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Russia Today
36 minutes ago
- Business
- Russia Today
‘Rout' of Ukraine will continue
Russia will continue to rout Ukrainian forces on the battlefield despite the EU's decision to impose its 18th package of sanctions against the country, former President Dmitry Medvedev said on Friday. The EU member states had approved the sweeping economic restrictions earlier in the day, mostly targeting Russia's energy and financial sectors, in another attempt to pressure the country over the Ukraine conflict. Moscow has repeatedly condemned the sanctions as 'illegal.' The measures will not derail Moscow with regards to the conflict any more than the previous 17 packages did, according to Medvedev, who now serves as deputy chairman of Russia's Security Council. 'Our economy will, of course, survive, and the rout of the Banderite regime will continue. Strikes against objects in the so-called Ukraine, including Kiev, will be carried out with increasing force,' he wrote on Telegram. Moscow should politically steer away from the EU and distance itself from the bloc, he added. Brussels' new sanctions bar all transactions with 22 additional banks, as well as with the Russian Direct Investment Fund. The package also imposes a ban on utilizing the Nord Stream gas pipelines, which were mostly disabled by sabotage in 2022 and have remained unused since. The ban also bars the provision of goods and services for the pipeline, 'thus preventing the completion, maintenance, operation and any future use' of the gas infrastructure, the European Council said in a statement on Friday. Additionally, the new restrictions add a further 105 ships to a blacklist of what Brussels calls the 'shadow fleet' engaged in transporting Russian crude and bypassing the bloc's 'price cap' on Moscow's oil exports. The sanctions lower the price ceiling and add a mechanism for adjusting to future changes in market conditions. Russia has 'built up a certain immunity' to sanctions and 'adapted to life' under them, Kremlin spokesman Dmitry Peskov told journalists on Friday, commenting on the EU decision.
Russia Today
2 days ago
- Business
- Russia Today
Ukraine's ‘rout' will continue
Russia will continue to rout Ukrainian forces on the battlefield despite the EU's decision to impose its 18th package of sanctions against the country, former President Dmitry Medvedev said on Friday. The EU member states had approved the sweeping economic restrictions earlier in the day, mostly targeting Russia's energy and financial sectors, in another attempt to pressure the country over the Ukraine conflict. Moscow has repeatedly condemned the sanctions as 'illegal.' The measures will not derail Moscow with regards to the conflict any more than the previous 17 packages did, according to Medvedev, who now serves as deputy chairman of Russia's Security Council. 'Our economy will, of course, survive, and the rout of the Banderite regime will continue. Strikes against objects in the so-called Ukraine, including Kiev, will be carried out with increasing force,' he wrote on Telegram. Moscow should politically steer away from the EU and distance itself from the bloc, he added. Brussels' new sanctions bar all transactions with 22 additional banks, as well as with the Russian Direct Investment Fund. The package also imposes a ban on utilizing the Nord Stream gas pipelines, which were mostly disabled by sabotage in 2022 and have remained unused since. The ban also bars the provision of goods and services for the pipeline, 'thus preventing the completion, maintenance, operation and any future use' of the gas infrastructure, the European Council said in a statement on Friday. Additionally, the new restrictions add a further 105 ships to a blacklist of what Brussels calls the 'shadow fleet' engaged in transporting Russian crude and bypassing the bloc's 'price cap' on Moscow's oil exports. The sanctions lower the price ceiling and add a mechanism for adjusting to future changes in market conditions. Russia has 'built up a certain immunity' to sanctions and 'adapted to life' under them, Kremlin spokesman Dmitry Peskov told journalists on Friday, commenting on the EU decision.
