In Geopolitics Today: Friday, December 2nd
India’s Expectations from a G20 Presidency, The EU Agrees $60 price cap on Russian Seaborne Oil, and other stories.
India’s Expectations from a G20 Presidency
India is expected to use its chairmanship to stress the need for increased representation in multilateral bodies and enhanced roles for middle powers. Indian Prime Minister Narendra Modi has slated leading the Group of Twenty (G20) is a “big opportunity” for India to “focus on global good.”
India has interests in establishing a multipolar world and its position as the leader of the Global South. New Delhi will hope that the chairmanship of the G20 will be a vehicle for India to move beyond its image as an emerging middle power and move toward achieving its great power ambitions by closing the gap with major powers like China. As such, promoting development on the international stage is a likely course for New Delhi to take throughout its chairmanship of the G20.
Read more about this story here.
Japan, South Korea and the US Sanction North Korea
Japan, South Korea and the United States have imposed sanctions on North Korean officials connected to the country’s illicit weapons programmes. The US Treasury Department named the individuals as Jon Il Ho, Yu Jin, and Kim Su Gil.
The sanctions will freeze any US-based assets of the individuals and bar dealings with them. In tandem with the US, South Korea’s foreign ministry also announced sanctions on seven other individuals, including a Singaporean and a Taiwanese citizen, as well as eight entities. Japan also designated three entities and an individual for new sanctions.
Read more about this story here.
Subsea Cables Under Threat as the War in Ukraine Drags On
Following successful sabotage operations on the Nord Stream 1 & 2 pipelines earlier this year, the critical infrastructure of all supporters of Ukraine is under increased threat from Russian reprisals. Increased Russian naval activity around deep-sea cables has heightened concerns that Russia may target them in an effort to disrupt support for Ukraine.
Attacks on infrastructure beyond Ukraine’s borders are on the rise, raising concerns that a sea cable attack could become likely in the future. The likelihood that Russia could target one may grow as the war in Ukraine continues, with the most vulnerable cables located in choke points where major undersea cables intersect. Depending on the level of damage an actor like Russia may seek to cause, Moscow might find targeting undersea cables as an attractive means of putting pressure on Ukraine’s international support.
Read more about this story here.
The EU Agrees $60 Price Cap on Russian Seaborne Oil
European Union leaders have agreed on a $60 per barrel price cap on Russian seaborne oil. The idea originated from the Group of Seven (G7) nations and has been tentatively been accepted with an adjustment mechanism to keep the cap at 5% below the market price.
The agreement still requires approval from all EU governments by Friday. If ratified, the price cap would come into effect on December 5 and replace a previously-agreed ban on buying all Russian seaborne crude. The price cap promises to prohibit shipping and insurance companies from delivering cargoes of Russian crude unless sold at or below the cap. The world's key shipping and insurance firms are almost all based in G7 countries, giving them considerable leverage to set the price cap and complicate Russia’s efforts to sell its oil for a higher price.
Read more about this story here.
The US Designates Pakistan’s Militant Groups as Terrorist Organizations
The United States has added four leaders from a major anti-Pakistani militant group and its affiliated branch to its list of “global terrorists,” triggering sanctions in the process.
Washington’s announcement comes days after the Tehrik-e-Taliban Pakistan (TTP) militant group ended a months-long ceasefire with Pakistan and resumed attacks across the country. The threat issued by the TTP forced Pakistani authorities to tighten security outside public places. The TTP has reportedly asked its fighters to target Pakistani security forces across the entire country. The US decision signals an alignment between Washington and Islamabad on state authority across Pakistan, and comes after a string of other cooperative actions between Washington and Islamabad since Pakistan’s former leader was ousted from government.