Energy analysts in Brussels have been burning the candle at both ends this week to determine the full extent of the disruption and economic fallout from the European Union’s impending ban on oil imports from Russia. But though Germany has dropped its opposition, Hungarian Prime Minister Viktor Orban is still intent on vetoing the oil embargo. Any delay may spell trouble for the EU’s plan to cut off Russian oil, as opposition to the embargo among EU leaders may be growing rather than shrinking. The embargo proposal unveiled yesterday by the European Commission was already designed to be a phased-in [...]
A number of prominent economists and business leaders are sounding the alarm over China’s “zero COVID” coronavirus strategy, painting a gloomy outlook for China’s economy. The government-imposed extended lockdowns and isolation periods to stamp out every outbreak of the virus in cities around the country are creating economic uncertainties and casting doubt on Beijing’s ability to reach its target of 5.5 percent economic growth in 2022. Beijing’s continued ambiguity regarding its position on the conflict in Ukraine, in which it professes to be neutral, is also worsening its already tense relationship with the U.S., while straining ties with the European Union. [...]
The U.S. hasn’t “quit” the Middle East, notwithstanding the frequent complaints of its regional partners. But Washington has clearly scaled back its engagement in the region, especially in military terms, from its peak during the first decade after 9/11. This shift in the U.S. role has generated rancorous debate. Washington’s partners in the region complain about feeling abandoned, while its rivals crow about driving the U.S. out of the Middle East. Back in the U.S., many hawks clamor for more military confrontation, particularly with Iran, while those who argue for restraint are willing to tolerate chaos and armed conflict so long as [...]
