Latest news with #Russia-friendly
Time of India
5 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.
Euractiv
6 days ago
- Business
- Euractiv
The Brief – 18 July: The Good, the Bad, and the Ugly
Happy Friday and welcome back to GBU, where we look back on what should be (we hope) Brussels' last busy week before everyone in the vicinity of the Schuman roundabout logs off for the summer. Decide for yourself what's good, what's bad, and what's ugly. MFF MADNESS: After weeks of build-up, the European Commission's presentation of its 'most ambitious ever' seven-year EU budget proposal took ( messy ) centre stage on Wednesday. While no one really knows what it all means, and it's still subject to significant change as the real budget talks are only about to begin, it's provocative, and it surely gets people talking . It was my first MFF announcement day and a good chunk of it resembled mass confusion on all fronts, although one would think the Commission had enough time to plan everything surrounding that spectacular €2 trillion proposal drop to a T. The International Press Association seems to think so, too, accusing the Commission of breaching media agreements and deliberately keeping journalists in the dark in a press release sent earlier today. Anyway, we did follow the revolting commissioners, unhappy parliamentarians and more on our live blog and are keeping an eye on the budget aftermath. Spoiler: It is all 'bout the money, contrary to pop culture belief. Thomas Moller-Nielsen has a must-read budget breakdown , Sarantis Michalopoulos tells you why the new budget has a smoking problem and Jeremias Lin spoke to disgruntled farmers who are readying their pitchforks for a September return to Brussels after farm subsidies got slashed big time. TIT, TAT, TARIFFS: S omewhat in the shadows of the budget, the EU-US tariff bonanza kept going, too. Trade chief Šefčovič travelled to Washington again and briefed EU ministers on the outcome this afternoon. So, where do we stand? Some want peace, some want violence, seemingly. At least France wants Commission chief Ursula von der Leyen to get the "bazooka" – alias the EU's most powerful trade weapon, the anti-coercion instrument – out in response to Trump's tariff threats. Sun's out, guns out? Would that even be possible? Is that a good idea? I personally wouldn't trust my judgment on this, but Tom beautifully lays it all down here. TOUGH ON RUSSIA, ROUND 18: Today, EU member states agreed on a new wave of economic sanctions against Russia over its war in Ukraine – after Slovakia's Russia-friendly PM Robert Fico lifted his weeks-long veto. The new measures target Russian banks and lower a price cap on Russian oil exports in a bid to crush the country's war chest. GERMANY'S MIGRATION SUMMIT: Against an alpine backdrop, German Interior Minister Alexander Dobrindt hosted France, Poland, Austria, Denmark, and Czechia as well as EU Home Affairs Commissioner Magnus Brunner atop Germany's highest mountain to talk migration on Friday. Berlin is talking the talk as it's getting tough on migration and walking the walk as the first deportation flight to Afghanistan under Merz took off early this morning. Read all about it here. STRANDED USAID CONDOMS IN BELGIUM: A total 26 million condoms, millions of contraceptive pills, thousands of implants, two million injectable doses, and 50,000 bottles of HIV prevention medication from the US development agency USAID are sitting – unused – in a warehouse in the north-east of Belgium and face possible destruction. That's a stockpile worth about €8.6 million, and destroying would cost Washington around €145,000. How did we get here? Thomas Mangin knows . In case you haven't had enough yet, here are a few weekend reads: Laurent Geslin looked at the latest of France's military disengagement from Africa . In Senegal, a remnant of French colonial presence came to an end on Thursday, with the French army officially handing over the keys of the Dakar-based Camp Geille – which has been occupied by French forces since 1960 – to Senegalese authorities. Inés Fernández-Pontes explained how Sanchez's domestic corruption pickle leads to the country pushing for its minority languages – Catalan, Galician, and Basque – to become EU official once again. Do you know what E3, E4, G5 and MED9 stand for? Fear not, this is not a quiz. Just read Nick Alipour's piece spoon-feeding you Europe's alphabet soup. … and in case you missed it, Brussels supermarkets will be allowed to stay open longer. Want to get The Good, the Bad, and the Ugly in your inbox? Subscribe to The Brief (jp)
LeMonde
6 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
6 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)
The Hindu
6 days ago
- Business
- The Hindu
EU agrees 18th round of Russia sanctions over Ukraine war
EU countries on Friday (July 18, 2025) 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 sanctions 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." Also Read | Indian companies added to list as U.K., EU announce new Russia-related sanctions 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% below market value. That comes despite EU allies failing to convince U.S. 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 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 a 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.
