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Euractiv
03-07-2025
- Business
- Euractiv
How close is the EU to quitting Russian energy?
Halfway into the third year of Russia's invasion of Ukraine, the EU has yet to cut the flow of fossil fuel cash to Moscow, casting doubts on its promise to end its addiction to Russian energy by 2027. Despite 17 sanction packages and repeated vows to end reliance on Kremlin-linked hydrocarbons, Russian oil, gas, and LNG still flow into Europe's economy. The bloc imports even uranium, as five EU countries (Finland, the Czech Republic, Slovakia, Hungary, and Bulgaria) still operate Russian-designed VVER nuclear reactors. While this dependency is partially fuelled by legacy infrastructure, it is political: Slovakia and Hungary – both close to Moscow – are blocking the bloc's 18th sanctions package to force the Commission to review its 2027 phase-out plan. The facts In 2024, the EU spent an estimated €21.9 billion on Russian fossil fuels imports – just 1% less than the previous year. To put that into perspective: the amount exceeds the €18.7 billion in financial aid the EU provided to Ukraine in the same year. According to the Centre for Research on Energy and Clean Air (CREA), crude oil revenues only dropped by 6% year-on-year, or about €2.6 billion – largely because Russia has shifted to using the so-called 'shadow fleet' to get around the restrictions. In the third year of the invasion, 61% of Russia's seaborne oil exports – worth €83 billion – were moved using 558 of these ships. The Commission's latest sanctions proposal would lower the price cap on seaborne Russian crude to $45 per barrel and go after the shadow fleet. The plan Under its REPowerEU roadmap, the Commission laid out a timeline to cut Russian energy ties by 2027. No new gas contracts should be signed from early 2026, and even short-term deals must end by mid-2026. Long-term agreements covering oil, gas and LNG would be phased out entirely by 2027. A carve-out exists for landlocked EU countries still bound by legacy pipeline contracts – they will have until the end of 2027 to comply. Brussels also plans further restrictions targeting Russian uranium and other nuclear imports. Most Russian pipeline gas has already been cut off, with only the TurkStream line continuing to supply the bloc with Russian gas, and talks have been held to expand its capacity . In practice, however, due to the shadow fleet , the flow of Russian LNG to the EU has been steady. The concerns Energy security is often seen as a 'trilemma': balancing reliable supply, environmental protection, and affordability. For EU countries still hooked on Russian fossil fuels, cost is a main concern, and national perspectives differ widely. Hungary and Slovakia argue that maintaining reliance on Russian energy keeps prices low. Germany, by contrast, has largely shifted its gas supply away from Russia toward Norway, and France has secured a 27-year deal for natural gas with Qatar. As for oil, the EU's best bets might be the US and Libya. If the EU can successfully secure alternative suppliers and end the political deadlock on sanctions, it could cut Russia's fossil fuel export revenues by €51 billion a year, data shows. This would slash about 22% of its total earnings, moving it closer to gaining its independence from the Kremlin. (mm)
Time of India
24-06-2025
- Business
- Time of India
Russia and Mali sign trade deals, eye nuclear energy cooperation
Russia signed agreements to bolster trade and economic ties with Mali on Monday and President Vladimir Putin told the visiting leader of the West African country's military junta that there were specific areas where cooperation could be ramped up. Putin received Colonel Assimi Goita in the Kremlin, where the two spoke for two hours, Russian state media said. Putin said relations with Mali had a "good upward trend" even if bilateral trade was currently "modest", according to a Kremlin readout. "There are good areas for future cooperation: these are geological exploration, natural resource development, energy, logistics and the humanitarian fields," Putin said. One of the deals Putin and Goita signed concerned cooperation in nuclear energy, the Kremlin said. Mali and Russia have in the past discussed what they have called a strategic project to build a Russian-designed low-power nuclear power plant. Construction began earlier this month in Mali on a new Russian-backed gold refinery, which Goita, who seized power following coups in 2020 and 2021, has said would give the Western African country greater control over its natural resources. Mali is one of Africa's top gold producers, but currently lacks a functional and globally certified refinery. Russian mercenary groups have also supported Goita's government with deployments of fighters after the Malian army kicked out French and U.N. troops that had been involved in fighting the Islamist insurgents for a decade. Russia's Wagner mercenary group announced earlier this month it was withdrawing from Mali, but the African Corps still operates there.
