EU targets Russia's energy revenue with new sanctions
The EU will set a moving price cap on Russian crude at 15 per cent below its average market price, EU diplomats said, aiming to improve on a largely ineffective $US60 cap that the Group of Seven major economies have tried to impose since December 2022.
"The EU just approved one of its strongest sanctions packages against Russia to date," EU foreign policy chief Kaja Kallas said on X on Friday.
"We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow."
Yet Russia has so far managed to sell most of its oil - the lifeblood of its state finances - above the previous price cap as the current mechanism makes it unclear who must police its implementation.
Traders doubt the new EU sanctions will significantly disrupt Russian oil exports.
Kremlin spokesman Dmitry Peskov shrugged off the EU move, which would, at current prices, aim to cap the price of Russian crude at roughly $US47.60 per barrel.
Benchmark Brent futures rose marginally on Friday to about $US70.
"We have repeatedly said that we consider such unilateral restrictions illegal, we oppose them," Peskov told reporters.
"But at the same time, of course, we have already acquired a certain immunity from sanctions, we have adapted to life under sanctions."
The package also bans transactions related to Russia's Nord Stream gas pipelines under the Baltic Sea, and with Russia's financial sector.
Kallas said 105 ships in Russia's "shadow fleet", the term used by Western officials for ships that Moscow uses to circumvent oil sanctions, had been blacklisted, along with Chinese banks that "enable sanctions evasion", which she did not name.
Ukrainian President Volodymyr Zelenskiy called the decision "essential and timely" as Russia intensifies its air war on Ukrainian cities and villages.
Foreign Minister Andrii Sybiha added: "Depriving Russia of its oil revenues is critical for putting an end to its aggression."
The European Union and Britain have been pushing to lower the G7 cap for the last two months after a fall in oil futures made the level of $US60 a barrel largely irrelevant.
But the United States has resisted, leaving the EU to move forward on its own, but with only limited power to enforce the measure, analysts and oil traders say.
As the dollar dominates global oil transactions, and US financial institutions play the central role in clearing payments, the EU cannot block trades by denying access to dollar clearing.
Agreement on the new EU package was held up for weeks as Slovakian Prime Minister Robert Fico demanded concessions on a separate plan to phase out EU dependence on Russian oil and gas.
Fico announced on Thursday night that he was ending his opposition.
Countries such as Greece, Cyprus and Malta had expressed concerns about the effect of the oil price cap on their shipping industries.
But Malta, the last of the trio to hold out, also came on board on Thursday.
The European Union has agreed an 18th package of sanctions against Russia over its war in Ukraine, including measures aimed at dealing further blows to the Russian oil and energy industry.
The EU will set a moving price cap on Russian crude at 15 per cent below its average market price, EU diplomats said, aiming to improve on a largely ineffective $US60 cap that the Group of Seven major economies have tried to impose since December 2022.
"The EU just approved one of its strongest sanctions packages against Russia to date," EU foreign policy chief Kaja Kallas said on X on Friday.
"We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow."
Yet Russia has so far managed to sell most of its oil - the lifeblood of its state finances - above the previous price cap as the current mechanism makes it unclear who must police its implementation.
Traders doubt the new EU sanctions will significantly disrupt Russian oil exports.
Kremlin spokesman Dmitry Peskov shrugged off the EU move, which would, at current prices, aim to cap the price of Russian crude at roughly $US47.60 per barrel.
Benchmark Brent futures rose marginally on Friday to about $US70.
"We have repeatedly said that we consider such unilateral restrictions illegal, we oppose them," Peskov told reporters.
"But at the same time, of course, we have already acquired a certain immunity from sanctions, we have adapted to life under sanctions."
The package also bans transactions related to Russia's Nord Stream gas pipelines under the Baltic Sea, and with Russia's financial sector.
Kallas said 105 ships in Russia's "shadow fleet", the term used by Western officials for ships that Moscow uses to circumvent oil sanctions, had been blacklisted, along with Chinese banks that "enable sanctions evasion", which she did not name.
Ukrainian President Volodymyr Zelenskiy called the decision "essential and timely" as Russia intensifies its air war on Ukrainian cities and villages.
Foreign Minister Andrii Sybiha added: "Depriving Russia of its oil revenues is critical for putting an end to its aggression."
