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BRUSSELS, June 21 (Reuters) - European Union governments agreed on Wednesday to an 11th package of sanctions against Russia over its invasion of Ukraine, aimed at stopping other countries and companies from circumventing existing measures. The new package, tweeted by Sweden as EU president, forbids transit via Russia of an expanded list of goods and technology which might aid Russia's military or security sector. Names of such countries can be added to an annex of the EU sanctions regulation with unanimous agreement of all 27 members. The EU package extends the suspension of EU broadcasting licences of five Russian state-controlled media. Overnight, Ukraine removed the five Greek shipping firms from its list, securing the backing of Athens for the package.

Persons: Julia Payne, Sudip Kar, Gupta, Gabriela Baczynska, Jan Strupczewski, Brenda Goh, Philippa Fletcher Organizations: Union, Russia, United Arab, EU, Peace Facility, European Commission, Thomson Locations: BRUSSELS, Ukraine, Sweden, Russia, Armenia, Kazakhstan, Kyrgyzstan, United Arab Emirates, Turkey, China, Moscow, GREECE, HUNGARY, Hungary, Greece, Athens, Beijing, Hong Kong, Russian, Shanghai

☆ EU hopes for 160 billion euros of investment in key technologies
▼ + stars: | 2023-06-20 | by ( Jan Strupczewski | Thomson Reuters | Jan Is The Acting Bureau Chief In Brussels. He Has Been Covering European Union Policy | ) www.reuters.com time to read: +1 min

BRUSSELS, June 20 (Reuters) - The European Commission asked EU governments on Tuesday to come up with an extra 10 billion euros for 2024-27 to leverage a total of 160 billion euros worth of investment in key technologies, including renewable energy. Nor did the EU budget anticipate the fierce competition between Europe, the United States and China for the latest "clean" technologies to produce energy. "The future of the strategic industries should be made in Europe," European Commission President Ursula von der Leyen said in presenting the call for more money. The new scheme is to be called Strategic Technologies for Europe Platform (STEP) and help develop in the EU microelectronics and quantum computing, as well as renewable energy and electricity storage, among others. ($1 = 0.9155 euros)Reporting by Jan Strupczewski and Bart Meijer, editing by Gabriela BaczynskaOur Standards: The Thomson Reuters Trust Principles.

Persons: Ursula von der Leyen, von der Leyen, Jan Strupczewski, Bart Meijer, Gabriela Baczynska Organizations: European Commission, European Union, Strategic Technologies, Europe, Thomson Locations: BRUSSELS, Ukraine, Europe, United States, China

☆ Euro zone needs still higher ECB rates, tighter fiscal policy -IMF
▼ + stars: | 2023-06-16 | by ( Jan Strupczewski | Thomson Reuters | Jan Is The Acting Bureau Chief In Brussels. He Has Been Covering European Union Policy | ) www.reuters.com time to read: +2 min

"Monetary policy must continue to tighten to bring inflation to target in a timely manner," the IMF said in the report, which it presented to euro zone finance ministers and the ECB. The IMF urged euro zone governments to help the ECB by cutting spending, because economic growth was to pick up modestly this year and next despite tightening financial conditions. "Fiscal consolidation should also proceed to ease inflation pressures and rebuild fiscal space," the IMF said. The Fund called on EU governments to complete the ongoing reform of the bloc's fiscal rules, which were put in place to prevent excessive borrowing by governments. "A swift agreement on the reform of the EU economic and fiscal governance framework would support fiscal sustainability over the longer term," the IMF said.

Persons: Jan Strupczewski Organizations: European Central Bank, International Monetary Fund, IMF, ECB, Thomson Locations: BRUSSELS, Germany, France

☆ EU, US concerned about Polish law that could ban people from public office
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +3 min

BRUSSELS/WARSAW, May 30 (Reuters) - The European Commission and U.S. State Department have expressed concern about a new Polish law they say could effectively ban individuals deemed to have acted under Russian influence from holding public office without providing proper judicial review. The law, which Poland's president on Monday said he would sign into law, was developed by the eurosceptic and nationalist ruling PiS party ahead of parliamentary elections due in October or November. Poland's foreign ministry rejected the criticism, saying the law provided for "due process in a fair procedure". "We have a special concern now about the situation in Poland with the creation by law of a special committee able to deprive citizens, individuals, from their right to be elected to public office," EU Justice Commissioner Didier Reynders said. Any party subject to the commission's decision will have the right to appeal in an administrative court, the ministry said.

