US may impose restrictions on oil exports to China

Leaders in the US Congress have announced a new measure in financial legislation that prohibits China from buying oil from the Strategic Petroleum Reserve, according to Reuters.

In Congress, this idea is supported by both Democrats and Republicans. Lawmakers have introduced dozens of bills aimed at countering competition from China.

The issue of SPR sales to China heated up after President Joe Biden, a Democrat, announced in 2022 a sale of 180 million barrels of SPR oil to tame gasoline prices that spiked after Russia invaded Ukraine.

That year the SPR sold 1 million barrels to UNIPEC America, a Houston-based arm of China's Sinopec. In 2017, under former President Donald Trump, some SPR oil was sold to PetroChina International, a subsidiary of Chinese state oil company PetroChina Co Ltd.

The SPR currently holds more than 360 million barrels of oil but is close to 40-year lows due to the sales in 2022.

Canadian scientists accused of transferring data to China

In 2021, Canada dismissed two scientists who worked in an infectious disease laboratory for transferring confidential information to China. The transferred data could have posed a threat to the country's national security, according to Reuters.

Canadian officials concluded during the investigation that the family was a realistic and credible threat to Canada's economic security. Canadian Health Minister Mark Holland called the security breaches at the lab unacceptable.

Canadian police said in 2019 they were launching a probe into the matter but Wednesday's revelation was the first time that details of the sackings were revealed.

The documents show the Canadian Security Intelligence Service concluded Qiu had intentionally transferred scientific knowledge and materials to China.

The news is likely to worsen already chilly ties with Beijing, especially since Ottawa has set up an investigation into alleged Chinese interference in domestic Canadian affairs.

Cases of espionage in favor of China

Earlier, it was reported that a US Navy serviceman was sentenced to 27 months in prison for accepting a bribe of nearly $15,000 from a Chinese intelligence officer in exchange for photographs of US military information.

European Commission allocates €1.4 billion to Polish farmers

In the European Union, legal acts have been adopted allowing the transfer of 1.4 billion euros to Poland to support its farmers, according to the European Commission.

"Today, the European Commission has adopted two legal acts that will pave the way for Poland to access up to €137 billion in EU funding," the announcement said.

It is noted that these actions are related to the rule of law reforms adopted by Poland, as well as recent and immediate steps taken to address the main tasks of strengthening the independence of the judicial system.

Support for Polish farmers

The European Commission clarified that Poland's payment request also covers important steps in implementing 25 ambitious reforms and five key investments.

"These measures aim at improving the resilience and competitiveness of its economy, advancing the green energy and digital transitions, as well as supporting health and clean mobility," the EC said.

Additionally, the European Commission will provide Poland with 1.4 billion euros for investments in the agricultural sector. This will involve supporting thousands of farmers and fishermen, as well as the sector itself, to help expand and modernize their production and enter new markets.

Ukrainian border blockade

In February, protests at the Polish-Ukrainian border resumed. Checkpoints are being blocked by farmers, and recently, they started dumping Ukrainian grain.

India seeking alternative to Russian oil amid US sanctions

Due to the sanctions imposed by the United States and pressure from the Russian Federation to pay in yuan, India is gradually refraining from buying Russian oil, writes Bloomberg.

Although Russia is still the dominant supplier to India, there is currently a tendency in the country to increase imports from elsewhere.

In particular, deliveries from Saudi Arabia this month increased by 22% compared to January. So, the largest private Indian refinery Reliance Industries Ltd. bought the largest amount of Saudi oil since May 2020, according to Kpler.

Difficulties in purchasing Russian oil

It is noted that Indian refiners would not mind taking more Russian oil, but to increase the purchase again, US approval for the purchase is needed.

Currently, the price of Russian oil is only cheaper by $2-4 per barrel. Previously, discounts on Russian oil exceeded $30, but such significant discounts are unlikely to return due to competition from China.

India's import of Russian oil surged after the full-scale invasion, as refineries took advantage of cheaper barrels that other buyers were avoiding.

Last year, at the peak of oil production, OPEC+ accounted for nearly half of the country's purchases, but new US sanctions recently halted some shipments.