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☆ EU-Ukraine summit set for Feb 3, location not decided
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

The location of the summit has not been determined yet. "I can confirm the EU-Ukraine summit will take place on 3 February and there is an open invitation to President Zelenskiy to visit Brussels," said Barend Leyts, spokesman for the chairman of EU leaders. The spokesman said the invitation for Zelenskiy to visit Brussels did not mean that's where the summit would be held. Officials said the theme of the summit was likely to be how the EU can continue to support Ukraine against Russia. The leaders of the EU's two key institutions -- the Commission and the council of EU leaders -- would also assess Ukraine's path to membership in the bloc.

☆ Four leaders sign agreement to bring green Azeri energy to Europe
▼ + stars: | 2022-12-17 | by ( Expert Analysis | Reuters Professional | Calls Grow For Companies To Disclose Impacts On Nature In Bid To Plug Finance Gap | ) www.reuters.com time to read: 1 min

BUCHAREST, Dec 17 (Reuters) - The leaders of Azerbaijan, Georgia, Romania and Hungary signed an agreement on Saturday on an underwater electric cable under the Black Sea to carry green Azeri energy to Europe. "Given the current security context marked by the military aggression against Ukraine we need to cooperate better and show more solidarity to mitigate common challenges," Romanian President Klaus Iohannis told the meeting, also attended by European Commission President Ursula von der Leyen. Reporting by Gergely Szakacs and Luiza Ilie, Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ EU leaders head for tussle over rescue plans for industry
▼ + stars: | 2022-12-15 | by ( John Chalmers | ) www.reuters.com time to read: +3 min

EU Commission President Ursula von der Leyen proposed ahead of the summit to loosen state aid rules in renewable energy and clean-tech to shield European industry. "Some governments have deep pockets and extensive possibilities to support their industry through national schemes, others have not," said one senior EU diplomat. "We don't want a national subsidy race among member states ... but there have to be carefully drafted limits." This has been held up by disagreement over whether or how to offer exemptions for an EU ban on Russia fertiliser exports. A draft of the summit conclusions said leaders would call for more gas deals urgently to replace Russian fuel, including through joint gas buying among EU countries.

☆ EU angst over “Buy American” reopens old wounds
▼ + stars: | 2022-12-14 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

The European Commission is the main gatekeeper on state aid, which the EU limits to protect fair competition in the single market. Von der Leyen’s plan might let it decide which champions are deserving in the first place. The free spending has sparked concerns of a handout war with other European countries, particularly given the EU’s recent focus on fiscal discipline. Von der Leyen wants to create a central pot of money to provide catch-up funds to smaller countries. Relaxing EU state aid rules fairly won’t be easy, and Europe will need a clearer industrial policy beyond handing out cash.

☆ Europe moves closer on limiting natural gas prices as Brussels looks to protect consumers
▼ + stars: | 2022-12-13 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

The EU is nearing a deal over a cap on gas prices. Helder Faria | Moment | Getty ImagesThe European Union is nearing an agreement over a cap on natural gas prices, with Brussels already starting preparations for the next winter as the global energy crisis shows no signs of going away. EU energy ministers gathered in Brussels, Belgium, on Tuesday to discuss the details over a cap on natural gas prices. Officials have suggested that the cap could land between 180 euros and 220 euros per megawatt hour. This as the International Energy Agency warns there could be a gas shortage of 30 billion cubic meters in 2023.

☆ EU eyes new fund for energy investments to quit Russian gas
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, Dec 12 (Reuters) - The European Union needs to review its budget and consider launching a new fund for the major additional energy investments needed to wean countries off Russian gas, European Commission President Ursula von der Leyen said on Monday. "The question is whether it [the EU budget] is still fit for purpose, and a fresh look through a midterm review of the budget would open the door to create a sovereignity fund," von der Leyen said. Von der Leyen declined to specify if this new fund would require the EU to take out further joint debt, but said the bloc's existing funds would need to be "augmented by other sources". Reporting by Kate AbnettOur Standards: The Thomson Reuters Trust Principles.

☆ EU Delays Labeling Lithium Toxic as Concerns From EV Industry Mount
▼ + stars: | 2022-12-12 | by ( Yusuf Khan | ) www.wsj.com time to read: +4 min

Last week, the European Commission was set to give a final ruling on whether lithium, a crucial battery input, should be classified as a toxic substance. Europe’s nascent battery companies are warning that investors may be drawn away from the continent to the U.S. where the IRA has created strong incentives to establish supply chains in the country. So far, within the European battery industry, Sweden’s Northvolt AB has been one of the few victories for the EU. She said the EU should “simplify and adapt” its rules that limit state funding to make it easier for public investments. For those looking to establish European battery production, the EU’s position on electric vehicles remains confusing.

