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Beer Week kicks off in Bay Area

Beer Week kicks off in Bay Area

Yahoo22-02-2025

SAN FRANCISCO - Beer Week kicks off Friday night around the Bay Area, and breweries all around are ready. Local breweries are ready to serve up a pint, but are also keeping an eye on global politics.
Beer Week is an opportunity for beer lovers to get a taste of some of the best brews the Bay Area has to offer.
21st Amendment Brewery is hosting a brews and bites night, bringing together two things people seem to love: beer and food.
"Go to the San Francisco Beer Week website, and it's the entire Bay Area," said Shaun O'Sullivan from 21st Amendment.
"All the way from Santa Rosa, I think down to Santa Cruz and out towards Sacramento and East Bay…At our production brewery in San Leandro we have the kick-off event for the East Bay."
While beer may be fun for consumers, it's also big business. O'Sullivan said when 21st Amendment started nearly 25 years ago, there was room to grow.
"Craft beer has gotten huge. Back when we first started in 2000, there were seven or eight breweries in San Francisco and I think at the peak in the last few years it was up to 45 or 50," said O'Sullivan.
Eddie Gobbo from Harmonic Brewing said the San Francisco Bay Area Beer Week is an opportunity for people to try the product local brewers have been perfecting.
"The high care that we put into the making of our beer and running tap rooms in a community-focused way, it is different than big beer and we're proud of it," said Gobbo.
While brewers are asking people to think locally, brewers are thinking globally. Geopolitics threatens to increase canning costs with the Trump administration placing tariffs on aluminum.
"You know this is a passion industry, we're donating a lot of time for something we love," said Gobbo. "So, when we get hit with additional costs it really hurts us and makes the business much harder to sustain."
Brewers may also face increased costs associated with raw ingredients. At 21st Amendment Brewery, they sometimes rely on ingredients from Canada.
The difficulty for many smaller breweries will be finding that balance point where they can purchase what they need, and not have to raise prices to the point where customers balk.
"Customers will only pay so much for a glass of beer," said Gobbo. "So, you find yourself kind of in a conundrum where you can't charge too much more, but your costs are going up. So, that puts a strain on the breweries."
Organizers say the winter months can be a little lean for breweries, so they're encouraging those of legal drinking age to take part, find a local brewery and hoist a pint.
While it is called Beer Week, this week actually has 10 days of activities at breweries around the Bay Area starting Friday through next Sunday.

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Anderson Cooper Hilariously Rejects Birthday Offer From Fellow CNN Reporter: 'Uh, I'm Good'

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Burlington Stores, Inc. Reports First Quarter 2025 Earnings
Burlington Stores, Inc. Reports First Quarter 2025 Earnings

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time29-05-2025

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Burlington Stores, Inc. Reports First Quarter 2025 Earnings

