logo
#

Latest news with #Kremlin-friendly

EU, UK target Russia oil sector
EU, UK target Russia oil sector

Express Tribune

time4 days ago

  • Business
  • Express Tribune

EU, UK target Russia oil sector

The European Union and Britain on Friday sought to ramp up economic pressure on Russia to halt the war in Ukraine by slashing a price cap meant to choke off revenues from key oil exports. The move from the EU was part of a sweeping new package of sanctions — the bloc's 18th since the start of Russia's 2022 invasion — that also took aim at Moscow's banking sector and military capabilities. The measures come as allies closely watch whether US President Donald Trump follows through on his threat to punish Moscow over Russian President Vladimir Putin's failure to move forward on a truce. "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," said EU foreign policy chief Kaja Kallas. British foreign minister David Lammy announced the UK was joining the EU price cap sanction, saying they were "striking at the heart of the Russian energy sector". "As Putin continues to stall on serious peace talks, we will not stand by," he said. Ukrainian President Volodymyr Zelensky hailed the EU's new sanctions as "essential and timely". The bloc's new measures were approved after Slovakia dropped a weeks-long block following talks with Brussels over separate plans to phase out Russian gas imports. Kremlin-friendly Slovakian leader Robert Fico — whose country remains dependent on Russian energy — dropped his opposition after getting what he called "guarantees" from Brussels over future gas prices. France's Foreign Minister Jean-Noel Barrot called the latest EU moves "unprecedented" and said that "together with the United States we will force Vladimir Putin into a ceasefire". But the Kremlin said it would seek to "minimise" the impact, and warned the measures would backfire. The price cap is originally a G7 initiative aimed at limiting the amount of money Russia makes by exporting oil to countries such as China and India. The EU and Britain said they would lower the cap on Russian oil exported to third countries around the world to 15 percent below market value. That comes despite Washington's allies failing to convince Trump to go along with the plan. Set at $60 a barrel by the G7 in 2022, the measure bans shipping firms and insurance companies dealing with Russia from exporting oil above the cap amount. Under the new plan — which Brussels hopes other G7 allies like Canada and Japan will join — the initial level will start at $47.60 and can be adjusted as oil prices change in the future. The EU already largely cut off imports of Russian oil. EU officials admit the scheme will not be as effective without US involvement. In addition to the oil price cap, officials said the EU was blacklisting over 100 more vessels in the "shadow fleet" of ageing tankers that security analysts say Russia uses to circumvent oil export curbs.

EU targets Russian oil in new Ukraine war sanctions
EU targets Russian oil in new Ukraine war sanctions

