EU wants price cap on Russian gas, energy companies to pay
2 years, 3 months ago

EU wants price cap on Russian gas, energy companies to pay

Associated Press  

BRUSSELS — European Union countries should set a price cap on Russian natural gas and seek a “solidarity contribution” from European oil and gas companies making extraordinary profits as the war in Ukraine drives up energy costs, European Commission President Ursula von der Leyen said Wednesday. “We are facing an extraordinary situation, because Russia is an unreliable supplier but also because Russia’s actively manipulating the gas market,” von der Leyen told reporters in Brussels. “We won’t supply any gas, oil, diesel oil or coal.” Meanwhile, Von der Leyen said the EU’s executive Commission, which proposes EU rules and policies, noted that oil and gas companies have made “massive profits.” A European drought is fueling higher electricity demand and limiting the production of hydropower, just as Russia is wielding its energy might. “We will therefore propose a solidarity contribution for fossil fuel companies,” von der Leyen said, urging member countries to “invest these revenues to support vulnerable households and invest in clean homegrown energy sources.” She gave no other details.

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History of this topic

The 'Most Vulnerable Country' To Russian ‘Blackmail’ Braces For Trump’s Return
3 weeks, 3 days ago

The 'Most Vulnerable Country' To Russian ‘Blackmail’ Braces For Trump’s Return

Huff Post  

LOADING ERROR LOADING Europe is bracing for another energy crisis this winter, teeing up a high-stakes early test of how a newly inaugurated Trump administration will attempt to balance efforts to reset relations with Russia against the needs of U.S. allies seeking fuel to stay warm during what’s forecast to be an unusually cold season. Few places will feel the …

The biggest remaining unsanctioned Russian bank hit with U.S. sanctions, nearly three years into war
1 month ago

The biggest remaining unsanctioned Russian bank hit with U.S. sanctions, nearly three years into war

Associated Press  

WASHINGTON — Russia’s third largest bank, Gazprombank and its six foreign subsidiaries were hit with U.S. sanctions on Thursday — in a move intended to curtail Russia’s ability to evade the thousands of sanctions imposed on the nation since the start of Russia’s invasion of Ukraine in February 2022. Treasury Secretary Janet Yellen said the sanctions targeting Russia’s largest remaining …

EU chief travels to Kyiv with promise of fresh energy funds to get Ukraine through winter
3 months ago

EU chief travels to Kyiv with promise of fresh energy funds to get Ukraine through winter

Associated Press  

BRUSSELS — European Union chief Ursula von der Leyen is traveling to war-ravaged Ukraine on Friday with the promise of 160 million euros in fresh energy funds to get the nation through the winter. Von der Leyen told reporters that 100 million euros of the funds would come the proceeds of the Russian assets held in the EU because of …

Scholz rejects delivery of long-range weapons to Ukraine
3 months, 1 week ago

Scholz rejects delivery of long-range weapons to Ukraine

China Daily  

This file photo taken on Sept 28, 2023 shows German Chancellor Olaf Scholz speaks during a press conference at the chancellery in Berlin, Germany. Germany's Chancellor Olaf Scholz has dismissed the possibility of delivering long-range precision weapons to Ukraine, even if NATO allies decide differently. The 500-kilometer range of Taurus cruise missiles would extend Ukraine's potential attack radius to include …

French imports of Russia's liquified natural gas surge, and Ukraine supporters seek a stop
4 months, 2 weeks ago

French imports of Russia's liquified natural gas surge, and Ukraine supporters seek a stop

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

David Cameron calls on Europe to turn off Russian gas to save Ukraine
6 months, 1 week ago

David Cameron calls on Europe to turn off Russian gas to save Ukraine

The Telegraph  

The bloc was responsible for importing up to half of Moscow’s LNG with Spain and France being the second and third largest buyers behind China. Lord Cameron also confirmed that Britain would hand Ukraine at least £3 billion in military support “next year and every year in the future for as long as it takes until Putin is defeated”. Rebuild …