☆ Euro zone Q1 GDP growth confirmed at 0.1% q/q, Q1 exports jump
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, May 16 (Reuters) - Euro zone economic growth was 0.1% quarter-on-quarter in the first three months of the year, the EU's statistics agency confirmed on Tuesday, with rising employment and a sharp increase in exports that boosted the euro zone trade surplus. While a more detailed breakdown of the GDP rise was not yet available, unadjusted trade data for the first quarter showed an 8.5% jump in exports over the same period of 2022 with unchanged imports, indicating net trade contributed to the growth. In March the unadjusted euro zone trade balance swung to a 25.6 billion euro surplus from a 20 billion deficit in the first three months of 2022. Adjusted for seasonal swings, the March trade surplus was 17 billion euros, up from a 200 million euro deficit the month before. The better net trade result in the first quarter came mainly from higher exports of machinery, vehicles and chemicals and a drop in imports of energy.

In March, depositors fled Silicon Valley Bank (SIVB.O), withdrawing $42 billion in 24 hours, some via their mobile phones. Information about the bank's difficulties spread fast online, creating a social media-driven bank run. Officials said the bank turbulence added urgency to discussions of a European Commission proposal to broaden the EU's bank resolution framework, now applied to just over 100 of the biggest European banks, to smaller and medium-sized lenders. The proposal, called Crisis Management and Deposit Insurance (CMDI) was requested by EU finance ministers in mid-2022. It would ensure that the resolution of smaller banks could be paid for from the EU's resolution fund, financed by banks, rather than by taxpayers.

☆ EU concerned by Chinese drills around Taiwan, calls for restraint
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, April 10 (Reuters) - The European Union expressed concern on Monday over Chinese military drills around Taiwan, saying the island's status should not be changed by force as any escalation, accident or use of force there would have huge global implications. China's military carried out aerial and naval blockade drills around Taiwan on Monday, its last scheduled day of exercises, with a Chinese aircraft carrier joining in combat patrols as Taipei reported another surge of warplanes near the island. read more"We are concerned by the intensification of military activities of the People's Liberation Army in the Taiwan Strait and around Taiwan, with incursions in Taiwanese Air Defence Identification Zone and crossing of the median line," EU Commission spokeswoman for foreign affairs Nabila Massrali said. Any instability in the Strait resulting from escalation, accident or use of force would have huge economic and security implications for the region and globally," she said. The EU and its Member States will continue supporting efforts aiming to preserve peace and stability in the region," she said.

The most immediate part of the plan earmarked 1 billion euros ($1.09 billion) to refund EU countries for sending urgently needed artillery shells from stockpiles to Ukraine. In announcing the package, EU foreign policy chief Josep Borrell said the munitions would come from "European industry and from Norway". Draft legislation agreed by ambassadors from EU countries, seen by Reuters, used the same formulation. Diplomats and officials expressed confidence that EU countries would finalise a deal after the Easter break. European financing must serve to buy European," the official said.

☆ ECB to reassure EU leaders on bank stability, call for EU deposit insurance
▼ + stars: | 2023-03-24 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

"She will ask the leaders to complete their Banking Union and go forward on the Capital Markets Union." EU DEPOSIT INSURANCE NEEDED TO COMPLETE BANKING UNIONEU leaders are likely to get a similar message on banks from the chairman of euro zone finance ministers Paschal Donohoe. "Completing the Banking Union" is EU code for introducing a European Deposit Insurance Scheme (EDIS), the last missing element from the project launched in 2012. The Banking Union is already two-thirds complete. The Capital Markets Union was launched in 2015 to facilitate access to private capital by EU companies, which now mainly depend on bank loans for any financing.