Total sales increased 6%, at the mid-point of guidance and on top of 11% last year Comparable store sales were flat, at the mid-point of guidance and on top of 2% last year Net income was $101 million, and diluted EPS was $1.58 Excluding certain expenses associated with bankruptcy acquired leases: Adjusted EBIT margin increased 30 basis points, well ahead of guidance Adjusted EPS increased 18% to $1.67, well ahead of guidance Maintaining full year adjusted EPS guidance of $8.70 to $9.30; this guidance excludes anticipated expenses associated with bankruptcy acquired leases BURLINGTON, N.J., May 29, 2025 (GLOBE NEWSWIRE) -- Burlington Stores, Inc. (NYSE: BURL), a nationally recognized off-price retailer of high-quality, branded apparel, footwear, accessories, and merchandise for the home at everyday low prices, today announced its results for the first quarter ended May 3, 2025. 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Adjusted Net Income was $107 million, or $1.67 per share, vs. $91 million, or $1.42 per share for the first quarter of Fiscal 2024, excluding $4 million of expenses in each period, net of tax, associated with bankruptcy acquired leases. Diluted weighted average shares outstanding amounted to 64.0 million during the quarter compared with 64.3 million during the first quarter of Fiscal 2024. Adjusted EBITDA was $244 million vs. $217 million in the first quarter of Fiscal 2024, excluding $6 million of expenses in each period associated with bankruptcy acquired leases, an increase of 50 basis points as a percentage of sales. Adjusted EBIT was $152 million vs. $135 million in the first quarter of Fiscal 2024, excluding $6 million of expenses in each period associated with bankruptcy acquired leases, an increase of 30 basis points as a percentage of sales. Inventory Merchandise inventories were $1,315 million vs. $1,141 million at the end of the first quarter of Fiscal 2024, a 15% increase, while comparable store inventories decreased 8% compared to the first quarter of Fiscal 2024. Reserve inventory was 48% of total inventory at the end of the first quarter of Fiscal 2025 compared to 40% at the end of the first quarter of Fiscal 2024. Reserve inventory is largely composed of merchandise that is purchased opportunistically and will be sent to stores in future months or next season. Liquidity and Debt The Company ended the first quarter of Fiscal 2025 with $1,119 million in liquidity, comprised of $371 million in unrestricted cash and $748 million in availability on its ABL facility. The Company ended the first quarter with $1,652 million in outstanding total debt, including $1,236 million on its Term Loan facility, $297 million in Convertible Notes, and $100 million in borrowings on its ABL facility. 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This assumes a fully diluted share count of approximately 64 million shares. For the second quarter of Fiscal 2025 (the 13-weeks ending May 3, 2025), the Company expects: Total sales to increase in the range of 5% to 7%; this assumes comparable store sales will increase in the range of 0% to 2% versus the second quarter of Fiscal 2024; Adjusted EBIT margin to be in the range of down 30 basis points to flat versus the second quarter of Fiscal 2024; excludes approximately $11 million of anticipated expenses associated with bankruptcy acquired leases in the second quarter of Fiscal 2025 and $3 million in the second quarter of Fiscal 2024; An effective tax rate of approximately 24%; and Adjusted EPS in the range of $1.20 to $1.30, as compared to $1.24 in Adjusted EPS last year; excludes $8 million, net of tax, of anticipated expenses associated with bankruptcy acquired leases in the second quarter of Fiscal 2025 and $2 million in the second quarter of Fiscal 2024. The Company has not presented a quantitative reconciliation of the forward-looking non-GAAP financial measures set out above to their most comparable GAAP financial measures because it would require the Company to create estimated ranges on a GAAP basis, which would entail unreasonable effort. Adjustments required to reconcile forward-looking non-GAAP measures cannot be predicted with reasonable certainty but may include, among others, costs related to debt amendments, loss on extinguishment of debt, and impairment charges, as well as the tax effect of such items. Some or all of those adjustments could be significant. Note Regarding Non-GAAP Financial Measures The foregoing discussion of the Company's operating results includes references to Adjusted SG&A, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings per Share (or Adjusted EPS), Adjusted EBIT (or Adjusted EBIT Margin), and Adjusted Effective Tax Rate. The Company believes these supplemental measures are useful in evaluating the performance of our business and provide greater transparency into our results of operations. In particular, we believe that excluding certain items that may vary substantially in frequency and magnitude from what we consider to be our core operating results are useful supplemental measures that assist investors and management in evaluating our ability to generate earnings and leverage sales, and to more readily compare core operating results between past and future periods. These non-GAAP financial measures are defined and reconciled to the most comparable GAAP measures later in this document. First Quarter 2025 Conference Call The Company will hold a conference call on May 29, 2025 at 8:30 a.m. ET to discuss the Company's first quarter results. The U.S. toll free dial-in for the conference call is 1-800-715-9871 (passcode: 5785379) and the