Putin seeks emergency petrol as Russia runs on fumes
8 months, 2 weeks ago

Putin seeks emergency petrol as Russia runs on fumes

The Telegraph  

Russia has reportedly asked Kazakhstan to supply it with petrol as Ukrainian attacks on its refineries force it to import gasoline. Russia is normally an exporter of gasoline but Ukrainian drone attacks have significantly hit its refining capabilities, forcing it to rely on imports to meet demand. Drone attacks have hit Russian refineries at least 12 times, including five in …

US has not asked India to reduce Russian oil imports: Officials
8 months, 2 weeks ago

US has not asked India to reduce Russian oil imports: Officials

Hindustan Times  

NEW DELHI: The US has not asked India to reduce its imports of Russian oil and the price cap and sanctions regime imposed by the G7 are aimed at squeezing Moscow’s profits from crude sales and impeding its ability to finance the war in Ukraine, two US officials said on Thursday. Russian oil is priced above $60 a barrel The …

Two US treasury officials visiting India to urge Modi govt to maintain implementation of Russian oil price cap
8 months, 2 weeks ago

Two US treasury officials visiting India to urge Modi govt to maintain implementation of Russian oil price cap

India TV News  

Two senior US treasury officials - Acting Assistant Secretary for Terrorist Financing Anna Morris and PDO Assistant Secretary for Economic Policy Eric Van Nostrand - will urge New Delhi to maintain the implementation of the oil price cap aimed at limiting profits to Russia, while also promoting stable global energy markets, the Biden administration said in an official announcement. “They …

US to tell event in India that price cap on Russian oil working
8 months, 2 weeks ago

US to tell event in India that price cap on Russian oil working

Hindustan Times  

The G7 price cap on Russian oil shipments is cutting the revenue that Moscow has available to support its invasion of Ukraine, and the mechanism's effectiveness is helped by the recent actions of Indian refiners, U.S. officials will tell an event in New Delhi on Thursday, according to prepared remarks. "We know that the Indian economy has much at stake …

European Union pushes ahead with a plan to buy weapons for Ukraine with frozen Russian asset profits
9 months ago

European Union pushes ahead with a plan to buy weapons for Ukraine with frozen Russian asset profits

Associated Press  

BRUSSELS — The European Union is pressing ahead with a plan to use the profits generated from billions of euros of Russian assets frozen in Europe to help provide weapons and other funds for Ukraine, a senior official said Tuesday. The 27-nation EU is holding around 200 billion euros in Russian central bank assets, most of it frozen in Belgium, …

European Union pushes ahead with a plan to buy weapons for Ukraine with frozen Russian asset profits
9 months ago

European Union pushes ahead with a plan to buy weapons for Ukraine with frozen Russian asset profits

LA Times  

The European Union is pressing ahead with a plan to use the profits generated from billions of euros of Russian assets frozen in Europe to help provide weapons and other funds for Ukraine, a senior official said Tuesday. The 27-nation EU is holding around 200 billion euros in Russian central bank assets, most of it frozen in Belgium, in retaliation …

US rethinks gas exports, spooking Europe
11 months ago

US rethinks gas exports, spooking Europe

Politico  

The European Union has slashed its intake of Russian gas to less than a third of the 155 billion cubic meters it imported in 2021, according to estimates by the EuroGas trade association. One senior EU official said the bloc’s leadership wouldn’t be drawn into “speculating on potential U.S. cuts in production or supply to the EU,” given that Washington …

U.S. imposes more Russian oil price cap sanctions and issues new compliance rules for shippers
1 year ago

U.S. imposes more Russian oil price cap sanctions and issues new compliance rules for shippers

Associated Press  

WASHINGTON — The U.S. imposed new sanctions on alleged violators of a $60 per barrel price cap on Russian oil and tightened compliance rules for insurance firms and shippers, Wednesday. Also sanctioned were Hong Kong-based Covart Energy, which has increased its share of the trade of Russian oil since the price cap policy was implemented, and Hong Kong-based Bellatrix Energy. …

Hungary asks EU to take action against Bulgaria’s transit tax on Russian gas
1 year, 1 month ago

