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Oil Prices Jump after EU Leaders Agree to Ban Russian Crude Imports By 90%

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By Derrick Bangura

Oil prices jumped after EU leaders reached an agreement late Monday to ban 90% of Russian crude by the end of the year.

During Asia hours on Tuesday, U.S. crude futures for July were up 3.19% to $118.69, while Brent crude futures rose 1.52% to $123.52. At one point, U.S. crude rose to $119.42 per barrel — a 12-week high, according to Refinitiv data.

Contracts for August also traded higher: WTI crude rose 3.21% to $115.83, and Brent was up 1.63% to $119.53 per barrel.

The agreement resolves a deadlock after Hungary initially held up talks. Hungary is a major user of Russian oil and its leader, Viktor Orban, has been on friendly terms with Russia’s Vladimir Putin.

Charles Michel, president of the European Council, said the move would immediately hit 75% of Russian oil imports.

The sanctions will immediately impact 75% of Russian oil imports. And by the end of the year, 90% of the Russian oil imported in Europe will be banned.

The embargo is part of the European Union’s sixth sanctions package on Russia since it invaded Ukraine. Talks to impose an oil embargo have been underway since the start of the month.

“The European Council agrees that the sixth package of sanctions against Russia will cover crude oil, as well as petroleum products, delivered from Russia into Member States, with a temporary exception for crude oil delivered by pipeline,” according to a May 31 statement from the European Council.

The European Council added that in case of “sudden interruptions” of supply, “emergency measures” will be introduced to ensure security of supply.

That temporary exception covers the remaining Russian oil not yet banned, European Commission President Ursula von der Leyen said in a press conference.

“We have agreed that the Council will revert to the topic as soon as possible in one way or the other. So this is a topic where we will come back to and where we will still have to work on, but this is a big step forward, what we did today,” she said, referring to the temporary exemption.

Von der Leyen explained that the temporary exemption was granted so that Hungary, along with Slovakia and the Czech Republic — all connected to the southern leg of the pipeline — have access which they cannot easily replace.

Roughly 36% of the EU’s oil imports come from Russia, a country that plays an outsized role in global oil markets.

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Headlines

Commission, journalists partner to revamp water sector in Kaduna

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The Kaduna State Water Services Regulatory Commission (KADWREC) says it is partnering media practitioners towards revamping water services in the state.

Mr Dogara Bashir, the Executive Chairman of KADWREC, disclosed this on Monday at a one-day workshop organised for media practitioners on regulation of ‘Water, Sanitation and Hygiene’ (WASH) activities held in Kaduna.

Bashir said the commission was aware of the importance of the role media practitioners played in the society.

He stated that the workshop was to provide an avenue to liaise with them as important stakeholders on water supply and sanitation services in the state.

Bashir said: “As media practitioners, we believe you are a gateway to the citizens so, the workshop would acquaint you with some of the regulations already in place so that you can in turn transmit it to the public

“The state of water services in Kaduna State is in dire need of attention and the State Water Corporation and KADWREC were established towards addressing the seeming challenges.

“The commission is mandated to ensure better service delivery and regulation of water and sanitation services in the State.

“The idea is that once the regulations are developed, we send them to the State Ministry of Justice to gazette and then we get the state government to endorse and give the go ahead to commence the implementation of the regulations

“We intend to implement them fully come January, 2025 God willing, as we have embarked on advocacy activities having gone to zones 1 and 2 where we talked to traditional rulers, security agencies and the Judiciary.”

He disclosed that a special Court has already been attached to the commission by the Chief Judge of the State for service providers who may likely violate regulations.

The chairman further said that amongst the commission’s objectives include ensuring security, reliability and quality of service in the production and delivery of water to the consumers as well making regulations to control the sinking of boreholes.

Others included; maximising access to water services by promoting and facilitating consumer connections to distribution systems in urban and rural areas.

According to Bashir, they also include ensuring that regulatory decision-making has regards to all the relevant health, safety, environmental and social legislation applying to the water sector.

Bashir further said that the commission collaborate with the relevant state and federal agencies on water policies.

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Crime

2 ladies docked for allegedly obtaining money by fraud

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The police in Lagos have dragged two women, Mmesuma Ofunna, and Blessing Adimekwe, before an Ojo Magistrates’ Court in Lagos, over alleged obtaining money by false pretence.

Ofunna, 22, and Adimekwe, 25, were arraigned before the Magistrate, Mr L K J Layeni, on a four-count charge bordering on conspiracy, obtaining by false pretence, stealing and conduct likely to breach peace.

They each, however, pleaded not guilty to the charge.

The prosecutor, ASP Simon Uche, told the court that the defendants conspired with others now at large, to commit the offence on Oct. 26 at the Okokomaiko area of Ojo.

He alleged that they had obtained the sum of N70, 000 from one Faith Ahamefule, with a promise not to post her nude photo on social media.

The prosecutor alleged that the defendants later posted the nude photo of the nominal complainant on social media, knowing that their promise was false.

He alleged that they stole the N70, 0000, thereby conducting themselves in a manner likely to breach public peace.

The offence contravenes the provisions of sections 168(d), 287, 314, and 411 of the Criminal Law of Lagos State 2015.

The court granted the defendants bails in the sum of N500, 000 each, with two sureties each in like sum.

He adjourned the case until Jan. 8, 2025 for mention.

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Headlines

Driver jailed 6 months for attempting to steal a car

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A Jos Magistrates’ Court on Monday, sentenced a 37-year-old driver, Ahmad Umar to six months in imprisonment for attempting to steal a car.

The Magistrate, Shawomi Bokkos, summarily tried and sentenced the convict after he pleaded guilty to the charge.

Bokkos in his judgment, ordered the convict to pay an option of N30, 000 fine or spend six months in prison.

Earlier, the Prosecutor, Insp Ibrahim Gokwat, told the court that the case was reported on Oct. 10, at the Area Command Police station through a distress call by one Sydney Peacemorie the complainant.

Gokwat said the complainant parked his Toyota RAV4 in front of Access Bank and went inside to carry out some transactions, only to return to find the convict inside his car.

“The convict unlawfully opened the car and was in the driver’s seat when the complainant raised alarm and he was apprehended, but his accomplice escaped.

“The convict was severely beaten by a mob but was rescued by the police,” said Gokwat.

“The prosecutor said that the offence contravened the Plateau Penal Code Law.

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