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Alexander Novak, Russia’s energy minister, pauses during a panel session on day two of the St. Petersburg International Economic Forum (SPIEF) in St. Petersburg, Russia, on Thursday, June 3, 2021.
Andrey Rudakov | Bloomberg | Getty Images

Russian Deputy Prime Minister Alexander Novak on Thursday said the oil and gas-rich country may soon be tempted to move away from U.S. dollar-denominated crude contracts if President Joe Biden’s administration continues to impose targeted economic sanctions.

“Well, ideally we would prefer not to move away from the dollar as it is an international currency used for settlements,” Novak told CNBC’s Hadley Gamble at the St. Petersburg International Economic Forum, according to a translation.

“But if our American partners create this type of situation we shall have no other choice but gradually do that,” he added.

His comments come shortly after Russia announced it would completely remove U.S. dollar assets from its National Wealth Fund.

Russian Finance Minister Anton Siluanov said at the same event Thursday that the changes could be expected within a month, according to Reuters. Russia’s NWF accumulates oil revenue and was initially dedicated to supporting the country’s pensions system.

The move comes ahead of a summit between Russian President Vladimir Putin and U.S. President Joe Biden later this month.

‘Active player on the global energy scene’

“We shall continue to be the world leader in the fossil fuels market and we shall diversify by going into the LNG and petrochemicals (markets),” Novak said, referring to the acronym for liquefied natural gas.

“Plus develop new energy production, clean energy,” he continued, citing hydrogen, carbon storage technologies and the development of new fuels, among other projects.

Russia’s economy has been operating under international sanctions since 2014 after its annexation of Crimea.

Its role in a pro-Russian uprising in east Ukraine, 2016 U.S. election interference, a nerve agent poisoning in the U.K. and its role in the SolarWinds cyberattack, among other incidents, have also all prompted further sanctions. For its part, Russia denies any involvement or wrongdoing.

International benchmark Brent crude futures traded at $71.56 a barrel on Thursday afternoon in London, up around 0.3%, while U.S. West Texas Intermediate futures stood at $68.99, roughly 0.2% higher.

Oil prices have climbed more than 30% since the start of the year.

In Oct. 2019, Russia’s largest oil company Rosneft set the euro as the default currency for all new exports of crude oil in an attempt to shield it from the impact of U.S. sanctions.

— CNBC’s Holly Ellyatt contributed to this report.

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Jeep recalls 375,000 Wrangler and Grand Cherokee PHEVs, tells owners to park outside

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Jeep recalls 375,000 Wrangler and Grand Cherokee PHEVs, tells owners to park outside

Stellantis is recalling over 375,000 Jeep Wrangler and Grand Cherokee 4xe plug-in hybrids, telling owners to avoid charging and park away from any buildings due to a potential fire risk.

Stellantis recalls Jeep Wrangler, Grand Cherokee PHEVs

After an internal investigation found 19 reports of fires, Stellantis said it was recalling about 320,065 Jeep plug-in hybrid SUVs in the US.

The recall affects certain model-year 2020-2025 Jeep Wrangler 4xe and 2022-2026 Jeep Grand Cherokee 4xe models.

Stellantis is recalling another 20,753 Jeep PHEVs in Canada, 2,653 in Mexico, and 32,238 in markets outside of North America.

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Until the remedy is available, the company is urging owners to refrain from charging and to park away from buildings or other vehicles. The risk of a fire is less when the battery is drained, the company said.

The batteries were produced by Samsung SDI, the same defect that led to the recall of 154,000 Jeep plug-in hybrids in 2024. Vehicles included in that recall will still need the new remedy.

Jeep-Wrangler-Grand Cherokee-recall
2024 Jeep Wrangler 4xe Rubicon with Jeep Performance Parts (Source: Stellantis)

According to Stellantis, nine of the reported fires were from Jeep Wranglers and Grand Cherokees included in the 2024 recall.

Stellantis said a remedy “is imminent,” and affected drivers will be notified when they can schedule a service appointment.

Until then, owners can call customer care at 1-800-853-1403 with questions or concerns. You can also visit recalls.mopar.com for more information.

The recall comes after Stellantis issued one for nearly 25,000 Jeep Wrangler PHEVs less than two weeks ago due to a software glitch that left drivers stranded with bricked vehicles. Some had to be towed to dealers.

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First look at Zero Motorcycles’ new electric scooter launched today

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First look at Zero Motorcycles' new electric scooter launched today

Zero Motorcycles, long known for its powerful electric motorcycles, is diving deeper into the world of urban mobility with the launch of the all-new LS1 electric scooter. Unveiled today at EICMA 2025 in Milan, the LS1 is designed to expand Zero’s reach beyond motorcycles and into the increasingly important city commuter segment.

