.png)
.jpg)
EU plans to cut dependency on Russian gas
The European Union (EU) is focusing on making the bloc energy independent by next winter to ensure that it no longer faces the geoeconomic and geopolitical ramifications in future due to conflicts in the region. Additionally, projects such as the Nord Stream 2 and continued scrambles for oil from Middle East underscore the need for renewed sustainable energy policy for Europe.
The leaders from the 27 member-states of the bloc are set to discuss their dependency on Russian fossil fuels in a two-day summit at Versailles later this week. The European Commission is revisiting its energy policy in the wake of the Ukrainian crisis in order to reduce Russian advantage in Europe. The clean shift will focus on accelerating the Green Deal, the strategy to reach its climate neutrality goal by 2025, cut reliance on imported fossil fuels, save the economy from price hikes, reduce greenhouse gas emissions, seek LNG imports from outside Russia, focus on sustainable renewable energy and energy saving through electrification. By taking all of these measures, the bloc will be able to replace 155 billion cubic meters of gas it currently imports from Russia.
The bloc's reliance on Russian gas could drop by almost 80% this year. The EU's Climate chief, Frans Timmermans made a statement in the European Parliament that, "I think that's possible. It's not easy, but it's feasible."
By Priyanka Rane; Batch 20-22
Why is NATO reluctant for a No-fly zone in Ukraine?
Source: https://www.aljazeera.com/news/2022/3/7/russia-ukraine-what-is-no-fly-zone-why-has-nato-said-no
The ongoing Russia-Ukraine war started horribly and has only intensified since. President Volodymyr Zelensky and his government have pleaded with NATO for a No-fly zone in Ukraine. A no-fly zone is a geographical space with restrictions on certain flights. In the present scenario- Prohibition of Russian military planes in Ukraine's airspace.
President Zelensky has repeatedly pleaded with the NATO alliance to bar Russian jets from flying in Ukraine's airspace, a measure to save civilians from Russian attacks. Article five of the NATO treaty seeks collective defence for all its members; however, Ukraine is not a part of the military alliance. Implying a no-fly zone would risk an escalation into direct conflict between the US and its NATO allies and Russia. NATO has been reluctant to enforce a no-fly zone as it risks further escalation into direct confrontation with Russia, leading to the subject of nuclear weapons on the table.
Some officials have requested a limited no-fly zone to protect civilians, dubbed a Humanitarian no-fly zone; However, it will still require military enforcement and risk miscalculation. Furthermore, the Russian President has warned the West against considering a no-fly zone over Ukraine, stating it would mean direct participation in the war.
By Deeplaxmi Patil; Batch 20-22
The Pakistani Government's Anti-Terrorism Strategy
Source: Business Standard
Pakistani Prime Minister Imran Khan pledged a zero-tolerance strategy for terrorism on 07 Mar. He urged the prosecution of terrorist court proceedings to be concluded as soon as possible. This came after the death toll following a major explosion at a Shiite mosque in Peshawar, Pakistan's north-western city, rose to 63, with several people injured. To counter the risk of terrorism, he emphasized the significance of a multi-pronged strategy, a broad scope, and rigorous implementation of the National Action Plan (NAP). He also underlined the importance of rapid response to avoid future mishaps.
Further, he expressed the public's opposition with hate speeches and the divided rule approach based on sectarianism. The Apex Committee on the National Action Plan, established in 2015 after the 2014 catastrophic Peshawar School massacre, discussed the National Counter Terrorism Authority's (NACTA) effectiveness in directing critical counter-terrorism operations and capacity-building.
By Vani Sharma; Batch 20-22
India-Bangladesh Stakeholders' Meet
On 7 March 2022, the first virtual 'India-Bangladesh stakeholders Meet 2022' was organised under the aegis of the Indian government and the Indian Chamber of Commerce (ICC). The representatives of India and Bangladesh, respectively, emphasised the need to improve bilateral trade, investment and connectivity, in order to realise the untapped potential of their economic partnership. Over the course of five years, India and Bangladesh will work towards formulating a special free trade arrangement called the Comprehensive Economic Partnership Agreement (CEPA). CEPA holds the promise of actualising seamless trade and connectivity between Delhi and Dhaka.
Although cross-border economic linkages between the two countries have recently improved through the operationalisation of border-haats, bilateral trade is still not unimpeded by tariff and non-tariff barriers, bureaucratic delays and procedural bottlenecks. According to a World Bank report, called "Connecting to Thrive: Challenges and opportunities of Transport Integration in Eastern South Asia ", a Free Trade Agreement, buttressed by intra-regional transport connectivity, could significantly increase bilateral trade between the two South Asian neighbours. While a regionally integrated South Asia remains a distant dream, CEPA can provide an impetus for building corridors of sub-regional connectivity across the Bay of Bengal.
By Amba Wattal; Batch 20-22
Oil Prices Reach a 14-year High Amidst the Russia-Ukraine Crisis
Source: AP Photo/Jae C. Hong
The Russia-Ukraine crisis has led to a plethora of sanctions being imposed on Russia. Amidst them is the discussion of banning Russian oil imports, which has caused shockwaves in the global economy and energy markets. On 8 March 2022, US President Joe Biden announced a ban on Russian oil and other energy imports. Britain said it would phase out the import of Russian oil and oil products by the end of 2022, giving the market and businesses time to find alternatives.
This has caused a surge of over 30% in oil prices, with Brent crude futures reaching $127.98 a barrel while US crude futures reached $123.70 a barrel. The latest updates show a fall in these rates, with Brent crude futures and US crude futures coming down to $114.24 a barrel and $110.28 a barrel, respectively. Russia is the world's second-largest exporter of crude oil, which is why the uncertainty over where the replacing oil supply will come from, and more importantly, when it will come has caused major confusion in the oil market. Currently, there are talks of encouraging OPEC to generate higher output to fill the increasing supply gap. What remains to be seen is how the European Union would react to the oil ban, for around 40% of their natural gas and 25% of their oil is sourced from Russia.
By Samanya Sharma; Batch 20-22
India hints on Dialogue diplomacy over Ukraine-Russia War
On 7 March 2022, Prime Minister Narendra Modi had a brief telephonic conversation with his Russian counterpart President Vladimir Putin. The two leaders had a 50 minutes long phone call wherein President Putin briefed PM Modi on the ongoing military build-up by Russia in the Donbas region. In connection with the concern expressed by PM Modi on the safe passage of Indian nationals, Russia has announced a ceasefire to open a humanitarian corridor for civilians' safe and peaceful passage to avoid any humanitarian crisis. The Russian military is also helping evacuate Indian nationals in the Sumy region.
President Putin briefed PM Modi about the developments in Russia-Ukraine delegations' meetings to negotiate solutions. PM Modi appreciated the announcements of ceasefire and the discussion rounds. PM Modi urged President Putin to hold direct talks with Ukraine President Zelensky to amplify conditions in favour of establishing peace and resolution to the conflict.
On the same day, PM Modi held talks with Ukraine President Zelensky over a phone call. He expressed his concerns about the safe evacuation of the Indian nationals and was briefed about the conflict situation by President Zelensky. PM Modi stressed on the cessation of violence and holding direct talks between both parties, and arriving at a solution to the earliest.
India appealed to both the leaders to use the "diplomatic dialogue" mechanism to solve the ongoing military build-up and assured of any assistance required to resolve the crisis.
By Hitendra Boradey; Batch 20-22