Hungary asks EU to take action against Bulgaria’s transit tax on Russian gas

Associated Press  

BUDAPEST, Hungary — Hungary has asked the European Union’s executive to open a legal procedure against Bulgaria over a tax it recently imposed on Russian natural gas passing through its territory, a government minister said on Friday. Bulgaria believes the tax, which it levied in October, will reduce the privileged position of Russia’s state-owned energy company Gazprom in southeastern Europe …

A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now
1 year, 2 months ago

A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now

Associated Press  

FRANKFURT, Germany — For months after Ukraine’s Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. Russia’s benchmark oil — often exported with Western ships required to obey sanctions — has traded above the price cap since mid-July, pumping hundreds of millions of dollars a day into the Kremlin’s war chest. …

Opinion: Putin is using high oil prices to test support for Ukraine. Congress’ dysfunction plays right into his hands
1 year, 2 months ago

Opinion: Putin is using high oil prices to test support for Ukraine. Congress’ dysfunction plays right into his hands

LA Times  

Wars are won and lost on battlefields. The price cap on Russian oil, pioneered by Treasury Secretary Janet Yellen and introduced by a G-7-led coalition in late 2022, was designed to reduce those revenues while keeping Russian oil on the market to hold world prices in check. The maritime tollbooth could then charge all Russian oil shipments the difference between …

G7 said to shelve regular Russian oil cap reviews as prices soar
1 year, 3 months ago

G7 said to shelve regular Russian oil cap reviews as prices soar

The Hindu  

The G7 and allies have shelved regular reviews of the Russian oil price cap scheme, people familiar with the matter told Reuters, even though most Russian crude is trading above the limit because of a rally in global crude prices. The Group of Seven countries along with the European Union and Australia imposed the price cap mechanism on Russian oil …

EU spending billions on Russian gas despite sanctions
1 year, 3 months ago

EU spending billions on Russian gas despite sanctions

The Telegraph  

The bloc has already banned seaborne Russian crude and oil imports and the flow of Russian gas via pipelines has been sharply curtailed. EU countries bought 22 million cubic meters of LNG between January and July, according to Global Witness analysis based on data from industry analytics company Kpler. “These countries should align their actions with their words by banning …

Putin profits off US and European reliance on Russian nuclear fuel
1 year, 4 months ago

Putin profits off US and European reliance on Russian nuclear fuel

Associated Press  

WASHINGTON — The U.S. and its European allies are importing vast amounts of nuclear fuel and compounds from Russia, providing Moscow with hundreds of millions of dollars in badly needed revenue as it wages war on Ukraine. “Ukraine does not understand why sanctions have not yet been introduced against Rosatom and its leadership,” Zelenskyy said in May, “when representatives of …

US says price caps on Russia’s oil are cutting revenue nearly in half and weakening its economy
1 year, 6 months ago

US says price caps on Russia’s oil are cutting revenue nearly in half and weakening its economy

Associated Press  

WASHINGTON — A top Treasury Department official said Thursday that the cap on the price of Russia’s oil is severely curtailing its greatest source of revenue as it wages war in Ukraine. When the United States and other economic powers in the Group of Seven, along with the European Union and Australia, last year announced an ambitious plan to cap …

Europe has shaken off Putin’s gas embargo
1 year, 6 months ago

Europe has shaken off Putin’s gas embargo

Hindustan Times  

Weapons come in all shapes and sizes, from the Javelins that blow up Russian tanks to the F-16s Ukrainian aces may soon be flying. As his invasion of Ukraine got bogged down last year, Vladimir Putin, Russia’s president, reached for a weapon few imagined he would dare to wield: the throttling of deliveries from Russia’s vast gas fields to its …

Russia launches intense air raid on Kyiv, top Chinese diplomat to tour Ukraine and Russia
1 year, 7 months ago

Russia launches intense air raid on Kyiv, top Chinese diplomat to tour Ukraine and Russia

ABC  

Russia launched an exceptionally intense air attack on Kyiv in the early hours of Tuesday, using drones, cruise and probably ballistic missiles, city officials said, as the Ukrainian capital suffered its eighth air raid this month. Key points: Russia fired six ballistic missiles from aircraft, nine cruise missiles from ships in the Black Sea and three missiles from land Ukraine …

