Page 74 - European Union

US, EU agree to intensify talks to resolve 'green subsidies' dispute

The United States and European Union agreed Monday to intensify talks to resolve EU concerns over major subsidies for American companies contained in a US clean energy law. Although no deal was reached at a meeting of the bilateral Trade and Technology Council, the two sides pledged to continue work on preliminary progress and said they would push for a solution that benefits both US and European firms, workers and consumers as well as the climate. We acknowledge the EU's concerns and underline our commitment to address them constructively, the two sides said in a joint statement after the meeting at the University of Maryland in College Park, located just outside Washington. We underline the TTC's role in achieving this and in supporting a successful and mutually supportive green transition with strong, secure, and diverse supply chains that benefit businesses, workers, and consumers on both sides of the Atlantic, it said. The dispute revolves around the US Inflation Reduction Act

Europe's new tranche of sanctions on Russian oil kick in: What changes?

Russia has consistently said it won't sell oil to countries that participate in the price cap

Rupee skids 48 paise as corporates, oil firms rush to buy dollars

Domestic unit has shed over 9% versus the greenback so far in 2022; latest weakness came despite softer dollar index and strength in Asian currencies, led by a firm Chinese yuan

India-EU Competition Week on digital resolutions starts on Monday

Experts from the European Union would share their experiences in applying antitrust laws to the digital economy and markets and the introduction of the EU's Digital Markets Act

Want to go after Russian sanctions' evaders: EU chief prosecutor Kovesi

The bloc has so far frozen about €18.9 billion of assets belonging to sanctioned Russian individuals and entities since Vladimir Putin's February invasion of Ukraine

Crude concerns: India may have to rely on dark fleets for Russian imports

India will continue to buy Russian oil, and the lack of ships or insurers will not be a hindrance, said an oil ministry official

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