Tag: Russia

EU energy ministers on Monday backed a proposal to phase out Russian oil and gas imports to the bloc by January 2028, the Council of the European Union said.

U.S. President Donald Trump said on Wednesday that Indian Prime Minister Narendra Modi has pledged to stop buying oil from Russia, and Trump said he would next try to get China to do the same as Washington intensifies efforts to cut off Moscow’s energy revenues.

The European Commission has proposed a 19th package of sanctions against Russia to member states, Commission President Ursula von der Leyen announced on Friday.

U.S. President Donald Trump urged EU officials on Tuesday to hit China with tariffs of up to 100% as part of a strategy to pressure Russian President Vladimir Putin, according to a U.S. official and an EU diplomat.

Russian oil exports to India are set to rise in September, traders said, as producers cut prices to sell more crude because they cannot process as much in refineries that were damaged by Ukrainian drone attacks on energy infrastructure.

White House trade advisor Peter Navarro warned India about “cozying up” to Russia and China through oil purchases in an op-ed published Monday in the Financial Times.

Ukrainian President Volodymyr Zelenskiy and his European allies arrive in Washington on Monday anxious to find out what Donald Trump committed to at his summit with Vladimir Putin and apprehensive that he’ll force Kyiv into making unpalatable concessions.

President Donald Trump said Monday he is reducing the 50-day deadline he gave Russian President Vladimir Putin to either reach a peace deal with Ukraine or face massive “secondary tariffs” on Moscow’s trade partners.

The European Union has reached an agreement on a new sanctions package against Russia, which includes a lower price cap for Moscow’s crude oil barrels.

Oil prices rose on Monday to their highest level in three weeks, as investors eyed further U.S. sanctions on Russia that may affect global supplies, while more oil imports by China also offered support along with signs of tighter supply.

The European Commission is to propose lowering the Russian oil price cap and banning the use of Nord Stream infrastructure as part of a fresh round of sanctions against Moscow, the Financial Times reported on Tuesday.

Russia’s oil exports remained near a four-month high ahead of talks between President Vladimir Putin and US counterpart Donald Trump aimed at bringing a halt to the war in Ukraine.

Oil advanced as the US tightened sanctions against Iran and Russia, countering some of the slump triggered by a dour demand forecast from the International Energy Agency on Thursday.

Global diesel prices and refining margins spiked following the latest round of U.S. sanctions on Russia’s oil trade on expectations the measures would tighten supplies, according to analysts and LSEG data.

The U.S. has finalized a ban on the use of Chinese and Russian hardware and software in internet-connected vehicles on U.S. roads, an outgoing salvo by the Biden administration to prevent hacking and misuse of data by foreign adversaries.

The Biden administration is weighing new, harsher sanctions against Russia’s lucrative oil trade, seeking to tighten the squeeze on the Kremlin’s war machine just weeks before Donald Trump to the White House.

Russia is preparing to lift its gasoline exports ban and the necessary paperwork will be ready in near future, Deputy Prime Minister Alexander Novak told reporters on Friday without providing a concrete timeline.

Oil rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concern over a global economic slowdown and the potential for further increases to U.S. interest rates.

(Bloomberg) — The US has sanctioned some of Russia’s biggest gold miners, as it imposes fresh penalties on the country’s metals and mining sector.