Page 15 - European Union

EU plans retaliation strategy as US hardens trade stance before deadline

The overwhelming preference is to keep negotiations with Washington on track in a bid for an outcome to the impasse ahead of next month's deadline

Rosneft calls EU sanctions on Nayara Energy unjustified and illegal

Russian oil giant Rosneft on Sunday termed as unjustified and illegal the sanctions that the EU has slapped on its Indian unit, Nayara Energy. "Rosneft Oil Company considers the European Union's decision to impose restrictive measures on the Indian refinery of Nayara Energy as unjustified and illegal," it said in a statement. "These sanctions are yet another example of extraterritorial implementation of politically motivated restrictions that blatantly violate international law and infringe on the economic interests of a sovereign state." The European Union on Friday imposed sanctions on the Indian oil refinery of Rosneft and lowered the oil price cap, as part of a new raft of measures against Russia over its war in Ukraine. The fresh sanctions package on Russia included new banking restrictions and curbs on fuels made from Russian crude oil. The lowered oil price cap - currently set at USD 60 per barrel - means Russia will be forced to sell its crude at reduced rates to buyers li

EU curbs on Russian oil may hit India's $15 bn fuel exports: GTRI

India's petroleum product exports worth USD 15 billion to the European Union (EU) may be at risk as Brussels moves to restrict imports of Russian crude oil refined in third countries, economic think tank GTRI said. The 18th package of sanctions by the 27-nation EU included a set of measures largely aimed at curbing the revenues of Russia's oil and energy sector, such as an import ban on refined petroleum products made from Russian crude oil and coming from any third country. The Global Trade Research Initiative (GTRI) said that a central component of the package is a ban on the import of refined petroleum products made from Russian crude and exported via third countries, excluding only a select few allies like the US, UK, Canada, and Switzerland. This measure will hurt nations such as India, Turkey, and the UAE, which have been refining Russian crude and selling diesel, petrol, and jet fuel to Europe, it said. "India's USD 5 billion exports of petroleum products to the EU are at ri

G7 to counter China's economic sway, rare earth dominance, says Klingbeil

Beyond economic resilience, the G7 faces broader strategic concerns over its declining influence in the Global South, as China and Russia strengthen ties in regions like Africa

India, EU resolve digital differences in free trade agreement talks

'Substantial differences' remain over sustainable development chapter

India criticises EU sanctions on Russia, including Gujarat refinery

The "Government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens," said MEA

EU imposes sanctions on Rosneft's India refinery, lowers oil price cap

The European Union on Friday imposed sanctions on the Indian oil refinery of Russian energy giant Rosneft and lowered the oil price cap, as part of a new raft of measures against Russia over its war in Ukraine. The fresh sanctions package on Russia included new banking restrictions, and curbs on fuels made from Russian crude oil. The lowered oil price cap - currently set at USD 60 per barrel - means Russia will be forced to sell its crude at reduced rates to buyers like India. As the second-largest purchaser of Russian oil, India stands to benefit from this move. Russian crude currently accounts for nearly 40 per cent of India's total oil imports. "For the first time, we're designating a flag registry and the biggest Rosneft refinery in India," EU foreign policy chief Kaja Kallas said in a post on X. Rosneft owns 49.13 per cent stake in Nayara Energy Ltd, formerly Essar Oil Ltd. Nayara owns and operates a 20 million tonne a year oil refinery at Vadinar in Gujarat as also over 6,750

EU targets Russia's energy revenue, shadow fleet with new sanctions

The European Union approved on Friday a new raft of sanctions against Russia over its war on Ukraine, including a lower oil price cap, a ban on transactions with Nord Stream gas pipelines, and the targeting of more shadow fleet ships, 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, Kallas said in a statement. Kallas said the EU move amounts to one of its strongest sanctions packages against Russia to date, linked to the war, which is now in its fourth year. It comes as European countries start to buy US weapons for Ukraine to help the country better defend itself. The European Commission, the EU's executive branch, had proposed to lower the oil price cap from USD 60 to USD 45, which is lower than the market price, to target Russia's vast energy revenues. The EU had hoped to get major international powers in the Group of Seven countries involved in

EU eyes local-only food sourcing for schools in 2028 farm reforms

Draft EU proposal mandates sourcing fruit, vegetables, and milk from within Europe for school food, under the 2028 CAP overhaul focused on domestic production

Trump likely to impose 10-15% tariff rates for more than 150 countries

In an interview with Real America's Voice on Wednesday, Trump said that his administration has not yet decided on the rate yet, adding that it would probably be 10 or 15 per cent

