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☆ Russian banks and invasion leaders in focus as EU debates new sanctions
▼ + stars: | 2023-02-15 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +3 min

[1/2] Russia's President Vladimir Putin and European Commission President Ursula von der Leyen meet on sideline of the Libya summit in Berlin, Germany January 19, 2020. "We will impose sanctions on a number of politicians and military leaders," the head of EU executive European Commission, Ursula von der Leyen, said last week after a summit with Ukrainian President Volodymyr Zelenskiy. "We will target (Russian President Vladimir) Putin's propagandists because their lies are poisoning the public space in Russia and abroad." This will further starve Russia's military machine and continue to shake the foundation of its economy," she said. The Commission also put forward further restrictions on European joint ventures with Russia and Russian nationals sitting on boards in Europe, they added.

☆ 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 countries told to step up defence against state hackers
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Feb 14 (Reuters) - European Union countries must step up their defences against cyber attacks on their financial infrastructure as the war in Ukraine raises the risk of hacks by foreign powers, the bloc's systemic risk watchdog said on Tuesday. "The war in Ukraine, the broader geopolitical landscape and the increasing use of cyber attacks have significantly heightened the cyber threat environment," the ESRB said in a report. "There is an increased risk of cyber attacks on the EU financial system by states or state-sponsored actors." "The ESRB will consider which operational policy tools are most effective in responding to a system-wide cyber incident and identify gaps across operational and financial policy tools," it added. Reporting By Francesco Canepa Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Washington pushes for harsher action against banks with Russia ties
▼ + stars: | 2023-02-14 | by ( John O'Donnell | ) www.reuters.com time to read: +6 min

"We are looking at additional banks and financial institutions to see how Russia deals with the outside world. Some European banks, including UniCredit (CRDI.MI) and Raiffeisen Bank International (RBIV.VI), have large businesses there and must follow local rules to grant payment holidays to soldiers. ENFORCEMENTO'Brien said that the United States would step up enforcement, something the EU also hopes to improve. "We are now looking at how sanctions, including financial sanctions, can be most effective," he said. "While the majority of important Russian banks are sanctioned, there is a lot outside that perimeter that you could go after," said Nicolas Veron, of Washington think tank the Peterson Institute for International Economics.

☆ Europe's spend on energy crisis nears 800 billion euros
▼ + stars: | 2023-02-13 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, Feb 13 (Reuters) - European countries' bill to shield households and companies from soaring energy costs has climbed to nearly 800 billion euros, researchers said on Monday, urging countries to be more targeted in their spending to tackle the energy crisis. European Union countries have now earmarked or allocated 681 billion euros in energy crisis speding, while Britain allocated 103 billion euros and Norway 8.1 billon euros since September 2021, according to the analysis by think-tank Bruegel. Germany topped the spending chart, allocating nearly 270 billion euros - a sum that eclipsed all other countries. Britain, Italy and France were the next highest, although each spent less than 150 billion euros. Germany has faced criticism over its mammoth energy aid package, which far outstrips what other EU nations can afford.

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February 8, 2023. Crude prices eased, with gold firmer as the dollar index fell 0.18%, while MSCI's U.S.-centric index of stock performance in 47 countries (.MIWD00000PUS) shed 0.44%. China's blue chips (.CSI300) rose 1.3%, pulling away from a one-month trough, while Hong Kong's Hang Seng Index (.HSI) gained 1.6%. Crude prices eased as oil infrastructure appeared to have escaped serious damage from the earthquake that devastated parts of Turkey and Syria, while U.S. inventories swelled and investors worried about central bank rate hikes. Gold prices rose for a fourth straight session as the dollar faltered, even as Fed officials indicated more rate hikes are warranted to rein in inflation.

☆ German EU-harmonised January consumer prices rise 9.2% y/y
▼ + stars: | 2023-02-09 | by ( Maria Martinez | ) www.reuters.com time to read: +2 min

Summary Harmonised German consumer prices in Jan rise 9.2% y/yDownward trend in inflation expected to continue - CommerzbankCore inflation forecast to remain high, economists sayBERLIN, Feb 9 (Reuters) - German consumer prices, harmonised to compare with other European Union countries, rose by a less-than-anticipated 9.2% on the year in January, preliminary data from the federal statistics office showed on Thursday. According to non-harmonised standards, German consumer prices rose 8.7% on year in January and 1.0% on the month. "Because core inflation will remain high in 2023, a fundamental easing of inflation is not in sight," said Alexander Krueger, chief economist at Hauck Aufhaeuser Lampe Privatbank. The final results for January and all results recalculated from January 2020 onwards using the new 2020 base year will be published by the statistics office on Feb. 22. The statistics office offers a breakdown for January's figures on its website.

