European countries have been scrambling to find alternative sources of oil and gas following Russia’s full-scale invasion of Ukraine in Feb. 2021.
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Russia’s revenues from fossil fuel exports collapsed in December, according to a new report, significantly hampering President Vladimir Putin’s ability to finance the war in Ukraine.
The findings, Ukrainian officials and campaigners say, illustrate the effectiveness of targeting Russia’s oil revenues and underscore the urgent need for Western policymakers to ratchet up the financial pressure on Moscow in order to help Kyiv prevail.
Published Wednesday by the Centre for Research on Energy and Clean Air, an independent Finnish think tank, the report found the first month of the European Union’s ban on seaborne imports of Russian crude and the G-7’s price cap had cost Moscow an estimated 160 million euros ($171.8 million) per day.
CREA’s report said the Western measures were largely responsible for a 17% fall in Russia’s earnings from fossil fuel exports in the final month of 2022. It means that Russia — one of the world’s top oil producers and exporters — saw revenues from fossil fuel exports slump to their lowest level since Putin launched his full-scale invasion of Ukraine in late February.
“The EU’s oil ban and the oil price cap have finally kicked in and the impact is as significant as expected,” Lauri Myllyvirta, lead analyst at CREA, said in a statement.
“This shows that we have the tools to help Ukraine prevail against Russia’s aggression. It’s essential to lower the price cap to a level that denies taxable oil profits to the Kremlin, and to restrict the remaining oil and gas imports from Russia,” Myllyvirta said.
The G-7, Australia and the EU implemented a $60-per-barrel price cap on Russian oil on Dec. 5. It came alongside a move by the EU and U.K. to impose a ban on the seaborne imports of Russian crude oil.
Together, the measures reflected by far the most significant step to curtail the fossil fuel export revenue that is funding the Kremlin’s onslaught in Ukraine.
Russian President Vladimir Putin attends a meeting at the Kremlin in Moscow on January 6, 2022.
Mikhail Klimentyev | Afp | Getty Images
Energy analysts had been skeptical about the impact of a price cap on Russian oil, particularly as Moscow had been able to reroute much of its European seaborne shipments to the likes of China, India and Turkey.
Russia retaliated to the Western measures late last month by banning oil sales to countries that abide by the price cap.
Kremlin spokesperson Dmitry Peskov has previously said a Western price cap on Russian oil would not impact its ability to sustain what it describes as its “special military operation” in Ukraine. Peskov also warned the measure would destabilize global energy markets, Reuters reported.
‘Financial bloodline for Putin’s war’
Oleg Ustenko, economic advisor to Ukrainian President Volodymyr Zelenskyy, said Wednesday that while it is “very good news” that Russia is losing revenue from fossil fuel exports as a result of the Western measures, they were “definitely not enough.”
Ustenko echoed Zelenskyy’s calls for a price cap that is set at a much lower level, saying at a briefing that each escalation of economic sanctions against the Kremlin should see the oil price cap come down to a target range of $20 to $30 a barrel.
There is “no reason to wait and see,” Ustenko said. “It is already clear.”
“The EU and G7 have the power and all means to cut this bloodline. Only force and money speak to the Kremlin.”
Svitlana Romanko
Founder and director of Razom We Stand
CREA’s report found that the measures caused a fall in shipment volumes and prices for Russian oil that has cut the country’s export revenues by 180 million euros per day.
By increasing exports of refined oil products to the EU and the rest of the world, the report said Moscow had been able to claw back 20 million euros per day, resulting in a net daily loss of 160 million euros since the Western measures came into force.
Russia still makes an estimated 640 million euros per day from exporting fossil fuels, the report said.
“The first month of the embargo proves what we’ve been saying from the beginning of the invasion: income from exports of fossil fuels is the financial bloodline for Putin’s war,” said Svitlana Romanko, founder and director of Ukrainian human rights group Razom We Stand (Together We Stand).