international dial-in number is 1-646-307-1963. A live webcast of the conference call will also be available on the investor relations page of the company's website at For those unable to participate in the conference call, a replay will be available after the conclusion of the call on May 29, 2025 beginning at 11:30 a.m. ET through 11:59 p.m. ET on June 5, 2025. The U.S. toll-free replay dial-in number is 1-800-770-2030 and the international replay dial-in number is 1-609-800-9909. The replay passcode is 5785379. About Burlington Stores, Inc. Burlington Stores, Inc., headquartered in New Jersey, is a nationally recognized off-price retailer with Fiscal 2024 net sales of $10.6 billion. The Company is a Fortune 500 company and its common stock is traded on the New York Stock Exchange under the ticker symbol 'BURL.' The Company operated 1,115 stores as of the end of the first quarter of Fiscal 2025 in 46 states, Washington D.C. and Puerto Rico, principally under the name Burlington Stores. The Company's stores offer an extensive selection of in-season, high-quality branded merchandise at up to 60% off other retailers' prices, including fashion-focused women's apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats. For more information about the Company, visit Investor Relations Contacts: David J. Glick Daniel Delrosario 855-973-8445 Info@ Allison Malkin ICR, Inc. 203-682-8225 Safe Harbor for Forward-Looking and Cautionary Statements This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this release, including those about the external environment, as well as statements describing our outlook for future periods, are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. We do not undertake to publicly update or revise our forward-looking statements, except as required by law, even if experience or future changes make it clear that any projected results expressed or implied in such statements will not be realized. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual events or results to differ materially from those we expected, including general economic conditions, such as inflation, and the domestic and international political situation and the related impact on consumer confidence and spending; competitive factors, including the scale and potential consolidation of some of our competitors, rise of e-commerce spending, pricing and promotional activities of major competitors, and an increase in competition within the markets in which we compete; seasonal fluctuations in our net sales, operating income and inventory levels; the reduction in traffic to, or the closing of, the other destination retailers in the shopping areas where our stores are located; our ability to identify changing consumer preferences and demand; our ability to meet evolving regulatory requirements and stakeholder expectations regarding environmental, social or governance matters; extreme and/or unseasonable weather conditions caused by climate change or otherwise adversely impacting demand; effects of public health crises, epidemics or pandemics; our ability to sustain our growth plans or successfully implement our long-range strategic plans; our ability to execute our opportunistic buying and inventory management process; our ability to optimize our existing stores or maintain favorable lease terms; the availability, selection and purchasing of attractive brand name merchandise on favorable terms; our ability to attract, train and retain quality employees and temporary personnel in sufficient numbers; labor costs and our ability to manage a large workforce; the solvency of parties with whom we do business and their willingness to perform their obligations to us; import risks, including tax and trade policies, tariffs and government regulations; disruption in our distribution network; our ability to protect our information systems against service interruption, misappropriation of data, breaches of security, or other cyber-related attacks; risks related to the methods of payment we accept; the success of our advertising and marketing programs in generating sufficient levels of customer traffic and awareness; damage to our corporate reputation or brand; impact of potential loss of executives or other key personnel; our ability to comply with existing and changing laws, rules, regulations and local codes; lack of or insufficient insurance coverage; issues with merchandise safety and shrinkage; our ability to comply with increasingly rigorous privacy and data security regulations; impact of legal and regulatory proceedings relating to us; use of social media by us or by third parties at our direction in violation of applicable laws and regulations; our ability to generate sufficient cash to fund our operations and service our debt obligations; our ability to comply with covenants in our debt agreements; the consequences of the possible conversion of our convertible notes; our reliance on dividends, distributions and other payments, advance and transfers of funds from our subsidiaries to meet our obligations; the volatility of our stock price; the impact of the anti-takeover provisions in our governing documents; impact of potential shareholder activism; and each of the factors that may be described from time to time in our filings with the U.S. Securities and Exchange Commission, including under the heading 'Risk Factors' in our most recent Annual Report on Form 10-K. For each of these factors, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, as amended. BURLINGTON STORES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) (All amounts in thousands, except per share data) Three