EU, UK Slam Russia with Fresh Sanctions
The EU's 18th sanctions package aims to ramp up pressure against Russia over its more than three-year war on Ukraine. It comes as the US President, Donald Trump, has shown a shift in his stance on Moscow, threatening Russia's leader of sweeping sanctions if he did not accept a ceasefire agreement. EU Sanctions Package
The EU and UK jointly announced new measures targeting Russia's oil revenues. These include reducing the Crude Oil Price Cap from $60 barrel to $47.60, which will drive down the market value of Russian oil, disrupting the flow of oil money into Moscow.
The EU also imposed a port access ban on additional 105 vessels and full-fledged sanctions on companies managing or dealing with them, targeting Russia's shadow fleet that circumvents Western sanctions.
Moreover, EU introduced an import ban on refined petroleum products made from Russian crude oil and coming from any third country, except Canada, Norway, Switzerland, the UK and the US.
The bloc also imposed a full transaction ban on Nord Stream 1 and 2 pipelines between Russia and Germany. Furthermore, the measures targeted Russia's banking sector, including two Chinese banks. It also hit Moscow's military industry, including tighter export restrictions on 26 entities over dual-use goods and technologies. Strong Message
On this occasion, the EU Foreign Policy Chief, Kaja Kallas, said: 'The EU just approved one of its strongest sanctions packages against Russia to date. Each sanction weakens Russia's ability to wage war.'
She underscored Europe's commitment to supporting Ukraine. 'The message is clear: Europe will not back down in its support for Ukraine. The EU will keep raising the pressure until Russia ends its war,' Kallas added.
Meanwhile, the UK Foreign Secretary, David Lammy, said: 'As Putin continues to stall on serious peace talks, we will not stand by. That's why we're striking at the heart of the Russian energy sector alongside the EU.'
He added that Britain will continue to increase pressure on Russia to stop its war in Ukraine. 'Together we will continue to apply relentless pressure on Putin, squeezing his critical oil industry and cutting off funding for his illegal war in Ukraine,' he noted. UK Sanctions
Separately, the UK announced sanctions on 3 units of Russia's military intelligence service, GRU, and 18 military intelligence officers for spreading chaos and disorder upon orders from the Russian President, Vladimir Putin.
Their actions involved the bombing of the Mariupol Theatre, the targeting of Yulia Skripal, and cyber operations targeting the UK and others.
'GRU spies are running a campaign to destabilize Europe, undermine Ukraine's sovereignty and threaten the safety of British citizens,' Lammy said.
'Putin's hybrid threats and aggression will never break our resolve. The UK and our Allies support for Ukraine and Europe's security is ironclad,' he added. Russian Rejection
In response to the newly announced sanctions, Moscow said it opposes such 'illegal' measures, according to the Associated Press (AP). Speaking to reporters in a conference call, the Kremlin Spokesperson, Dmitry Peskov, said: 'We consider such unilateral restrictions unlawful.'
But he added that Russia has adapted to living under sanctions. 'At the same time, of course, we have already acquired a certain immunity from sanctions. We have adapted to life under sanctions. We will need to analyze the new package in order to minimize negative consequences from it,' Peskov said. Trump's Threats
The European measures come as Trump on Monday threatened Russian energy buyers of massive '100% secondary tariffs' if Russia does not end its war on Ukraine within 50 days. This marked a dramatic shift from his previous position.
Trump also confirmed that the US would send the much-needed Patriot air defense systems and other weapons to Ukraine via NATO countries, to help Kyiv in fending off Russian aerial attacks, amid his growing frustration with Putin.
