EU preparing new sanctions against Russia: French president
The international community's challenge is to put AI in the service of humanity, said Macron. PHOTO: ANADOLU
Listen to article
French President Emmanuel Macron has announced that the European Union (EU) is preparing a new round of sanctions against Russia 'in the coming days,' aimed at increasing pressure on the Moscow to agree to an unconditional ceasefire in Ukraine.
In a televised interview on Tuesday evening, Macron said that, in coordination with the United States, the sanctions o Russia would target financial services and secondary oil sellers.
The announcement follows a high-profile visit by Macron and other European leaders to Kyiv, where they reinforced support for Ukraine and called for immediate peace talks.
France is spearheading the 18th EU package of anti-Russian sanctions, building on discussions between EU foreign ministers and the European Commission.
French officials, including European Affairs Minister Jean-Noël Barrot, confirmed that the sanctions would escalate penalties on Russia's energy and finance sectors if President Vladimir Putin refuses to engage in serious negotiations.
Barrot stressed that 'powerful and massive' sanctions are ready if Moscow does not respond to peace overtures.
EU leaders are demanding a 30-day ceasefire as a prerequisite for talks, with hopes pinned on a proposed summit in Istanbul involving Ukrainian President Volodymyr Zelensky and possibly US President Donald Trump.
Despite internal debate, Macron reiterated his opposition to seizing €200 billion in frozen Russian assets, citing the absence of a legal framework.
However, EU ministers continue to support keeping the assets frozen until Russia halts aggression and agrees to pay reparations.
The next EU foreign ministers meeting, scheduled for May, 20 in Brussels, is expected to finalise the sanctions package.
Macron also used the opportunity to hint at future nuclear deterrent discussions within Europe, as uncertainty grows over US commitment to NATO under President Trump.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
an hour ago
- Business Recorder
Case for sugar trading on Pakistan Mercantile Exchange
Sugar — a seemingly simple kitchen staple — holds a complex and powerful position within Pakistan's economy. With an annual production and consumption hovering around 7 million tonnes, sugar is not only an essential household item, but also a strategic commodity impacting national food security, industry dynamics, and government policy. Yet, for a commodity so central to the country's socio-economic fabric, the mechanisms that govern its trade remain largely opaque, informal, and inefficient. At present, sugar trading in Pakistan is carried out through a sprawling network of intermediaries and informal 'exchanges'– marketplaces operating without licenses or regulatory oversight. Transactions are executed on platforms as rudimentary as WhatsApp, where truckloads (typically 12-tonne lots) are bought and sold on speculative pricing. Prices fluctuate based on these informal notations, and deals are struck without transparency, accountability, or the protections offered by centralised clearing systems. This market structure not only limits fair price discovery, but also exposes traders to defaults, arbitrary tax liabilities, and legal risks. Utilising a formal commodities exchange — such as the Pakistan Mercantile Exchange (PMEX) — for sugar and similar agricultural products is not just a recommendation; it is a necessity. Let's begin with the fundamentals. A regulated commodities exchange introduces three critical elements to any market: transparency, trust, and efficiency. In the case of sugar, a formal exchange ensures that both buyers and sellers are properly onboarded after KYC (Know Your Customer), AML (Anti-Money Laundering), and CFT (Countering the Financing of Terrorism) checks. This brings the shadow economy into the formal sector, discouraging tax evasion and fostering accountability across the trading ecosystem. More importantly, it transforms price discovery from a speculative, rumour-driven process influenced by a handful of traders into a transparent, data-informed mechanism that has participation from tens of thousands of investors and traders from across the country. On regulated exchanges, prices are determined through structured futures contracts, in which both parties deposit a small margin (usually between 5-10%) and commit to either buying or selling sugar at a future date. As delivery date approaches, these margins escalate every day to discourage pure speculators ensuring that real buyers, sellers and hedgers remain in the market to curb speculative impact on sugar prices. This enables a more accurate projection of market trends, allowing producers, consumers, and even policymakers to make informed decisions about production planning, procurement, and inventory management. The role of speculation, often misunderstood, is also critical in this context. A regulated environment doesn't eliminate speculation – it restrains it through various levers