Observer

time5 days ago

  • Business
  • Observer

EU targets Russian oil in new Ukraine war sanctions

BRUSSELS: The EU on Friday adopted a sweeping new package of sanctions on Russia over the Ukraine war, looking to pile more pressure on the Kremlin by lowering a price cap for Moscow's oil exports. The 18th round of economic measures from Europe against Russia since its 2022 attack comes as allies hope US President Donald Trump follows through on his threat to punish Moscow for stalling peace efforts. "The EU just approved one of its strongest sanctions packages against Russia to date", EU foreign policy chief Kaja Kallas said. "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". Ukrainian President Volodymyr Zelensky hailed the sanctions' adoption as "essential and timely". The new measures were approved after Slovakia dropped a weeks-long block following talks with Brussels over separate plans to phase out Russian gas imports. Kremlin-friendly Slovakian leader Robert Fico — whose country remains dependent on Russian energy — dropped his opposition after getting what he called "guarantees" from Brussels over future gas prices. France's Foreign Minister Jean-Noel Barrot called the latest moves "unprecedented" and said that "together with the United States we will force (Russian President) Vladimir Putin into a ceasefire". "We are keeping up the pressure on Russia", said German Chancellor Friedrich Merz. But the Kremlin said it would seek to "minimise" the impact and warned the measures would backfire on the EU. As part of the new sanctions designed to sap Russia's war chest, the EU agreed to lower its price cap on Russian oil exported to third countries around the world, to 15 per cent below market value. That comes despite EU allies failing to convince Trump to go along with the plan. The cap is a G7 initiative aimed at limiting the amount of money Russia makes by exporting oil to countries such as China and India. Set at $60 a barrel by the G7 in 2022, it is designed to limit the price Moscow can sell oil around the world by banning shipping firms and insurance companies dealing with Russia to export above that amount. The EU has largely already cut off its imports of Russian oil. Under the new EU scheme — which Brussels hopes will get G7 allies like Britain and Canada on board with — the new level will start off at $47.60 and can be adjusted as oil prices change in the future. EU officials admit that the scheme will not be as effective without US involvement. In addition, officials said the EU is blacklisting over 100 more vessels in the "shadow fleet" of ageing tankers used by Russia to circumvent oil export curbs. There are also measures to stop the defunct Baltic Sea gas pipelines Nord Stream 1 and 2 from being brought back online in the future. Among other targets, sanctions will be placed on a Russian-owned oil refinery in India and two Chinese banks as the EU seeks to curb Moscow's ties with international partners. There is also an expanded transaction ban on dealings with Russian banks and more restrictions on the export of "dual-use" goods that could be used on the battlefield in Ukraine. The latest round of EU measures comes after Trump on Monday threatened to hit buyers of Russian energy with massive "secondary tariffs" if Russia doesn't halt the fighting in 50 days. The move from Trump represented a dramatic pivot from his previous effort of rapprochement with the Kremlin, as he said his patience was running out with Putin. Meanwhile, Britain on Friday slapped sanctions on the GRU Russian intelligence agency and 18 agents accused of "spreading chaos and disorder" on the orders of Russian President Vladimir Putin. "GRU spies are running a campaign to destabilise Europe, undermine Ukraine's sovereignty and threaten the safety of British citizens", Foreign Secretary David Lammy said in a statement He added: "Putin's hybrid threats and aggression will never break our resolve". The Foreign Office said the sanctions targeted three GRU units and the 18 individual intelligence officers for a "sustained campaign of malicious cyber activity over many years, including in the UK". "The GRU routinely uses cyber and information operations to sow chaos, division and disorder in Ukraine and across the world with devastating real-world consequences", it said in a statement. — AFP

EU Targets Russian Oil In Tough New Ukraine War Sanctions
EU Targets Russian Oil In Tough New Ukraine War Sanctions

Int'l Business Times

time5 days ago

  • Business
  • Int'l Business Times

EU Targets Russian Oil In Tough New Ukraine War Sanctions

The EU on Friday adopted a sweeping new package of sanctions on Russia over the Ukraine war, looking to pile more pressure on the Kremlin by lowering a price cap for Moscow's oil exports. The 18th round of economic measures from Europe against Russia since its 2022 invasion comes as allies hope US President Donald Trump follows through on his threat to punish Moscow for stalling peace efforts. "The EU just approved one of its strongest sanctions packages against Russia to date," EU foreign policy chief Kaja Kallas said. "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." Ukrainian President Volodymyr Zelensky hailed the sanctions' adoption as "essential and timely". The new measures were approved after Slovakia dropped a weeks-long block following talks with Brussels over separate plans to phase out Russian gas imports. Kremlin-friendly Slovakian leader Robert Fico -- whose country remains dependent on Russian energy -- dropped his opposition after getting what he called "guarantees" from Brussels over future gas prices. France's Foreign Minister Jean-Noel Barrot called the latest moves "unprecedented" and said that "together with the United States we will force (Russian President) Vladimir Putin into a ceasefire". "We are keeping up the pressure on Russia," said German Chancellor Friedrich Merz. But the Kremlin said it would seek to "minimise" the impact, and warned the measures would backfire on the EU. As part of the new sanctions designed to sap Russia's war chest, the EU agreed to lower its price cap on Russian oil exported to third countries around the world, to 15 percent below market value. That comes despite EU allies failing to convince Trump to go along with the plan. The cap is a G7 initiative aimed at limiting the amount of money Russia makes by exporting oil to countries such as China and India. Set at $60 a barrel by the G7 in 2022, it is designed to limit the price Moscow can sell oil around the world by banning shipping firms and insurance companies dealing with Russia to export above that amount. The EU has largely already cut off its imports of Russian oil. Under the new EU scheme -- which Brussels hopes will get G7 allies like Britain and Canada on board with -- the new level will start off at $47.60 and can be adjusted as oil prices change in the future. EU officials admit that the scheme will not be as effective without US involvement. In addition, officials said the EU is blacklisting over 100 more vessels in the "shadow fleet" of ageing tankers used by Russia to circumvent oil export curbs. There are also measures to stop the defunct Baltic Sea gas pipelines Nord Stream 1 and 2 from being brought back online in the future. Among other targets, sanctions will be placed on a Russian-owned oil refinery in India and two Chinese banks as the EU seeks to curb Moscow's ties with international partners. There is also an expanded transaction ban on dealings with Russian banks and more restrictions on the export of "dual-use" goods that could be used on the battlefield in Ukraine. The latest round of EU measures comes after Trump on Monday threatened to hit buyers of Russian energy with massive "secondary tariffs" if Russia doesn't halt the fighting in 50 days. The move from Trump represented a dramatic pivot from his previous effort of rapprochement with the Kremlin, as he said his patience was running out with Putin. The multiple rounds of international sanctions imposed on Moscow in the three-and-a-half years since its invasion have failed so far to cripple the Russian economy or slow its war effort. But Western officials argue that despite Russia's economy largely weathering the punishment to this point, key economic indicators such as interest rates and inflation are getting worse.