Business Insider
23-06-2025
- Business
- Business Insider
Russia and Mali deepen trade ties, eye strategic nuclear energy deal
Russia has signed new agreements to strengthen trade and economic relations with Mali, as President Vladimir Putin hosted the West African country's military leader, Colonel Assimi Goita, in Moscow. Russia and Mali signed agreements aimed at bolstering trade and economic relations during a meeting at the Kremlin. Key discussions included cooperation in geological exploration, natural resource development, energy, logistics, and humanitarian efforts. An important deal was signed focusing on nuclear energy collaboration, aiming to construct a Russian-designed low-power nuclear plant in Mali. Russia has signed new agreements to strengthen trade and economic relations with Mali, as President Vladimir Putin hosted the West African country's military leader, Colonel Assimi Goita, in Moscow on Monday. The two leaders met at the Kremlin for a two-hour discussion, according to Russian state media. Putin described the relationship between Russia and Mali as following a 'positive trajectory,' though he acknowledged that current trade volumes remain modest, Reuters reported. He emphasized potential areas for deeper cooperation, including geological exploration, natural resource development, energy, logistics, and humanitarian efforts. One of the key deals signed was focused on nuclear energy cooperation. The two countries have previously discussed a strategic plan to build a Russian-designed low-power nuclear plant in Mali. The junta-led country is following a similar path to Burkina Faso, having taken a major step toward embracing nuclear energy by officially signing the final administrative document of a historic intergovernmental agreement with Russia last week. This landmark deal represents a significant milestone in Mali's efforts to diversify its energy sources and tackle the country's growing electricity needs, as it seeks long-term solutions to power shortages and boost national development. Russia's expanding footprint in Africa Earlier this month, construction also began on a new Russian-backed gold refinery in Mali. Set to be constructed on a five-hectare site near Bamako's international airport, the refinery will have the capacity to process up to 200 metric tons of gold annually, a significant leap from Mali's current processing capacity of about 50 tons. Though Mali is one of Africa's largest gold producers, it currently lacks a fully functional and globally certified refinery. The country's two existing facilities have been unable to meet the standards required by global bodies like the London Bullion Market Association (LBMA), forcing miners to refine their gold abroad. The new refinery will produce gold with a purity of 99.5%, adhering to international certification standards.
TimesLIVE
23-06-2025
- Business
- TimesLIVE
Russia and Mali sign trade deals, eye nuclear energy co-operation
Russia signed agreements to bolster trade and economic ties with Mali on Monday and President Vladimir Putin told the visiting leader of the West African country's military junta that there were specific areas where co-operation could be ramped up. Putin received Col Assimi Goita in the Kremlin, where the two spoke for two hours, Russian state media said. Putin said relations with Mali had a 'good upward trend' even if bilateral trade was currently 'modest', according to a Kremlin readout. 'There are good areas for future co-operation: these are geological exploration, natural resource development, energy, logistics and the humanitarian fields,' Putin said. One of the deals Putin and Goita signed concerned co-operation in nuclear energy, the Kremlin said. Mali and Russia have in the past discussed what they have called a strategic project to build a Russian-designed low-power nuclear power plant. Construction began earlier this month in Mali on a new Russian-backed gold refinery, which Goita, who seized power after coups in 2020 and 2021, has said would give the Western African country greater control over its natural resources. Mali is one of Africa's top gold producers, but lacks a functional and globally certified refinery. Russian mercenary groups have also supported Goita's government with deployments of fighters after the Malian army kicked out French and UN troops that had been involved in fighting the Islamist insurgents for a decade.
Straits Times
23-06-2025
- Business
- Straits Times
Russia and Mali sign trade deals, eye nuclear energy cooperation
Russian President Vladimir Putin and Interim President of the Republic of Mali Assimi Goita attend the talks at the Grand Kremlin Palace in Moscow, Russia June 23, 2025. Pavel Bednyakov/Pool via REUTERS Russian President Vladimir Putin shakes hands with Interim President of the Republic of Mali Assimi Goita during their talks at the Grand Kremlin Palace in Moscow, Russia June 23, 2025. Pavel Bednyakov/Pool via REUTERS Russian President Vladimir Putin speaks to Interim President of the Republic of Mali Assimi Goita during their talks at the Grand Kremlin Palace in Moscow, Russia June 23, 2025. Pavel Bednyakov/Pool via REUTERS MOSCOW - Russia signed agreements to bolster trade and economic ties with Mali on Monday and President Vladimir Putin told the visiting leader of the West African country's military junta that there were specific areas where cooperation could be ramped up. Putin received Colonel Assimi Goita in the Kremlin, where the two spoke for two hours, Russian state media said. Putin said relations with Mali had a "good upward trend" even if bilateral trade was currently "modest", according to a Kremlin readout. "There are good areas for future cooperation: these are geological exploration, natural resource development, energy, logistics and the humanitarian fields," Putin said. One of the deals Putin and Goita signed concerned cooperation in nuclear energy, the Kremlin said. Mali and Russia have in the past discussed what they have called a strategic project to build a Russian-designed low-power nuclear power plant. Construction began earlier this month in Mali on a new Russian-backed gold refinery, which Goita, who seized power following coups in 2020 and 2021, has said would give the Western African country greater control over its natural resources. Mali is one of Africa's top gold producers, but currently lacks a functional and globally certified refinery. Russian mercenary groups have also supported Goita's government with deployments of fighters after the Malian army kicked out French and U.N. troops that had been involved in fighting the Islamist insurgents for a decade. Russia's Wagner mercenary group announced earlier this month it was withdrawing from Mali, but the African Corps still operates there. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
