MULTILATERAL: Sanctions & more – 4th Jun 2024

Saluton from BA! This is the Rorshok Multilateral Update from the 4th of June twenty twenty-four. A summary of what's going down in the world's major multilateral institutions.

On Friday the 31st, the European Council imposed sanctions on three Iranian organizations and six individuals also from Iran in connection to the supplying of drones to Russia for its war against Ukraine. Among those sanctioned are Iran's Defense Minister and the Islamic Revolutionary Guard Corps Navy. These measures also target individuals involved in drone and missile transfers across the Middle East and the Red Sea. The sanctions align with the EU's decision in April to tighten restrictions on Iran following its missile and drone strikes against Israel. Iran has been at odds with and often directly combatted the interests of the EU and the US abroad, notably through its support of entities that routinely attack Israel. Iran has also supplied Russia with drones that the country uses in its war against Ukraine.

Also concerning Eastern Europe, Ukrainian President Volodymyr Zelenskyy said that several of Ukraine's allies, who are in favor of the country joining NATO, might succeed in swaying the US to their side on Saturday the 1st. He emphasized that decisions concerning Ukraine are often collective and highlighted that many countries support Ukraine's bid for NATO membership. Zelenskyy likened the NATO membership issue to previous tough decisions faced by the Allies, such as whether to allow Ukraine to use Western weapons inside Russia, which is a stance the US has only recently endorsed. While the United States and many other NATO countries support Ukraine’s defense, some are wary of granting it full membership during its ongoing war with Russia.

Moving on, from Thursday the 6th to Sunday the 9th, Europeans will vote to decide the composition of the next European Parliament, which will consist of 720 lawmakers. One of their first big tasks will be deciding whether to keep the president of the European Commission, Ursula von der Leyen. There are predictions that the election will bring victory to Europe’s citizens who are less in favor of environmental regulation and to those who support manufacturing, security, agriculture, and hardline stances on immigration.

Ukraine has also been in the news on the financial front. On Friday the 31st, the International Monetary Fund, or IMF, revealed that it has come to a staff-level agreement with Ukrainian officials for the fourth review of their four-year Extended Fund Facility Arrangement. The IMF said in a press release that Ukraine could receive around $2 billion dollars. Still, the disbursement is waiting for the IMF’s executive board approval. Many multilateral organizations like the IMF have supported Ukraine financially in addition to NATO’s military means.

Up next, some updates on energy, the Organization of Petroleum Exporting Countries agreed to maintain current oil production levels until the end of twenty twenty-five at a conference in the United Arab Emirates on Sunday the 2nd. Production levels for twenty twenty-six will be based on data from independent sources. This decision continues the voluntary production cuts of about two million barrels per day announced last November, with a plan to gradually ease some of these cuts starting in October twenty twenty-four. Aiming to stabilize crude prices and meet market demands, this Sauid-driven decision highlights the country’s efforts to align the interests of various member nations.

In climate news, on Tuesday the 28th, the World Wildlife Fund, or WWF, expressed optimism in response to the US government's release of principles for the voluntary carbon market. Marcene Mitchell, WWF's senior vice president of climate change, highlighted the potential of carbon credits to transition to renewable energy. Carbon credits are a system to regulate emissions that some experts believe could be a crucial step in combatting climate change on a global level. Other experts criticize carbon credits because they believe they are not doing enough to combat climate change and are too slow for a solution.

Also concerning climate mitigation efforts, the Organization for Economic Cooperation and Development, or OECD, confirmed on Wednesday, the 29th of May, that developed countries finally met their pledge to provide $100 billion dollars to aid poorer nations in fighting climate change. Initially committed in two thousand nine, developed nations vowed to transfer $100 billion annually from twenty twenty onwards to help developing countries cope with the rising costs of climate change-induced disasters. The OECD report revealed that they surpassed this goal by delivering $116 billion in climate finance in twenty twenty-two, including private finance mobilized by public funds. However, the shortfall of the promised $100 billion has sparked political tensions during recent U.N. climate talks, as some developing nations argue that they could not accelerate CO2 emissions reductions without the full support of the world's economic powerhouses.

Onto environmental news in the Pacific: on Monday the 27th The United Nations’ Food and Agriculture Organization, or FAO, emphasized the effectiveness of unconditional cash assistance during the El Niño phenomenon in Isabela province. The phenomenon changes environmental factors like temperature that can affect agricultural conditions. Targeting almost 1,000 farming households, the one-time cash distribution aided in meeting basic needs and exploring alternative livelihoods, like vegetable trading, amid drought conditions. Additionally, FAO provided supplemental cash for irrigation and distributed farm tools to registered farmers. While acknowledging the immediate relief, FAO stressed that stronger and long-term measures are needed.

In international law, the President of Chile announced on Sunday the 2nd that his country would support South Africa's case against Israel at the International Court of Justice, or ICJ, accusing Israel of genocide in its conflict with Hamas. The ICJ is currently examining South Africa's case and has instructed Israel to take all possible actions to prevent acts of genocide during its operations against Hamas. The International Criminal Court, or ICC, issued arrest warrants against Hamas leaders and Israel’s Prime Minister Benjamin Netanyahu.

More on the ICC, as it is facing mounting external pressure, with allegations of espionage targeting the court concerning its role in Israel’s conflict in Gaza. On Wednesday the 29th, the British newspaper the Guardian reported that there were allegations that Yossi Cohen, the former chief of the Israel Intelligence Service, exerted pressure on Fatou Bensouda, the former ICC chief prosecutor, to cease investigations in the Palestinian territories.

On another note, on Thursday, the 1st, the UN Security Council voted to keep an arms embargo on South Sudan in the face of its current conflict. This decision came as South Sudan’s government, the African Union, and countries like Russia and China, asked for the restrictions to be lifted or eased. The resolution prolongs travel bans and asset freezes on certain South Sudanese individuals listed on the UN sanctions blacklist until 31st of May twenty twenty-five.

On Monday the 27th, Nigerian government groups adopted plans for combatting internal displacement, an initiative endorsed by the International Organization for Migration, or IOM. With over two million people displaced, including internally displaced persons, returnees, and refugees, internal displacement remains Nigeria’s most pressing humanitarian issue.

And to close this edition, a new global labor report from the International Labor Organization (or IOL) from Wednesday the 29th forecasts a slight drop in the global unemployment rate in twenty twenty-four, contrary to an earlier prediction from the IOL of a slight rise due to anticipated joblessness in advanced economies.

Aaand that’s it for this week! Thank you for joining us!

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