Months Ended May 3, May 4, 2025 2024 REVENUES: Net sales $ 2,500,075 $ 2,357,318 Other revenue 3,945 4,235 Total revenue 2,504,020 2,361,553 COSTS AND EXPENSES: Cost of sales 1,405,091 1,330,726 Selling, general and administrative expenses 868,058 825,226 Costs related to debt amendments 112 — Depreciation and amortization 91,783 81,965 Impairment charges - long-lived assets 516 8,210 Other income - net (10,222 ) (10,862 ) Interest expense 15,810 16,649 Total costs and expenses 2,371,148 2,251,914 Income before income tax expense 132,872 109,639 Income tax expense 32,039 31,125 Net income $ 100,833 $ 78,514 Diluted net income per common share $ 1.58 $ 1.22 Weighted average common shares - diluted 64,005 64,267 BURLINGTON STORES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (All amounts in thousands) May 3, February 1, May 4, 2025 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 371,092 $ 994,698 $ 742,332 Accounts receivable—net 106,726 88,079 100,654 Merchandise inventories 1,315,316 1,250,775 1,140,800 Assets held for disposal 23,717 32,193 27,963 Prepaid and other current assets 255,312 263,058 226,378 Total current assets 2,072,163 2,628,803 2,238,127 Property and equipment—net 2,698,789 2,369,720 1,934,547 Operating lease assets 3,415,265 3,386,852 3,149,161 Goodwill and intangible assets—net 285,064 285,064 285,064 Deferred tax assets 2,248 2,248 2,313 Other assets 76,368 97,726 86,040 Total assets $ 8,549,897 $ 8,770,413 $ 7,695,252 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 914,578 $ 1,038,148 $ 929,759 Current operating lease liabilities 397,550 406,891 395,948 Other current liabilities 629,909 656,581 602,973 Current maturities of long term debt 14,804 170,891 168,642 Total current liabilities 1,956,841 2,272,511 2,097,322 Long term debt 1,637,073 1,539,918 1,236,658 Long term operating lease liabilities 3,279,926 3,253,825 3,016,027 Other liabilities 74,104 74,402 73,210 Deferred tax liabilities 249,756 259,261 240,609 Stockholders' equity 1,352,197 1,370,496 1,031,426 Total liabilities and stockholders' equity $ 8,549,897 $ 8,770,413 $ 7,695,252 BURLINGTON STORES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (All amounts in thousands) Three Months Ended May 3, May 4, 2025 2024 OPERATING ACTIVITIES Net income $ 100,833 $ 78,514 Adjustments to reconcile net income to net cash (used in) provided by operating activities Depreciation and amortization 91,783 81,965 Deferred income taxes (3,883 ) 11,520 Non-cash stock compensation expense 21,817 19,107 Non-cash lease expense (2,002 ) (3,885 ) Cash received from landlord allowances 7,811 2,830 Changes in assets and liabilities: Accounts receivable (18,701 ) (26,397 ) Merchandise inventories (64,541 ) (52,958 ) Accounts payable (118,535 ) (25,211 ) Other current assets and liabilities (40,425 ) (41,061 ) Long term assets and liabilities (193 ) (631 ) Other operating activities (2,872 ) 5,579 Net cash (used in) provided by operating activities (28,908 ) 49,372 INVESTING ACTIVITIES Cash paid for property and equipment (409,700 ) (164,837 ) Lease acquisition costs (8,404 ) (233 ) Net proceeds (removal costs) from sale of property and equipment and assets held for sale 5,421 (462 ) Net cash used in investing activities (412,683 ) (165,532 ) FINANCING ACTIVITIES Proceeds from long term debt—ABL Line of Credit 100,000 - Principal payments on long term debt—Term Loan Facility (3,125 ) (2,404 ) Principal payment on long term debt—2025 Convertible Notes (156,158 ) — Purchase of treasury shares (127,563 ) (75,622 ) Other financing activities 4,831 11,159 Net cash used in financing activities (182,015 ) (66,867 ) Decrease in cash and cash equivalents (623,606 ) (183,027 ) Cash and cash equivalents at beginning of period 994,698 925,359 Cash and cash equivalents at end of period $ 371,092 $ 742,332 Reconciliation of Non-GAAP Financial Measures(Unaudited)(Amounts in thousands, except per share data) The following tables calculate the Company's Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, Adjusted EBIT, Adjusted SG&A and Adjusted Effective Tax Rate, all of which are considered non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Adjusted Net Income is defined as net income, exclusive of the following items, if applicable: (i) net favorable lease costs; (ii) costs related to debt amendments; (iii) impairment charges; (iv) amounts related to certain litigation matters; and (v) other unusual or non-recurring expenses, losses, charges or gains, all of which are tax effected to arrive at Adjusted Net Income. Adjusted EPS is defined as Adjusted Net Income divided by the diluted weighted average shares outstanding, as defined in the table below. Adjusted EBITDA is defined as net income, exclusive of the following items, if applicable: (i) interest expense; (ii) interest income; (iii) costs related to debt amendments; (iv) income tax expense; (v) depreciation and amortization; (vi) net favorable lease costs (vii) impairment charges; (viii) amounts related to certain litigation matters; and (ix) other unusual or non-recurring expenses, losses, charges or gains. Adjusted EBIT (or Adjusted Operating Income) is defined as net income, exclusive of the following items, if applicable: (i) interest expense; (ii) interest income; (iii) costs related to debt amendments; (iv) income tax expense; (v) impairment charges; (vi) net favorable lease costs; (vii) amounts related to certain litigation matters; and (viii) other unusual or non-recurring expenses, losses, charges or gains. Adjusted EBIT Margin (or Adjusted Operating Margin) is defined as Adjusted EBIT divided by net sales. Adjusted SG&A