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, tensionswith 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.
Hyundai’s first three-row electric SUV is finally here, and it’s even better than we expected. The IONIQ 9 arrives with “class-leading” interior space, up to 335 miles of range, and much more. Hyundai is showing off just how spacious the IONIQ 9 really is.
Hyundai highlights how spacious the 3-row IONIQ 9 is
It’s been less than two months since the first IONIQ 9 models rolled off the assembly line at Hyundai’s massive new manufacturing plant in Georgia.
With its first three-row electric SUV about to reach dealerships any day, Hyundai wants you to know that the IONIQ 9 is spacious enough for just about anyone.
“The IONIQ 9 is more than just a vehicle; it’s a space where life happens,” Hyundai Motor America’s marketing chief, Sean Gilpin, explained.
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Hyundai launched a new ad campaign on Friday, ” Space to Connect, ” to highlight the SUV’s class-leading interior space.
With the second and third-row seats folded, the IONIQ 9 boasts up to 2,462 liters (87 cubic feet) of interior cargo space. That’s even more than the 2025 Ford Explorer with up to 2,429 liters (85.8 cubic feet). With all seats upright, the IONIQ 9 still has 620 liters of cargo capacity.
It’s not only spacious, but the IONIQ 9’s interior is packed with Hyundai’s most advanced software and connectivity tech.
As part of a curved panoramic display, the infotainment system includes dual 12″ driver display and infotainment screens.
Earlier this month, Hyundai announced that the 2026 IONIQ 9 will start at $58,995. With a $1,600 destination fee, the base RWD S model, which has a range of up to 335 miles, also starts at $60,555.
For $64,365 (including destination), you can upgrade to the AWD SE model with 303 horsepower and 320 miles range. Meanwhile, the range-topping IONIQ 9 AWD Performance Calligraphy Design trim, which gets added Matte paint, 21″ wheels, and 311 miles driving range, starts at $78,090.
2026 Hyundai IONIQ 9 Model
EV Powertrain
Drivetrain
Driving Range (miles)
Starting Price (including destination fee)
IONIQ 9 RWD S
160-kW (215-HP) Electric Motor
Rear- Wheel Drive
335
$60,555
IONIQ 9 AWD SE
226.1 kW (303-HP) Dual Electric Motors
All-Wheel Drive
320
$64,365
IONIQ 9 AWD SEL
226.1-kW (303-HP) Dual Electric Motors
All-Wheel Drive
320
$67,920
IONIQ 9 AWD PERFORMANCE LIMITED
314.6-kW (422-HP) Dual Electric Motors
All-Wheel Drive
311
$72,850
IONIQ 9 AWD PERFORMANCE CALLIGRAPHY
314.6-kW (422-HP) Dual Electric Motors
All-Wheel Drive
311
$76,590
IONIQ 9 AWD PERFORMANCE CALLIGRAPHY DESIGN
314.6-kW (422-HP) Dual Electric Motors
All-Wheel Drive
311
$78,090
2026 Hyundai IONIQ 9 prices and driving range by trim (*including a $1,600 destination fee)
The IONIQ 9 has a native NACS port to access Tesla Superchargers. Using a 350 kW DC fast charger, it can charge from 10% to 80% in as little as 24 minutes.
While you wait for the three-row IONIQ 9, Hyundai’s smaller IONIQ 5 is currently on sale. With leases starting at just $209 per month, the IONIQ 5 is hard to pass up right now. You can use our link to find Hyundai IONIQ 5 models at a dealer near you today.
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Federal tax credits are starting to waver under the current administration, but as of May 2025, you can still take advantage of up to $4,000 off the purchase of a used EV. If you’d rather not listed to me talk, you can skip right to all the BEVs and PHEVs that currently qualify by clicking here.
How the current tax credit works for used EVs
As part of revised terms in the Inflation Reduction Act signed by President Biden, federal tax credits have been extended (for now) and include revamped benefits for used EV purchases. That said, your used EV purchase must fit certain criteria to qualify for a credit up to $4,000. Per the IRS:
Beginning January 1, 2023, if you buy a qualified previously owned electric vehicle (EV) or fuel cell vehicle (FCV) from a licensed dealer for $25,000 or less, you may be eligible for a previously owned clean vehicle tax credit under Internal Revenue Code Section 25E.
Used EVs face terms that offer a credit equal to 30% of the sale price (up to $4,000). That should help consumers like yourselves get some change back in their pockets at the end of the fiscal year, as long as you stick to these terms as outlined by the IRS.
To qualify as a customer, you must:
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Be an individual who bought the vehicle for use and not for resale
Must be an individual (no businesses)
Not be the original owner
Not be claimed as a dependent on another person’s tax return
Not have claimed another used clean vehicle credit in the 3 years before the EV purchase date
Modified adjusted gross income must not exceed $75k for individuals, $112,500 for heads of households, and $150k for joint returns
Additionally, in order for used EV to qualify for federal tax credits, it must:
Have a sale price of $25,000 or less
Have a model year at least 2 years earlier than the calendar year when you buy it
For example, a vehicle purchased in 2023 would need a model year of 2021 or older
Not have already been transferred after August 16, 2022, to a qualified buyer
Have a gross vehicle weight rating of less than 14,000 pounds
Be an eligible FCV or plug-in EV with a battery capacity of least 7 kilowatt hours (kWh)
Be for use primarily in the United States
Purchased from a certified dealer:
For qualified used EVs, the dealer reports required information to you at the time of sale and to the IRS
A used vehicle qualifies for tax credit only once in its lifetime
These used EVs qualify for credits as of May 2025
It’s important to note that this is not the end-all, be-all list of used EVs that qualify for tax credits in the US. As always, we recommend speaking with a tax professional and EV dealer directly to ensure what you and your new vehicle qualify for. Without further ado, here are the all-electric models that currently qualify:
Tesla (TSLA) shareholders were getting excited on social media about a “Tesla prototype” that turned out to be a competitor’s prototype vehicle.
A new electric vehicle prototype started showing up on social media, and Tesla shareholders started sharing it, assuming it was a Tesla prototype.
A Tesla shareholder part of the “Rebellionaire” group on X, a group of Tesla stock pumpers, even shared it, claiming that it is “what gets him ultra bullish” on Tesla:
The only problem is that it wasn’t even a Tesla prototype.
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Faraday Future (FF) came out and confirmed that it is a prototype mule of their new ‘Faraday X’:
That’s our testing vehicle, a Faraday X Prototype Mule.
FF is better known for its very high-end FF91, but it is currently developing less expensive next-generation vehicles under its new Faraday X brand.
Tesla shareholders got excited because some are still holding on to the idea that Tesla is going to release new cheaper electric vehicles under new models.
Tesla has confirmed all that in their most recent financial results and earnings calls, but some are still holding on to the idea that Tesla plans to release completely new models due to Musk’s comments.
Electrek’s Take
I think part of Tesla’s problems right now are due to its shareholder base not recognizing its problems and blindly believing what Elon Musk says, despite a long history of misleading and plain wrong.
This is a prime example.
Tesla has now confirmed what we have been reporting for a year: the new vehicles are just going to be stripped-down versions of Model 3 and Model Y.
No new models are coming to market other than supposedly the Cybercab, but as long as this is only planned without a steering wheel, it is useless until it can solve unsupervised self-driving, which it has yet to do.
This is a problem that shareholders are either ignoring or don’t believe.
Tesla launched a single new model in the last five years, the Cybertruck, which was a commercial flop.
At some point, shareholders must wake up and realize that Musk is destroying Tesla’s EV business and that self-driving vehicles are not coming to save the day.
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