Europe’s economic outlook brightens a little after avoiding recession. But inflation still squeezes
1 year, 7 months ago

Europe’s economic outlook brightens a little after avoiding recession. But inflation still squeezes

Associated Press  

FRANKFURT, Germany — The European Union’s executive body raised its economic growth forecast, saying Europe had dodged a winter recession that was feared amid an energy crisis but warning that stubbornly high inflation is likely to keep hurting the economy by sapping people’s ability to spend. The outlook for the 20 countries using the euro currency improved to growth of …

India and China Snapping up Majority of Russian Oil Above Western Price Cap
1 year, 8 months ago

India and China Snapping up Majority of Russian Oil Above Western Price Cap

The Hindu  

India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations. The latest data from Refinitiv Eikon suggest Russian Urals oil cargoes that loaded in the first half of April are mostly heading to India's and China's ports. …

Putin calls Ukraine role in Nord Stream blasts ‘sheer nonsense’
1 year, 9 months ago

Putin calls Ukraine role in Nord Stream blasts ‘sheer nonsense’

Al Jazeera  

Russian president rejects theory ‘pro-Ukraine groups’ carried out the pipeline sabotage and describes Germany as ‘occupied’ by the United States. Russian President Vladimir Putin has dismissed as “sheer nonsense” allegations that Ukrainians could be behind the explosions that crippled the Nord Stream gas pipelines, suggesting the United States may have been responsible. Putin spoke after The New York Times, The …

Russia’s economy holds up, but growing challenges test Putin
1 year, 9 months ago

Russia’s economy holds up, but growing challenges test Putin

Associated Press  

Western sanctions have hit Russian banks, wealthy individuals and technology imports. Economists say sanctions on Russian fossil fuels only now taking full effect — such as a price cap on oil — should eat into earnings that fund the military’s attacks on Ukraine. “We have had even worse periods of time in history, and we coped,” he said, but added …

Russian oil becomes more pricey with pool of Asian buyers expands
1 year, 9 months ago

Russian oil becomes more pricey with pool of Asian buyers expands

Live Mint  

The price of Russian crude and fuel is rising for buyers in Asia as a pool of bigger customers from China and India expands, putting pressure on smaller refiners that have eagerly consumed the cheap oil. The larger refiners have muscled in to a patch typically dominated by China’s smaller independent processors, known as teapots, which have been consistent consumers …

‘We don’t and won't': Russia's unequivocal message to West on oil price cap
1 year, 9 months ago

‘We don’t and won't': Russia's unequivocal message to West on oil price cap

Hindustan Times  

The Kremlin said on Tuesday that it did not recognise the price cap introduced by Western countries on its oil exports, after the United States said that the cap was "working well". Washington was one of the key architects of the Western price cap on Russian oil, which aims to drive down Moscow's revenues used to fund its invasion of …

Spill over of macroeconomic tightening of major economies, debt overhang need to be addressed: Janet Yellen
1 year, 10 months ago

Spill over of macroeconomic tightening of major economies, debt overhang need to be addressed: Janet Yellen

Live Mint  

War, debt and economics are set to dominate G20 leaders’ discussions over the next two days. US Treasury Secretary Janet Yellen on Thursday flagged the need for tackling challenges like the spill over effects of macroeconomic tightening in major economies to the rest of the world and the debt distress in vulnerable countries like Zambia and Sri Lanka, ahead of …

German energy boss warns: Don’t let guard down on gas supply
1 year, 10 months ago

German energy boss warns: Don’t let guard down on gas supply

Associated Press  

BONN, Germany — The temperature outside Klaus Mueller’s office almost resembles spring, exactly the kind of mild weather that helped Germany get through the winter without Russian natural gas. Mueller would only concede that he’s “optimistic” this winter will end without a further gas crunch, especially after Germany cut gas use by 14% in 2022 through lowering thermostats, switching to …

