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The European Union’s groundbreaking decision to ban nearly all oil from Russia to punish the country for its invasion of Ukraine is a blow to Moscow’s economy, but its effects may be blunted by rising energy prices and other countries willing to buy some of the petroleum, industry experts say, Associated Press reported.

European Union leaders agreed late Mondayto cut Russian oil imports by about 90% over the next six months, a dramatic move that was considered unthinkable just months ago. 

The 27-country bloc relies on Russia for 25% of its oil and 40% of its natural gas, and European countries that are even more heavily dependent on Russia had been especially reluctant to act.

European heads of state hailed the decision as a watershed, but analysts were more circumspect.

The EU ban applies to all Russian oil delivered by sea. At Hungary’s insistence, it contains a temporary exemption for oil delivered by the Russian Druzhba pipeline to certain landlocked countries in Central Europe.

In addition to retaining some European markets, Russia could sell some of the oil previously bound to Europe to China, India and other customers in Asia, even though it will have to offer discounts, said Chris Weafer, CEO at consulting firm Macro-Advisory.

“Now, for the moment, that’s not financially too painful for Russia because global prices are elevated. They’re much higher than last year,” he said. “So even Russia offering a discount means that it’s probably selling its oil for roughly what it sold for last year also.”

He noted that “India has been a willing buyer” and “China’s certainly been keen to buy more oil because they’re both countries who are getting big discounts on global market prices.”

Still, Moscow has traditionally viewed Europe as its main energy market, making Monday’s decision the most significant effort yet to punish Russia for its war in Ukraine, according to Associated Press.

“The sanctions have one clear aim: to prompt Russia to end this war and withdraw its troops and to agree with Ukraine on a sensible and fair peace,” German Chancellor Olaf Scholz said.

Ukraine estimated the ban could cost Russia tens of billions of dollars.

“The oil embargo will speed up the countdown to the collapse of the Russian economy and war machine,” Foreign Minister Dmytro Kuleba said.

Ukrainian President Volodymyr Zelenskyy said in a video address that Ukraine will be pressing for more sanctions, adding that “there should be no significant economic ties left between the free world and the terrorist state.”

Simone Tagliapietra, an energy expert and research fellow at the Brussels-based think tank Bruegel, called the embargo “a major blow.”

Matteo Villa, an analyst at the ISPI think tank in Milan, said Russia will take a pretty significant hit now but cautioned that the move could eventually backfire, Associated Press reported.

“The risk is that the price of oil in general goes up because of the European sanctions. And if the price goes up a lot, the risk is that Russia starts to earn more, and Europe loses the bet,” he said.

Like previous rounds of sanctions, the oil ban is unlikely to persuade the Kremlin to end the war.

Moscow seized on the new sanctions to try to rally public support against the West, describing it as bent on destroying Russia.

Dmitry Medvedev, the deputy head of Russia’s Security Council who served as the country’s president, said the oil ban aims to reduce the country’s export earnings and force the government to scale down social benefits.

“They hate us all!” Medvedev said on his messaging app channel. “Those decisions stem from hatred against Russia and against all of its people.”

Russia has not shied away from withholding energy to get its way. Russian state energy giant Gazprom said it is cutting off natural gas to Dutch trader GasTerra and Denmark’s Oersted company and is also stopping shipments to Shell Energy Europe that were bound for Germany. Germany has other suppliers, and GasTerra and Oersted said they were prepared for a shutoff, according to Associated Press.

Gazprom previously stopped the flow toBulgaria, Poland and Finland.

Meanwhile, the EU is urging other countries to avoid placing trade barriers on farm products as Russia’s war increases the risks of a global food crisis.

Zelenskyy has said Russia has prevented the export of 22 million tons of Ukrainian grain, much of it meant for people across the Middle East and Africa. He accused Moscow of “deliberately creating this problem.”

The Biden administration announced on Tuesday that it will send Ukraine a small number of high-tech, medium-range rocket systems, a critical weapon that Ukrainian leaders have been begging for as they struggle to stall Russian progress in the Donbas region, Associated Press reported.

The rocket systems are part of a new $700 million tranche of security assistance for Ukraine from the US that will include helicopters, Javelin anti-tank weapon systems, tactical vehicles, spare parts and more, according to two senior administration officials. The officials spoke on the condition of anonymity to preview the weapons package that will be formally unveiled on Wednesday.

The US decision to provide the advance rocket systems tries to strike a balance between the desire to help Ukraine battle ferocious Russian artillery barrages while not providing arms that could allow Ukraine to hit targets deep inside Russia and trigger an escalation in the war.

In a guest essay published Tuesday evening in The New York Times, President Joe Biden confirmed that he’s decided to “provide the Ukrainians with more advanced rocket systems and munitions that will enable them to more precisely strike key targets on the battlefield in Ukraine.”

Biden had said Monday that the US would not send Ukraine “rocket systems that can strike into Russia.” Any weapons system can shoot into Russia if it’s close enough to the border. The aid package expected to be unveiled Wednesday would send what the US considers medium-range rockets — they generally can travel about 45 miles (70 kilometers), the officials said, according to Associated Press.

The Ukrainians have assured US officials that they will not fire rockets into Russian territory, according to the senior administration officials. One official noted that the advanced rocket systems will give Ukrainian forces greater precision in targeting Russian assets inside Ukraine.