Short link :
Post Views: 7
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Asharq Al-Awsat
4 hours ago
- Asharq Al-Awsat
EU Approves Counter-tariffs on US Goods, Says Trade Deal within Reach
The European Commission said on Thursday a negotiated trade solution with the United States is within reach - while EU members voted to approve counter-tariffs on 93 billion euros ($109 billion) of US goods in case the talks collapse. The 27-nation bloc's executive has repeatedly said its primary focus is on reaching a deal to avert 30% US tariffs that US President Donald Trump has said he will apply on August 1. "Our focus is on finding a negotiated outcome with the US ... We believe such an outcome is within reach," an EU spokesperson said in response to reporters' questions, Reuters reported. Alongside negotiations, the Commission has pressed on with plans for potential countermeasures, merging two packages of proposed tariffs of 21 billion euros and 72 billion euros into a single list and submitting this to EU members for approval. The rate would be up to 30%, designed to mirror US tariffs, EU sources said. Diplomats said EU countries overwhelmingly approved the measures on Thursday, which the Commission later confirmed. The first package of countermeasures would enter force on August 7, with tariffs on soybeans and almonds delayed until December 1, an EU official said. The second package would enter force in two stages on September 7 and February 7. So far the EU has held back from imposing any countermeasures, despite Trump's tariffs already covering 70% of EU exports. EU member states authorised the first package of countermeasures in April, but these were immediately suspended to allow time for negotiations. CLOSING ON DEAL The EU and United States now appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15% tariff on EU goods imported into the US, mirroring a framework agreement Washington struck with Japan. Trump would still need to take any final decision. The White House said discussions of a deal should be considered "speculation". Trump trade adviser Peter Navarro told Bloomberg News the report from the EU should be taken with "a grain of salt." French Finance Minister Eric Lombard and Italian Industry Minister Adolfo Urso told a joint press conference in Paris they were not aware of a draft agreement, Urso adding he would only pass judgment when one was reached. There was little information available about what the EU would offer the United States to secure a deal. One EU diplomat said the bloc was not looking at a pledge of investment in the United States, as Japan has agreed. Another said the EU might reduce some of its own duties. Its current import duty for cars is 10%. Under the outlines of the potential deal, the 15% rate could apply to sectors including cars and pharmaceuticals and would not be added to long-standing US duties, which average just under 5%. There could also be exemptions for sectors such as aircraft, lumber as well as some medicines and agricultural products, which would not face tariffs, diplomats said. Washington does not, however, appear willing to lower its 50% tariff on steel.
Al Arabiya
4 hours ago
- Al Arabiya
Trump says he wants Musk and his companies to thrive in US
President Donald Trump said on Thursday he would not destroy Elon Musk's companies by taking away federal subsidies and said he wants the billionaire tech-entrepreneur's businesses to thrive. 'Everyone is stating that I will destroy Elon's companies by taking away some, if not all, of the large scale subsidies he receives from the US Government. This is not so!' Trump said in a social media post. 'I want Elon, and all businesses within our Country, to THRIVE.' The statement follows Musk's warning to Tesla investors on Wednesday that US government cuts in support for electric vehicle makers could lead to a 'few rough quarters' for the company. Musk spent more than a quarter of a billion dollars to help Trump win November's presidential election and led the Department of Government Efficiency's chaotic effort to slash the budget and cut the federal workforce. The Tesla CEO left the administration in late May to refocus on his tech empire. Trump and Musk fell out shortly afterward when Musk openly denounced the Republican president's tax-cut and spending bill, leading to threats by Trump to cancel billions of dollars worth of federal government contracts with Musk's companies.
Al Arabiya
5 hours ago
- Al Arabiya
US applications for jobless benefits fall for sixth straight week
The number of Americans filing for jobless aid fell for the sixth straight week, hitting the lowest level since mid-April. The Labor Department reported Thursday that jobless claims for the week ending July 19 fell by 4,000 to 217,000. That's fewer than the 227,000 new applications analysts were expecting. Applications for unemployment aid are viewed as representative of layoffs. Earlier in July, the Labor Department reported that US employers added a surprising 147,000 jobs in June, adding to evidence that the American labor market continues to show resilience despite uncertainty over President Donald Trump's economic policies. The job gains were much more than expected, and the unemployment rate ticked down 4.1 percent from 4.2 percent in May. Though the job market is broadly healthy by historical standards, some weakness has surfaced as employers contend with fallout from Trump's policies, especially his aggressive tariffs which raise prices for businesses and consumers. Most economists believe the import duties make the economy less efficient by reducing competition. They also invite retaliatory tariffs from other countries, hurting US exporters and potentially driving businesses to freeze hiring or cut staff. The deadline on most of Trump's stiff proposed taxes on imports were extended again until Aug. 1. Unless Trump reaches deals with countries to lower the tariffs, economists fear they could act as a drag on the economy and trigger another bout of inflation. Companies that have announced job cuts this year include Procter & Gamble, Workday, Dow, CNN, Starbucks, Southwest Airlines, Microsoft, Google, and Facebook parent company Meta. The Labor Department's report Thursday showed that the four-week average of claims, which evens out some of the weekly volatility, declined by 5,000 to 224,500. The total number of Americans collecting unemployment benefits for the week of July 12 remained stable, rising by just 4,000 to 1.96 million.