Ukraine war expected to cost Germany 160 billion euros by the end of 2023
1 year, 10 months ago

Ukraine war expected to cost Germany 160 billion euros by the end of 2023

Hindustan Times  

The Ukraine war will have cost the German economy around 160 billion euros, or some 4% of its gross domestic output, in lost value creation by the end of the year, the head of the German Chambers of Industry and Commerce said. That means GDP per capita in Europe's largest economy will be 2,000 euros lower it would otherwise have …

Russia's war on Ukraine 'could push millions into extreme poverty'
1 year, 10 months ago

Russia's war on Ukraine 'could push millions into extreme poverty'

Daily Mail  

Experts already said energy prices are 'unlikely to return to normal' until 2030s Soaring energy prices triggered by Russia's war on Ukraine could push up to 141 million people worldwide into extreme poverty, a new study reveals. Average household energy cost for households globally has increased between 62.6 per cent and 112.9 per cent since conflict began on February 24 …

Moscow’s decades-old gas ties with Europe lie in ruins
1 year, 10 months ago

Moscow’s decades-old gas ties with Europe lie in ruins

Live Mint  

Meticulously crafted over decades as a major revenue stream for the Kremlin, Moscow's gas trade with Europe is unlikely to recover from the ravages of military conflict. After President Vladimir Putin's "special military operation" in Ukraine began almost a year ago, a combination of Western sanctions and Russia's decision to cut supplies to Europe drastically reduced the country's energy exports. …

Russia announces cut to oil output over Western price caps
1 year, 10 months ago

Russia announces cut to oil output over Western price caps

Associated Press  

MOSCOW — Russia announced Friday that will cut oil production by 500,000 barrels per day next month after Western countries capped the price of its crude over its action in Ukraine. “As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly adhere to the …

Russia to Slash Crude Oil Output in Retaliation for Western Price Cap
1 year, 10 months ago

Russia to Slash Crude Oil Output in Retaliation for Western Price Cap

News 18  

Russia announced Friday it will slash crude oil output by five percent next month after Western countries imposed a price cap over the Ukraine conflict. International crude prices surged after Deputy Prime Minister Alexander Novak said that Russia would “voluntarily” reduce production by 500,000 barrels per day in March. There are two price cap levels, $100 per barrel for more …

'US won't impose sanctions on India for purchasing Russian oil despite oil price cap': Top Energy official
1 year, 10 months ago

'US won't impose sanctions on India for purchasing Russian oil despite oil price cap': Top Energy official

India TV News  

The United States on Wednesday confirmed that it was not planning to impose any sanctions on India, amid the fact New Delhi exporting record-high Russian oil irrespective of the European Union and West imposed price cap on energy resources. EU, G7 partners agree on price cap on Russian petroleum products Notably, both the EU and the US adopted further price …

Europe bans Russian diesel, other oil products over Ukraine
1 year, 10 months ago

Europe bans Russian diesel, other oil products over Ukraine

Associated Press  

FRANKFURT, Germany — Europe imposed a ban Sunday on Russian diesel fuel and other refined oil products, slashing energy dependency on Moscow and seeking to further crimp the Kremlin’s fossil fuel earnings as punishment for invading Ukraine. The goal is allowing Russian diesel to keep flowing to countries like China and India and avoiding a sudden price rise that would …

How will EU ban and West’s price cap on Russian diesel work?
1 year, 10 months ago

How will EU ban and West’s price cap on Russian diesel work?

Associated Press  

FRANKFURT, Germany — The European Union is taking another big step toward cutting its energy ties with Russia. The 27-nation bloc is banning Russian refined oil products like diesel fuel and joining the U.S. and other allies in imposing a price cap on sales to non-Western countries. The newest energy sanctions have risks: Diesel prices have already jumped since the …

Europe bans Russian diesel, other oil products over Ukraine
1 year, 10 months ago

Europe bans Russian diesel, other oil products over Ukraine

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

European Union bans Russian diesel, oil products over Ukraine
1 year, 10 months ago