The European Union and Britain have been pushing to lower the G7 cap for the last two months after a fall in oil futures made the level of $US60 a barrel largely irrelevant.
But the United States has resisted, leaving the EU to move forward on its own, but with only limited power to enforce the measure, analysts and oil traders say.
As the dollar dominates global oil transactions, and US financial institutions play the central role in clearing payments, the EU cannot block trades by denying access to dollar clearing.
Agreement on the new EU package was held up for weeks as Slovakian Prime Minister Robert Fico demanded concessions on a separate plan to phase out EU dependence on Russian oil and gas.
Fico announced on Thursday night that he was ending his opposition.
Countries such as Greece, Cyprus and Malta had expressed concerns about the effect of the oil price cap on their shipping industries.
But Malta, the last of the trio to hold out, also came on board on Thursday.
The European Union has agreed an 18th package of sanctions against Russia over its war in Ukraine, including measures aimed at dealing further blows to the Russian oil and energy industry.
The EU will set a moving price cap on Russian crude at 15 per cent below its average market price, EU diplomats said, aiming to improve on a largely ineffective $US60 cap that the Group of Seven major economies have tried to impose since December 2022.
"The EU just approved one of its strongest sanctions packages against Russia to date," EU foreign policy chief Kaja Kallas said on X on Friday.
"We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow."
Yet Russia has so far managed to sell most of its oil - the lifeblood of its state finances - above the previous price cap as the current mechanism makes it unclear who must police its implementation.
Traders doubt the new EU sanctions will significantly disrupt Russian oil exports.
Kremlin spokesman Dmitry Peskov shrugged off the EU move, which would, at current prices, aim to cap the price of Russian crude at roughly $US47.60 per barrel.
Benchmark Brent futures rose marginally on Friday to about $US70.
"We have repeatedly said that we consider such unilateral restrictions illegal, we oppose them," Peskov told reporters.
"But at the same time, of course, we have already acquired a certain immunity from sanctions, we have adapted to life under sanctions."
The package also bans transactions related to Russia's Nord Stream gas pipelines under the Baltic Sea, and with Russia's financial sector.
Kallas said 105 ships in Russia's "shadow fleet", the term used by Western officials for ships that Moscow uses to circumvent oil sanctions, had been blacklisted, along with Chinese banks that "enable sanctions evasion", which she did not name.
Ukrainian President Volodymyr Zelenskiy called the decision "essential and timely" as Russia intensifies its air war on Ukrainian cities and villages.
Foreign Minister Andrii Sybiha added: "Depriving Russia of its oil revenues is critical for putting an end to its aggression."
The European Union and Britain have been pushing to lower the G7 cap for the last two months after a fall in oil futures made the level of $US60 a barrel largely irrelevant.
But the United States has resisted, leaving the EU to move forward on its own, but with only limited power to enforce the measure, analysts and oil traders say.
As the dollar dominates global oil transactions, and US financial institutions play the central role in clearing payments, the EU cannot block trades by denying access to dollar clearing.
Agreement on the new EU package was held up for weeks as Slovakian Prime Minister Robert Fico demanded concessions on a separate plan to phase out EU dependence on Russian oil and gas.
Fico announced on Thursday night that he was ending his opposition.
Countries such as Greece, Cyprus and Malta had expressed concerns about the effect of the oil price cap on their shipping industries.
But Malta, the last of the trio to hold out, also came on board on Thursday.
The European Union has agreed an 18th package of sanctions against Russia over its war in Ukraine, including measures aimed at dealing further blows to the Russian oil and energy industry.
The EU will set a moving price cap on Russian crude at 15 per cent below its average market price, EU diplomats said, aiming to improve on a largely ineffective $US60 cap that the Group of Seven major economies have tried to impose since December 2022.
"The EU just approved one of its strongest sanctions packages against Russia to date," EU foreign policy chief Kaja Kallas said on X on Friday.
"We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow."
Yet Russia has so far managed to sell most of its oil - the lifeblood of its state finances - above the previous price cap as the current mechanism makes it unclear who must police its implementation.
Traders doubt the new EU sanctions will significantly disrupt Russian oil exports.
Kremlin spokesman Dmitry Peskov shrugged off the EU move, which would, at current prices, aim to cap the price of Russian crude at roughly $US47.60 per barrel.
