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March 9th - The de facto closure of the Strait of Hormuz has disrupted shipping, forcing Saudi Arabia to divert its crude oil shipments to the Red Sea. Saudi Aramco recently launched a rare tender to supply approximately 4.6 million barrels of crude oil for immediate delivery, encompassing ultra-light, heavy, and its flagship Arab Light grade. This tender in the spot market reflects the pressure it faces. Because it typically sells only through long-term contracts, Saudi Aramco is unable to sell most of its oil through conventional channels and is instead transporting a record volume of crude to Yanbu port on the Red Sea via pipeline. Bloomberg vessel tracking data shows that its western terminal shipments have surged to approximately 2.3 million barrels per day this month, about 50% higher than any month since the end of 2016. Traders say the prices in these tenders represent a premium over the official selling prices for their respective grades in March. These official prices were set a month ago, well before the current Middle East conflict began.March 9th - According to foreign media reports, Saudi Aramco has provided spot crude oil supplies through a series of rare tenders due to the de facto closure of the Strait of Hormuz forcing cargoes to be diverted via the Red Sea. According to informed traders, the company recently offered approximately 4.6 million barrels of crude oil across three grades – Arab Extra Light, Arab Heavy, and Arab Light.Market news: Saudi Aramco has provided immediate crude oil supplies through a series of rare tenders.March 9th - As the escalating conflict in the Middle East pushes up global oil prices, the South Korean government has taken emergency measures. South Korean President Lee Jae-myung, at an emergency economic meeting on Monday, called for the "swift introduction and bold implementation of a maximum oil price system" to curb excessive price increases. Lee made these remarks as international oil prices approached $120 per barrel, a new high since 2022. Production cuts by Middle Eastern oil-producing countries, the continued blockade of the Strait of Hormuz, and the USs threats to escalate the conflict have put continuous pressure on the energy market. South Korea relies almost entirely on energy imports, with approximately 70% of its oil transported through the Strait of Hormuz. This proposed oil price cap mechanism would be the first time South Korea has used such measures in nearly 30 years, aiming to mitigate the impact of geopolitical instability on its domestic energy supply chain.March 9th - According to the Financial Times, G7 finance ministers will hold an emergency meeting on Monday to discuss the possibility of jointly releasing emergency oil reserves under the coordination of the International Energy Agency (IEA). This meeting aims to address the surge in oil prices following the conflict in the Gulf region. Sources familiar with the matter revealed that the G7 finance ministers and IEA Executive Director Fatih Birol will hold a teleconference at 8:30 AM New York time (8:30 PM Beijing time) to discuss the impact of the war with Iran. Sources also indicated that three G7 countries, including the United States, have so far expressed support for the idea. The 32 member countries of the IEA hold strategic reserves as part of a collective emergency system established to address the oil price crisis. One source stated that some US officials believe a joint release of 300 to 400 million barrels of oil reserves would be appropriate, equivalent to 25% to 30% of the total reserves of 1.2 billion barrels.

Ukraine's 'Father of Crypto' Says the Crypto Scene Has Changed Due to War

Cory Russell

Apr 06, 2022 11:17


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Michael Chobanian, the founder of KUNA, spoke on the state of crypto before and after the war.

He said that crypto has become Ukraine's most valued currency.


Instead of entering the army, Michael worked for the government as a crypto banker.


The invasion of Ukraine by Russia is a disaster that will be remembered for Russia's harshness, lack of mercy, and terrible methods. However, certain advantages came to the world of crypto in the form of acceptance amid the most awful of circumstances.


Michael Chobanian, the founder of Ukraine's largest crypto exchange, KUNA, emphasized how dramatically the crypto industry has altered in the previous month in an interview with Bloomberg.

Ukraine and crypto

For more than eight years, Michael has been a proponent of all things crypto. Since becoming a full-time crypto actor in 2013, Michael has had to deal with government raids and other issues.


And, in order to defend crypto enterprises, he has served as President of the Blockchain Association of Ukraine. The most dramatic developments in Ukraine's crypto space, on the other hand, occurred only at the start of the conflict.


Before the conflict, KUNA was used to processing $1 million to $4 million in volume every day, according to Michael. But, since February 24, a lot has changed, and crypto has emerged as a critical component of the war effort.


The once-dominant payment methods of USD and cash have now become obsolete.


"No one wants cash because you can't really transport it outside of the nation and you can't really store it safely." Crypto is becoming the most valued type of currency in Ukraine. Everyone wants crypto because it is the quickest, most flexible, simplest, and least bureaucratic method of storing and spending money. "In Ukraine, crypto is the new king of money." The amount of crypto donations received by Ukraine (Bitcoin, Ethereum, etc.) has supported the war effort with over 5,500 bulletproof vests, 500 helmets, night-vision goggles, and medication.


As a result, instead of entering the army, Michael became a government crypto banker. "I'm in charge of collecting, fundraising, and storing crypto, as well as trading crypto for crypto and crypto for fiat, creating bank accounts for intermediaries or the government, and then buying anything the Ministry of Defense requires," he explained. We also locate vendors ready to offer us humanitarian items, such as helmets or protective jackets, in exchange for crypto. So I'm in head of this government-run virtual crypto fund."


In the last month, the Crypto Efforts Ukraine has gathered over $100 million in crypto donations to fund the battle effort. This covers things like bitcoin contributions and NFT sales, among other things.


In addition, the Ukrainian government has established the NFT War Museum, the revenues of which will be used to assist the administration.


On the other side, Russian Foreign Minister Sergei Lavrov has been traveling throughout the world, pleading for assistance in evading Western sanctions.


Sergei stated today during a visit to India that India and Russia are friends, praising the country's non-biased viewpoints, and that in the future, "it is absolutely clear that more and more transactions will be done through this system using national currencies, bypassing the dollar, euro, and other currencies."

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