Western sanctions on Russia could push the BRICS alliance closer
A general view of flags of (From L to R) South Africa, Brazil, Russia, India and China during the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg on August 24, 2023.
Michele Spatari | Afp | Getty Images
SINGAPORE — Sanctions imposed by the West on Russia are pushing the BRICS nations closer, said oil executives at the recent APPEC conference in Singapore.
“Looking at the oil markets today … the Western sanctions on Russia are working. They’re working in the sense that they’re creating less or lower revenues, lower invoice prices for Russian goods,” said Russell Hardy, CEO of energy trading firm Vitol.
Last year, following Russia’s invasion of Ukraine in February, the Group of 7 nations introduced a oil price cap mechanism which limited revenue for the Kremlin’s war coffers while retaining Russian flows to the global market.
Among the spate of sanctions were the European Union adoption of an anti-circumvention tool in June to restrict the sale, supply and export of specified sanctioned goods and technology to certain third countries acting as intermediaries for Russia. In May, the G7 announced the bloc’s intentions to limit trade in Russian diamonds.
However, these sanctions could also lead to other unintended knock-on consequences which Hardy considers “negative.”
“The flip side of sanctions is that it is creating stronger bonds between BRICS countries, which in turn is a sort of an opposite force, of polar opposites, to Western politics,” he said.
The BRICS alliance includes Russia, as well as composed Brazil, India, China and South Africa. The bloc met last week and invited oil heavyweights including Saudi Arabia and the UAE — as well as Iran, Ethiopia, Egypt, Argentina — to join the alliance in 2024.
Everybody is irritated by the U.S. government, the U.S. Treasury sanctioning … So people say is there any way to create a counterforce, counterbalance to G7 or G20? BRICS is the candidate.
Fereidun Fesharaki
FGE Chairman
“I think that’s a very negative aspect,” Hardy added, raising his concerns for the next year or two as Russian traders “take the opportunity to forge those bonds between Russian energy supply and the BRIC countries.”
The BRICS nations have had different brushes in their relationships with the West.
For China, tensions with the U.S. have risen on several fronts including diplomatic, trade and technology, with both sides restricting exports in a tit-for-tat move.
Meanwhile, India and China have also both ramped up their imports of discounted Russian crude since the war in Ukraine, with Moscow leapfrogging to become India’s leading source of crude oil and accounting for about 40% of India’s crude imports.
“Everybody is irritated by the U.S. government, the U.S. Treasury sanctioning … So people say is there any way to create a counterforce, counterbalance to G7 or G20? BRICS is the candidate,” Fereidun Fesharaki, chairman of energy consultancy Facts Global Energy, said at a panel discussion during the event.
At the recent BRICS summit in South Africa, Brazilian leader Luiz Inácio Lula da Silva highlighted that the alliance is continuing to assess the possibility of a common currency.
During a state visit to China in April, he also reportedly called for a reduced reliance on the U.S. dollar for global trade.
But Fesharaki said that de-dollarization, or shifting away from trading in the greenback, is still a long way off.
“Nobody can replace the U.S. dollar. The U.S. dollar is very, very powerful,” he acknowledged.
“In fact, if any currency was offered to replace the U.S. dollar, the turbulence in the oil prices [will be] so dramatic. Nobody wants it actually.”
Japanese equipment giant Komatsu dropped its new, 320-ton Power Agnostic 930E mining truck at MinsExpo trade show in Las Vegas, calling it a future-ready solution that can run on diesel, hydrogen, or pure electric power.
Komatsu continues to develop alternative engine technology with the release of its first commercial rigid-frame dump truck with a “power agnostic” platform for running on diesel, hydrogen, or even battery electric power.
That’s because the platform is designed around the concept of a modular powertrain. The design not only gives the Komatsu assembly line an easy way to build diesel, BEV, and hydrogen fuel cell rigid haulers on the same line, but also enables customers to upgrade from diesel to battery electric or hydrogen down the road, if and when whatever logistical obstacles that are preventing them from running an electric or hydrogen solution today are overcome.
“This platform enables mining companies to start with conventional diesel engines and gradually transition to cleaner energy sources as needed, including utilization of trolley assist for diesel or as one of the future dynamic charging solutions for battery trucks to reduce fuel consumption and emissions,” reads Komatsu’s press material. “Whether adopting battery technology, hydrogen fuel cell technology or a combination of energy systems, the Power Agnostic 930E provides the infrastructure and adaptability necessary to meet evolving sustainability goals.”
Potential customers got a sneak peek at the concept truck, which they were apparently allowed to test at Komatsu’s Arizona proving grounds ahead of MineExpo (I wasn’t invited). The first pre-production Power Agnostic 930E prototype will make its way to Sweden in the coming months, where it will be put to work alongside other electric Komatsu machines in Boliden’s Aitik copper mine, one of the largest such operations on the European continent.