That will be discussed over lunch with Guterres before the U.N. secretary-general takes his leave and EU leaders get an update on the war from Ukrainian President Volodymyr Zelenskiy via video link, officials said. "We will, as always, reaffirm our unwavering commitment to assist Ukraine," declared Charles Michel, president of the European Council of EU leaders. Diplomats involved in preparing the summit of the 27 national EU leaders were sceptical of an imminent breakthrough. AMMUNITIONBeyond food security and sanctions, the leaders will also discuss bringing those responsible for the 13-month war to justice, as well as providing more military aid to Ukraine. "We will need to take measures to boost the manufacturing capacity of the European defence industry," Michel said in his letter inviting fellow EU leaders to the summit.

☆ EU converges on principles of new debt rules, no deal yet on details
▼ + stars: | 2023-03-14 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

Draft conclusions of a meeting of the EU's 27 finance ministers on Tuesday showed EU countries support much of the European Commission's proposal presented last November, but its practical implementation is still a challenge. Governments with higher debt would negotiate with the Commission individual debt reduction paths linked to reforms and investments, departing from a one-size-fits-all rule of annual debt cuts of 1/20th of the excess above 60% of GDP. Since many EU countries have debt well above the EU limit, they would get between four and seven years to put it on a downward path that would be negotiated with the Commission on the basis of a Commission debt sustainability analysis. This would be an improvement on the unobservable and revision-prone structural deficit which is the focus now, and which finance ministers strongly dislike. TRICKY DETAILSWhile there is convergence among EU finance ministers on these points, there are equally many on which they disagree.

BRUSSELS, Feb 21 (Reuters) - The European Union is close to a 10th sanctions package against Russia for its invasion of Ukraine and EU governments hope to reach a deal on Wednesday if they can overcome differences about a ban on Russian rubber and diamond imports, EU diplomats said. Among those the bloc is seeking to target are Russians it says are involved in the illegal deportation of some 6,000 Ukrainian children. "We were discussing today the 10th sanctions package against Russia," Polish ambassador to the EU Andrzej Sados said after talks by ambassadors of the EU's 27 governments in Brussels. "At least 34 Russian institutions are involved in systemic stealing of Ukrainian children, including the Russian children's ombudsman," Sados said. The U.N. refugee agency said last month Russia was giving the children Russian passports and putting them up for adoption.

☆ EU countries mull curbing Russia sanctions dodging via trade tools, access to EU market
▼ + stars: | 2023-02-21 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +3 min

BRUSSELS, Feb 21 (Reuters) - Twelve EU countries are calling on the European Union to stop companies and third countries from circumventing EU sanctions on Russia by using trade and access to the European single market as leverage, a document showed on Tuesday. The provision of material support to Russia’s military and defense industrial base will have severe consequences regarding their access to the EU market," they added. "Special focus should be put on Western components that are crucial to the Russian military industry," the paper said. "These components are not easily replaced: changing an element in weapons production takes months, due to certification and design processes. A small disruption of these production chains therefore quickly has a significant impact in the Russian ability to produce weapons and military equipment," it said.

☆ EU sues Poland over violations of EU law by Constitutional Tribunal
▼ + stars: | 2023-02-15 | by ( Jan Strupczewski | ) www.reuters.com time to read: +2 min

BRUSSELS, Feb 15 (Reuters) - The European Commission sued Poland on Wednesday in the EU's top court over violations of EU law by the Polish Constitutional Tribunal and its case law, the Commission said in a statement. The Commission's move on Wednesday was triggered by rulings by the Polish Constitutional Tribunal from July and October 2021 that provisions of EU Treaties were incompatible with the Polish constitution, expressly challenging the primacy of EU law over national law. "The Constitutional Tribunal with these rulings breached the general principles of autonomy, primacy, effectiveness, uniform application of Union law and the binding effect of rulings of the Court of Justice of the EU," the Commission said. Primacy of EU law ensures equal application of EU law across the Union," the Commission said. The Constitutional Tribunal is charged with checking if laws passed by parliament and signed by the president into law are compatible with the Polish constitution.