☆ EU could face gas shortage next year, IEA warns
▼ + stars: | 2022-12-12 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, Dec 12 (Reuters) - The European Union has enough gas for the winter but could face a shortage next year if Russia cuts supplies further, the International Energy Agency (IEA) said on Monday, urging governments to act faster to save energy and expand renewables. Despite Russia slashing gas deliveries this year, Europe has averted a severe shortage and started the winter with brimming gas storage tanks - thanks in part to emergency EU measures to fill storage, plus a lucky spell of mild weather and high gas prices that dampened demand for the fuel. If Russia was to cut the small share of gas it still delivers to Europe, and Chinese gas demand rebounded from COVID-19 lockdown-induced lows, the EU could face a gas shortfall of 27 billion cubic metres (bcm) in 2023, the IEA said. Total EU gas consumption was 412 bcm in 2021, according to EU data. European Commission President Ursula von der Leyen said the bloc's gas supply was "safe for this winter" and the 27-country EU was preparing for the next one.

☆ Italian President Mattarella tests positive for COVID
▼ + stars: | 2022-12-10 | by ( ) www.reuters.com time to read: 1 min

ROME, Dec 10 (Reuters) - Italian President Sergio Mattarella, 81, has tested positive for COVID-19 but has few symptoms beyond a slight fever, his office said in a statement on Saturday. Mattarella has cancelled his appointments for the coming days but will continue with his other duties in isolation from his apartment in the Quirinale Palace in Rome, the statement added. He made a high-profile appearance on Wednesday when he attended the opening night of the new season at La Scala opera house in Milan, along with Prime Minister Giorgia Meloni and European Commission President Ursula von der Leyen. The president in Italy has largely ceremonial duties but is responsible for resolving political crises when they occur. Writing by Keith Weir; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Violeta Santos MouraCompanies Enagas SA FollowBARCELONA/LISBON, Dec 9 (Reuters) - An underwater pipeline to carry green hydrogen between Barcelona and Marseille will cost around 2 billion euros ($2.1 billion), according to preliminary estimates of the project agreed between Spain, Portugal and France, two sources told Reuters. Spain and Portugal aim to become clean hydrogen hubs and net energy exporters, causing tensions with France which plans to produce its own hydrogen using nuclear energy. The pipeline will only carry hydrogen in order to meet EU funding criteria, though "improvements" could be made in future to allow for some gas, a Spanish government source said. As a result, the industry source said, they have pushed their four grid operators to "speed up technical studies, potential pipeline layouts and cost assessments". "If you already have an overland pipeline why build an undersea pipeline?"

☆ EU Commission proposes ninth package of sanctions against Russia
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: 1 min

PARIS, Dec 7 (Reuters) - The European Commission on Wednesday proposed a ninth package of sanctions on Russia, including adding almost 200 additional individuals and entities on the sanctions list. European Commission President Ursula von der Leyen said in a statement the EU also proposes to introduce sanctions against three additional Russian banks and also wants to impose new export controls and restrictions, particularly for dual-use goods including key chemicals, nerve agents, electronics and IT components. Reporting by GV De Clercq, Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ Anti-war protesters in Italy denounce La Scala for staging Russian opera
▼ + stars: | 2022-12-07 | by ( Sara Rossi | ) www.reuters.com time to read: +2 min

[1/5] Demonstrators holding Ukrainian flags and signs protest outside of La Scala opera house, ahead of its 2022-23 season opening night performance of "Boris Godunov," a Russian-composed opera performed by Russian artists, in Milan, Italy, December 7, 2022. REUTERS/Flavio Lo ScalzoMILAN, Dec 7 (Reuters) - Anti-war protesters demonstrated outside Milan's La Scala theatre on Wednesday before it opened its 2022-2023 opera season with a gala performance of the Russian work "Boris Godunov". Around 20 people waved the Ukrainian flag and held up placards denouncing Russian President Vladimir Putin for the invasion of Ukraine in February. She questioned why La Scala had not changed its programme over the nine months since the war began. La Scala artistic director Dominique Meyer last month defended its decision to stage the work, written by Russian composer Modest Mussorgsky in the 19th century, after protests from Ukrainian exile groups.

☆ Protests held as Italy's La Scala opens season with Russian opera
▼ + stars: | 2022-12-07 | by ( Sara Rossi | ) www.reuters.com time to read: +3 min

[1/5] Demonstrators holding Ukrainian flags and signs protest outside of La Scala opera house, ahead of its 2022-23 season opening night performance of "Boris Godunov," a Russian-composed opera performed by Russian artists, in Milan, Italy, December 7, 2022. REUTERS/Flavio Lo ScalzoMILAN, Dec 7 (Reuters) - Milan's La Scala theatre opened its 2022-2023 opera season on Wednesday with a gala performance of the Russian work "Boris Godunov" as protesters against the Ukrainian war demonstrated outside the venue. "We have nothing against the Russian people, against Russian history, against Russian culture," Meloni told reporters before the performance. She questioned why La Scala had not changed its programme over the nine months since the war began. Russian bass Ildar Abdrazakov took the lead role as Godunov while Russian soprano Anna Denisova was Kseniya, his daughter.

