Latest news with #NordStream1
Leaders
3 days ago
- Business
- Leaders
EU, UK Slam Russia with Fresh Sanctions
The European Union (EU) and the UK on Friday announced new sanctions on Russia, targeting its energy and banking sectors as well as military capabilities. 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
Time of India
3 days ago
- Business
- Time of India
EU, UK target Russian oil in toughest new Ukraine war sanctions
EU countries on Friday signed off on a new package of sanctions on Russia over the war in Ukraine, including lowering a price cap on Moscow's oil exports. The 18th round of economic punishment against Russia since its 2022 invasion was approved after Slovakia dropped a weeks-long block following talks with Brussels over separate plans to phase out Russian gas imports. "The EU just approved one of its strongest sanctions packages against Russia to date," EU foreign policy chief Kaja Kallas said. "Each sanction weakens Russia's ability to wage war. 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." Slovakia's Russia-friendly leader Robert Fico dropped his opposition after getting what he called "guarantees" from Brussels over gas prices as the bloc pushes to cut off Russian imports by the end of 2027. 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 per cent 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. The oil price cap , set at $60 by the G7 in 2022, 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. 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. 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 new sanctions will be formally adopted by EU ministers later on Friday.
Shafaq News
4 days ago
- Business
- Shafaq News
EU hits Russia with toughest sanctions yet as Moscow downs 73 drones
Shafaq News – Brussels/Moscow The sanctions package, delayed earlier due to a veto from Slovakia, was finalized following negotiations with Brussels over plans to phase out Russian gas imports. It includes a sharp reduction in the G7's oil price cap on Russian crude, cutting it from $60 to $47.6 per barrel, aiming to restrict Russia's oil revenue. EU leaders said the new measures focus on three strategic sectors: energy, banking, and the military-industrial complex. The package bans all transactions related to the Nord Stream 1 and 2 gas pipelines to prevent their potential reactivation. It also imposes a full transaction ban on select Russian banks and adds 22 more banks to the list of restricted entities. The Russian Direct Investment Fund (RDIF), along with its subsidiaries and investment projects, is also targeted to curb modernization financing for the Russian economy. For the first time, the EU is sanctioning a Russian-owned oil refinery operating in India, and two Chinese banks accused of facilitating the circumvention of earlier sanctions. Additionally, the bloc introduced expanded export bans valued at over €2.5B, covering a wide range of industrial materials and dual-use technologies that could support Russia's arms manufacturing, including drones and missile systems. A new set of maritime restrictions also takes aim at over 100 vessels operating in Russia's so-called 'shadow fleet'—aging tankers used to bypass international oil restrictions. A dedicated flag registry will be introduced to track these ships and tighten enforcement. The package further includes measures targeting individuals and institutions involved in the forced indoctrination of Ukrainian children in Russian-occupied territories. European Commission President Ursula von der Leyen described the sanctions as a direct strike on 'the heart of Russia's war machine,' emphasizing the package's scope against the country's energy, financial, and military infrastructure. EU foreign policy chief Kaja Kallas said the bloc would continue raising the cost of aggression, making continued warfare increasingly unsustainable for Moscow. On Friday, the European Union adopted its 18th sanctions package against Russia, introducing some of the toughest economic measures to date in response to Moscow's ongoing war in Ukraine. The announcement came as the Russian Defense Ministry reported downing over 70 Ukrainian drones overnight across its territory and in surrounding waters. The announcement came as the Russian Defense Ministry reported downing over 73 Ukrainian drones overnight across its territory and in surrounding waters. Most of the drones were reportedly downed over southwestern regions, 31 were shot down over Bryansk, 17 over Oryol, and 10 over the Moscow region, including three that attempted to reach the capital. Additional drones were intercepted over the Sea of Azov and the Black Sea.
LeMonde
4 days ago
- Business
- LeMonde
EU agrees 18th round of Russia sanctions over Ukraine war
European Union countries on Friday, July 18, signed off on a new package of sanctions on Russia over the war in Ukraine, including lowering a price cap on Moscow's oil exports. The 18 th round of economic punishment against Russia since its 2022 invasion was approved after Slovakia dropped a weeks-long block, following talks with Brussels over separate plans to phase out Russian gas imports. Slovakia's Russia-friendly leader Robert Fico dropped his opposition after getting what he called "guarantees" from Brussels over gas prices as the bloc pushes to cut off Russian imports by the end of 2027. "The EU just approved one of its strongest sanctions packages against Russia to date," EU foreign policy chief Kaja Kallas said. "Each sanction weakens Russia's ability to wage war. 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." France said the EU's new round of sanctions on Russia were without precedent. Foreign Minister Jean-Noel Barrot said, on X, that "together with the United States we will force [Russian President] Vladimir Putin into a ceasefire," adding that the new sanctions were "unprecedented." Lowering Russian oil cap 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% below market value. That comes despite EU allies failing to convince US President Donald Trump to go along with the plan. 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. 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. The oil price cap, set at $60 by the G7 in 2022, 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. Secondary sanctions and blacklisting the 'shadow fleet' In adddition, officials said the EU is blacklisting over 100 more 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 new sanctions will be formally adopted by EU ministers later on Friday.
Euractiv
4 days ago
- Business
- Euractiv
EU agrees revised Russia oil price cap as part of 18th sanctions package
EU member states on Friday agreed to impose a new round of sanctions against Russia, which will now include a significantly lowered Russian oil price cap and a range of new financial and trade measures. The breakthrough came after Slovakia, in an eleventh-hour move, lifted its weeks-long veto against the approval of the 18th package of sanctions on Russia after its 2022 invasion of Ukraine. Bratislava and its Russia-friendly Prime Minister Robert Fico had used its veto power to pressure the European Commission to relent on a proposed phase-out of all Russian fossil fuels by late 2027, which it argued would endanger domestic energy security. "We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow," EU's top diplomat Kaja Kallas said, while European Commission President Ursula von der Leyen said the EU was "striking at the heart of Russia's war machine". Reviewed price cap A key element of the package, greenlighted by EU ambassadors on Friday, is a new dynamic oil price cap mechanism, which would set the price on Russian oil exported to third countries to 15% lower than the average market price of Russian crude oil. This means, the price will now be lowered from $60 to approximately $47.60 per barrel, and is subject to a review every six months to adapt to market price changes, according to diplomatic sources. The G7 price cap was originally agreed in December 2022 by the G7 countries and aims to prevent Russia from financing the war in Ukraine. EU officials said they hoped to get the rest of the G7 countries – Canada, Japan, the United Kingdom, and the United States – on board. So far, the Trump administration has not supported the price revision. The previous Biden administration had been a key driver of the overall cap idea. Brussels still hopes to get other partners on board but was said that even without others, the price cap review significantly impacts Russia's war chest. Targeting Russia's 'shadow fleet', banks, dual-use tech The new package adds 105 new listings of so-called Russian 'shadow fleet' vessels, which Moscow has used to bypass the price cap. Now, the number of banned vessels stands at over 400. It further introduces a ban on transactions with 22 Russian banks. The 18th round of sanctions also includes a new transaction ban relating to the gas pipelines Nord Stream 1 and 2 – which have not been operational since 2022 – to prevent the maintenance, operation or any future use of those pipelines. The new sanctions further restrict Moscow's access to dual-use technology by adding 26 new entities engaged in supplying Russia's military industrial-complex. Those include 11 companies in third countries: Seven from China, including three in Hong Kong and four in Turkey and a Russian-owned refinery in India, according to diplomatic sources. (vib)