“The EU and G7 have the power and all means to cut this bloodline,” she added. “Only force and money speak to the Kremlin.”
Romanko called on the price cap coalition to lower the price limit, strengthen the enforcement of the embargo and introduce additional sanctions to close loopholes.
CREA’s report says lowering the oil price cap against Russia to between $25 to $30 a barrel, a range it notes is still “well above” production and transport costs, would slash Russia’s oil export revenue by at least 100 million euros per day.
It says that the Western price cap coalition boasts “strong leverage” to push down the price caps, adding that “Russia has not found a meaningful alternative to vessels owned and/or insured in the G7 for the transportation of Russian crude and oil products from Baltic and Black Sea ports.”
HOLMS Attachments has made it easier for heavy equipment fleets to electrify with a new sweeper attachment that’s equipped with its own power source, freeing it from the need for a mechanical or battery (e) PTO.
Commercial trucks do more than just move people and things from place to place – special implements like street sweepers, cherry pickers, and tow beds mean they do real work, as well. But the attachments, implements, and even utility bodies being upfitted onto these trucks were largely developed for diesel platforms. They typically get juice from hydraulics or other power take-off (PTO) systems that typically take the form of a splined drive shaft powered directly by the ICE.
BEVs work differently, and have to draw on their battery power to operate these tools. That takes away which takes away from both the range and performance of the EVs in question. Adding to the complexity, some of these attachments are still mechanically driven, requiring an electrically-driven spline shaft, or “ePTO” to operate.
The new eSL Electric Sweeper attachment from HOLMS aims to solve for all that new complexity that’s emerging as electric equipment becomes more commonplace.
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“Electric equipment in general has taken a lot of different directions,” said Dan Snedecor, President and General Manager of HOLMS Attachments. “We realized, let’s not use the power from the machine, because keeping up with that will be even harder than keeping up with the different style hooks and hydraulic systems.”
Developed for the electric equipment needs of the near future, HOLMS’ eSL optimizes the uptime of your electric vehicle or equipment asset so you can complete more tasks between charging sessions.
“Our theory is this will be kind of like an electric drill that we all have at home, where you leave it plugged in until you need it. You go out, you use it, and then you put it back on the charger when you’re done,” Snedecor told Equipment Journal. “The real benefit of that will be the end users don’t need machines that have extra hydraulic functions necessarily.”
The prototype sweeper is controlled from the cab of the wheel loader via Bluetooth and is equipped with a 10 kWh, 48V li-ion battery pack that’s good for three-and-a-half hours of runtime on a single charge. HOLMS says the sweeper’s battery can be recharged in about 90 minutes.
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We’ve been big fans of highly capable LSVs for a while here on Electrek, and the newest Cushman Hauler XL ELiTE electric utility vehicle keeps that trend alive with an extra-long, 68.5″ aluminum bed for even more cargo-hauling capability.
The Cushman Hauler XL ELiTE’s truck-like layout, functional dash, and familiar, car-like controls make it easier to operate than an ATV with a trailer, while its 1,200 lb. bed load capacity and 1,600-pound payload capacity (plus 1,500 lb. towing capacity) beat the pants off the classic, 00’s-era Ford Ranger pickup’s 1,140 lb. payload capacity.
The Cushman’s flatbed can be upgraded to add steel drop sides, an aluminum box bed (shown, above) and other custom upfit solutions that enable fleet operators to perfectly tailor the Hauler’s capabilities to their specific needs.
You already know how to drive it
The Hauler XL features a “twin pack” of two 56.7V, 4.2 kWh ELiTE lithium-ion batteries (8.4 kWh total) developed by Samsung SDI. The batteries are expected to be good for between four to eight hours of operation, depending on load, and are backed by a 5-year battery warranty.
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What’s more, the newest Cushman features a technology that’s commonplace in cars and trucks, but still incredibly rare in the world of UTVs: regenerative braking.