☆ Biden's climate plan strains trade ties with Europe
▼ + stars: | 2022-12-06 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

The European Union and United States — together responsible for one third of global trade — have been at loggerheads in recent weeks over US President Joe Biden’s landmark $370 billion climate plan. While a trade war is unlikely, the plan is testing the transatlantic alliance and pushing Europe to consider mobilizing its own package of subsidies. The IRA is now law, and there is little appetite to bring it back to Congress to make substantive changes, he told CNN Business. The European Union has a couple of options at its disposal, analysts told CNN Business. On Monday, Italian Economy Minister Giancarlo Giorgetti said that the bloc should create its own “European IRA plan,” according to a Reuters report.

☆ Germany says borrowing more money to compete with the U.S. would be a 'threat' to Europe
▼ + stars: | 2022-12-06 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

BRUSSELS — Germany said Europe should refrain from borrowing more money to compete with U.S. green subsidies or its competitiveness will be threatened. European Commission President Ursula von der Leyen said Sunday "new and additional funding at the EU level" will be needed to make European companies more competitive in the transition to a greener economy. "There are some parts of Ursula von der Leyen initiative which [need] to be further debated, especially her proposal of [a] European sovereignty fund. However, they indicate where the commission believes the bloc should go to be in a better position to compete with the United States. "We have all heard the stories of producers that are considering to relocate future investment from Europe to the U.S.," von der Leyen said Sunday.

☆ Italy urges EU subsidy package in response to U.S. IRA scheme
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

ROME, Dec 5 (Reuters) - Italian Economy Minister Giancarlo Giorgetti on Monday called for a common European Union approach to support competitiveness and protect strategic production, in response to the massive subsidies in the United States' Inflation Reduction Act (IRA). The EU fears that the $430 billion IRA scheme, with its generous tax breaks for domestic production of energy sector components, may lure away EU businesses and disadvantage European companies, from car manufacturers to makers of green technology. "We are in favour of a European IRA plan with the objective of reducing inflation," Giorgetti said in a statement issued on the sidelines of a meeting with fellow euro zone finance ministers in Brussels. Giorgetti said the EU should act in a united fashion rather than follow a country-by-country approach. Reporting by Giuseppe Fonte; Editing by Gavin Jones and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Tax credits for EU electric vehicles to dominate U.S. trade talks
▼ + stars: | 2022-12-05 | by ( ) www.cnbc.com time to read: +2 min

U.S. Secretary of State Blinken attends the Freedom of Expression Roundtable, in New York, U.S., September 19, 2022. The European Union's top trade official on Monday called for urgent steps before the end of the year to modify a U.S. climate law that would cut off the bloc's electric vehicles from U.S. tax credits, calling the measure discriminatory. EU Trade Commissioner Valdis Dombrovskis, speaking to Deutsche Welle before a meeting of the U.S.-EU Trade and Technology Council (TTC) said the law threatened to undermine progress made by the year-old transatlantic forum. Dombrovskis said the EU was looking at how to make its own subsidies "more efficient" and potential increases in joint U.S.-EU financing. Participants include U.S. Secretary of State Antony Blinken, Commerce Secretary Gina Raimondo, U.S. Trade Representative Katherine Tai and European Commission Executive Vice Presidents Valdis Dombrovskis and Margrethe Vestager.

☆ EU to adapt state aid schemes in response to U.S. subsidy package, von der Leyen says
▼ + stars: | 2022-12-04 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, Dec 4 (Reuters) - The EU will adapt its state aid rules to prevent an exodus of investment triggered by a new U.S. green energy subsidy package, the bloc's chief executive said on Sunday. "Competition is good ... but this competition must respect a level playing field," European Commission President Ursula von der Leyen said in a speech in the Belgian city of Bruges. "The (U.S.) Inflation Reduction Act should make us reflect on how we can improve our state aid frameworks and adapt them to a new global environment," she added. The topic is one of several on the agenda of the EU-U.S. Trade and Technology Council meeting on Dec. 5. Reporting by Sabine Siebold and Riham Alkousaa; Editing by Gareth Jones and David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ All EU governments complete approval of Russian oil price cap
▼ + stars: | 2022-12-03 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

The price cap will prohibit G7 companies dealing with the insurance, re-insurance or financing of oil trade or to handle Russian crude oil cargoes to third countries unless the oil was sold at or below the $60 per barrel price cap. From Monday, the EU itself will not be buying any Russian seaborne crude, which had made up 94% of all Russian crude imports by the 27-nation EU. A G7 price cap on the petroleum products will also be set at a later date, using exactly the same mechanism as for crude oil, the Commission said. Because the world's key shipping and insurance firms are based in G7 countries, the price cap would make it very difficult for Moscow to sell its oil at a higher price. The price cap review is an EU-specific mechanism that will require unanimity among the 27 countries that make up the bloc for any changes to the price level.

