Page 15 - European Union

Indian oil refiners scramble for crude amid US, EU crackdown on Russia

A major buyer of Russian oil, India is now finding itself blindsided by a more aggressive approach to the Kremlin from both Washington and Brussels

India's imports of Russian oil under spotlight after Trump tariffs

From just 0.2 per cent before the Russia-Ukraine war to now accounting for 35-40 per cent of total crude imports, India's reliance on Russian oil has surged -- drawing fresh scrutiny with US President Donald Trump announcing a penalty on top of a 25 per cent tariff, or tax, on all goods going to the US. India historically bought most of its oil from the Middle East, including Iraq and Saudi Arabia. However, things changed when Russia invaded Ukraine in February 2022. India, the world's third-largest crude importer after China and the US, began snapping up Russian oil that was available at a discount after some in the West shunned it as a means to punish Moscow for its invasion of Ukraine. From a market share of just 0.2 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia overtook Iraq and Saudi Arabia to become India's No.1 supplier, with a share as high as 40 per cent at one point of time. This month, Russia supplied 36 per cent of all crude o

Microsoft restores services to Nayara Energy after abrupt EU-linked block

Microsoft resumed digital services for Nayara Energy following EU sanctions-related disruption, after the company moved court over an abrupt suspension without notice

Indian shipowners urge Nayara to end vessel charters after EU sanctions

Indian firms seek charter exits with Nayara amid EU sanctions; company files Delhi HC plea against Microsoft for suspending digital access citing compliance

Nayara taps Indian IT firm Rediff.com after Microsoft suspends service

Nayara, a major buyer of Russian oil that is 49 per cent owned by Russian oil major Rosneft, has struggled with disruptions since coming under European Union sanctions this month

US-EU trade deal wards off escalation, to raise costs for firms, consumers

President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal that imposes 15% tariffs on most European goods, warding off Trump's threat of a 30% rate if no deal had been reached by August 1. The tariffs, or import taxes, paid when Americans buy European products could raise prices for US consumers and dent profits for European companies and their partners who bring goods into the country. Here are some things to know about the trade deal between the United States and the European Union: What's in the agreement? Trump and von der Leyen's announcement, made during Trump's visit to one of his golf courses in Scotland, leaves many details to be filled in. The headline figure is a 15% tariff rate on the vast majority of European goods brought into the US, including cars, computer chips and pharmaceuticals. It's lower than the 20% Trump initially proposed, and lower than his threats of 50% and then 30%. Von der Leyen said the two s

Nayara Energy moves Delhi HC against Microsoft for suspending key services

Nayara Energy has filed a case against Microsoft in Delhi High Court over the sudden suspension of licensed services, including email and Teams, following EU sanctions on its Russian-linked ownership

Explained: What is the new 15% US-EU tariff deal and what does it cover?

Donald Trump and EU chief von der Leyen agree to 15 per cent tariffs on most EU goods, avoiding a 30 per cent hike; deal includes zero tariffs on select items, major energy buys, but key gaps remain

Donald Trump, EU's Von Der Leyen cite conflicting details on trade deal

The European Union said it would accept a 15 per cent tariff on nearly all its exports to the US. Trump told reporters that the bloc also agreed to open up its countries to trade at zero tariff

US, EU agree trade deal, EU will see 15% tariff across the board

The deal, that includes a 15 per cent tariff on EU goods entering the US and significant EU purchases of US energy and military equipment, will bring welcome clarity for EU companies

A shift in mindset: India-UK trade deal paves way for those with EU, US

The question is how much this shift in mindset can be applied now to other trading partners, particularly the European Union (EU)

Trump says 50-50 chances of negotiating a trade deal with European Union

Trump earlier this month issued a letter saying the EU would face a 30 per cent tariff on most goods if they fail to reach an agreement by Aug 1

Iran, European powers hold 'frank' nuclear talks as UN sanctions loom

Delegations from the European Union and so-called E3 group of France, Britain and Germany met Iranian counterparts for about four hours at Iran's consulate for talks

Alessandro des Dorides resigns as Nayara CEO; Sergey Denisov to take charge

The reshuffle at the top is the latest disruption for the company since the EU announced a new round of sanctions last Friday directed at Russia over its war in Ukraine

China's Li Qiang puts factory boom down to hard work, not subsidies

Li's unusually frank remarks were made during a long speech to European businesspeople at a symposium in Beijing's Great Hall of the People that was also attended by Chinese Commerce Minister

Govt plans to bring oil firms' private pipelines under PNGRB oversight

Oil ministry plans to amend the Petroleum and Natural Gas Regulatory Board Act to bring oil firms' captive pipelines under regulatory oversight, enabling third-party access & uniform safety standards

Gaza faces worst hunger crisis yet as truce talks stall over aid access

The crisis is spiraling as Israel and Hamas mull a truce and comes two weeks after the European Union announced an agreement with Israel to increase the flow of food to Gaza

India may escape 'relatively unscathed' from European Union's sanctions

Different kinds of sanctions are staggered for implementation until Jan 2026, giving further room for Indian refiners to take countermeasures, according to EU sanction documents and refining officials

EU's central bank to hold off on another rate cut to anticipate tariff blow

The European Central Bank will likely hold off on making another interest rate cut Thursday, choosing to wait until it can measure the size of any economic blow from higher US tariffs. The ECB has already cut rates eight times since June of last year and President Christine Lagarde said after the last policy meeting June 5 that the central bank is getting to the end of a monetary policy cycle." The monetary authority for the 20 countries that use the euro currency has been lowering rates to support growth after raising them in 2022-2023 to snuff out inflation caused by Russia's invasion of Ukraine and the rebound after the pandemic. With the bench mark rate now at 2 per cent, down from a record high of 4 per cent, analyst think there could be one more rate cut coming, but only in September. The reason, say analysts: The ECB's policymakers simply don't know the outcome of talks between the EU's executive commission and the Trump administration. Trump first set a 20 per cent tariff

Govt opposes EU plan for capital flow checks, cites sovereignty issues

The proposal, unusual in most free trade agreements, has raised concerns in New Delhi over limiting its ability to act unilaterally during crises