EU hits Russia with sweeping new sanctions; including curbs on a Russian-owned oil refinery in India
EU hits Russia with sweeping new sanctions; including curbs on a Russian-owned oil refinery in India

Time of India

time5 days ago

  • Business
  • Time of India

EU hits Russia with sweeping new sanctions; including curbs on a Russian-owned oil refinery in India

The EU on Friday adopted a sweeping new package of sanctions on Russia over the Ukraine war , looking to pile more pressure on the Kremlin by lowering a price cap for Moscow's oil exports. The 18th round of economic measures from Europe against Russia since its 2022 invasion comes as allies hope US President Donald Trump follows through on his threat to punish Moscow for stalling peace efforts. Explore courses from Top Institutes in Select a Course Category Public Policy Artificial Intelligence MBA Digital Marketing others Cybersecurity Others Data Analytics Operations Management Leadership MCA Degree Finance Technology healthcare PGDM Healthcare Data Science Design Thinking Management Project Management CXO Product Management Data Science Skills you'll gain: Economics for Public Policy Making Quantitative Techniques Public & Project Finance Law, Health & Urban Development Policy Duration: 12 Months IIM Kozhikode Professional Certificate Programme in Public Policy Management Starts on Mar 3, 2024 Get Details Skills you'll gain: Duration: 12 Months IIM Calcutta Executive Programme in Public Policy and Management Starts on undefined Get Details "The EU just approved one of its strongest sanctions packages against Russia to date," EU foreign policy chief Kaja Kallas said. "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." Ukrainian President Volodymyr Zelensky hailed the sanctions' adoption as "essential and timely". Live Events The new measures were approved after Slovakia dropped a weeks-long block following talks with Brussels over separate plans to phase out Russian gas imports. Kremlin-friendly Slovakian leader Robert Fico -- whose country remains dependent on Russian energy -- dropped his opposition after getting what he called "guarantees" from Brussels over future gas prices. France's foreign minister Jean-Noel Barrot called the latest moves "unprecedented" and said that ""together with the United States we will force (Russian President) Vladimir Putin into a ceasefire". As part of the new sanctions designed to sap Russia's war chest, diplomats said the EU has agreed to lower its price cap on Russian oil exported to third countries around the world, to 15 percent below market value. That comes despite EU allies failing to convince US President Donald Trump to go along with the plan. The cap is a G7 initiative aimed at limiting the amount of money Russia makes by exporting oil to countries across the globe such as China and India. Set at $60 by the G7 in 2022, it is designed to limit the price Moscow can sell oil around the world by banning shipping firms and insurance companies dealing with Russia to export above that amount. The EU has largely already cut off its imports of Russian oil. Under the new EU scheme -- which is expected to get the backing of G7 allies like Britain and Canada -- the new level will start off at $47.6 and can be adjusted as oil prices change in the future. EU officials admit that the scheme will not be as effective without US involvement. Tankers, refinery, banks In addition, officials said the EU is blacklisting over 100 more vessels in the "shadow fleet" of ageing tankers used by Russia to circumvent oil export curbs. There are also measures to stop the defunct Baltic Sea gas pipelines Nord Stream 1 and 2 from being brought back online. Among other targets, sanctions will be placed on a Russian-owned oil refinery in India and two Chinese banks as the EU seeks to curb Moscow's ties with international partners. There is also an expanded transaction ban on dealings with Russian banks and more restrictions on the export of "dual-use" goods that could be used on the battlefield in Ukraine. The latest round of EU measures comes after Trump on Monday threatened to hit buyers of Russian energy with massive "secondary tariffs" if Russia doesn't halt the fighting in 50 days. The move from Trump represented a dramatic pivot from his previous effort of rapprochement with the Kremlin, as he said his patience was running out with Putin. The multiple rounds of international sanctions imposed on Moscow in the three-and-a-half years since its invasion have failed so far to cripple the Russian economy or slow its war effort. But Western officials argue that despite Russia's economy largely weathering the punishment to this point, key economic indicators such as interest rates and inflation are getting worse. Economic Times WhatsApp channel )