like daily circuit breakers, escalating margins close to delivery dates, broader investor participation, etc. Speculators bring liquidity to markets and contribute to robust price discovery. Whether they're informed by satellite data on crop yields, insights from sugar mills, or international price trends, these traders inject diverse perspectives into the pricing mechanism. When speculation is allowed in a structured and monitored space, it becomes a strength – not a risk. To understand the urgency of reform, one must consider the current challenges. Informal sugar dealers are often subjected to massive tax claims from the Federal Board of Revenue (FBR) in the absence of reliable trading history and profit and loss accounts. A trader may turn over billions of rupees, but face net losses due to volatile market swings – and yet receive tax bills calculated purely on their trade volume. This drives many away from transparency and toward further informality. A regulated exchange solves this mismatch by recording and validating every trade, offering clarity on net positions, margins, and actual profit or loss. Then there's the matter of volatility and fairness. In informal setups, there is no central counterparty to guarantee performance. If a party fails to honour a deal – say, they can't deliver the sugar they sold or pay for the sugar they bought – there is no protection for the counterparty. A licensed exchange like PMEX acts as the central counterparty, ensuring that all trades are honoured through active risk management systems and daily margining processes. It's a safeguard for all players, large or small, and incentivises broad investor participation in commodity markets. Of course, the goal is not merely to digitise the existing system but to modernise it. Pakistan's commodity trading infrastructure is archaic – in some cases, unchanged for over a century. Prices vary between local 'mandis' and even across 'thadas' within the same 'mandis', with buyers and sellers often disconnected from broader market trends. This disjointed structure penalises both ends – farmers and consumers – as middlemen extract disproportionate margins. By integrating sugar, and eventually wheat, rice, and maize into a centralised, transparent exchange, we pave the way for inclusive, modern agricultural markets. It's not just about making sugar trading efficient. It's about rewriting the country's agricultural policy playbook. Transparent futures price signals help farmers decide which crops to plant. Government agencies can monitor supply-demand dynamics in real time. And consumers benefit from more stable, predictable pricing – especially during sensitive periods like Ramazan. In conclusion, the case for regulated sugar trading is as much about economic reform as it is about governance, equity, and national resilience. By shifting from fragmented, informal systems to structured, licensed platforms, Pakistan can unlock a more productive, transparent, and inclusive future for its commodity markets. Sugar may be the starting point – but the implications reach far beyond the sweetener itself. Copyright Business Recorder, 2025
Business Recorder
an hour ago
- Business Recorder
Chicago wheat turns higher
PARIS/SINGAPORE: Chicago wheat rose on Tuesday to reverse an earlier fall as news of further Ukrainian strikes against Russian targets kept attention on war escalation and offset supply pressure from better-than-expected US crop ratings. Corn and soybeans rebounded after hitting six-month and seven-week lows, respectively, that were also linked to good crop conditions. The most-active wheat contract on the Chicago Board of Trade (CBOT) ended the overnight trading session up 0.9% at $5.43-3/4 a bushel. The contract had risen sharply during Monday's session as a Ukrainian drone attack in Russia shifted attention back on the war between the two grain exporters. Prices pared their gains by Monday's close and then fell earlier on Tuesday as immediate fears of war escalation subsided and higher than anticipated scores for wheat conditions in a weekly US Department of Agriculture crop progress report. However, news that Ukraine had hit the road and rail bridge linking Russia and the Crimean peninsula, as well as also knocking out power in parts of other Russian-held territory in southern Ukraine, later revived concerns about a hardening conflict between the two grain exporting countries. 'It looks like the Ukrainians are pursuing their attacks,' a European trader said. Favourable Northern Hemisphere supply prospects, slow international demand and a bounce in the dollar index, which makes US grain dearer overseas, nonetheless kept a lid on wheat prices, traders said. CBOT corn added 0.9% to $4.42 a bushel, after reaching its lowest since early December at $4.34-1/4 earlier in the session. Soybeans rose 0.6% to $10.39-3/4 a bushel to hold above Monday's seven-week low of $10.32-1/2. The USDA rated 67% of US soybeans in good to excellent condition in its initial ratings of the 2025 soy crop, while for corn, the agency's rating improved to 69% good-to-excellent.
