Latest news with #EU-SouthernNeighbourhoodMinisterial
Straits Times
20 hours ago
- Politics
- Straits Times
All options on the table if Israel does not deliver on Gaza pledges, EU's Kallas says
Find out what's new on ST website and app. FILE PHOTO: European Union High Representative for Foreign Affairs and Security Policy Kaja Kallas speaks to the media as she arrives at the 5th EU-Southern Neighbourhood Ministerial meeting in Brussels, Belgium, July 14, 2025. REUTERS/Yves Herman/File Photo BRUSSELS - All options are on the table if Israel does not deliver on its pledges to facilitate humanitarian aid in Gaza, the European Union's top diplomat said on Tuesday. "The killing of civilians seeking aid in Gaza is indefensible," EU foreign policy chief Kaja Kallas wrote in a post on X, adding that she spoke with Israeli Foreign Minister Gideon Saar "to recall our understanding on aid flow and made clear that IDF must stop killing people at distribution points." Earlier this month, Kallas said Israel had agreed to expand humanitarian access to Gaza, including increasing the number of aid trucks, crossing points and routes to distribution hubs. "All options remain on the table if Israel doesn't deliver on its pledges," Kallas said. On Monday, two dozen Western countries called for Israel to immediately end its war in Gaza and criticized what they described as "inhumane killing" of Palestinians, saying it was "horrifying" that more than 800 civilians had been killed while seeking aid. Israel's foreign ministry called Monday's statement "disconnected from reality" and said it would send the wrong message to Hamas. Gaza health officials have said more than 59,000 Palestinians have died during the 21-month conflict in Gaza. The war began when Hamas-led militants stormed into Israel on October 7, 2023, killing 1,200 people and taking 251 hostages back to Gaza, according to Israeli tallies. REUTERS
Straits Times
5 days ago
- Business
- Straits Times
EU's new Russia sanctions aim for more effective oil price cap
Find out what's new on ST website and app. FILE PHOTO: European Union High Representative for Foreign Affairs and Security Policy Kaja Kallas arrives at the 5th EU-Southern Neighbourhood Ministerial meeting in Brussels, Belgium, July 14, 2025. REUTERS/Yves Herman/File Photo BRUSSELS - The European Union on Friday 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% below its average market price, EU diplomats said, aiming to improve on a largely ineffective $60 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. "We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow." G7 PRICE CAP INEFFECTIVE SO FAR 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 $47.60 per barrel. Benchmark Brent futures rose marginally on Friday to about $70. [O/R] "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." US DECLINES TO BACK EUROPE ON PRICE CAP 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 $60 a barrel largely irrelevant. [O/R] 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 U.S. 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. REUTERS
Straits Times
5 days ago
- Business
- Straits Times
EU approves new Russia sanctions with lower oil price cap
Find out what's new on ST website and app. FILE PHOTO: European Union High Representative for Foreign Affairs and Security Policy Kaja Kallas arrives at the 5th EU-Southern Neighbourhood Ministerial meeting in Brussels, Belgium, July 14, 2025. REUTERS/Yves Herman/File Photo BRUSSELS - The European Union on Friday 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 package aims to lower the G7's price cap for buying Russian crude oil to $47.6 per barrel, diplomats told Reuters. "The EU just approved one of its strongest sanctions packages against Russia to date," EU foreign policy chief Kaja Kallas said on X. "We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow." G7 PRICE CAP INEFFECTIVE SO FAR Yet Russia has so far managed to sell most of its oil above the previous price cap as the current mechanism makes it unclear who must police its implementation, and traders doubt the new EU sanctions will significantly disrupt Russian oil trade. The package also has a ban on transactions related to Russia's Nord Stream gas pipelines under the Baltic Sea and on Russia's financial sector. Top stories Swipe. Select. Stay informed. Singapore 30% of aviation jobs could be redesigned due to AI, automation; $200m fund to support workers: CAAS Singapore HSA looking to get