“The Hauler XL … is an industry leader in bed size, vehicle rating and bed load capacity,” says Adam Harris, vice president and general manager of Cushman and E-Z-GO. “With our five-year battery warranty and patented E-brake technology, it’s built for the most difficult jobs.”
Cushman lists the Hauler XL’s manufacturer suggested retail price (MSRP) at $19,989, but dealers are advertising new ones for as low as $17,398. For that money you get a day’s worth of silent, emissions-free operation and the previously-mentioned 1,200 lb. bed capacity.
Electrek’s Take
Hauler XL ELiTE; via Cushman.
Every smart fleet manager eventually asks themselves whether they need a pickup, or a payload. When they ask that question, they’re usually trying to decide between something like a Ford Maverick and an F-150, but with vehicles like the Hauler XL ELiTE, Club Car Urban UTV, or the latest weird thing Micah Toll dredged up on Alibaba, you get the bed and the payload capacity – and you get them both for $20-30,000 less than a conventional pickup.
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It kind of looks like the Genesis GV60. Kia’s smallest and most affordable electric SUV is set to receive a sleek new coupe variant. The Kia EV2 Coupe was spotted for the first time, giving us a clear look at how it compares to the SUV version.
Meet the Kia EV2 Coupe, a new entry-level EV
The Concept EV2 was first showcased during Kia’s EV Day in April, previewing its upcoming entry-level EV. Kia has yet to say exactly how big it will be, but it’s expected to be slightly smaller than the EV3 at 4,300 mm (169.3″) in length.
Despite its small size, Kia claims it will feel much more spaceous, thanks to a unique interior design. With a higher-sitting ride than you would expect, the EV2 even looks bigger on the road. It sort of resembles a mini EV9 with wide wheel arches and Kia’s new Tiger Face grille design.
With its official launch coming up, EV2 prototypes have been spotted driving out in public a few times now. Camouflaged, of coarse.
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We even got a sneak peek of the interior during an exclusive event at Milan Design Week in April, but the most recent sighting looks a little different.
Kia EV2 Concept (Source: Kia)
The new Kia EV2 Coupe variant was spotted on a car carrier in Korea with a coupe-like design. A video from HealerTV provides a side by side comparison of it compared to the original SUV model.
As the reporter notes, the vehicle looks almost identical from the front and back, until it comes to the C-Pillar. From what we can see, the new coupe design has a bit of a Genesis GV60-like feel to it. The bumper and trunk area have been slightly modified to fit the coupe styling.
Kia EV2 Coupe spotted in Korea for the first time (Source: HealerTV)
The new Coupe variant gains pixelated turn signals on the side mirros, giving it a more futuristic, electric look.
Unlike most of Kia’s new electric vehicles, including the regular EV2, the Coupe variant features horizontal taillights, as opposed to the new vertical design. However, that could change when it arrives in production form.
Kia Concept EV2 interior (Source: Kia)
The interior will feature Kia’s new ccNC (connected car Navigation Cockpit), a panoramic curved infotainment system with dual 12.3″ driver cluster and touchscreen navigation screens.
Kia is set to launch the EV2 in Europe and “other global regions” next year. Given the love for bigger trucks and SUVs in the US, it’s not expected to make the trip overseas.
Kia Concept EV2 (Source: Kia)
Although the company has yet to officially reveal prices, Kia’s CEO, Ho-Sung Song, told Autocar in 2023 that the company wants to launch the EV2 at around £25,000 ($32,000) in the UK. It will sit below the EV3 in Kia’;s lineup, which is priced from £32,995 ($44,800) in the UK and €35,990 ($41,600) in Europe.
What do you think of the Kia EV2 Coupe? Do you like the design better than the original modle? If it looks like the Genesis GV60, sign me up. Let us know your thoughts in the comments.
Check back soon for more info on the upcoming Kia EV2 and new Coupe variant. We’ll keep you updated with the latest.
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