If China's physical demand does accelerate from March, it may prove Aramco made the correct call in raising its OSP. Saudi crude is sold under long-term contracts that typically allow for variations in the volumes sought by refiners, or offered by Aramco. It's likely that Chinese refiners will first turn to Russian crude if they are boosting imports, as will refiners in India, Asia's second-biggest oil importer. This is set to be surpassed this month, with Kpler tracking seaborne arrivals of Russian fuel oil in China at 6.75 million barrels. It appears that China is already buying more Russian crude and fuel oil.

☆ European shares hit fresh nine-month high on earnings boost
▼ + stars: | 2023-02-09 | by ( Ankika Biswas | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 (.STOXX) was up 0.8% at 0920 GMT, extending gains for a third straight session. Shares of Sweco AB (SWECb.ST), a Swedish construction and engineering company, jumped 11% to top the STOXX 600 following its upbeat fourth-quarter earnings. An over 5% gain in AstraZeneca (AZN.L) on 2023 earnings and revenue growth forecast boosted the healthcare sub-index (.SXDP). Of the 93 STOXX 600 companies that have reported earnings so far, more than half have beaten market expectations, Refinitiv data showed on Tuesday. Signs of economic resilience and better-than-feared corporate earnings have helped European stocks outperform their U.S. counterparts so far this year.

☆ Ukraine withdraws 19 mln Russian, Soviet-era books from libraries
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

Yevheniya Kravchuk, deputy head of the Ukrainian parliament's committee on humanitarian and information policy, said that of the 19 million books, 11 million were in Russian. It was not immediately clear what happened to the withdrawn books. After Russia moved to annex Ukraine's Crimean Peninsula in 2014, Kyiv increasingly restricted the use of Russian books. "In general, the ratio of books in Russian and Ukrainian languages in our libraries is just very regretful," Kravchuk said. She added that about 44% of books in Ukraine's libraries are in Russian, the rest in Ukrainian or languages of the European Union countries.

☆ 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.

☆ Western tankers ramp up Russian oil shipments under price cap
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +4 min

The Group of Seven nations (G7), Australia and the 27 European Union countries placed a price limit on Russian crude oil of $60 per barrel on Dec. 5. The cap allows non-EU countries to import seaborne Russian crude oil, but prohibits Western shipping and insurance companies from handling cargoes of the crude unless it is sold at or below that price. Russia has said it will not accept an oil price cap. GREEK RELIEFGreek-owned ships run by Greek management firms handled at least 21 voyages of Russian crude in January to a range of destinations. NGM said its tanker, the Ace, had discharged crude oil in Bulgaria.

☆ Russia Ramps Up China Trade to Counter Western Sanctions
▼ + stars: | 2023-01-30 | by ( Georgi Kantchev | Chelsey Dulaney | ) www.wsj.com time to read: 1 min

Trade between China and Russia boomed last year, providing a lifeline to Russia’s beleaguered economy and showing the limits of Western sanctions, according to a new report. Moscow ramped up imports of technologies critical to its war in Ukraine including semiconductors and microchips from China, the report by the DC-based nongovernmental organization Free Russia Foundation said. China’s increased purchases of Russian exports, driven by energy sales, more than offset the declines from major Western trading partners including the U.S., U.K. and some European Union countries.

☆ Exclusive: Russia sees sanctions impact on oil products, eyes crude export boost -senior source
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +5 min

[1/2] The oil products tanker Nord and a bulk carrier sail near the crude oil terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia, December 4, 2022. "The oil products' embargo will have a greater impact than the restrictions on crude oil," said the senior Russian source who spoke on condition of anonymity due to the sensitivity the situation. The source said the sanctions will lead to more crude oil supplies from Russia, which lacks storage capacity for oil products. Its oil products exports averaged around 1.2 million barrels per day (bpd) in 2022, according to the International Energy Agency. Vedomosti also said Russian oil exports had risen by 1.2% in early January, while refining volumes had increased by 1.4%.

☆ Factbox: Europe rushes to stock up on diesel ahead of Russian ban
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +3 min

Buyers are rushing to fill European oil storage tanks with Russian diesel, with flows this month on track to hit a one-year high. FEB. 5 EU BANThe European Union banned seaborne Russian crude imports from Dec. 5 and will ban Russian oil products from Feb. 5, in a move aimed at depriving Moscow of revenue. The Group of Seven nations (G7), Australia and the 27 European Union countries also implemented on Dec. 5 a price cap on Russian crude. This allowed 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 $60. DIESEL PRICESSince Europe is heavily reliant on Russian diesel imports, the Feb. 5 ban is expected to support profit margins for the fuel, analysts say.