EU's code of practice sets key benchmarks for regulating AI development

Most countries have still not been able to catch up. India, for instance, has no dedicated AI law

UK lifts 5-year ban on Pak's national carrier PIA ahead of privatisation

The UK imposed a ban on PIA in 2020 after one of its aircraft crashed into a Karachi street, resulting in the death of nearly 100 people

EU ministers plan measures to counter Trump's 'unacceptable' 30% tariffs

EU trade ministers have agreed that US President Donald Trump's announcement of 30 per cent tariffs on the European Union was "absolutely unacceptable", and they are studying a new set of countermeasures to respond to the move. The ministers met Monday in Brussels following Trump's surprise announcement over the weekend of such hefty tariffs, which could have repercussions for governments, companies and consumers on both sides of the Atlantic. The EU is America's biggest business partner and the world's largest trading bloc. Maro efcovic, the EU's trade representative in its talks with the US, said after the meeting that it was "very obvious from the discussions today, the 30 per cent is absolutely unacceptable". He said that the commission was sharing proposals with the 27 member countries "for the second list of goods accounting of some 72 billion euros (USD 84 billion) worth of US imports. They will now have a chance to discuss it. This does not exhaust our toolbox and every ...

Search ends for those missing after Houthi rebels sink ship in Red Sea

The search for those missing after Yemen's Houthi rebels sank a ship in the Red Sea has ended as at least four people are presumed dead and 11 others remain unaccounted for, the private security firms involved said Monday. The announcement came as satellite photos show long, trailing oil slicks from where the bulk carrier Eternity C sank, as well as another where the sinking of the bulk carrier Magic Seas by the Iranian-backed Houthis took place. Both ships were attacked over a week ago by the rebels as part of their campaign targeting vessels over the Israel-Hamas war in the Gaza Strip that's upended shipping in the Red Sea, through which $1 trillion of goods usually passes a year. Search called off as mariners missing The private security firms Ambrey and Diaplous Group ran the search for those missing from the Eternity C, which had a three-man security team aboard but requested no escort from either the US Navy or a European Union force in the region. The ship came under attack

EU delaying retaliatory tariffs on US, hopes to reach deal by Aug 1

The EU will suspend retaliatory tariffs on US goods scheduled to take effect Monday in hopes of reaching a trade deal with the Trump administration by the end of the month. "This is now the time for negotiations," European Commission President Ursula von der Leyen told reporters in Brussels on Sunday, after President Donald Trump sent a letter announcing new tariffs of 30% on goods from the EU and Mexico starting Aug 1. The EU America's biggest trading partner and the world's largest trading bloc had been scheduled to impose "countermeasures" starting Monday at midnight Brussels time (6 pm EDT). The EU negotiates trade deals on behalf of its 27 member countries. Von der Leyen said those countermeasures would be delayed until Aug 1, and that Trump's letter shows "that we have until the first of August" to negotiate. European leaders have urged Trump and von der Leyen to give negotiations more time. "We have always been clear that we prefer a negotiated solution," she said. If they

Donald Trump hits EU, Mexico goods with 30% tariff effective Aug 1

The EU had hoped to reach a comprehensive trade agreement with the US for the 27-country bloc

EU braces for Trump's next tariff move as trade tensions escalate

Since inauguration day in January through June have shot past $100 billion - equal to or greater than the largest annual take ever from customs duties

Donald Trump floats 15 or 20% blanket tariffs on most trading partners

Dismissing concerns about the negative impact of tariff hike on stock markets, Trump said he believed the tariffs had been well-received and said the stock market had reached a new high that day

Europe unveils deal for more food, fuel for Gaza; Israeli strike kills 15

European officials reached a new deal with Israel to allow desperately needed food and fuel into Gaza, the European Union's foreign policy chief said Thursday, hours after an Israeli airstrike killed 15 people, including 10 children, waiting for help outside a medical clinic. The children's deaths drew outrage from humanitarian groups even as Israel allowed the first delivery of fuel to Gaza in more than four months, though still less than a day's supply, according to the United Nations. The killing of families trying to access life-saving aid is unconscionable, UNICEF's chief, Catherine Russell, said. These were mothers seeking a lifeline for their children after months of hunger and desperation. The Israeli military said it was targeting a militant when it struck near the clinic. Security camera footage outside the clinic in the central Gaza city of Deir al Balah showed about a dozen people squatting in front of the clinic when a projectile explodes a few meters (yards) away, ...

European Union unveils AI rules to boost safety, transparency and trust

Makers of the most advanced artificial intelligence systems will face new obligations for transparency, copyright protection and public safety. The rules are voluntary to start