is defined as SG&A less product sourcing costs, favorable lease costs and amounts related to certain litigation matters. Adjusted Effective Tax Rate is defined as the GAAP effective tax rate less the tax effect of the reconciling items to arrive at Adjusted Net Income (footnote (f) in the table below). The Company presents Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, Adjusted EBIT (or Adjusted Operating Income), Adjusted EBIT Margin (or Adjusted Operating Margin), Adjusted SG&A and Adjusted Effective Tax Rate, because it believes they are useful supplemental measures in evaluating the performance of the Company's business and provide greater transparency into the results of operations. In particular, the Company believes that excluding certain items that may vary substantially in frequency and magnitude from what the Company considers to be its core operating results are useful supplemental measures that assist in evaluating the Company's ability to generate earnings and leverage sales, and to more readily compare core operating results between past and future periods. The Company believes that these non-GAAP measures provide investors helpful information with respect to the Company's operations and financial condition. Other companies in the retail industry may calculate these non-GAAP measures differently such that the Company's calculation may not be directly comparable. The following table shows the Company's reconciliation of net income to Adjusted Net Income and Adjusted EPS for the periods indicated: Three Months Ended May 3, May 4, 2025 2024 Reconciliation of net income to Adjusted Net Income: Net income $ 100,833 $ 78,514 Net favorable lease costs (a) 2,138 2,970 Costs related to debt amendments (b) 112 — Impairment charges - long-lived assets 516 8,210 Litigation matters (c) (416 ) — Tax effect (e) (601 ) (2,881 ) Adjusted Net Income $ 102,582 $ 86,813 Diluted weighted average shares outstanding (f) 64,005 64,267 Adjusted Earnings per Share $ 1.60 $ 1.35 The following table shows the Company's reconciliation of net income to Adjusted EBIT and Adjusted EBITDA for the periods indicated: Three Months Ended May 3, May 4, 2025 2024 Reconciliation of net income to Adjusted EBIT and Adjusted EBITDA: Net income $ 100,833 $ 78,514 Interest expense 15,810 16,649 Interest income (4,712 ) (8,072 ) Net favorable lease costs (a) 2,138 2,970 Costs related to debt amendments (b) 112 — Impairment charges - long-lived assets 516 8,210 Litigation matters (c) (416 ) — Income tax expense 32,039 31,125 Adjusted EBIT 146,320 129,396 Depreciation and amortization 91,783 81,965 Adjusted EBITDA $ 238,103 $ 211,361 The following table shows the Company's reconciliation of SG&A to Adjusted SG&A for the periods indicated: Three Months Ended May 3, May 4, 2025 2024 Reconciliation of SG&A to Adjusted SG&A: SG&A $ 868,058 $ 825,226 Net favorable lease costs (a) (2,138 ) (2,970 ) Product sourcing costs (196,800 ) (183,146 ) Litigation matters (c) 416 — Adjusted SG&A $ 669,536 $ 639,110 The following table shows the reconciliation of the Company's effective tax rates on a GAAP basis to the Adjusted Effective Tax Rates for the periods indicated: Three Months Ended May 3, May 4, 2025 2024 Effective tax rate on a GAAP basis 24.1 % 28.4 % Adjustments to arrive at Adjusted Effective Tax Rate (g) - (0.3 ) Adjusted Effective Tax Rate 24.1 % 28.1 % The following table shows the Company's reconciliation of net income to Adjusted Net Income for the prior period Adjusted EPS amounts used in this press release for the periods indicated: Three Months Ended Fiscal Year Ended August 3, 2024 February 1, 2025 Reconciliation of net income to Adjusted Net Income: Net income $ 73,760 $ 503,639 Net favorable lease costs (a) 3,138 11,189 Loss on extinguishment of debt (d) — 1,412 Costs related to debt amendments (b) — 4,553 Impairment charges — 12,921 Litigation matters (c) 1,925 2,525 Tax effect (e) (1,336 ) (8,298 ) Adjusted Net Income $ 77,487 $ 527,941 Diluted weighted average shares outstanding (f) 64,328 64,595 Adjusted Earnings per Share $ 1.20 $ 8.17 (a) Net favorable lease costs represent the non-cash expense associated with favorable and unfavorable leases that were recorded as a result of purchase accounting related to the April 13, 2006 Bain Capital acquisition of Burlington Coat Factory Warehouse Corporation. These expenses are recorded in the line item 'Selling, general and administrative expenses' in our Condensed Consolidated Statements of Income.(b) Relates to the settlement of the 2025 Convertible Notes during the first quarter of Fiscal 2025. Fiscal 2024 amount relates to the September 2024 extension and upsizing of the Term Loan Facility in the third quarter of Fiscal 2024.(c) Fiscal 2025 amount relates to the final settlements of certain litigation matters. Fiscal 2024 amount represents amounts charged for certain litigation matters.(d) Fiscal 2024 amount relates to the partial write-off of the original issue discount and deferred debt costs related to the September 2024 extension and upsize of the Term Loan Facility. (e) Tax effect is calculated based on the effective tax rates (before discrete items) for the respective periods, adjusted for the tax effect for the impact of items (a) through (d).(f) Diluted weighted average shares outstanding starts with basic shares outstanding and adds back any potentially dilutive securities outstanding during the period.(g) Adjustments for items excluded from Adjusted Net Income. These items have been described in the table above reconciling GAAP net income to Adjusted Net in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