Benchmark Brent futures rose marginally on Friday to about $US70.
"We have repeatedly said that we consider such unilateral restrictions illegal, we oppose them," Peskov told reporters.
"But at the same time, of course, we have already acquired a certain immunity from sanctions, we have adapted to life under sanctions."
The package also bans transactions related to Russia's Nord Stream gas pipelines under the Baltic Sea, and with Russia's financial sector.
Kallas said 105 ships in Russia's "shadow fleet", the term used by Western officials for ships that Moscow uses to circumvent oil sanctions, had been blacklisted, along with Chinese banks that "enable sanctions evasion", which she did not name.
Ukrainian President Volodymyr Zelenskiy called the decision "essential and timely" as Russia intensifies its air war on Ukrainian cities and villages.
Foreign Minister Andrii Sybiha added: "Depriving Russia of its oil revenues is critical for putting an end to its aggression."
The European Union and Britain have been pushing to lower the G7 cap for the last two months after a fall in oil futures made the level of $US60 a barrel largely irrelevant.
But the United States has resisted, leaving the EU to move forward on its own, but with only limited power to enforce the measure, analysts and oil traders say.
As the dollar dominates global oil transactions, and US financial institutions play the central role in clearing payments, the EU cannot block trades by denying access to dollar clearing.
Agreement on the new EU package was held up for weeks as Slovakian Prime Minister Robert Fico demanded concessions on a separate plan to phase out EU dependence on Russian oil and gas.
Fico announced on Thursday night that he was ending his opposition.
Countries such as Greece, Cyprus and Malta had expressed concerns about the effect of the oil price cap on their shipping industries.
But Malta, the last of the trio to hold out, also came on board on Thursday.
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9 News
4 minutes ago
- 9 News
US is auctioning seized $500 million Russian yacht
The US government is auctioning off the $US325 million ($500 million) yacht Amadea, its first sale of a seized Russian luxury ship since the start of Moscow's invasion of Ukraine. The auction, which closes on September 10, comes as President Donald Trump seeks to increase pressure on Russian President Vladimir Putin to end the war. The US has said it's working with allies to put pressure on Russian oligarchs, some of whom are close to Putin and have had their yachts seized, to try to compel him to stop the war. The 106-metre-long yacht, seized three years ago and currently docked in the US city of San Diego, was custom-built by the German company Lürssen in 2017. Designed by François Zuretti, the yacht features an interior with extensive marble work, eight state rooms, a beauty salon, a spa, a gym, a helipad, a swimming pool and a lift. It accommodates 16 guests and 36 crew members. Meanwhile, Eduard Khudainatov, a former chairman and chief executive of the state-controlled Russian oil and gas company Rosneft, who has not been sanctioned, claims to own it. US prosecutors say Khudainatov is a straw owner of the yacht, intended to conceal the yacht's true owner, Kerimov. Litigation over the true ownership of the yacht is ongoing. A representative of Khudainatov said in an emailed statement on Wednesday that the planned sale of the yacht is 'improper and premature' since Khudainatov is appealing a forfeiture ruling. 'We doubt it will attract any rational buyer at fair market price, because ownership can, and will, be challenged in courts outside the United States, exposing purchasers to years of costly, uncertain litigation,' said the representative, Adam Ford. The yacht has been virtually untouched since the US National Maritime Services took custody of it in 2022. To submit a sealed bid on it, bidders must put in a $US11.6 million deposit, to be considered. Ford said Khudainatov would go after any proceeds from the sale of the yacht, estimated to be worth $US325 million. 'Should the government press ahead simply to staunch the mounting costs it is imposing on the American taxpayer, we will pursue the sale proceeds, and any shortfall from fair market value, once we prevail in court," Ford said. An American aid package for Ukraine signed into law last May gave the US the ability to seize Russian state assets in the US and use them for the benefit of Kyiv, which was attacked by Russia in February 2022.