European Union bans Russian diesel, oil products over Ukraine

Al Jazeera  

Move comes after the bloc found new supplies of diesel from the US, Middle East and India to replace Russian energy supplies. Europe has imposed a ban on Russian diesel fuel and other refined oil products, slashing energy dependency on Moscow and seeking to further crimp the Kremlin’s fossil fuel earnings as punishment for invading Ukraine. The goal is allowing …

EU countries agree on new price cap for Russian oil
1 year, 10 months ago

EU countries agree on new price cap for Russian oil

NL Times  

EU member states have agreed to introduce a price cap on refined oil products from Russia. The G7 and the EU had already agreed in December on a price cap of $60 per barrel of crude oil from Russia. The insider in Brussels called it a "balanced, restrictive measure that keeps the price of oil and its derivatives low enough …

G-7, Europe reach deal for price cap on Russian diesel
1 year, 10 months ago

G-7, Europe reach deal for price cap on Russian diesel

Associated Press  

BRUSSELS — U.S. Treasury Secretary Janet Yellen said Friday that industrialized countries in the Group of Seven are imposing a price cap on refined Russian oil products such as diesel and kerosene, as part of a coalition that includes Australia and a tentative agreement from the European Union. The cap follows similar price limits put on Russian oil exports, with …

Europe reaches deal for price cap on Russian diesel
1 year, 10 months ago

Europe reaches deal for price cap on Russian diesel

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy European Union governments tentatively agreed …

Vladimir Putin’s plans to freeze Europe melt away with warm weather, as his economy withstands bracing winds
1 year, 11 months ago

Vladimir Putin’s plans to freeze Europe melt away with warm weather, as his economy withstands bracing winds

ABC  

While Europe's record-breaking temperatures have been causing alarm among climate scientists, officials in the Kremlin may be equally dismayed. Europe's energy crisis Photo shows The words "No Money for Murderers, Stop the Oil and Gas Trade" are projected onto the wall of the Russian consulate in Germany. "What the oil price cap has done is place restrictions on Russia through …

Report: Oil price cap takes small slice of Russia’s revenue
1 year, 11 months ago

Report: Oil price cap takes small slice of Russia’s revenue

Associated Press  

FRANKFURT, Germany — A price cap and European Union embargo on most Russian oil have cut into Moscow’s revenue from fossil fuels, but the Kremlin is still earning substantial cash to fund its action in Ukraine because the $60-per-barrel cap was “too lenient,” researchers said Wednesday. Peskov noted that in case of lowering the cap, “Russia will do everything to …

Europe has staved off energy collapse despite Russia’s gas cutoff. But is the crisis over?
1 year, 11 months ago

Europe has staved off energy collapse despite Russia’s gas cutoff. But is the crisis over?

LA Times  

Europe has dodged an energy apocalypse this winter, economists and officials say, thanks to unusually warm weather and efforts to find other sources of natural gas after Russia cut off most of its supply to the continent. In Germany, Europe’s largest economy, the government passed gas and electricity price caps allowing small businesses and consumers to buy 80% of their …

Europe has avoided energy collapse. But is the crisis over?
1 year, 11 months ago

Europe has avoided energy collapse. But is the crisis over?

Associated Press  

FRANKFURT, Germany — Europe has dodged an energy apocalypse this winter, economists and officials say, thanks to unusually warm weather and efforts to find other sources of natural gas after Russia cut off most of its supply to the continent. In Germany, Europe’s largest economy, the government passed gas and electric price caps allowing small businesses and consumers to buy …

Europe has avoided energy collapse. But is the crisis over?
1 year, 11 months ago

Europe has avoided energy collapse. But is the crisis over?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. In Germany, Europe's largest economy, the government passed gas …

G7 Seeks Two Price Caps for Russian Oil Products
1 year, 11 months ago

G7 Seeks Two Price Caps for Russian Oil Products

News 18  

The Group of Seven coalition will seek to set two price caps on Russian refined products in February, one for products trading at a premium to crude oil and the other for those trading at a discount, a G7 official said. From Feb. 5, the coalition will also impose price caps on Russian products, such as diesel, kerosene and fuel …

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