anti-vape cyber surveillance tool with AI capabilities Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Singapore Residents in South West District get help to improve employability, find career opportunities Singapore Jail for contraband cigarette syndicate member over conspiracy to give bribes to security officer Life Kinokuniya opens third bookstore in Raffles City, weeks ahead of schedule Business DBS shares rally to a new record as STI clocks yet another high Singapore 5 foreigners charged over scheme to deliberately get arrested in S'pore to sell sex drugs Kallas said the sanctions also targeted 105 ships in Russia's "shadow fleet", the term used by Western officials for ships that Moscow uses to circumvent oil sanctions, and "Chinese banks that enable sanctions evasion". She did not name the banks. Ukrainian President Volodymyr Zelenskiy called the decision "essential and timely" as Russia intensifies its air war on Ukrainian cities and villages. And Foreign Minister Andrii Sybiha said: "Depriving Russia of its oil revenues is critical for putting an end to its aggression." The Group of Seven Western economic powers have tried to impose a price cap on purchases of Russian oil price since December 2022. It aims to ban trade in Russian crude bought at a higher price by prohibiting shipping, insurance and re-insurance companies from handling tankers carrying such crude. US DECLINES TO BACK EUROPE ON PRICE CAP The European Union and Britain have been pushing to lower the cap for the last two months after a fall in oil futures made the current level of $60 a barrel largely irrelevant. [O/R] But the United States has resisted, leaving the EU to move forward on its own, but without real power to enforce the measure, analysts and oil traders say. As the dollar dominates global oil transactions, and U.S. financial institutions play the central role in clearing payments, the EU has no means to 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. REUTERS
Straits Times
5 days ago
- Business
- Straits Times
EU agrees 18th sanctions package against Russia
Find out what's new on ST website and app. FILE PHOTO: European Union High Representative for Foreign Affairs and Security Policy Kaja Kallas arrives at the 5th EU-Southern Neighbourhood Ministerial meeting in Brussels, Belgium, July 14, 2025. REUTERS/Yves Herman/File Photo BRUSSELS - The European Union reached an agreement on an 18th sanctions package against Russia over its war in Ukraine, with a raft of measures aimed at dealing further blows to Russia's oil and energy industry. Its latest sanctions package on Russia will lower the G7's price cap for crude oil to $47.6 per barrel, diplomats told Reuters. "The EU just approved one of its strongest sanctions package against Russia to date," said the EU's foreign policy chief Kaja Kallas on X. "We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow," added Kallas. REUTERS
Japan Today
15-07-2025
- Business
- Japan Today
EU fails to approve new Russia sanctions; ball now in Slovakia's court, says EU foreign chief
FILE PHOTO: European Union High Representative for Foreign Affairs and Security Policy Kaja Kallas arrives at the 5th EU-Southern Neighbourhood Ministerial meeting in Brussels, Belgium, July 14, 2025. REUTERS/Yves Herman/File Photo The European Union did not approve the 18th Russia sanctions package on Tuesday, the EU's foreign chief Kaja Kallas said after a meeting with EU foreign ministers in Brussels. She said she was "really sad" the sanctions did not get approved, but hopeful a deal will be reached on Wednesday, adding that the ball is in Slovakia's court. Slovakia has been blocking the EU's latest sanctions package until its concerns are addressed over a separate EU proposal to phase out imports of Russian gas by January 1, 2028. Sources told Reuters on Monday that all elements of the package had been agreed, although one member state still had a reservation about a proposed lower price cap on Russian oil. The European Commission last month proposed the 18th package of sanctions against Russia for its invasion of Ukraine, aimed at Moscow's energy revenue, its banks, and its military industry. The new package proposes banning transactions with Russia's Nord Stream gas pipelines, as well as banks that engage in sanctions circumvention. It also proposes a floating price cap on Russian oil of 15% below the average market price of crude in the previous three months, EU diplomats have said. © Thomson Reuters 2025.