Slovakia stalls new Russia sanctions, demands stronger energy guarantees
Slovakia stalls new Russia sanctions, demands stronger energy guarantees

Euractiv

time15-07-2025

  • Politics
  • Euractiv

Slovakia stalls new Russia sanctions, demands stronger energy guarantees

BRATISLAVA - Slovak Prime Minister Robert Fico announced Tuesday that his government will again request a delay in adopting the EU's 18th sanctions package against Russia, arguing that the guarantees offered by the European Commission to address Slovakia's energy security concerns remain insufficient. In a Facebook post, Fico said the Commission's proposals 'do not provide Slovakia with sufficient guarantees,' and confirmed that Bratislava's representative in Brussels had been instructed to request a postponement of the vote. Since returning to power in 2023, Fico's government has blocked or delayed several EU-wide initiatives targeting Moscow, aligning Slovakia more closely with Hungary — arguably the EU's two most Kremlin-friendly nations. Slovakia is currently blocking the new sanctions over energy security concerns, as the country remains heavily reliant on Russian gas. Hungary's refusal to back the sanctions is reportedly connected to its backing of Slovakia's stance. 'The government coalition rejects the idiotic proposal by the European Commission to cut off Russian gas flows by 2028,' he wrote, but added that it is open to negotiating a deal that would 'guarantee a certain level of comfort' for Slovakia beyond that deadline. Fico reiterated that Slovakia would not obstruct EU efforts if it received credible assurances to mitigate the impact of phasing out Russian energy. He insisted that the most viable solution would be an exemption allowing Slovakia to honour its contract with Gazprom until it expires in 2034—something the Commission currently rejects on principle. While much of the EU has weaned itself off Russian energy since the full-scale invasion of Ukraine, Slovakia and Hungary remain heavily dependent. What the Commission offered In a letter sent on Monday, Commission President Ursula von der Leyen set out a series of proposed guarantees aimed at alleviating Slovakia's concerns. These included creating a task force to support and monitor Slovakia's energy transition, developing a solution for cross-border oil and gas tariffs, and clarifying technical mechanisms — such as allowing spot market operations to adjust existing long-term contracts. The Commission also pledged to support the implementation of new and existing energy measures, fast-track approval of state aid schemes, and explore the use of EU funds to offset the impacts of the Russian gas phase-out and to assist with diversification efforts. Fico said he had forwarded the Commission's letter to the leaders of all Slovak political parties to gather their views. The ruling coalition party Hlas-SD welcomed the guarantees, while coalition party SNS has not commented on the issue. The ruling Hlas-SD party welcomed the Commission's proposals, while coalition partner SNS has yet to comment. Opposition parties, however, criticised Fico for failing to secure concrete concessions in Brussels and accused him of 'disgracing the country's name.' Still, they called on him to ensure Slovakia supports the sanctions package. (aw)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store