Page 8 - European Union

Russia refuses to accept EU's price cap of $60/barrel on crude oil

Russia refused to accept a price cap on Russian oil which European Union along with G7 and others have set a deal for a $60 per barrel, Kremlin Spokesman Dmitry Peskov said

European Union plans to criminalise violation of sanctions against Russia

It aims to establish "common basic standards" for penalties, the Commission said in statement

Price cap on Russian oil to benefit mkts, constrain Putin's finances: US

The US has welcomed the USD 60-per-barrel price cap on Russian oil, describing it as an important tool that will benefit emerging markets and low-income economies and further cripple President Vladimir Putin's finances used to fund his brutal invasion on Ukraine. The European Union reached a deal on Friday for a USD 60-per-barrel price cap on Russian oil. The Group of Seven nations and Australia joined the European Union in adopting the price cap on Russian oil, aimed at significantly reducing Moscow's income and President Putin's ability to continue to finance the war in Ukraine. Europe needed to set the discounted price that other nations will pay by Monday when an EU embargo on Russian oil shipped by sea and a ban on insurance for those supplies take effect. The price cap will encourage the flow of discounted Russian oil onto global markets and is designed to help protect consumers and businesses from global supply disruptions, US Treasury Secretary Janet Yellen said on Friday.

Oil price cap looks set to keep Russian oil flowing even as war continues

Lavrov said the cap was irrelevant, the strongest hint yet of a possible softening. With such a generous cap, buyers and sellers can easily claim it's just business as usual

Vladimir Putin is open to talks and diplomacy on Ukraine, says Kremlin

The premier replying to US President Joe Biden' comment stating his willingness to speak with Putin but with conditions, said the the West must accept Moscow's demands

New UK govt examining our proposal, promised to come back soon: Narendran

We have highlighted to them our financial situation given the way things are in Europe, and we have been promised that they will come back soon

European Union reaches deal for $60-per-barrel price cap on Russian oil

The European Union reached a deal Friday for a $60-per-barrel price cap on Russian oil, a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine. After a last-minute flurry of negotiations, the EU presidency, held by the Czech Republic, tweeted that ambassadors have just reached an agreement on price cap for Russian seaborne #oil. The decision must still be officially approved with a written procedure but is expected to go through. Europe needed to set the discounted price that other nations will pay by Monday, when an EU embargo on Russian oil shipped by sea and a ban on insurance for those supplies take effect. The price cap, which was led by the Group of Seven wealthy democracies and still needs their approval, aims to prevent a sudden loss of Russian oil to the world that could lead to a new surge in energy prices and further fuel inflation. Poland long held up an agreement,

Shipping costs for Russian crude skyrocket ahead of more sanctions by EU

The surge in costs reflects the challenges faced by suppliers of Russian crude ahead of the deadline when the EU, including some of the world's top tanker owners

European Union assists Lebanon's armed forces with 6 million euros

The statement added that the assistance measure will finance healthcare equipment to support military medical services and personal gear

European Union edges closer to $60-per-barrel Russian oil price cap

The European Union was edging closer to setting a USD 60-per-barrel price cap on Russian oil a highly anticipated and complex political and economic maneuver designed to keep Russia's supplies flowing into global markets while clamping down on President Vladimir Putin's ability to fund his war in Ukraine. EU nations sought to push the cap across the finish line after Poland held out to get as low a figure as possible, diplomats said Thursday. Still waiting for white smoke from Warsaw, said an EU diplomat, who spoke on condition of anonymity because the talks were still ongoing. The latest offer, confirmed by 3 EU diplomats, comes ahead of a deadline to set the price for discounted oil by Monday, when a European embargo on seaborne Russian crude and a ban on shipping insurance for those supplies take effect. The diplomats also spoke on condition of anonymity because the legal process was still not completed. The USD 60 figure would mean a cap near the current price of Russia's crude

EU agrees on $60 per barrel price cap on Russian oil, say reports

Restrictions an attempt to squeeze Kremlin's crude oil revenues

FTAs and their discontents: Do free trade agreements benefit India?

India's balance of trade has worsened with countries with which it has signed free trade agreements

Elon Musk warned by EU official to keep Putin's propaganda off Twitter

Failing to take on fake or misleading content online could "lead to the very quick abuse" of Twitter, European Commission Vice President Vera Jourova, said

EU proposes new rules to reduce wasteful packaging, aims at 15% reduction

Another key target is to make packaging fully recyclable by 2030, the EU executive said

EU climate chief defends including 'carbon farming' to climate plans

The European Union's top climate official on Wednesday dismissed criticism from environmental groups over its proposal to incorporate carbon removal methods into its climate plans, insisting the plan won't undermine the bloc's efforts to tackle global warming. Dozens of organisations issued a joint call on Monday slamming the EU's plans to certify so-called offsets carbon absorbed through nature or with technological means which could then be bought by polluters to reduce their emissions balance. The groups, including Friends of the Earth, Corporate Accountability and the Centre for International Environmental Law, argue that subtracting carbon captured in this way from the 27-nation bloc's emissions total amounts to greenwashing. Frans Timmermans, vice-president of the EU's executive Commission, insisted the plans for carbon removal certificates were consistent with the bloc's legally binding climate targets. It's additional to what we're doing, and it's not instead of what we'r

EU warns Elon Musk to beef up Twitter controls ahead of new rules

A top European Union official warned Elon Musk on Wednesday that Twitter needs to beef up measures to protect users from hate speech, misinformation and other harmful content to avoid violating new rules that threaten tech giants with big fines or even a ban in the 27-nation bloc. Thierry Breton, the EU's commissioner for digital policy, told the billionaire Tesla CEO that the social media platform will have to significantly increase efforts to comply with the new rules, known as the Digital Services Act, set to take effect next year. The two held a video call to discuss Twitter's preparedness for the law, which will require tech companies to better police their platforms for material that, for instance, promotes terrorism, child sexual abuse, hate speech and commercial scams. It's part of a new digital rulebook that has made Europe the global leader in the push to rein in the power of social media companies, potentially setting up a clash with Musk's vision for a more unfettered ...

India's revised data protection bill 'promising, clear': Meta's Nick Clegg

'Real process of openness' and listening to feedback in preparing legislation, he says

ESMA deadlock: European regulator's interference unfortunate, says RBI DG

"Potential disruption to the forex markets can be serious"

Reserve Bank of India, Japanese regulator hold talks on clearing houses

Dialogue on clearing houses come after CCIL derecognition by ESMA, BoE

Germany seeks to boost immigration of skilled workers from outside EU

The German government said on Wednesday that it plans to ease entry rules for immigrants from outside the European Union to help meet Germany's demand for skilled workers. Experts say Europe's biggest economy needs about 400,000 skilled immigrants each year as the country's ageing workforce shrinks, particularly to fill vacancies in the health care, IT and construction sectors. Lack of workers endangers Germany's ambitious plans to boost the roll-out of renewable energy, Economy Minister Robert Habeck said. We've known for years that we're going to have a demographic problem but nothing was done about it, he told reporters in Berlin. Cabinet agreed on a draft proposal that would help would-be immigrants from outside the EU get their skills and qualifications recognised and lower bureaucratic hurdles such as language requirements for some sectors such as IT. Labor Minister Hubertus Heil said that apart from providing more language training abroad, Germany would also have to do mo