Business Recorder
an hour ago
- Business Recorder
Oil: War, wildfires and weak demand
Crude oil prices are once again caught between two conflicting narratives—tightening supply risks and weakening demand signals. As of Tuesday, Brent was hovering near $65 per barrel, having rallied nearly 3 percent since Monday. The bullish momentum is underpinned not by fundamental demand-supply imbalances, but by heightened geopolitical risk and constrained supply expectations. The sharp escalation in the Russia-Ukraine conflict is pushing markets to reassess the risk premium on crude. The possibility that hostilities may soon target energy infrastructure, including Russian oil exports, has reawakened fears that had gone dormant in recent months. With Ukraine stepping up drone strikes and Russia intensifying retaliatory measures, the spectre of energy supply disruptions is no longer remote. A direct hit to Russian oil logistics—or even the credible threat of it—could upend already delicate global supply chains. Adding fuel to the rally is Iran's likely rejection of the latest U.S. nuclear deal proposal. According to diplomatic leaks cited by Reuters, Tehran is preparing a "negative response" to Washington's terms, which would have required a halt to all uranium enrichment. The failure of negotiations all but cements Iran's pariah status in oil markets. With U.S. sanctions still in place, Iranian crude will largely remain sidelined, with China continuing to be the only major importer of its discounted barrels. Meanwhile, Canada's oil sands are feeling the heat—literally. Wildfires in Alberta have reportedly taken about 350,000 barrels per day offline, or 7 percent of the province's output. While the volume is modest in global terms, it adds to the bullish mix in a market hypersensitive to disruption headlines. Ironically, the OPEC+ meeting over the weekend was itself a bullish trigger. The cartel and its allies chose to stick with a planned 411,000 barrels-per-day increase for July—smaller than many market participants feared. With expectations of a larger hike failing to materialize, the post-meeting relief triggered a short-covering rally. As ANZ's Daniel Hynes noted, 'investors unwound their bearish positions they had built prior to the weekend's meeting.' Yet, even as supply-side anxieties dominate headlines, demand-side realities offer a sobering contrast. China's oil demand—a major pillar of global consumption—has shown unmistakable signs of cooling. According to data highlighted by Energy Tracker Asia, China's oil imports fell to a six-month low in April, reflecting sluggish industrial activity and refinery maintenance. Despite Beijing's stimulus pledges, domestic economic momentum has yet to match expectations. With petrochemical margins squeezed and exports under pressure, refiners are dialling back on crude intake. The contradiction couldn't be starker: on one hand, geopolitical risk threatens to choke supply; on the other, the world's largest importer of crude is signalling demand fatigue. Add to that a weakening U.S. dollar, which mechanically boosts commodity prices, and markets are left with a volatile, sentiment-driven setup. In the near term, the price direction of crude will be dictated more by geopolitics than by fundamentals. Any material escalation in the Russia-Ukraine war, particularly one targeting energy assets, could send prices surging above $70. Similarly, confirmation of Iran's rejection of the nuclear deal could lock out nearly 1.5 million barrels per day from re-entering the market. But lurking beneath the surface is the fragile state of global demand, especially from China. If industrial sluggishness persists and Beijing's fiscal pump-priming fails to gain traction, demand projections for H2 2025 may need to be revised downward. For now, oil sits at a precarious junction—geopolitical flames are fanning the bulls, but macroeconomic gravity may soon pull the rug from under them.
