i says are increasing faster than wages and there's pressure on the government to do more to help those struggling rushes or and ukraine has contributed to a global spike in energy prices and disrupted supply chains. kristen's marking wholly weak in latin america are finally able to congregate at one of the most important churches in venezuela. the pandemic prevented the devout from praying to the sculpture of christ in the basilica of cent. theresa. any catholics in venezuela believe the beloved icon is capable of miracles, the faithful dress in purple and carried wooden crosses during a pilgrimage. when you can find out much more on our website, the address for that is w. w. w dot al jazeera told ah carrie johnston with the headlines here on al jazeera,

3 palestinians have been killed by israeli forces in the occupied. westbank. youngest was a 14 year old boy. israeli forces have been conducting raids over the past 5 days after palestinian gunmen killed. 3 israelis with last week is pictures of it. so while outside of another where he's really army vehicles have been pelting stones on speeding past remonstrated earlier. a court rule that an appeal what can be heard about reducing the sentence of a young palestinian held in an israeli prison? manasseh was 13 years old when he was arrested in 2015 in the occupied east. jerusalem. he and his cousin were linked to a stabbing of 2 israelis. nazareth was sentenced to 12 years in jail, where his family says he's suffering psychological trauma. russia says it's now in full control of the port in the ukrainian city of maria poll, but ukraine denies this. tens of thousands of civilians are trapped in the besieged city and its mayor says,

russian forces are covering up war crimes there. the u. s. is sending an additional $800000000.00 worth of security assistance to ukraine. this will include how it's a cannon's and $40000.00 artillery rounds. first hundreds more javelin this 1000 thousands more anti army systems. political haine has more not from washington dc. this is very significant, we're seeing now from the u. s. that they're willing to not only do more but her ride more for ukraine in its war efforts. there are reports that the u. s. is now looking at the intelligence, it's been sharing with ukraine and looking to expand that, including possibly showing russia locations in the don bass. or that is something they are exploring. something if they do, they probably won't confirm publicly police in the us state of michigan have released several videos showing the fatal shooting of a black man during the traffic stop early this month. 26 year old patrick lyre was killed on april. the 4th afterward, officers described as a lengthy struggle. i was family though,

says he was killed execution style. when police to new york city have arrested a man suspected of shooting 10 commuters and a subway station on tuesday morning, a massive manhunt to lead police to 62 year old frank james. these say he detonated to smoke grenades and opened fire with a semi automatic hand gun at brooklyn's 36th street station. there's all the headlines. news continues here now to 0. after counting the cost, we understand the differences. americans have cultures across the world. so no matter how you take it out here, we're bringing the news and current affairs that matter to you. countess era. ah, ah, ah, ah,

ah, ah, ah, hello, i'm fully bazzi bo, this is counting the costs on al jazeera. you weekly, look at the world of business and economics this week, unleashing a torrent of crude oil present. joe biden, orders what he says is the unprecedented release of u. s. oil reserves. how will that affect markets, and will it help cut prices at the pumps? also this week, what if russian gas tops i turned off germany is one of the e. u members most reliant on supplies and is particularly vulnerable. so can the germans weaned themselves all fresh and gas? and india imposes a tax on the profits of crypto care and see an ames to launch the digital whoopi. is that a move towards regulating virtual currency and how when investors be affected? ah, thank you very much for joining as gasoline prices have risen,

shot me after russia's invasion of ukraine, and americans are feeling the pinch at the gas pump with mid term elections just months away. present joe biden is under growing pressure to bring down the high energy prices. and he's attempting to do that by increasing supply. the president has ordered the release of at least a $180000000.00 barrels of oil from, from our history and provide historic amount of supply for historic amount of time, a 6 months bridge to the fall. while the announcement marks the 3rd, they leased from the government and his promise to speed up the adoption of green energy sources biden plans to invoke the defense production act, to support the production of battery petroleum reserves work. and what does biden's plan mean for the market? let's have a look at the figures. the u. s. held 168000000 barrels of oil as of march, and we'll have just 70000000 barrels in buffer. the release of $1000000.00 barrels of oil a day over 6 months would make up almost 5 percent of american demand and one percent