The Advertiser
34 minutes ago
- The Advertiser
Asia stocks end mostly higher on US rate cut hopes
Asian stocks mostly advanced on Thursday, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings, growing hopes for a ceasefire in Ukraine and expectations for US rate cuts boosted sentiment. Markets largely shook off US President Donald Trump's latest tariff volleys, including an additional 25 per cent tariff on US imports from India over purchases of Russian oil and a threatened 100 per cent duty on chips. "It's surprising that everything that gets thrown at the market that it just continues to melt-up," said Eddie Kennedy, head of bespoke discretionary fund management at Marlborough. Europe's STOXX 600 rose 0.5 per cent, with major indexes in Frankfurt and Paris up one per cent and 0.8 per cent, respectively. Britain's FTSE 100 was the outlier, dropping 0.3 per cent. In Asia, Japan's broad Topix index rose 0.7 per cent to a record closing high, with the more tech-focused Nikkei climbing 0.65 per cent. In China, stocks rose for a fourth straight day to close at a three-and-a-half year high as upbeat export data added fuel to the recent market rally. The Shanghai Composite index climbed 0.2 per cent 3,639.67, the highest such close since December 2021. The blue-chip CSI300 index was little changed. Hong Kong's Hang Seng index rose 0.69 per cent. Taiwan's stock benchmark surged as much as 2.6 per cent to a more than one-year peak. Shares in chipmaker TSMC, which this year announced additional investment in its US production facilities, soared 4.9 per cent to a record high. The KOSPI added 0.6 per cent, with South Korea's top trade envoy saying Samsung Electronics and SK Hynix would not be subject to 100 per cent tariffs. US S&P 500 futures rose 0.3 per cent. On Wednesday, the cash index climbed 0.7 per cent. "Wall Street seems to have gotten its mojo back," analyst Kyle Rodda wrote in a note. "However, there are persistent risks to the downside. Downside surprises in official data are increasing," he said. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the US President's dovish views on monetary policy. Focus is centring on Trump's nomination to fill a coming vacancy on the Fed's Board of Governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The benchmark 10-year US Treasury yield was little changed at 4.2365 per cent. The two-year yield, which is more sensitive to changes in interest rate expectations, was up one basis point at 3.7134 per cent, close to a three-month low of 3.659 per cent touched on Monday. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, eased 0.2 per cent to 98.031, extending a 0.6 per cent drop from Wednesday. The euro added 0.2 per cent to $US1.1686, following the previous session's 0.7 per cent jump. Sterling rose 0.2 per cent to $US1.3378. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change. In commodities, spot gold added 0.3 per cent to $US3,376 an ounce, after earlier hitting its highest level in two weeks. with DPA Asian stocks mostly advanced on Thursday, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings, growing hopes for a ceasefire in Ukraine and expectations for US rate cuts boosted sentiment. Markets largely shook off US President Donald Trump's latest tariff volleys, including an additional 25 per cent tariff on US imports from India over purchases of Russian oil and a threatened 100 per cent duty on chips. "It's surprising that everything that gets thrown at the market that it just continues to melt-up," said Eddie Kennedy, head of bespoke discretionary fund management at Marlborough. Europe's STOXX 600 rose 0.5 per cent, with major indexes in Frankfurt and Paris up one per cent and 0.8 per cent, respectively. Britain's FTSE 100 was the outlier, dropping 0.3 per cent. In Asia, Japan's broad Topix index rose 0.7 per cent to a record closing high, with the more tech-focused Nikkei climbing 0.65 per cent. In China, stocks rose for a fourth straight day to close at a three-and-a-half year high as upbeat export data added fuel to the recent market rally. The Shanghai Composite index climbed 0.2 per cent 3,639.67, the highest such close since December 2021. The blue-chip CSI300 index was little changed. Hong Kong's Hang Seng index rose 0.69 per cent. Taiwan's stock benchmark surged as much as 2.6 per cent to a more than one-year peak. Shares in chipmaker TSMC, which this year announced additional investment in its US production facilities, soared 4.9 per cent to a record high. The KOSPI added 0.6 per cent, with South Korea's top trade envoy saying Samsung Electronics and SK Hynix would not be subject to 100 per cent tariffs. US S&P 500 futures rose 0.3 per cent. On Wednesday, the cash index climbed 0.7 per cent. "Wall Street seems to have gotten its mojo back," analyst Kyle Rodda wrote in a note. "However, there are persistent risks to the downside. Downside surprises in official data are increasing," he said. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the US President's dovish views on monetary policy. Focus is centring on Trump's nomination to fill a coming vacancy on the Fed's Board of Governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The benchmark 10-year US Treasury yield was little changed at 4.2365 per cent. The two-year yield, which is more sensitive to changes in interest rate expectations, was up one basis point at 3.7134 per cent, close to a three-month low of 3.659 per cent touched on Monday. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, eased 0.2 per cent to 98.031, extending a 0.6 per cent drop from Wednesday. The euro added 0.2 per cent to $US1.1686, following the previous session's 0.7 per cent jump. Sterling rose 0.2 per cent to $US1.3378. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change. In commodities, spot gold added 0.3 per cent to $US3,376 an ounce, after earlier hitting its highest level in two weeks. with DPA Asian stocks mostly advanced on Thursday, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings, growing hopes for a ceasefire in Ukraine and expectations for US rate cuts boosted sentiment. Markets largely shook off US President Donald Trump's latest tariff volleys, including an additional 25 per cent tariff on US imports from India over purchases of Russian oil and a threatened 100 per cent duty on chips. "It's surprising that everything that gets thrown at the market that it just continues to melt-up," said Eddie Kennedy, head of bespoke discretionary fund management at Marlborough. Europe's STOXX 600 rose 0.5 per cent, with major indexes in Frankfurt and Paris up one per cent and 0.8 per cent, respectively. Britain's FTSE 100 was the outlier, dropping 0.3 per cent. In Asia, Japan's broad Topix index rose 0.7 per cent to a record closing high, with the more tech-focused Nikkei climbing 0.65 per cent. In China, stocks rose for a fourth straight day to close at a three-and-a-half year high as upbeat export data added fuel to the recent market rally. The Shanghai Composite index climbed 0.2 per cent 3,639.67, the highest such close since December 2021. The blue-chip CSI300 index was little changed. Hong Kong's Hang Seng index rose 0.69 per cent. Taiwan's stock benchmark surged as much as 2.6 per cent to a more than one-year peak. Shares in chipmaker TSMC, which this year announced additional investment in its US production facilities, soared 4.9 per cent to a record high. The KOSPI added 0.6 per cent, with South Korea's top trade envoy saying Samsung Electronics and SK Hynix would not be subject to 100 per cent tariffs. US S&P 500 futures rose 0.3 per cent. On Wednesday, the cash index climbed 0.7 per cent. "Wall Street seems to have gotten its mojo back," analyst Kyle Rodda wrote in a note. "However, there are persistent risks to the downside. Downside surprises in official data are increasing," he said. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the US President's dovish views on monetary policy. Focus is centring on Trump's nomination to fill a coming vacancy on the Fed's Board of Governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The benchmark 10-year US Treasury yield was little changed at 4.2365 per cent. The two-year yield, which is more sensitive to changes in interest rate expectations, was up one basis point at 3.7134 per cent, close to a three-month low of 3.659 per cent touched on Monday. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, eased 0.2 per cent to 98.031, extending a 0.6 per cent drop from Wednesday. The euro added 0.2 per cent to $US1.1686, following the previous session's 0.7 per cent jump. Sterling rose 0.2 per cent to $US1.3378. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change. In commodities, spot gold added 0.3 per cent to $US3,376 an ounce, after earlier hitting its highest level in two weeks. with DPA Asian stocks mostly advanced on Thursday, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings, growing hopes for a ceasefire in Ukraine and expectations for US rate cuts boosted sentiment. Markets largely shook off US President Donald Trump's latest tariff volleys, including an additional 25 per cent tariff on US imports from India over purchases of Russian oil and a threatened 100 per cent duty on chips. "It's surprising that everything that gets thrown at the market that it just continues to melt-up," said Eddie Kennedy, head of bespoke discretionary fund management at Marlborough. Europe's STOXX 600 rose 0.5 per cent, with major indexes in Frankfurt and Paris up one per cent and 0.8 per cent, respectively. Britain's FTSE 100 was the outlier, dropping 0.3 per cent. In Asia, Japan's broad Topix index rose 0.7 per cent to a record closing high, with the more tech-focused Nikkei climbing 0.65 per cent. In China, stocks rose for a fourth straight day to close at a three-and-a-half year high as upbeat export data added fuel to the recent market rally. The Shanghai Composite index climbed 0.2 per cent 3,639.67, the highest such close since December 2021. The blue-chip CSI300 index was little changed. Hong Kong's Hang Seng index rose 0.69 per cent. Taiwan's stock benchmark surged as much as 2.6 per cent to a more than one-year peak. Shares in chipmaker TSMC, which this year announced additional investment in its US production facilities, soared 4.9 per cent to a record high. The KOSPI added 0.6 per cent, with South Korea's top trade envoy saying Samsung Electronics and SK Hynix would not be subject to 100 per cent tariffs. US S&P 500 futures rose 0.3 per cent. On Wednesday, the cash index climbed 0.7 per cent. "Wall Street seems to have gotten its mojo back," analyst Kyle Rodda wrote in a note. "However, there are persistent risks to the downside. Downside surprises in official data are increasing," he said. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the US President's dovish views on monetary policy. Focus is centring on Trump's nomination to fill a coming vacancy on the Fed's Board of Governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The benchmark 10-year US Treasury yield was little changed at 4.2365 per cent. The two-year yield, which is more sensitive to changes in interest rate expectations, was up one basis point at 3.7134 per cent, close to a three-month low of 3.659 per cent touched on Monday. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, eased 0.2 per cent to 98.031, extending a 0.6 per cent drop from Wednesday. The euro added 0.2 per cent to $US1.1686, following the previous session's 0.7 per cent jump. Sterling rose 0.2 per cent to $US1.3378. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change. In commodities, spot gold added 0.3 per cent to $US3,376 an ounce, after earlier hitting its highest level in two weeks. with DPA
The Advertiser
35 minutes ago
- The Advertiser
Trump to meet Putin in coming days, Kremlin says
Russian President Vladimir Putin and US President Donald Trump will meet and it could possibly take place next week at a venue that has been decided, the Kremlin says. "At the suggestion of the American side, an agreement was essentially reached to hold a bilateral meeting at the highest level in the coming days, that is, a meeting between President Vladimir Putin and Donald Trump," Kremlin aide Yuri Ushakov said. "We are now beginning concrete preparations together with our American colleagues," he added in televised comments. Next week is the target date for a summit, Ushakov said, while noting that such events take time to organise. The possible venue will be announced "a little later," he said. A meeting between the two presidents would be their first since Mr Trump returned to office this year. And a face-to-face meeting would be the first between a sitting US and Russian president since Joe Biden met Putin in Geneva in June 2021, some eight months before Russia launched the biggest attack on a European nation since World War II. Putin and Ukrainian President Volodymyr Zelenskiy have not met since December 2019 and make no secret of their contempt for each other. The New York Times reported earlier that Trump told European leaders during a call on Wednesday, he intended to meet with Putin and then follow up with a trilateral involving the Russian leader and Zelenskiy. White House press secretary Karoline Leavitt said: "The Russians expressed their desire to meet with President Trump, and the president is open to meeting with both President Putin and President Zelenskiy." The details emerged following a meeting on Wednesday between Putin and US special envoy Steve Witkoff that Trump described as having achieved "great progress" in a Truth Social post, although later said he would not call it a breakthrough. A Kremlin aide said the talks were "useful and constructive". The diplomatic manoeuvres come two days before a deadline set by Trump for Russia to agree to peace in Ukraine or face new sanctions. Trump has been increasingly frustrated with Putin over the lack of progress towards peace and has threatened to impose heavy tariffs on countries that buy Russian exports, including oil. Trump on Wednesday also said he could announce further tariffs on China similar to the 25 per cent duties announced earlier on India over its purchases of Russian oil. "We did it with India. We're doing it probably with a couple of others. One of them could be China," he said. Ushakov said the two sides had exchanged "signals" on the Ukraine issue and discussed the possibility of developing strategic co-operation between Moscow and Washington, but declined to give more details. Zelenskiy said he believed pressure had worked on Russia and Moscow was now more "inclined" to a ceasefire. "The pressure on them works. But the main thing is that they do not deceive us in the details - neither us nor the US," he said in his nightly address. Trump on Truth Social said he had updated some of Washington's European allies following Witkoff's meeting. A German government spokesperson said Trump provided information about the status of the talks with Russia during a call with the German chancellor and other European leaders. Trump took a key step toward punitive measures on Wednesday when he imposed an additional 25 per cent tariff on imports from India, citing New Delhi's continued imports of Russian oil. The Kremlin says threats to penalise countries that trade with Russia are illegal. with DPA and AP Russian President Vladimir Putin and US President Donald Trump will meet and it could possibly take place next week at a venue that has been decided, the Kremlin says. "At the suggestion of the American