The European Union is set to unveil a raft of measures ranging from boosting renewables and LNG imports to lowering energy demand in its quest to cut dependence on Russian supplies. The 195 billion-euro ($205 billion) plan due Wednesday will center on cutting red tape for wind and solar farms, …
Read More »Oil Slips as EU Battles to Secure Russia Import Ban
Oil prices eased on Tuesday as Hungary resisted a EU push for a ban on Russian oil imports, a move that would tighten global supply, and as investors took profits following a recent rally. Brent crude futures fell 22c, or 0.2%, to $114.02 a barrel by 3.27am GMT, while US …
Read More »EU Plan to Cut Russian Gas may Come with $214 Billion Price Tag
The European Union is “massively” underestimating the cost of weaning itself off Russian natural gas by billions of euros unless it can speed up its shift to renewable energy. Europe is so reliant on gas that even cutting Russian supplies still means governments could be on the hook for about …
Read More »Bulgaria Threatens to Veto EU Oil Ban on Russia unless It Gets Derogation
Bulgaria has threatened not to support European Union’s new set of sanctions against Russia if the Balkan country does not get a derogation from the proposed ban on buying Russian oil, Deputy Prime Minister Assen Vassilev said late on Sunday. European Union governments moved closer on Sunday towards agreeing on …
Read More »EU Revises Russia Oil Sanctions Plan to Give Hungary more Time
The European Union has proposed a revision to its Russia oil sanctions ban that would give Hungary and Slovakia an extra year, until the end of 2024, to comply, according to people familiar with the matter. The Czech Republic would also be granted an exemption until June 2024, the people …
Read More »EU Considers Ban on Russian Oil by Year-End
The European Union (EU) is considering imposing oil imports ban on Russia by the end of 2022, reported Reuters citing two EU diplomats. A decision on the proposed measures on Russia is expected to be announced during a meeting of bloc’s ambassadors scheduled in the coming week. The ban, if …
Read More »Oil Down $1 on China Growth Worries, while EU Weighs Russian Crude Ban
Oil prices fell on Monday in holiday-sapped trade in Asia as concerns about weak economic growth in China, the world’s top oil importer, outweighed fears of potential supply stress from a looming European Union ban on Russian crude. Brent crude futures fell $1.13, or 1.1%, to $106.01 a barrel at …
Read More »Tankers of Russian oil a Prime Target for Western Sanctions
Earlier this month Boris Johnson, the British prime minister, grabbed headlines by travelling to Kyiv to demonstrate his solidarity with Volodymyr Zelenskiy, the Ukrainian president. It was eye-catching, tub-thumping stuff. But if Johnson wants to support Ukraine against Russia’s invasion, he should make a symbolic visit somewhere closer to home …
Read More »EU Steps Up Purchases of U.S. Oil
A cargo of 2 million barrels of U.S. crude oil arrived this month in Spain. It is, according to Bloomberg, the biggest U.S. oil cargo to arrive in Europe since at least 2016. But it may be only the beginning. Bloomberg reported on the arrival of the supertanker this week, …
Read More »EU Lawmakers Urge Germany to Accept Embargo on Russian Oil
A group of lawmakers from all political groups in the European Parliament has urged Germany to impose an embargo on Russian energy imports amid rumors that the EU would slap its sixth sanctions package later this week, according to a news report on Monday. In a letter dated Saturday and …
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