Euronews
2 days ago
- Business
- Euronews
EU agrees new sanctions on Russia after Robert Fico lifts his veto
The European Union has agreed to impose a new round of sanctions against Russia, targeting the country's energy and financial sectors in a bid to tighten the screws on the Kremlin's war machine and force a temporary ceasefire in Ukraine. The sanctions, endorsed on Friday by ambassadors in Brussels, ban transactions with 22 Russian banks, the Russian Direct Investment Fund and its subsidiaries, and the direct and indirect use of the underwater Nord Stream pipelines, which are currently closed off but which Moscow seeks to restart at some point in the future. Additionally, the EU turns the price cap on Russian crude oil of $60 per barrel into a dynamic mechanism that will remain 15% lower than the average market price, according to diplomatic sources. The new cap will kick in at $47.6 per barrel. The United States, a chief proponent of the cap at the G7 level during the previous administration, has not supported the downward revision. Moreover, a further 105 vessels belonging to the "shadow fleet", the aged tankers that Moscow employs to bypass the price cap on crude oil, are denied access to the EU ports and EU services. This brings the "shadow fleet" blacklist to over 400 vessels. The deal represents the 18th package of sanctions since February 2022. The political breakthrough was only possible after Slovakia relented and lifted its veto, which had until now prevented the approval of the new sanctions. The Slovak opposition related to an entirely different matter: the proposed phase-out of all Russian fossil fuels by the end of 2027. The European Commission unveiled the roadmap in May and presented the draft legislation in June, based on gradual bans on short-term and long-term gas contracts. As a landlocked country, Slovakia vociferously protested the plan, warning it would raise prices for consumers, weaken competitiveness and endanger energy security. Since the phase-out is subject to a qualified majority, Bratislava resorted to sanctions, which require unanimity, to extract concessions from Brussels. During an EU summit last month, Slovak Prime Minister Robert Fico upped the ante with a series of demands for financial compensation. Fico said his country risked facing a lawsuit from Gazprom, Russia's gas monopoly, worth between €16 and €20 billion due to the termination of its long-term contract, which runs until 2034. The Commission argues the gas bans will act as "force majeure" in court and shield governments and companies against damages. Fico's solitary crusade The deadlock intensified dialogue between Bratislava and Brussels, with a focus on practical solutions to diversify Slovakia's energy mix away from Russia, strengthen connections to neighbouring countries and mitigate price volatility. Fico welcomed the outreach as "constructive" but held his ground, surprising diplomats who thought the veto would be lifted sooner. German Chancellor Friderich Merz and Polish Prime Minister Donald Tusk intervened to break the impasse. Ursula von der Leyen, the president of the European Commission, also became involved. Earlier this week, von der Leyen sent Fico a three-page letter with reassurances about the implementation of the phase-out, including the possible deployment of state aid and EU funds to "compensate the negative impacts for households and industry". Von der Leyen also promised to clarify the criteria to trigger the "emergency break" and temporarily suspend the application of the gas bans in case of "extreme price spikes". The letter does not speak of a tailor-made financial envelope for Slovakia. "We have been working closely wth member states most directly concerned, notably Slovakia, to ensure that the EU-wide phase-out of Russian energy imports will be gradual and well-coordinated across the Union," von der Leyen wrote. According to Fico, who posted the entire confidential letter on his social media, von der Leyen's offer was flat-out rejected by his coalition partners. "Their response is that the Commission's guarantees to Slovakia are insufficient – some even described them as NOTHING," he said. He then demanded a complete exemption from the phase-out to continue buying Russian gas until the contract with Gazprom ends in 2034. But a few days later, amid mounting pressure, Fico relented and agreed to lift his veto. "At this point, it would be counterproductive to continue blocking the 18th sanctions package," he said on Thursday evening. "All options have been exhausted for now, and remaining in our blocking position would already endanger our interests." The Slovak promised to continue his crusade against the phase-out, however. "The second stage of our battle with the European Commission on the issue of Russian gas begins. We have a clear plan approved," he said. The deal on the new sanctions comes as US President Donald Trump hardens his rhetoric against Vladimir Putin, pledging to send lethal aid to Ukraine and impose "severe tariffs" on Russia, a major shift that was immediately welcomed across Europe. The White House, however, has so far refused to endorse a lower price cap on Russian oil, leaving other G7 allies to go it alone. For Brussels, the participation of the UK was considered fundamental due to its dominant position in maritime insurance.
