurrency exchange Coinbase Global surged 9.3% in midday trading, while online brokerage Robinhood Markets rose 4.5%.

Riot Blockchain, which focuses on cryptocurrency mining, jumped 11.5%. Digital payments platforms also rose. PayPal added 4.9% and Block climbed 10.55%.

___

Associated Press writers Thalia Beaty in New York, Christopher Rugaber in Washington and Alex Veiga in Los Angeles contributed to this report.

Bitcoin: What Biden’s new law could mean for crypto investors

Brian McGleenon
Wed, March 9, 2022

Will a new digital dollar soon exist to give bitcoin a run for its money? 

Photo: Reuters/Dado Ruvic

The Biden administration unveiled its long-awaited executive order on cryptocurrency regulation today, but what does it mean for investors?

The new order instructs agencies to officially recognise and regulate digital assets in the US.

It also tasks the US government to review the technological infrastructure needed to roll out a central bank digital currency, or 'digital dollar'.

The US is currently lagging behind China in this respect after Beijing showcased the use of its 'digital yuan' at this year's Winter Olympics.

The "Executive Order on Ensuring Responsible Innovation in Digital Assets" was signed by President Joe Biden today.

But, what does this "whole government strategy on digital assets" mean for investors in the cryptocurrency space?

Read more: 'Crypto lobby groups are dictating terms in Washington'

There has been a rapid expansion of cryptocurrencies across the globe, with the latest update being Wednesday's bitcoin (BTC-USD) legalisation in war-torn Ukraine.

In light of this, the US government's executive order is a strong signal that the crypto-sector is not going to go away any time soon.

The executive order stresses the need to facilitate the responsible development of the cryptocurrency industry, whilst "combating illicit exploitation, and reducing negative climate impacts".

An immediate reaction by many investors to the news that the Biden administration was about to issue a crypto executive order would have been panic and fear of a regulatory shutdown.

However, the details of the order convey an enthusiasm on the part of the US government to learn about the industry and make America a leader in its development.

In a statement released yesterday by US Secretary of the Treasury Janet Yellen said that “under the executive order the Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems".

Watch: Economist Steve Hanke on crypdigto-lobbyists



Analysts have studied the order and the statement by Yellen and suggested it has lessened fears among crypto investors that the Biden administration would take a hard stance on the evolving crypto sector.

This has helped boost the price of key cryptocurrencies today, with bitcoin (BTC) hiking to above $42,000.

Read more: Club for women in crypto promises to close gender funding gap

According to Rebecca Retting, general counselor for Aave, president Biden’s executive ordrer represents a landmark moment for the web3 ecosystem. Speaking to Yahoo Finance she said: "The recognition by the United States government that web3 constitutes the next generation of the internet. This order signals a long-term commitment by the White House to support the industry and bring the US into a leadership position in this space."

"The Web3 industry is committed to collaborating with and working responsibly with policymakers, agencies and regulators as they respond to the order’s research directives, to ensure that the US makes sound Web3 policy that is able to evolve with the ecosystem."

It is historic that the order comes at the same time Web3 infrastructure is being leveraged to support Ukraine in its current crisis in myriad ways – a sign of the expansive promise of this technology and the ways it can enhance all aspects of our world."

According to many leading proponents of cryptocurrency, such as MicroStrategy's Michael Saylor, the US regulatory interest is welcomed.

Read more: Crypto live prices

Saylor maintains that widespread adoption of cryptocurrencies such as bitcoin will only take place when the industry has "clear crypto regulations".

Speaking to CNBC Saylor said: "Additional regulatory clarity from the Biden administration is going to benefit bitcoin and accelerate institutional adoption of that asset."

The executive order raises lots of questions, such as will stablecoins be shut down with the development of a Federal Reserve issued 'digital dollar'?

There are no specifics as yet as the order is the first step in a comprehensive study by the US government in cryptocurrencies, NFTs and decentralised finance.

The White House fact sheet claims that "surveys suggest that around 16% of adult Americans have invested in, traded, or used cryptocurrencies", now the Biden administration wants to overhaul how the nascent industry is regulated.

With the new executive order, the Biden administration wishes to protect US consumers, investors, and businesses from "any systemic financial risks posed by digital assets".

It also proposes a Financial Stability Oversight Council to bring some clarity and order to the rapidly developing cryptocurrency sector.

The White House document states a need to "identify and mitigate economy-wide financial risks posed by digital assets and to develop appropriate policy recommendations to address any regulatory gaps".

The new order recognises the need for the US to "drive innovation and maintain competitiveness" in the sector.

The US Treasury Department has been tasked with producing a "future of money and payment systems" with significant urgent development of a US central bank digital currency, CBDC.

Swedish PM rejects opposition calls to consider joining NATO

Tue, March 8, 2022

STOCKHOLM (Reuters) - Swedish Prime Minister Magdalena Andersson on Tuesday rejected opposition calls to consider joining NATO following Russia's invasion of Ukraine, saying an application now would destabilize security in Europe.

Sweden has not been in a war since 1814 and has built its foreign policy on non-participation in military alliances, but it has forged ever closer ties to NATO in recent years as tensions with Russia in the Baltic region have risen.

Russia's invasion, which it calls a "special military operation", has renewed calls for Sweden to join NATO, alongside Finland, which has also remained outside the bloc.

"If Sweden were to choose to send in an application to join NATO in the current situation, it would further destabilize this area of Europe and increase tensions," Andersson told reporters.

"I have been clear during this whole time in saying that what is best for Sweden's security and for the security of this region of Europe is that the government has a long-term, consistent and predictable policy and that is my continued belief."

Russia does not want Finland or Sweden to join NATO and late last month, Moscow made its latest warning of "serious military-political consequences" if they did.

Andersson was speaking after meeting opposition party leaders to discuss the worsening security situation.

A poll on Friday by Demoskop and commissioned by Aftonbladet newspaper showed 51% of Swedes were in favour of NATO membership, up from 42% in January. People against joining fell to 27% from 37%. It's the first time such a poll has shown a majority in favour.

Ulf Kristersson, the leader of the Moderates, called on the government to begin broad domestic political discussions about NATO membership, a debate that has already started in Finland.

Finland and Sweden have close military ties and a move by one to join NATO would put added pressure on the other to apply.

"It is urgent," Kristersson told news agency TT.

"We can't get behind a wind-break and hope that it all blows over and then be surprised by a Finnish decision in a month or two."

(Reporting by Simon Johnson, editing by Anna Ringstrom and Nick Macfie)