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Search resuls for: "— James Frater"


4 mentions found


☆ Russia’s frozen assets are generating billions. The EU is getting ready to send them to Ukraine
  + stars: | 2024-02-01 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +4 min
London CNN —Russian assets frozen in European accounts are generating billions of dollars in interest payments that could be diverted to help repair Ukraine’s war-torn economy — and the European Union just took a step closer to doing that. After Russia’s full-scale invasion of Ukraine in February 2022, Western countries froze nearly half of Moscow’s foreign reserves — some €300 billion ($327 billion). Around €200 billion ($218 billion) sits in the European Union — mostly at Euroclear, a financial institution that keeps assets safe for banks, exchanges and investors. The EU has been at pains to contrast the illegality of Russia’s invasion with its own strict adherence to the rule of law. Lawyers are working on the text of the agreement before returning it to EU member states for final approval.
Persons: Euroclear, —, ” — James Frater Organizations: London CNN, European Union, EU, immobilised Central Bank of Russia, ”, Group, World Bank, European, European Central Bank, CNN Locations: Ukraine, ” Belgium, Euroclear, Russia, EU
☆ A pipeline in the Baltic Sea has been shut down. Authorities suspect sabotage
  + stars: | 2023-10-11 | by ( Anna Cooban | ) edition.cnn.com   time to read: +6 min
Gasgrid, Finland’s gas transmission operator, said Sunday that it had temporarily shut the 95-mile-long Balticconnector pipeline, running under the Baltic Sea, over a suspected leak. Moreover, Finland can still source gas via its LNG terminal, and Estonia is still connected to the European gas grid via Lithuania. An ‘alarm bell’Gasgrid and its Estonian counterpart Elering “noticed an unusual drop in pressure in the Balticconnector offshore gas pipeline” on Sunday morning, Gasgrid said Tuesday. “It is reasonable to suspect that the cause of the incident was damage to the offshore gas pipeline,” the company said in a statement. “The European [gas] market remains very tight, and any news is having an impact,” said Sharples at the Oxford Institute for Energy Studies.
Persons: Gasgrid, Sauli Niinistö, Jens Stoltenberg, ” Stoltenberg, Jack Sharples, Elering “, Kaja Kallas, Simone Tagliapietra, ”, Sharples, — James Frater, Sharon Braithwaite Organizations: London CNN, NATO, Finnish Border Guard, European Union, CNN, Oxford Institute for Energy Studies, Estonian, Estonia’s, Authorities, Germany —, EU, Chevron Locations: Finland, Estonia, Baltic, Brussels, Lithuania, Latvia, Europe, United Kingdom, Germany, Nord, Norway, Algeria, Israel
☆ $200 billion in frozen Russian assets could help rebuild Ukraine. Europe is trying to figure out how
  + stars: | 2023-06-29 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +4 min
London CNN —Russian assets frozen in European accounts could generate billions of dollars a year for rebuilding Ukraine. One idea put forward in the EU is to draw off the interest on income generated by Russian assets while leaving the assets themselves untouched. This approach would probably deliver about €3 billion ($3.3 billion) a year, according to Anders Ahnlid, the director general of the Swedish National Board of Trade and head of the EU working group looking into frozen Russian assets. The group said in April that cash on its balance sheet had more than doubled over the year to March to stand at €140 billion ($153 billion), boosted by payments associated with frozen Russian assets, including bonds. Euroclear routinely invests such long-term cash balances and, in the first quarter, it recorded €734 million ($802 million) in interest earned on cash balances from sanctioned Russian assets.
Persons: Anders Ahnlid, “, ” Ahnlid, ”, Euroclear, Arturs Krišjānis Kariņš, John Thys, I’m, ’, ” — James Frater Organizations: London CNN, Union, Bank, EU, Swedish National Board of Trade, CNN, European Commission, European Central Bank, ECB, Group, Latvia’s, Latvia's, European Locations: Ukraine, Brussels, Russia, EU, Belgium, AFP, Europe
☆ Europe still can't live without Russian LNG exports
  + stars: | 2022-11-09 | by ( Anna Cooban | ) edition.cnn.com   time to read: +7 min
London CNN Business —Europe may be closer than ever to breaking its energy dependence on Moscow, but it still can’t live without one type of Russian natural gas. Russian imports doubled in the year to September to 1.2 million tons, Rystad data shows. The majority of the Russian LNG imports come from privately owned Novatek, the country’s second-largest natural gas producer after Gazprom. “I expect that Russian LNG will continue to play an important role in filling European storage going into winter of 2023,” he told CNN Business. “[Europe] would rather get whatever [it] can in terms of Russian pipeline gas and Russian LNG… it would take a lot before [it] would think about sanctioning gas or LNG from Russia,” Ramesh said.
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