☆ Eleven EU countries urge 'great caution' in loosening state aid rules
▼ + stars: | 2023-02-14 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +3 min

BRUSSELS, Feb 14 (Reuters) - Eleven European Union countries urged "great caution" in relaxing the bloc's state aid rules in a bid to support Europe's green industry in a global race, saying that risked damaging competition inside the bloc, a document showed. The Commission proposed easing EU restrictions on state aid for investments in renewable energy or decarbonising industry, partly in response to the U.S. Inflation Reduction Act. "EU state aid rules should be designed taking into account the value added at the level of EU as a whole. EU state aid rules should protect the level playing field on the EU internal market," it said. The European Commission initially also proposed creating a special fund meant to help poorer EU countries dole out more state aid.

☆ EU executive raises euro zone 2023 growth forecast, sees lower inflation
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

[1/2] Small figurines are seen in front of displayed word "Inflation", EU flag and rising stock graph in this illustration taken February 11, 2022. REUTERS/Dado Ruvic/Ilustration/FilesBRUSSELS, Feb 13 (Reuters) - Euro zone economic growth is likely to be stronger than previously expected this year while inflation will lower than in forecasts towards the end of 2022, the European Commission said on Monday. The EU executive arm said economic growth in the 20 countries using the euro was likely to be 0.9% this year, rather than the 0.3% predicted last November. The Commission said uncertainty surrounding the forecast was high, but risks to growth were broadly balanced. "This forecast crucially hinges on the purely technical assumption that Russia's aggression of Ukraine will not escalate but will continue throughout the forecast horizon," the Commission said.

☆ Ukraine's Zelenskiy invited to take part in EU summit
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] Ukraine's President Volodymyr Zelenskiy and European Council President Charles Michel speak during EU summit, as Russia's attack on Ukraine continues, in Kyiv, Ukraine February 3, 2023. Ukrainian Presidential Press Service/Handout via REUTERS/File PhotoBRUSSELS, Feb 6 (Reuters) - Ukrainian President Volodymyr Zelenskiy has been invited to take part in a summit of European Union leaders, the EU said on Monday, amid reports he could be in Brussels as soon as this week. Charles Michel, the president of the European Council of the EU's national leaders, invited Zelenskiy "to participate in person in a future summit," a spokesman for Michel tweeted. The next EU summit takes place on Thursday and Friday of this week in Brussels. Earlier in the day, multiple media outlets reported that Zelenskiy could attend the summit and may also address a session of the European Parliament.

☆ EU agrees on price caps on Russian refined oil products
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, Feb 3 (Reuters) - European Union countries agreed to set price caps on Russian refined oil products to limit Moscow's funds for its invasion of Ukraine, the Swedish presidency of the EU said on Friday. The price caps, together with an EU ban on Russian oil product imports, are part of a broader agreement among the Group of Seven (G7) countries. Both caps prohibit Western insurance, shipping and other companies from financing, insuring, trading, brokering or carrying cargoes of Russian crude and oil products unless they were bought at or below the set price caps. There will be a 55-day transition period for sea-borne Russian oil products bought and loaded before Sunday. For crude, regular reviews will set a price cap at least 5% below the average market price for Russian oil.

Instead, the draft seen by Reuters offers to re-purpose some of the money the EU has already agreed to raise jointly for its post-coronavirus pandemic recovery fund. It will also loosen state aid rules to allow governments to support their firms more. GREEN TRANSITIONThe Recovery Fund already earmarks 250 billion euros in total to be spent on the transition to a green and sustainable economy. But an additional 225 billion euros in the Recovery Fund has not even been claimed by any country because these are cheap loans and governments prefer grants. The Commission said governments will now be able to use these unclaimed loans for green industry support, along with a 5.4 billion euro reserve in the EU budget created to counter the effects of Brexit.

BRUSSELS, Jan 30 (Reuters) - Producers of clean technologies like renewable hydrogen and batteries could receive faster permits under European Union plans to support industries facing U.S. and Chinese competition, a draft document showed on Monday. Specific projects considered important to developing clean technology supply chains could also receive speedier permits, said the draft, which could still change before it is published. Potential options include batteries, carbon capture and storage, renewable energy, renewable hydrogen, energy storage, and low-carbon construction technologies, although the EU will assess which projects to make eligible, the draft said. The EU would also set goals to expand these industries by 2030, to ensure they keep up with Europe's growing needs for clean energy and products. Brussels is looking to create more EU-wide standards for clean technologies - potentially by defining requirements for net-zero emissions products, which could then guide national governments' public procurement of such goods, the draft said.