US and EU cease cooperation in fight against Russia's sanctions circumvention
US and EU cease cooperation in fight against Russia's sanctions circumvention

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time27-05-2025

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US and EU cease cooperation in fight against Russia's sanctions circumvention

German media outlets have reported that the United States and the European Union have ended their joint efforts to combat Russia's circumvention of international sanctions. Source: European Pravda, citing German media outlets Süddeutsche Zeitung, NDR and WDR with reference to an internal report by the German Foreign Ministry Details: The conclusion that cooperation has collapsed is contained in an internal report by the Federal Foreign Office on the meeting of the EU Foreign Affairs Council held on 20 May in Brussels. The confidential document shows that EU sanctions policy chief David O'Sullivan lamented the complete breakdown of transatlantic coordination on sanctions evasion. As a result, "there is no more joint information and advocacy work". G7 cooperation has also "lost momentum" in this regard. How the Europeans and Americans intend to agree on another package of sanctions in such circumstances remains a mystery. Moreover, some experts believe that Trump would like to do business with Russia again sooner or later. Sergey Lagodinsky, a MEP from the Greens, warns of the security implications of reduced transatlantic coordination. "The problem is that the US has been the de facto driving force behind the sanctions regime," he said in an interview with the Süddeutsche Zeitung. If the Trump administration seeks to normalise relations with Russia, "it will mean the end of the global sanctions regime," he said. The only positive aspect of the meeting in Brussels is that the trade restrictions against Moscow seem to be starting to have an effect. The report shows that both O'Sullivan and Daniel Markic, director of the EU's Intelligence Coordination Office, stressed that the sanctions are having a significant impact on the Russian economy. The EU has also had some success regarding war-related goods being exported through third countries, including Armenia, Serbia, Uzbekistan and India. However, shipments through Kazakhstan, the United Arab Emirates and Türkiye continue to pose challenges. China and Hong Kong remain the main transit points for circumventing sanctions. The confidential document indicates that O'Sullivan complained at a meeting in Brussels that the People's Republic of China was "responsible for approximately 80 per cent of the evasion" but continued to deny it. However, he added that EU companies also profit from illegal business with Russia, which significantly weakens the European Commission's position in negotiations with third countries. At the meeting, O'Sullivan was able to report on the first successes in the fight against Russia's shadow fleet. Several states in which these tankers and cargo ships, which actually belong to Russia, are registered have withdrawn their flags at the EU's initiative. Nevertheless, the sanctions commissioner called on EU member states to take "decisive action against the entire shadow fleet". Among other things, according to an internal report, he suggested considering measures against ports frequented by these vessels, in countries such as Türkiye, India and Malaysia. The next EU sanctions, according to the Foreign Ministry document, will most likely be directed against Russia's energy and banking sectors. Only Hungary rejects these measures, once again demonstrating its "unwillingness to compromise". It is also doubtful whether the US government will cooperate, given the experience of the past few weeks. Background: On 25 May, US President Donald Trump, condemning Russia's latest attack on Ukraine, said he was considering additional sanctions against Russia. Finnish Prime Minister Petteri Orpo believes that the international community should put pressure on Russian leader Vladimir Putin to start negotiating a ceasefire in Ukraine. Support Ukrainska Pravda on Patreon!

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