The LS1 marks a key milestone in Zero’s “All-Access” initiative, aimed at making electric two-wheelers available to a broader range of riders. Compact, lightweight, and built for life in dense city environments, the LS1 brings Zero’s signature electric performance into a much more approachable and user-friendly package.

Powered by a mid-mounted motor and fueled by two swappable floorboard-mounted batteries, the LS1 offers up to 115 km (71 miles) of range in standard configuration. Riders looking to go further can add an optional third battery, stored under the seat, to extend range to 170 km (106 miles).

With a top speed of 100 km/h (62 mph), ABS, traction control, and a low seat height, the LS1 seems to offer the kind of versatility and rider confidence needed for navigating tight European streets.

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For charging, the removable batteries can be topped up indoors using the included 800W charger (0–95% in 4.5 hours or 20–80% in 3 hours), or more quickly with an optional 1,500W fast charger that cuts those times nearly in half. That ease of off-board charging, combined with under-seat storage big enough for a helmet or groceries, seeks to make the LS1 a practical daily driver for urban riders and apartment dwellers.

Built as part of Zero’s expanding partnership with Zongshen, which also saw Zero roll out two trail-oriented e-motos, the LS1 seems to offer a nice balance between Zero’s design and more affordable Chinese production. And with a projected price of roughly €5,200 depending on the country/market, it seems reasonably priced to sell.

“The LS1 is designed for the people we see every day in cities like Paris, Milan, or Barcelona,” said Zero CEO Pierre-Martin Bos. “It’s simple, stylish, and makes electric riding accessible to a whole new group of riders.”

Bos recently replaced Sam Paschal as Zero’s new CEO, part of significant shifts lately at Zero that saw the company move its base of operations out of the US and reduce its workforce. A representative of Zero at the EICMA booth also explained that Zero’s former CTO Abe Askenazi is also no longer with the company.

Electrek’s Take

This is an interesting move by Zero, and probably a smart one. Flagship electric motorcycles may feature impressive performance, but they aren’t bringing in big profits right now. Smaller, modest e-motos that fit into more lifestyles are where the volume is at right now.

The LS1 brings the brand’s premium engineering and EV know-how to a format that more riders actually want, and can use every day. It’s lightweight, nimble, and doesn’t try to be a motorcycle in disguise. For city riders who’ve wanted a legit, high-quality electric scooter from a trusted brand, this could be an answer.

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Toyota teases a new vehicle and it sure looks like an electric truck

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Toyota teases a new vehicle and it sure looks like an electric truck

After teasing another new vehicle, Toyota said “a major unveiling” is set for next week. Is this Toyota’s electric truck?

What new vehicle is Toyota teasing now?

After stealing the spotlight at the Japan Mobility Show last week with the Corolla Concept, Land Cruiser FJ, and ultra-luxe Century brand, Toyota is at it again.

Toyota is teasing another new vehicle ahead of what it’s calling a “major unveiling” set for next week. “Get ready to embark on a new journey together,” the company said.

The image appears to be of the new Hilux, Toyota’s compact midsize Hilux pickup truck. The Hilux is the best-selling pickup outside of North America, going head-to-head with the Ford Ranger and other smaller trucks. It’s even Toyota’s most popular vehicle in some markets across Southeast Asia and Africa.

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Currently in its eighth generation, Toyota’s pickup is due for an overhaul. Toyota teased the new vehicle, revealing slim LED headlights and a rugged front-end design.

A video from Toyota Thailand offers a better look at the pickup from the back and side. The rear features redesigned taillights similar to those on the front end. You can also see it’s a four-door pickup, or Double Cab.

Toyota said the major unveiling is set for November 10. We have yet to learn the prices or any powertrain specs (or even officially what vehicle it is), but it could arrive with a battery-electric (BEV) powertrain.

Toyota-first-electric-pickup
Toyota HiLux BEV electric pickup (Source: Toyota)

According to Drive, Toyota’s plans to release an electric Hilux pickup leaked during the Tokyo Motor Show. A slide shown to Malaysian media was leaked on Instagram, revealing two pickups, one clearly marked as a BEV. The other vehicles included the new bZ4X, Land Cruiser FJ, and Yaris Ativ.

The leaked image comes after Toyota Thailand president Noriaki Kamashita told reporters during last year’s Bangkok International Motor Show that the Hilux EV would launch by the end of 2025.

Although an electric variant is a possibility, the Hilux is expected to continue to be offered with its current mild-hybrid 2.8-liter turbo diesel engine.

We will learn more next week. Check back on November 10 for the full details.

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