Germany launches additional measures against Russia's 'shadow fleet'
BERLIN - Germany has pledged additional measures to further counter Russia's so-called "shadow fleet" operating in the Baltic and North Sea, the foreign ministry said on Tuesday in a statement.
Western sanctions aimed at cutting Russia's oil revenues following its invasion of Ukraine have led to the rise of a vast "shadow fleet" of tankers that helps Moscow to keep its crude exports flowing.
From Tuesday German authorities have begun questioning passing tankers about their insurance coverage against oil pollution damage, the foreign ministry said, adding that the insurance coverage of "shadow fleet" vessels is often unknown, as they avoid reputable insurers and European ports.
"Our goal is very clear: We are increasing the pressure on the Russian shadow fleet and protecting the Baltic Sea," German Foreign Minister Johann Wadephul in the statement. REUTERS
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
11 minutes ago
- Straits Times
How Apple gave ‘the gift of fire' to Chinese electronics firms
Sign up now: Get ST's newsletters delivered to your inbox A new book explains how Apple's obsession with sleek design and efficiency supercharged China's electronics sector – and why decoupling may be impossible. It was Christmas 1998, and a secret commercial experiment was under way in an Apple facility in Ang Mo Kio. A team of over 20 employees had just flown in. Over the next few months, they would toil six days a week, sometimes up to 15 hours a day, to master a single task: learning how to assemble Apple's brightly coloured iMac, which came with a chunky cathode ray tube monitor imported from LG in South Korea.
Straits Times
11 minutes ago
- Straits Times
EU presses China on rare earths and Ukraine war
Sign up now: Get ST's newsletters delivered to your inbox Chinese Foreign Minister Wang Yi meets with EU High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission Kaja Kallas in Brussels, Belgium July 2, 2025. REUTERS/Yves Herman BRUSSELS - The European Union's top diplomat urged China's foreign minister on Wednesday to end restrictions on rare earths exports and warned that Chinese firms' support for Russia's war in Ukraine posed a serious threat to European security, the EU said. The statement from the EU's diplomatic service came after Kaja Kallas, the bloc's high representative for foreign policy, met Chinese Foreign Minister Wang Yi in Brussels. Kallas "called on China to put an end to its distortive practices, including its restrictions on rare earths exports, which pose significant risks to European companies and endanger the reliability of global supply chains," the EU said. On trade, Kallas urged "concrete solutions to rebalance the economic relationship, level the playing field and improve reciprocity in market access". She also "highlighted the serious threat Chinese companies' support for Russia's illegal war poses to European security". China says it does not provide military support to Russia for the war in Ukraine. But European officials say Chinese companies provide many of the vital components for Russian drones and other weapons used in Ukraine. Kallas called on China "to immediately cease all material support that sustains Russia's military industrial complex" and support "a full and unconditional ceasefire" and a "just and lasting peace in Ukraine". Top stories Swipe. Select. Stay informed. Singapore Singapore and Cambodia to expand collaboration in renewable energy, carbon markets and agri-trade World Trump announces Vietnam trade deal with 20% import tariff Singapore From camping to mentorship, Singapore Scouts mark 115th anniversary of the youth movement Singapore Ong Beng Seng's court hearing rescheduled one day before he was expected to plead guilty World Sean 'Diddy' Combs convicted on prostitution counts but cleared of more serious charges Singapore Teen, 17, to be charged with allegedly trespassing on MRT tracks Singapore Granddaughter of Hin Leong founder O.K. Lim fails to keep 3 insurance policies from creditors' reach Singapore Man on trial for raping drunken woman after offering to drive her and her friend home Wednesday's discussions were to lay the groundwork for a summit between EU and Chinese leaders later this month. Wang also met earlier in the day with European Council President Antonio Costa as part of those preparations. In that meeting, Wang called on both sides to respect each other's core interests and increase mutual understanding, adding that "unilateralism and acts of bullying have seriously undermined the international order and rules," according to a Chinese foreign ministry statement. EU officials had said they would use the meeting between Kallas and Wang to urge China to use its influence as Iran's main oil buyer to press Tehran to make a deal over its nuclear programme and de-escalate conflict in the Middle East. The EU statement did not say whether those efforts had borne any fruit. But it said Kallas and Wang "agreed on the importance of the Nuclear Non-Proliferation Treaty as the cornerstone of the global nuclear non-proliferation regime". The EU and Britain, France and Germany are parties to a 2015 nuclear deal with Iran that Washington abandoned in 2018, which they hope to revive. Iran has always said its nuclear programme is peaceful and denies seeking a weapon. Costa and European Commission President Ursula von der Leyen will travel to China for the summit with Chinese President Xi Jinping and Premier Li Qiang on July 24-25. REUTERS
Straits Times
25 minutes ago
- Straits Times
S&P 500, Nasdaq end at record highs after US-Vietnam trade deal
Sign up now: Get ST's newsletters delivered to your inbox Traders work on the floor of the New York Stock Exchange, in New York City. NEW YORK - The S&P 500 and Nasdaq ended at fresh records on July 2 after President Donald Trump announced a trade deal with Vietnam, offsetting weak hiring data. The session began in a dreary fashion after payroll firm ADP said the US private sector lost 33,000 jobs in June, adding to worries ahead of July 3 critical government jobs data. But markets greeted Mr Trump's announcement that he reached a deal with Vietnam. 'Little by little, we are coming to agreements,' said Mr Sam Stovall, of CFRA Research. This 'should be regarded as positive.' The broad-based S&P rose 0.5 per cent to 6,227.42, its third all-time high in the last four sessions. The tech-rich Nasdaq Composite Index gained 0.9 per cent to 20,393.13, also a record, while the Dow Jones Industrial Average was unchanged at 44,484.42. The strong performance in stocks came in spite of a rise in US Treasury yields that suggests unease in the bond market as Congress weighs Mr Trump's massive tax and spending package that has been projected to swell US debt. 'It's driven a wedge between stocks and bonds,' said Mr Jack Ablin, of Cresset Capital Management. 'Equity markets are applauding the tax cuts... bond markets are concerned about the long-term effects.' Among individual companies, Tesla rose 4.7 per cent as the company reported a 13.5 per cent drop in second quarter auto sales. However, the figures were not as bad as some experts expected. Some apparel stocks rose after Mr Trump's deal with Vietnam meant goods would be subjected to a 20 per cent tariff instead of an even bigger 46 per cent levy threatened by Trump. Ralph Lauren gained 0.9 per cent and Gap and Lululemon Athletica both won 0.5 per cent. AFP
