Europe giving up Russian oil officially


Europe giving up Russian oil officially and oil maintains its stability

The EU officially announced that it intends to giving up Russian oil supplied by sea
which accounts for two-thirds of Russian exports, plus Poland and Germany will also reject pipeline supplies

Evest follows market developments in the following report



The EU officially announces giving up Russian oil

Bitcoin Struggling to Stay Above $30K

Gold maintains its stability during the last week




The EU officially announces giving up Russian oil

By the end of the year, the EU will halt 90% of oil from Russia
and will soon discuss freezing the remaining 10%
Consequently, oil was supposed to flow only through the southern branch of the Druzhba pipeline
which passes through Ukraine, Hungary, Slovakia and the Czech Republic
The EU also rejects to import petroleum products

Officially, the sanctions embargo any import of Russian oil and petroleum products
but there are a number of exceptions in which Hungary, unlike other interested parties, is not mentioned
The list of petroleum products is not described, indicating that the import of any petroleum products is embargoed

According to the document

the sanctions embargo the purchase, import or transfer of oil or petroleum products
directly or indirectly, if they are exported from Russia or of Russian origin
Neither may related technical assistance, brokerage, financing
financial assistance or any other service be provided directly or indirectly

That is, it is officially embarged for everyone to import oil through Druzhba
Hungary, the Czech Republic, Slovakia, as well as Poland and Germany
which buy Russian oil specifically for the Schwedt refinery with a capacity of 11.6 million tons

The embargo imposed until December 5, 2022, i.e. for a period of 6 months
does not apply to short-term oil supply transactions in the near future
which were entered into and carried out before this date, as well as for contracts concluded before June 4
2022, or additional contracts necessary for the implementation of these contracts
The requirement is that EU countries must notify the European Commission before 24 June
for short-term transactions within 10 days after their completion




For petroleum products

this exception is valid until February 5, 2023, ie for a period of 8 months

The embargo does not apply to the purchase of marine oil and petroleum products from third countries
if they are only loaded or sent from the Russian Federation or transit through Russia
provided that the origin and owner of such goods is not Russian

This item is suitable, for example, for Kazakh, Turkmen or Azerbaijani oil, shipped from the ports of Ust Luga and Novorossiysk

Finally, the last paragraph states: The embargo does not apply to
“oil delivered by pipeline from Russia to Member States until the Council has decided that the embargo should be applied
unanimously, on the proposal of the High Representative, with the support of the Commission

This would likely leave room for Hungary, and possibly other countries that
wish to obtain such a special permit to purchase oil through the pipeline

artical name Europe giving up Russian oil officially



Bitcoin Struggling to Stay Above $30K

How Cardano turned out to be the sixth largest cryptocurrency by market
capitalization was at the forefront of the news in the cryptocurrency price charts
In the meantime, Solana ranked ninth in the cryptocurrency price charts

Bitcoin is struggling to keep its price above $30,000 while EverGrow made a staggering
17% penetration before today’s correction

EverGrow is trading at $0.0000002336 today, with volume over the past 24 hours up 50%

The relative newcomer has become the leading reversal token that generates constant passive income
with $37 million distributed to investors so far
A 14% transaction finances currency reversals which also sees 2% set for repurchases

Since September last year, nearly 53% of the initial supply of EverGrow coins has been burnt out of circulating supply

EverGrow Coin is seen as a cryptocurrency on its way to a price hack in the coming weeks

Bitcoin, for its part, saw its price soar above $32,000 on May 31
The price corrected to $29,990 as the Bitcoin bulls struggle to stabilize above $30,000

Prior to the price hike, Bitcoin was trading at less than $29,000 following the cryptocurrency slump
Bitcoin’s 20-week simple moving average remains high at $38,000 while the RSI is around 34%
This indicates that the world’s largest cryptocurrency by market capitalization is currently at an attractive price

artical name Europe giving up Russian oil officially



Gold maintains its stability during the last week

Gold prices have not been able to increase the bullish momentum over the past week
In fact, the precious metal has not changed much
Overall, gold has seen its downtrend since March and paused in mid-May, rising 3.11% before paring gains

Gold continues to struggle, and a downtrend stall could potentially be a sign of profit-taking
as markets don’t often move in straight lines
In May, traders’ attention seemed to shift from inflation problems to recession
This has led to markets severely reducing expectations of a 2023 Fed rate hike

Along with dwindling odds of a 50 basis point rate hike in September
As a result, Treasury yields and the US dollar weakened
When these assets are moving in the same direction, in this case down
that calls for optimism about gold and vice versa
But last week, we saw the Fed remain confident about the economic outlook
and undermine expectations for a September halt

As a result, bond yields rose again and the US dollar may rise again
Last Friday, a strong non-farm payrolls report beat expectations, confirming the central bank’s confidence
Unsurprisingly, gold is falling as the US dollar rises and Treasuries prices rise

Next week, US CPI report for the month of May will have a big role
Headline inflation is still expected to remain at 8.3% y/y, as in April

The core measure, which does not include volatile food and energy prices
is expected to slow to 5.9% y/y from 6.2% previously 

artical name Europe giving up Russian oil officially