☆ Euro zone economic sentiment rises in January to seven-month high
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, Jan 30 (Reuters) - Euro zone economic sentiment rose to a seven-month high in January on more optimism across all sectors except construction, with inflation expectations among consumers and companies both sharply down, data showed on Monday. The European Commission's Economic Sentiment Index (ESI) rose to 99.9 this month, above an upwardly revised 97.1 in December -- the highest value of the index since June 2022. Selling price expectations among manufacturers also dropped sharply to 31.9 in January from 37.8 in December in a sign inflationary pressures early in the pipeline were receding too. The Commission said optimism in industry rose to 1.3 from -0.6 in December and in services to 10.7 from 7.7. The mood among consumers improved to -20.9 in January from -22.1 and in the retail sector to -0.8 from -2.7.

☆ Seven EU countries oppose new EU funding as response to U.S. subsidy plan - letter
▼ + stars: | 2023-01-27 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

BRUSSELS, Jan 27 (Reuters) - Plans by the European Commission to create new European Union funding for the green industry are facing mounting opposition in the 27-nation bloc, as seven EU countries openly rejected the idea in a letter to the EU executive. The letter, seen by Reuters and dated Jan. 26, was signed by the Czech Republic, Denmark, Finland, Austria, Ireland, Estonia and Slovakia and addressed to the European Commission vice president responsible for trade, Valdis Dombrovskis. All 10 countries say the EU should be using funds already approved instead of seeking more money. But in their letter, the seven countries said the EU should first spend the money it had already agreed to raise through the 800 billion euro post-pandemic recovery and resilience fund (RRF) of grants and cheap loans. "We have to ensure that the economy can better absorb the already agreed EU funding," the seven countries wrote.

☆ EU eyes $100/barrel cap on Russian premium oil products, $45 on discounted
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, Jan 26 (Reuters) - The European Commission is proposing that the EU set a $100 per barrel price cap on premium Russian oil products like diesel and a $45 per barrel cap on discounted products like fuel oil, European Union officials said on Thursday. The price cap on Russian oil products follows a $60 per barrel cap imposed on Russian crude on Dec. 5th as G7 countries and the 27-nation EU as a whole seek to limit Russia's revenue from its oil exports without disrupting world supply. Both price caps work by prohibiting Western insurance and shipping companies from insuring or carrying cargoes of Russian crude and oil products unless they were bought at or below the set price cap. The $60 per barrel limit on crude is now up for review as the market price has been just below the cap. Reporting by Jan Strupczewski and Kate Abnett; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

The EU is concerned that European companies will move to the United States, which has a $369 billion scheme to subsidise green production. The EU will therefore provide money for its industry as well, von der Leyen said. "To keep European industry attractive, there is a need to be competitive with the offers and incentives that are currently available outside the EU," she said. For the medium term, we will prepare a European Sovereignty Fund as part of the mid-term review of our budget later this year," von der Leyen said. She said the Commission was now working on what the needs of the green industry were.

☆ France to push for 'Made in Europe' strategy at Feb EU summit
▼ + stars: | 2023-01-16 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

BRUSSELS, Jan 16 (Reuters) - France wants the European Union to adopt a "Made in Europe" industrial strategy in response to the U.S. scheme of subsidies for green investment, to keep industrial firms from leaving Europe and reduce members' dependence on outside suppliers. "The implementation of an ambitious and robust European industrial policy is therefore essential today. The French authorities propose that it take the form of a 'Made in Europe' strategy," France said in a paper seen by Reuters. The French paper called for urgent measures in particular to retain Europe companies involved in solar panels, batteries, hydrogen and critical raw materials, noting the "Made in Europe" strategy should be based on four pillars. The third pillar should be EU funding for sensitive sectors, which would help equalise the uneven fiscal power for supporting industries among EU countries.

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