The G7 and Australia said in a statement the price cap would take effect on Dec. 5 or very soon thereafter. "The Price Cap Coalition may also consider further action to ensure the effectiveness of the price cap," the statement read. The G7 price cap will allow non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap. Because the most important shipping and insurance firms are based in G7 countries, the price cap would make it very difficult for Moscow to sell its oil for a higher price. The initial G7 proposal last week was for a price cap of $65-$70 per barrel with no adjustment mechanism.

☆ Oil dips 1.5% ahead of OPEC+ meeting, EU Russian oil ban
▼ + stars: | 2022-12-02 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Brent crude futures settled down $1.31, a 1.5% drop, at $85.57 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.24, or 1.5%, to $79.98 per barrel. Russian oil output could fall by 500,000 to 1 million bpd early in 2023 due to the European Union ban on seaborne imports from Monday, two sources at major Russian producers said. European Commission President Ursula von der Leyen said the Russian oil price cap will be adjustable over time so that the union can react to market developments. The cap was designed to limit revenues to Russia while not resulting in an oil price spike.

Polish Ambassador to the EU Andrzej Sados on Friday told reporters Poland had backed the EU deal, which included a mechanism to keep the oil price cap at least 5% below the market rate. A spokesperson for the Czech Republic, which holds the rotating EU presidency and oversees EU countries' negotiations, said it had launched the written procedure for all 27 EU countries to formally greenlight the deal, following Poland's approval. The G7 price cap will allow non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap. The White House on Friday welcomed news that the EU was "coming together" on the oil price cap and said it should limit Russian revenues. The initial G7 proposal last week was for a price cap of $65-$70 per barrel with no adjustment mechanism.

☆ More than 10,000 Ukrainian troops killed in war, official says
▼ + stars: | 2022-12-02 | by ( Associated Press | ) www.nbcnews.com time to read: +4 min

Late Thursday, Mykhailo Podolyak, a top adviser to Ukrainian President Volodymyr Zelenskyy, relayed new figures about Ukrainian soldiers killed in battle, while noting that the number of injured troops was higher and civilian casualty counts were “significant.”Family members of soldiers attend a memorial event in Kyiv. Jeff J. Mitchell / Getty Images file“We have official figures from the general staff, we have official figures from the top command, and they amount to between 10,000 and 12,500-13,000 killed,” Podolyak told Channel 24. The Ukrainian military has not confirmed such figures and it was a rare instance of a Ukrainian official providing such a count. In the eastern Donetsk region, Ukrainian governor Pavlo Kyrylenko said Russian shelling has intensified significantly. And in northeastern Kharkiv province, officials said that Russian shelling injured two women.

☆ Europe agrees to cap the price of Russian oil at $60 a barrel
▼ + stars: | 2022-12-02 | by ( Julia Horowitz | ) edition.cnn.com time to read: +4 min

London CNN Business —The European Union has reached a consensus on the price at which to cap Russian oil just days before its ban on most imports comes into force. Capping the price of Russian oil between $65 and $70 a barrel, a range previously under discussion, wouldn’t have caused much pain for the Kremlin. “Today’s oil price cap agreement is a step in right direction, but this is not enough,” Estonian foreign minister Urmas Reinsalu tweeted Friday. The price cap is designed to be enforced by companies that provide shipping, insurance and other services for Russian oil. Confusion about the impact of that measure, along with lingering questions about the price cap, have unsettled traders.

☆ EU discussing Russian oil price cap at $60/barrel with bi-monthly review
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationBRUSSELS, Dec 1 (Reuters) - Representatives of European Union governments were discussing on Thursday a price cap on Russian seaborne oil at $60 per barrel, with a review every two months, yielding to pressure from some countries to lower the cap, diplomats said. The Group of Seven nations (G7) proposed last week a price cap on Russian oil, meant to diminish Moscow's revenues and its ability to finance its war in Ukraine, of $65-70 per barrel. Poland, Lithuania and Estonia refused to back the cap at that level, arguing Russian Urals crude was already trading lower so the cap would be ineffective. Two others confirmed the $60 level, noting there was no agreement yet. The three countries also insist that the price cap be regularly reviewed to adjust to changing market and geopolitical conditions and diplomats said EU government representatives were discussing a review every two months.

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