Electrek’s Take
Converting gas and diesel-fueled cars to electric at scale is a concept that’s fraught with problems. Far too many to list here, in fact. But heavy equipment?
Everything from excavators to loaders to heavy trucks are already built to be powertrain agnostic, and manufacturers will often offer the same basic vehicle with Cummins, Detroit Diesel, or Volvo Pentapower, so there’s a degree of openness baked into those systems already. Komatsu is just taking that to the next level by adding a modularity of energy storage (fuel tanks, hydrogen cells, or battery packs) to the mix. And, if the project is successful, it could be the first of many.
SOURCE | IMAGES: Komatsu; Equipment World.
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isinwheel’s terrific personal EVs “bring all the things you want closer to you.” Whether it’s an electric scooter, an e-bike, or an e-skateboard, the three things you’re guaranteed to get no matter which you choose are fun, safety, and affordability.
We’re taking a closer look below at six of isinwheel’s personal EVs – could one of these be your next electric ride?
Table of contents
isinwheel S9Pro commuting electric scooter
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isinwheel S10Max long-range electric scooter
The isinwheel S10Max is your ultimate high-performance ride, powered by a beastly 1000W motor that conquers any terrain with ease. With an impressive range of up to 37 miles, you can enjoy long-distance adventures without worrying about recharging.
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isinwheel GT2 off-road electric scooter
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isinwheel M10 electric commuter bike
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isinwheel U1 folding electric bike
Say hello to the versatile isinwheel U1! With folding handlebars, pedals, and a height-adjustable seat, it’s perfect for easy storage and transport. The U1’s 500W motor comes with a smart chip that instantly adapts to give you that extra boost when you hit an incline, face a headwind, or carry more weight.
The U1 has a top speed of 18 mph, 280 Wh of battery capacity, and three hours of charging time. Whether you’re zipping through city streets or tackling hills, the U1 has you covered with power and portability.
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Check out isinwheel’s V8, V6 and V10 electric skateboards
The isinwheel V8 electric skateboard is your ticket to thrilling rides, featuring a top speed of 28 mph and a range of up to 12 miles. Its removable, detachable batteries allow for quick swaps, so you can extend your adventure with ease. Choose from four riding modes and let the gorgeous ambient lights make you stand out, whether you’re cruising in daylight or lighting up the night. With its powerful dual 540W motors and regenerative braking system, the V8 delivers a ride that’s as exhilarating as it is stylish.
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It’s no Ferrari, but owning a sporty little Fiat 500e is about as close to putting a cavallino rampante in the garage as most of us will ever get. And if we act soon, we could do just that for 30% less money than before.
Fiat parent company Stellantis is giving dealers the ability to offer buyers up to $3,000 in coupons and incentives to help move its slow-selling 2024 FIAT 500e coupes. When paired with a $7,500 factory lease credit through Stellantis Financial, those coupons lead CarsDirect analysts to call the 500e one of the most affordable new EVs on the market.
The math maths
Between coupons and Stellantis Financial cash, that’s $10,500 in potential discounts before negotiations even begin. With a base MSRP of $34,095 with destination for a 2024 500e, that’s a JC Penney-style 31% off, with an additional 2% (presumably) within easy reach.
According to CarsDirect, the biggest downside of the coupon program is that it’s still unadvertised, which means there’s no way of telling how much of the allowable discount dealers are actually including in prices. But (as GI Joe taught us) knowing is half the battle, so click here to find deals on a new Fiat 500e near you, and make “are you applying those $3,000 in Stellantis coupons” one of your first questions.
Electrek’s Take
Small cars have never sold well in America. Not even great ones like the OG Honda CRX or Suzuki Swift GTi. Americans tend to buy for low use case scenarios, which is a fancy way of saying that, if an American thinks they’ll need a pickup 2-3 days/year, they’ll convince themselves to drive a pickup for the other 362 days. The British want more taxes than Americans wanted to pay in 1775, and today we have more gun shops than McDonald’s … just in case.
The little Fiat, in other words, was never going to be a volume player in the US. And that’s too bad, because the little 117 hp microcar is, by all accounts, fun to drive, zippy, and unquestionably cool. The media at large, though, has complained about the 37 kWh battery and 149 miles of EPA range – calling both “inadequate,” despite the fact that the first-generation Nissan LEAF had objectively inferior specs and sold 200,000 examples before getting its first significant upgrade in 2016. And, frankly, that Nissan had about as much style as a hospital gown.
So, while it may not offer what most car buyers think they need – as a second car, or a fun, urban runabout for lighthearted singles, the little Fiat is tough to beat (especially in red).
Click here to see what it will cost to put one in your garage.
SOURCE | IMAGES: Stellantis, via CarsDirect.
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