The Kremlin cautioned on Saturday that Russia would not accept a price ceiling on its oil and that it is considering its options in response to the Western-led accord to cut a critical source of funding for Russia's struggle in Ukraine.

Dmitry Peskov, a Kremlin spokesperson, told TASS that the Group of Seven, the European Union, and Australia are preparing to implement a price cap on Friday. According to RIA, Putin stated that Russia would undertake a quick review of the deal before responding.

Russia has stated unequivocally that it will not supply oil to nations that impose quotas. "Europe will no longer purchase Russian oil beginning this year," a Kremlin spokeswoman claimed.

The G7 price ceiling does not preclude non-EU countries from continuing to buy Russian crude oil by ship, but it does ban shipping, insurance, and reinsurance companies from moving cargoes of Russian crude oil throughout the world unless it is sold for less than $60 per barrel. This might make transporting Russian oil priced over the quota more difficult, even to non-signatory countries.

The cap, according to US Treasury Secretary Janet Yellen, will be of enormous help to low- and middle-income nations, which have suffered the most from rising oil and food prices. "With Russia's economy already in decline and its budget becoming even more constricted," Yellen said in a statement, "President Vladimir Putin will quickly lose his most substantial source of money."

The Russian embassy in the United States criticised the "dangerous" Western move in Telegram messages and stated that Moscow will continue to find oil customers. "Such measures would unavoidably generate uncertainty and increase raw material consumers' expenditures," the statement stated.

Despite the recent removal of the unlawful and dangerous weapon, we are certain that demand for Russian oil will persist.

Former British Prime Minister Liz Truss announced her resignation as Prime Minister of the United Kingdom and leader of the Conservative party on Thursday, October 20, 2022. Rishi Sunak became the first Indian-born British prime minister.

Liz Truss succeeded Boris Johnson as prime minister on September 6 after winning the Conservative Party leadership election and defeating Rishi Sunak. However, she resigned only 44 days after taking over for Boris Johnson. It follows a turbulent 45 days in power, during which Truss' mini-budget collapsed the markets, she lost two key ministers, and nearly all of her own MPs lost faith in her leadership.

Ms. Truss acknowledged in a statement that she was unable to carry out her duties. She stated in a statement, “ I came into office at a time of great economic and international instability. Families and businesses were worried about how to pay their bills. Putin’s illegal war in Ukraine threatens the security of our whole continent. And our country had been held back for too long by low economic growth. I was elected by the Conservative Party with a mandate to change this. We delivered on energy bills and on cutting national insurance. And we set out a vision for a low tax, high growth economy – that would take advantage of the freedoms of Brexit.

I recognise though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty The King to notify him that I am resigning as Leader of the Conservative Party. This morning I met the Chair of the 1922 Committee Sir Graham Brady. We have agreed there will be a leadership election to be completed in the next week. This will ensure we remain on a path to deliver our fiscal plans and maintain our country’s economic stability and national security. I will remain as Prime Minister until a successor has been chosen.”

Rishi Sunak became the first British prime minister of Indian descent when he was elected as the leader of the Conservative Party in the British parliament after Penny Mordaunt withdrew despite promising her full support. Sunak, who lost the leadership race to rival Liz Truss only six weeks ago, received substantial support from party members after Boris Johnson's withdrawal on Sunday evening. Rishi Sunak made history when he became the first Indian-born British prime minister and the nation's first non-white head of state. Normalcy has returned to British politics following the Conservative Party's nomination of Rishi Sunak as the next prime minister.

However, the magnitude of the impending financial burden has not decreased. What the government does next in terms of fiscal policy will determine how much the Bank of England believes it can raise interest rates, as well as the level of economic hardship businesses and consumers will face this winter. Financial markets have praised Sunak's nomination as a sign of political stability in the wake of Liz Truss' disastrous push for growth through unfunded tax cuts, which destroyed the pound and sent government bond yields soaring over the past month.

The 14th edition of Narsee Moniee Model United Nations is here, upholding the legacy that you get to be a part of! We are thrilled to announce that we have received yet another letter of appreciation and this time is it from the Central Government of India. Mr. Hardeep S. Puri is the Minister of Housing and Urban Affairs (the record for the longest-serving minister); and the Petroleum and Natural Gas Government of India. He has served as the UN Security Council's Counter-Terrorism Committee chairman.

He is also credited with publishing two popular books:

1. Perilous Interventions: The Security Council and the Politics of Chaos
2. Delusional Politics: Back to the Future Narsee Monjee Model United Nations, which has a distinguished and highly-regarded track record, is back to present yet another successful debate!

Carrying forward the legacy of one of the most prestigious Model United Nations, we are proud to share that we have achieved yet another significant milestone. We have received letter of Appreciation by Mr. Sidharth Luthra, former Additional Solicitor General of India, a Criminal Lawyer, a Senior Advocate at the Supreme Court of India and an Inspiration in the field of Law. Mr. Sidharth Luthra has over fifteen publications and a compelling read titled 'Rape: Violation of the Chastity or Dignity of Woman? A Feminist Critique of Indian Law!. We are extremely proud of our history, and we can guarantee that the Narsee Monjee Model UN is back to serve yet another powerful conference!