Russia Today
19-06-2025
- Business
- Russia Today
Brussels making EU ‘as uncompetitive as possible'
Officials in Brussels are completely undermining the EU's competitiveness, according to Kirill Dmitriev, the CEO of the Russian Direct Investment Fund and presidential envoy. His comment follows the European Commission's proposal to eliminate all Russian oil and gas imports within two years. EU Energy Commissioner Dan Jorgensen unveiled the plan, which is backed by European Commission President Ursula von der Leyen, on Tuesday. It seeks to ban all new gas contracts with Russia, and presents measures to facilitate the end of Russian oil imports by the end of 2027. 'EU Commission bureaucrats seem obsessed – with making the EU as uncompetitive as possible on the global stage,' Dmitriev, who is also the Russian president's special envoy for investment and economic cooperation, wrote on X. 'Mission accomplished or still in progress?' The comment came in response to criticism from Hungarian Foreign Minister Peter Szijjarto, who warned that the plan represents 'a serious violation' of Hungary's sovereignty. He claimed that the EU is 'ready to dismantle Hungary's secure and affordable energy supply.' EU Commission bureaucrats seem obsessed—with making the EU as uncompetitive as possible on the global stage. Mission accomplished or still in progress? The legislation seeks to apply EU trade law mechanisms to imports of Russian oil and gas, enabling Brussels to bypass potential vetoes from countries such as Hungary and Slovakia. Energy prices across Europe soared following Ukraine-related sanctions in 2022. Jorgensen said the latest phaseout is not about Ukraine, but because 'Russia has weaponized energy' against the EU. Moscow has called the sanctions illegitimate and counterproductive. Russian President Vladimir Putin has set the lifting of sanctions as a condition for resolving the Ukraine conflict. The Kremlin also noted that Russia has been a reliable energy supplier to the bloc. Russia, once the EU's main gas supplier, sharply reduced exports three years ago amid Western sanctions and the Nord Stream pipeline sabotage. Its share of EU pipeline gas fell from over 40% in 2021 to around 11% in 2024. While most EU countries have cut Russian gas, landlocked members, including Hungary, Slovakia, Austria, the Czech Republic, and Serbia, still rely on limited supplies through various exemptions. Meanwhile, Russian LNG imports to the EU have surged, making up 17.5% of the bloc's supply last year – second only to the US at 45.3%. France, Spain, and Belgium took in 85% of these shipments, according to the Institute for Energy Economics and Financial Analysis (IEEFA).
Straits Times
19-06-2025
- Business
- Straits Times
Russia's Dmitriev says Russia, US and Saudi Arabia could act jointly to stabilise oil markets
FILE PHOTO: Head of the Russian Direct Investment Fund Kirill Dmitriev attends a military parade on Victory Day, marking the 80th anniversary of the victory over Nazi Germany in World War Two, in Red Square in central Moscow, Russia, May 9, 2025. REUTERS/Maxim Shemetov/File Photo Crude oil tanker SCF Surgut, owned by Russia's leading tanker group Sovcomflot, transits the Bosphorus in Istanbul, Turkey, April 4, 2024. REUTERS/Yoruk Isik Russia's Dmitriev says Russia, US and Saudi Arabia could act jointly to stabilise oil markets ST PETERSBURG - Russia, the United States and Saudi Arabia could act jointly to stabilise oil markets if needed, Russia's investment envoy Kirill Dmitriev told Reuters. Oil prices surged on Thursday after Israel said it attacked Iranian nuclear sites in Natanz and Arak overnight and as investors grappled with fears of a broader conflict in the Middle East that could disrupt crude supplies. Dmitriev, chief of Russia's sovereign wealth fund, said there was a precedent for similar joint action in 2020. "There was an example when (Russian) President Putin, (U.S.) President Trump and (Saudi) Crown Prince Mohammed bin Salman played a key role in stabilising markets," Dmitriev said on the sidelines of the St Petersburg International Economic Forum. "It is early to talk about concrete joint action yet but based on an earlier precedent, such action is possible." In the spring of 2020, as oil prices plummeted amid the COVID-19 pandemic, Trump brokered a deal with top crude producers Russia and Saudi Arabia to cut output and calm the markets. "Events in the Middle East create conditions for oil price rises. The dynamics of these events will define how dramatic this rise will be," Dmitriev said. "The dynamics of such rises sharply reduce the possibility of further restrictions on Russia's energy sector," he said, referring to European Union deliberations on tightening sanctions against Moscow. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