of global demand. that's why the i e, a said last month as much as $3000000.00 bowers a day of russian oil production would be lost because of us this hit a $139.00 a bow last month after russia invasion of ukraine began. the recent rise include prices has led to jump in gasoline prices in the u. s. much impact on price is beyond the very short term. well, i think there will be some impact, but it's probably gonna mainly be what you single risk that we see a really haven't fallen immediately off to the start the conflict. so these effects is still building up, and i think they're going to get worse over the next month, will to draw down these kind of rates. and it's not just the u. s. it's advanced economy around the world that are announcing big releases with seeing them use that reserves to it will help to bridge the supply gap created by russia. i think that's quite optimistic when we'll be looking out for cost full us show production. we do

see good release from strategic petroleum reserves, whether the u. s. or other countries. is it sufficient to what would it take to make up for the disruptions in russian supplies and fabulous the market where we think russian supplies gonna fall by not 2000000 barrels a day compared to the pre a conflict levels. and what these reserves releasing, these are reserves. richard, how does it exactly work? how is it structured? is it going to be an exchange or outright sales then? and what about logistical chat has said that it will re purchase this oil and refill the s b r later. but that's going to be for the government to do not for the buyers. so that's why it's not an exchange. um, but it doesn't mean if price is lower in the future. so anywhere under about a $100.00 a barrel for wi, the u. s. government, he's going to be a big buyer. oil change. and the problem is there are restrictions or limits on how much s p l and you can release and move around that system without disrupting and

impact. ready say that the market doesn't need opec plus to add more supply. they've been very, very reluctant over a couple of meetings since the conflict started to do anything to boy caught of russian oil and gas at all possible for europe. what impact will it have on, on european economies like germany, for example? well, i think if, even if he weeks ago, some kind of restriction on the late to this week and that break the 2 when it comes to functioning energy flows, it doesn't mean we'll definitely the europeans, my cut off russian oil and gas is the hardest one in terms of the level that europe depends on russian imports and also respond or how can you deal with that? technically it's going to be possible, but it is going to be very expensive and it's going to be very disruptive. and so we are starting to see markets trying to pricing what that would look like and how disrupted it might be. certainly you're going to get to the point where the demand

is going to be full of 2024 dummy cane re, for some 1000000000. the more gas installation is far removed from the fighting and ukraine. here the focus is on getting the product out of the ground and on its way to customers. 55 percent of german gas imports last year came from russia knows much faster than before. building new l n g, or liquid natural gas terminals cannot cover all of germany's energy needs. it's thought the terminals will not be on stream for several years. and in the meantime, gas will still be needed. this is the hides craft back in so long after crimea was annexed in 2014. germany's previous chancellor angle immacule did not stop the now shelved an old stream to pipeline. you tell me if that's appropriate because i think it's not. and i think it's a very badly valera and i don't think it should have happened. but many of the

elite in germany appear lower the incentives for conflict. because the moment human has trade in theory, are both sides. engage, invest haskin into politics and policies of the german government, but also of other european governments didn't work as we know. and yes, with hindsight, they should have known better. now those governments are leading a dash from gas. the european commission recently unveiled plans to cut many billions of cubic meters or b c. this will end our over dependency and give us much needed room to maneuver part of the e u plan. myra's proposals, and we will see you working governments across the board, ramping up programs for renewables. july 1000000000 from the german government's going into clean tech, going forward a whole program in the shape of repair europe at the european devil. what we don't

know is how such a move will be perceived in the kremlin, stopped with his recent requirement to make e states pay for gas in rubles, rather than dollars for euro's president put in, has already signal his intent. if these payments are not being accomplished, what we would consider it is biased, failure to meet their commitments with all the relevant consequent nile of energy could be catastrophic to the economy. donna kane, for counting the cost berlin. the india has long been concerned by chris owns a 30 percent tax on gains from the transfer of digital assets such as bit coins and non fungible tokens. here's our india correspondent, elizabeth brought them in, but the 24 year old is selling at least half of all his digital assets before new taxes on them come into effect. from april, investors will have to pay 30 percent tax on sales of crypto currencies and won't be able to offset any losses from one against profits from another. so that's how i

will be managing reducing affects for getting more inputs. dolphin 40 for reducing the volume of trades that i am doing daily. i'm probably we will be seeing that increased to extend that india we will be seeing or decrease the volume because the thought process is pretty soon the same introduction of the century. governance has a major increase in crypto currency. transactions has made it essential to impulse taxes. there are around $25000000.00 india to own crypto currency, with up to $10000000000.00 worth of assets being traded every month. the average investor is just 24 years old. and must have a portfolio size of $250.00 to $1300.00. on the founder of india. largest trading exchange says it doesn't make sense to impose the highest tax bracket regardless of earnings. so that amount that you all in a year is not activated at all. you don't have to be back. but if you are getting