side, an agreement was essentially reached to hold a bilateral meeting at the highest level in the coming days, that is, a meeting between President Vladimir Putin and Donald Trump," Kremlin aide Yuri Ushakov said. "We are now beginning concrete preparations together with our American colleagues," he added in televised comments. Next week is the target date for a summit, Ushakov said, while noting that such events take time to organise. The possible venue will be announced "a little later," he said. A meeting between the two presidents would be their first since Mr Trump returned to office this year. And a face-to-face meeting would be the first between a sitting US and Russian president since Joe Biden met Putin in Geneva in June 2021, some eight months before Russia launched the biggest attack on a European nation since World War II. Putin and Ukrainian President Volodymyr Zelenskiy have not met since December 2019 and make no secret of their contempt for each other. The New York Times reported earlier that Trump told European leaders during a call on Wednesday, he intended to meet with Putin and then follow up with a trilateral involving the Russian leader and Zelenskiy. White House press secretary Karoline Leavitt said: "The Russians expressed their desire to meet with President Trump, and the president is open to meeting with both President Putin and President Zelenskiy." The details emerged following a meeting on Wednesday between Putin and US special envoy Steve Witkoff that Trump described as having achieved "great progress" in a Truth Social post, although later said he would not call it a breakthrough. A Kremlin aide said the talks were "useful and constructive". The diplomatic manoeuvres come two days before a deadline set by Trump for Russia to agree to peace in Ukraine or face new sanctions. Trump has been increasingly frustrated with Putin over the lack of progress towards peace and has threatened to impose heavy tariffs on countries that buy Russian exports, including oil. Trump on Wednesday also said he could announce further tariffs on China similar to the 25 per cent duties announced earlier on India over its purchases of Russian oil. "We did it with India. We're doing it probably with a couple of others. One of them could be China," he said. Ushakov said the two sides had exchanged "signals" on the Ukraine issue and discussed the possibility of developing strategic co-operation between Moscow and Washington, but declined to give more details. Zelenskiy said he believed pressure had worked on Russia and Moscow was now more "inclined" to a ceasefire. "The pressure on them works. But the main thing is that they do not deceive us in the details - neither us nor the US," he said in his nightly address. Trump on Truth Social said he had updated some of Washington's European allies following Witkoff's meeting. A German government spokesperson said Trump provided information about the status of the talks with Russia during a call with the German chancellor and other European leaders. Trump took a key step toward punitive measures on Wednesday when he imposed an additional 25 per cent tariff on imports from India, citing New Delhi's continued imports of Russian oil. The Kremlin says threats to penalise countries that trade with Russia are illegal. with DPA and AP Russian President Vladimir Putin and US President Donald Trump will meet and it could possibly take place next week at a venue that has been decided, the Kremlin says. "At the suggestion of the American side, an agreement was essentially reached to hold a bilateral meeting at the highest level in the coming days, that is, a meeting between President Vladimir Putin and Donald Trump," Kremlin aide Yuri Ushakov said. "We are now beginning concrete preparations together with our American colleagues," he added in televised comments. Next week is the target date for a summit, Ushakov said, while noting that such events take time to organise. The possible venue will be announced "a little later," he said. A meeting between the two presidents would be their first since Mr Trump returned to office this year. And a face-to-face meeting would be the first between a sitting US and Russian president since Joe Biden met Putin in Geneva in June 2021, some eight months before Russia launched the biggest attack on a European nation since World War II. Putin and Ukrainian President Volodymyr Zelenskiy have not met since December 2019 and make no secret of their contempt for each other. The New York Times reported earlier that Trump told European leaders during a call on Wednesday, he intended to meet with Putin and then follow up with a trilateral involving the Russian leader and Zelenskiy. White House press secretary Karoline Leavitt said: "The Russians expressed their desire to meet with President Trump, and the president is open to meeting with both President Putin and President Zelenskiy." The details emerged following a meeting on Wednesday between Putin and US special envoy Steve Witkoff that Trump described as having achieved "great progress" in a Truth Social post, although later said he would not call it a breakthrough. A Kremlin aide said the talks