The expectation is that Ukraine could use the rockets in the eastern Donbas region, where they could both intercept Russian artillery and take out Russian positions in towns where fighting is intense, such as Sievierodonetsk.

Sievierodonetsk is important to Russian efforts to capture the Donbas before more Western arms arrive to bolster Ukraine’s defense. The city, which is 90 miles (145 kilometers) south of the Russian border, is in an area that is the last pocket under Ukrainian government control in the Luhansk region of the Donbas.

Biden in his New York Times’ essay added: “We are not encouraging or enabling Ukraine to strike beyond its borders. We do not want to prolong the war just to inflict pain on Russia.”

It’s the 11th package approved so far, and will be the first to tap the $40 billion in security and economic assistance recently passed by Congress. The rocket systems would be part of Pentagon drawdown authority, so would involve taking weapons from US inventory and getting them into Ukraine quickly. Ukrainian troops would also need training on the new systems, which could take at least a week or two, Associated Press reported.

Officials said the plan is to send Ukraine the High Mobility Artillery Rocket System, or HIMARS, which is mounted on a truck and can carry a container with six rockets. The system can launch a medium-range rocket, which is the current plan, but is also capable of firing a longer-range missile, the Army Tactical Missile System, which has a range of about 190 miles (300 kilometers) and is not part of the plan.

Since the war began in February, the US and its allies have tried to walk a narrow line: send Ukraine weapons needed to fight off Russia, but stop short of providing aid that will inflame Russian President Vladimir Putin and trigger a broader conflict that could spill over into other parts of Europe.

One of those days when you and your friends cannot agree on what to eat? You crave some Chinese while they want to nosh on some hearty Indian meal. Perhaps, one of your not-so-adventurous pals or cousins wants to stick with Nepali food. Decisions, decisions, decisions. What do you do? Well, Walnut Bistro has you covered. This restaurant at Panipokhari specializes in a variety of Indian, Nepali, Chinese and Continental dishes. The place offers a great ambience for gatherings of any kind. What about the dessert, you ask? Walnut Bistro has its sister bakery, Cake Monarch, just three minutes away stocked with some delicious desserts after your meal. They also take customized cake orders, and the pricing can be negotiated based on your preferences.

Chef special: 

Khaptad Aloo
Corn on the cup
Mutton pakku

Opening hours: 10:00 am to 10:00 pm 

Location: Panipokhari, Kathmandu

Meal for 2: Rs 2,000

Card/Online Payment: Yes

Contact: 9861894795

Nepal reported nine new Covid-19 cases on Tuesday.

According to the Ministry of Health and Population, 2, 085 swab samples were tested in the RT-PCR method, of which eight returned positive. Likewise, 963 people underwent antigen tests, of which one was tested positive.

The Ministry said that no one died of virus in the last 24 hours. The Ministry said that 13 infected people recovered from the disease.

Home Minister Bal Krishna Khand on Tuesday formed a five-member committee under the headship of Joint Secretary Surya Prasad Sedhai of the Ministry to investigate the death of a Dalit youth in Rolpa Prison Office.

Sundar Harijan was found dead in the prison on May 18 and the cause of death was reported to be suicide.

The committee has been directed to submit the report within a week, Information Officer at the Ministry Basanta Bhattarai said.

Under Secretary Jhankanath Dhakal of the Ministry, DSP Bhupendra Khatri of Nepal Police, Bishwomani Acharya of the National Investigation Department and an administrative officer of the District Administrative Office, Banke are the members of the committee.

Following the death of Harijan, the government had formed a probe committee led by Jharendra Chapagain, Director of the Department of Prison Management on Monday, Information Officer Bhattarai said.

A couple was found dead at Haraiya in Godawari Municipality-7 of Kailali.

The Area Police Office, Malakheti said that Hem Bahadur Aire (65) and Padma Aire (55) of Godawari-7 were found dead.

Hem was found hanging in a tree nearby the house and Padma was found with throat inside the room, police said.

DSP Rabindra Pandey of the Area Police Office, Malakheti said that the bodies have been sent to the Seti Provincial Hospital for postmortem after conducts public inquiry deeds.

He said that husband may have committed suicide by killing his wife.

Police said that they are looking the case.

The Nepal Stock Exchange (NEPSE) plunged by 35. 53 points to close at 2,137. 92 points on Tuesday.

Similarly, the sensitive index dropped by 7. 11 points to close at 415. 63 points.

A total of 3, 769, 812 units of the shares of 229 companies were traded for Rs 1. 31 billion.

At the end of the day, the total market capitalisation stood at Rs 3.04 trillion.

The Annapurna Media Network in association with Alternative Energy Promotion Center (AEPC) is organizing an electric vehicle rally in Kathmandu on June 5 (Sunday) on the occasion of World Environment Day.

Minister for Forest and Environment Ram Sahaya Yadav will inaugurate the event which will start at 7 am from Tinkune ground. 

The rally will pass through  Gaushala, Chabahil, Mahargunj, Balaju, Sorakhutte, Lainchaur, Kesarmahal, Jamal, Durbarmarg, Krishna Pauroti, Gyaneshwor, Ratopul, Gaushala, Tinkune and will culminate atTinkune ground.