into bed, you make a profit back, you still have to be and you put in, which is the highest. and that's something open for a lot of the plan going to nothing. i got good thought began investing in crypto currency when he was at university in 2016. the 23 year old day job is running his family's carpet business, but all of his earnings are invested and crypto currencies. he's not happy about the high taxes but relieved. the government isn't bad in crypto currency after it indicated last year that it would, i think that an important 1st step. i'm not happy about them. no, i'm obviously not happy with some of the particular things by these. we should like recall back in december, everyone with debt show that this is going either going to force liquidation from all exchange. then they're just going to ban it. and that didn't happen. many others agree with rog, of and say the taxes are too high and could push investors and businesses into

moving the assets to countries with more favorable tax laws. but they also agree they're better than an outright ban. elizabeth koran and al jazeera new delhi. now along with the capital gains charge, the government announced a one percent tax deductible at source o t t. yes, that will apply on old digital assets transfers above a certain size starting on july 1st, india will also roll out its own block chain base currency digital whoopee controlled by the indian central bank before april next year. joining us not from new york is roger bron global head of tax strategy. a chain analysis. thank you for being with us on counting the costs. roger is a big outcry in india right now after the government announced this 30 percent tax on virtual acid. i want to know 1st, how significant it is, how much tax is imposed on crypto currency in different countries worldwide. the tax, every country tends to tax crypto slightly differently. you see common themes,

the minority of countries, it's really only a handful of pose, no capital gains tax at all. and oftentimes they don't have a capital gains tax. in other instances, the only tax certain kinds of transactions in general, for example, last year in france, don't tax crypto for crypto trades. when i show x r p in exchange for a theory and they won't tax that. they'll wait till someone receives traditional fee on currency, which is just like o fray a term referring to cash. so 30 percent of the net gain or the with you divide asset for a 100, you saw what for 7 or 80, i have 20 again. so applying 30 percent a tax is similar to what many countries do. i would say that what is more than what some countries do is many countries will give you

a reduction where if you lose money on a sale, there will be a deduction, a capital loss that you can use to get similar types of gauge in the, in the proposal you're not allowed to do that. so i think that is a departure from some other countries where they also approach. and then i would say the one percent tax deduction source is also a departure from what you see in other countries. so that in effect, but it is creditable against the 30 percent of again, but that is a different increase. so the one percent of tax deductible at the source is a departure you say, when you look at india and compare it to other countries, how big is, is india's crypto currency ecosystem. and how much can the government hope to collect from, from this crypto tax? well, the indian ecosystem is quite large, as obviously

a very educated population. many people pursue tech and very people crypto and watching necessarily our technologies among the crypto indexing region the the really rank top. so india is a major section for bo and, and it will have a material impact that we're seeing test reports now that some exchanges are seeing 30 to 70 percent drops involve i would say that, unlike other asset classes, the market for trading crypto is global. so if somebody has a choice between jurisdiction a trade and jurisdiction be and the tax is different, then they'll go for that other jurisdiction. right? there is concern about patrick evasion, right?

i mean, will it be easy to track given the nature of the transactions? so there are technologies that one can determine where will some, where trading occurs. the 30 percent tax assuming that the tax applied at the individual level in india will tax indian taxpayer. but the taxing that was whether they're trading and was your accept or which or trading coin base, say us or coin which is not indian. this attaching the same, the person would, may choose, may choose to choose the tray or the foreign exchange is not in the exchange. if the terms of invasion in india will have technology available, where if they can associate trading on a non need exchange to a human being and india, then it is possible to determine whether it's tax evasion with technology the

o e c. d. go ahead. no, i was gonna ask you briefly, raj, a how it would affect investors and liquidity. it will a type of quality. they could drive down prices. crypto is global. so if somebody should get other prices in the jurisdictions in the use of major market, it could have a depression or reducing a depressing price on, on, on crypto india. i would say that you could have non indian traders come in and, and see that the one percent is acceptable and they'll come in and perhaps drive up the price of that goes to be determined. thank you so much for talking to us about this foncher avantia brown joining us from new york. thank you for your insight. thank you. and that is our show for this week. an entire episode for you to catch up. that's it for this edition of counting the cost some fully back to go from me

in the whole team.