were "useful and constructive". The diplomatic manoeuvres come two days before a deadline set by Trump for Russia to agree to peace in Ukraine or face new sanctions. Trump has been increasingly frustrated with Putin over the lack of progress towards peace and has threatened to impose heavy tariffs on countries that buy Russian exports, including oil. Trump on Wednesday also said he could announce further tariffs on China similar to the 25 per cent duties announced earlier on India over its purchases of Russian oil. "We did it with India. We're doing it probably with a couple of others. One of them could be China," he said. Ushakov said the two sides had exchanged "signals" on the Ukraine issue and discussed the possibility of developing strategic co-operation between Moscow and Washington, but declined to give more details. Zelenskiy said he believed pressure had worked on Russia and Moscow was now more "inclined" to a ceasefire. "The pressure on them works. But the main thing is that they do not deceive us in the details - neither us nor the US," he said in his nightly address. Trump on Truth Social said he had updated some of Washington's European allies following Witkoff's meeting. A German government spokesperson said Trump provided information about the status of the talks with Russia during a call with the German chancellor and other European leaders. Trump took a key step toward punitive measures on Wednesday when he imposed an additional 25 per cent tariff on imports from India, citing New Delhi's continued imports of Russian oil. The Kremlin says threats to penalise countries that trade with Russia are illegal. with DPA and AP Russian President Vladimir Putin and US President Donald Trump will meet and it could possibly take place next week at a venue that has been decided, the Kremlin says. "At the suggestion of the American side, an agreement was essentially reached to hold a bilateral meeting at the highest level in the coming days, that is, a meeting between President Vladimir Putin and Donald Trump," Kremlin aide Yuri Ushakov said. "We are now beginning concrete preparations together with our American colleagues," he added in televised comments. Next week is the target date for a summit, Ushakov said, while noting that such events take time to organise. The possible venue will be announced "a little later," he said. A meeting between the two presidents would be their first since Mr Trump returned to office this year. And a face-to-face meeting would be the first between a sitting US and Russian president since Joe Biden met Putin in Geneva in June 2021, some eight months before Russia launched the biggest attack on a European nation since World War II. Putin and Ukrainian President Volodymyr Zelenskiy have not met since December 2019 and make no secret of their contempt for each other. The New York Times reported earlier that Trump told European leaders during a call on Wednesday, he intended to meet with Putin and then follow up with a trilateral involving the Russian leader and Zelenskiy. White House press secretary Karoline Leavitt said: "The Russians expressed their desire to meet with President Trump, and the president is open to meeting with both President Putin and President Zelenskiy." The details emerged following a meeting on Wednesday between Putin and US special envoy Steve Witkoff that Trump described as having achieved "great progress" in a Truth Social post, although later said he would not call it a breakthrough. A Kremlin aide said the talks were "useful and constructive". The diplomatic manoeuvres come two days before a deadline set by Trump for Russia to agree to peace in Ukraine or face new sanctions. Trump has been increasingly frustrated with Putin over the lack of progress towards peace and has threatened to impose heavy tariffs on countries that buy Russian exports, including oil. Trump on Wednesday also said he could announce further tariffs on China similar to the 25 per cent duties announced earlier on India over its purchases of Russian oil. "We did it with India. We're doing it probably with a couple of others. One of them could be China," he said. Ushakov said the two sides had exchanged "signals" on the Ukraine issue and discussed the possibility of developing strategic co-operation between Moscow and Washington, but declined to give more details. Zelenskiy said he believed pressure had worked on Russia and Moscow was now more "inclined" to a ceasefire. "The pressure on them works. But the main thing is that they do not deceive us in the details - neither us nor the US," he said in his nightly address. Trump on Truth Social said he had updated some of Washington's European allies following Witkoff's meeting. A German government spokesperson said Trump provided information about the status of the talks with Russia during a call with the German chancellor and other European leaders. Trump took a key step toward punitive measures on Wednesday when he imposed an additional 25 per cent tariff on imports from India, citing New Delhi's continued imports of Russian oil. The Kremlin says threats to penalise countries that trade with Russia are illegal. with DPA and AP
