Russian oil price cap, EU ban aim to limit Kremlin war chest
FRANKFURT, Germany (AP) — Major Western measures to limit Russia's oil profits over the war in Ukraine have taken effect. They bring uncertainty about how much crude could be lost to the world and whether they will unleash the hoped-for hit to a Russian economy that's held up better than many expected under sanctions. Starting Monday, the European Union is banning most Russian oil and the Group of Seven democracies has imposed a price cap of $60 per barrel on Russian exports to other countries. The impact may be blunted because Russia has been able reroute much of its European seaborne shipments to China, India and Turkey, although at steep discounts. Plus, the price cap is near what Russian oil already cost.
Sale jumpstarts floating, offshore wind power in US waters
PORTLAND, Ore. (AP) — Tuesday marks the first-ever U.S. auction for leases to develop commercial-scale floating wind farms in the deep waters off the West Coast. The live, online auction for the five leases — three off California's central coast and two off its northern coast — has attracted strong interest — 43 companies from around the world. It marks America's first foray into floating wind turbines; auctions so far have been for ones that are anchored to the seafloor. The need for energy that does not put more carbon into the atmosphere is increasing as climate change takes a toll. Environmentalists and tribes say they want to make sure the offshore and coastal development is done right.
Trump Organization tax fraud trial in jury's hands
NEW YORK (AP) — Jurors have started deliberating in the Trump Organization's criminal tax fraud trial. The jury is weighing charges that former President Donald Trump's company helped executives dodge personal income taxes on perks such as Manhattan apartments and luxury cars. The deliberations follow a monthlong trial featuring testimony from seven witnesses, including longtime Trump Organization finance chief Allen Weisselberg and Senior Vice President and Controller Jeffrey McConney.
US, EU agree to intensify talks on 'green subsidies' dispute
WASHINGTON (AP) — The United States and European Union have agreed to intensify talks to resolve EU concerns over major subsidies for American companies contained in a U.S. clean energy law. Although no deal was reached at talks Monday, the two sides pledged to continue work and push for a solution that benefits both U.S. and European firms, workers and consumers. The U.S. Inflation Reduction Act offers about $375 billion in new and extended tax credits to help the the U.S. clean energy industry as well as buyers of qualifying electric vehicles made in North America. But European leaders have expressed alarm that the subsidies would be an enormous setback for European companies.
India signals it will continue to buy oil from Russia
NEW DELHI (AP) — India's foreign minister has signaled that his country will continue to buy oil from Russia, even as Western governments press Moscow with a price cap on its oil exports. Subrahmanyam Jaishankar says it isn't right for European countries to prioritize their energy needs but ask India to do something else. India, a major buyer of Russian oil, has so far not committed to the European Union's price cap of $60 per barrel on Russian oil. The move is aimed at limiting the fossil fuel earnings that support Moscow's military. Jaishankar was speaking to reporters in New Delhi after holding talks with his German counterpart, Annalena Baerbock, in which they discussed bilateral relations and Russia's war in Ukraine.
Justices spar in latest clash of religion and gay rights
WASHINGTON (AP) — The Supreme Court's conservative majority is sounding sympathetic to a Christian graphic artist who objects to designing wedding websites for gay couples. But in arguments Monday, liberal justices suggested that allowing that discrimination could open the door to broader refusals by businesses to serve Black customers, Jewish or Islamic people, interracial couples and many others. The Colorado case is the latest clash of religion and gay rights to land at the high court. A case involving a Colorado baker and a wedding cake for a gay couple ended with a limited decision five years ago and is to return to the court.
The S&P 500 fell 72.86 points, or 1.8%, to 3,998.84. The Dow Jones Industrial Average fell 482.78 points, or 1.4%, to 33,947.10. The Nasdaq fell 221.56 points, or 1.9%, to 11,239.94. The Russell 2000 index of smaller companies fell 52.62 points, or 2.8%, to 1,840.22.
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