EU Expects New Sanctions on Belarus

The foreign ministers of the European Union (EU) countries will decide today on new sanctions against Belarus.

The main agenda items of the meeting in Luxembourg are Belarus, Iraq and Latin America, and the Caribbean.

EU ministers might impose new sanctions on this country due to the detention of opposition journalist Roman Protasevic last month. The sanctions would cover nearly 80 people and organizations involved in the landing of the plane.

In addition, the ministers will discuss economic sanctions targeting Belarusian sectors such as banking and petrochemicals. These sanctions may be ready before the EU Leaders’ Summit on 24-25 June.

German Foreign Minister Heiko Maas has called for broad economic sanctions against Minsk in light of the forced landing of a Ryanair flight in order to detain a dissident journalist.

“I think additional sanctions against Belarus are unavoidable,” Maas told German newspaper Die Welt.

“We should extend the sanctions to parts of the Belarusian economy, such as the potash industry or the energy sector. And we should deprive the government in Minsk of the possibility to raise funds within the EU by issuing government bonds,” he said.

EU foreign ministers will also meet with Iraqi Foreign Minister Fuad Hussein at their meeting today. Issues such as the EU’s aid to this country regarding Iraq; the EU’s sending an observer delegation before the October elections in Iraq; and the necessary assistance for the healthy organization of the elections will be among the discussions.

$1 Billion From Ikea And Rockefeller To Clean Energy

The Ikea Foundation and the Rockefeller Foundation announced that they plan to create a $1 billion fund to support renewable energy programs in developing countries.

In the joint statement, the firms stated that with the fund created this year, they aim to reduce greenhouse gas emissions and provide renewable energy to one billion people.

The Financial Times reported that each foundation would raise $500 million from venture capital. In addition, they hope to secure an additional $10 billion in funding from international development agencies this year. Later, it was stated that institutional investors would be reached to increase renewable energy investments in countries such as India, Nigeria, and Ethiopia.

Rajiv Shah, President of the Rockefeller Foundation, stated that this is commercially viable, “a $1 billion risk to be taken will unlock tens of billions of dollars. We’ve seen this work before in India.”

Foundations stated that they have already signed an agreement with the World Bank Group, International Finance Corp.

Ikea aims to be ‘Climate Friendly’ by 2030. Ingka Group, which owns most Ikea stores, announced in April that they plan to invest 4 billion euros in green energy.

Bitcoin Rocked by News From China

While new bans on cryptocurrency mining were on the agenda in China, a unit known as the ‘hash’ rate, which is used to measure the processing power of the Bitcoin network, fell significantly. In addition, the ban decision from China’s 3rd largest bank also caused a sharp decline in the crypto money market.

As of Sunday evening, Bitcoin fell by a total of 7 percent in four of the last five trading days, while the daily loss on the first trading day of the week exceeded 8 percent.

In a statement released by the Agricultural Bank of China, China’s 3rd largest bank, it was stated that it banned the use of its own services for cryptocurrency transactions. Thus, for the first time after the moves from the Chinese government, a bank banned related transactions in China.

Jonathan Cheesman, director of over-the-counter and institutional sales at crypto derivatives, exchange FTX, emailed clients on Saturday.

“There may be those who see the hash rate coming out of China positively in the long run, but in the near term, this has led to stock sales,” Cheesman said. While the coal mine accident in China in May was also influential in the decline of the hash rate in the country, the expectations that the government would tighten the measures for cryptocurrencies were also strengthened.

After a meeting between China’s Science and Technology Bureau and the Sichuan Ya’an Energy Bureau, Bitcoin miners in the region were informed that they must cease operations by June 25.

Sichuan, a region in the southwest of China, has been famous among Bitcoin mining farms due to the abundance of cheap hydroelectricity produced during the rainy season, which lasts for up to five months during the summer.

According to the Cambridge Center for Alternative Finance, China accounts for over 65% of the Bitcoin network’s hash rate. However, following Sichuan’s new development in halting mining operations, mining power backing Bitcoin fell almost 17%.

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