☆ EDPR to take legal action over Romania and Poland energy taxes
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

Companies EDP Renovaveis SA FollowMADRID, Jan 9 (Reuters) - Portuguese renewable energy provider EDP Renovaveis (EDPR.LS), said on Monday it will take legal action against newly created taxes on energy in Poland and Romania. Like other European Union countries, Romania and Poland have recently introduced emergency measures to claw back revenue from utilities to help consumers facing soaring energy prices. EDP Renovaveis said in a statement it believes the measures in both countries do not follow the European Union principle of clawing back only realised market revenue. It said the measures do not take into account price hedging and thus would tax profits which companies such as EDP Renovaveis did not actually make. EDP Renovaveis operates renewable power plants with a capacity of 697 megawatts (MW) in Poland and 521 megawatts (MW) in Romania.

Meanwhile, World Health Organization officials met Chinese scientists on Tuesday amid concerns over the accuracy of China's data on the spread and evolution of its outbreak. China reported five new COVID-19 deaths for Jan. 3, compared with three a day earlier, bringing the official death toll to 5,258, very low by global standards. British-based health data firm Airfinity has said about 9,000 people in China are probably dying each day from COVID. Bookings for international flights from China have risen by 145% year-on-year in recent days, the government-run China Daily newspaper reported, citing data from travel booking platform Trip.com. But there are signs that an increase in travel from China could further spread the virus abroad.

☆ Italy's household gas prices rose almost 65% in 2022
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

MILAN, Jan 3 (Reuters) - The price paid by an average Italian household for its gas supply rose by 64.8% in 2022 versus the previous year, national energy authority ARERA said on Tuesday, underlining the impact of the war in Ukraine on family finances. ARERA, which sets regulated gas prices for Italian consumers, also said the price for December rose 23.3% from the previous month, reflecting high prices in early December before a dip later in the month. An average family would have spent around 1,866 euros ($1,968.63) on gas last year, it estimated. ARERA late last year started setting regulated gas prices on a monthly rather than quarterly basis due to market uncertainty related to gas supplies on the back of the war in Ukraine. European Union countries agreed in December to cap gas prices to try to limit further rises on the market, which hit record levels in Europe after Russia's invasion of Ukraine led to the disruption of supplies.

☆ German inflation slows in December on one-off energy payment
▼ + stars: | 2023-01-03 | by ( Miranda Murray | ) www.reuters.com time to read: +3 min

A one-off payment for household energy bills in December, part of government efforts to shield consumers, had a downward effect on prices, according to the statistics office. Energy prices eased somewhat in December but were still up 24.4% compared with the same period last year, while food prices had increased by 20.7%, according to the office. Germany's full-year harmonized inflation rate jumped to 8.7% in 2022 from 3.2% a year earlier, said the statistics office. "Core inflation remains the number one inflation scourge for the time being," he added, referring to a measure that excludes volatile food and energy costs. Commerzbank chief economist Joerg Kraemer also warned that core inflation had risen further and said the European Central Bank's "hesitant approach" means high inflation will stick around, despite energy relief measures.

☆ Most EU countries back COVID pre-departure testing for flights from China
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, Jan 3 (Reuters) - Most European Union countries favour introducing pre-departure COVID testing for travellers from China, the European Commission said on Tuesday, as Beijing plans to lift travel restrictions on its citizens despite a wave of COVID infections. The common EU approach emerged after a meeting on Tuesday of the Health Security Committee, an EU advisory body of national health experts from the EU-s 27 countries and chaired by the Commission. "The overwhelming majority of countries are in favour of pre-departure testing," a Commission spokesman said. The spokesman said all EU countries agreed they needed a coordinated approach to the changing situation in China and to deal with implications of increased travel from China to Europe after China lifts its stringent pandemic polices on Jan 8th. The European Centre for Disease Prevention and Control said last week it did not currently recommend measures on travellers from China.

☆ European shares rise with focus on German inflation data
▼ + stars: | 2023-01-03 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The pan-regional STOXX 600 (.STOXX) rose 1.6% in early trading, to its highest level in more than two weeks. Germany's CPI data, due at 1300 GMT, could provide a preview for inflation in the euro zone, with investors waiting to see if cost pressures in the region have weakened after the European Central Bank's aggressive monetary policy tightening. French Prime Minister Elisabeth Borne said inflation was expected to peak at the start of 2023 before then retreating. European stocks ended their first session of the year higher on Monday after euro zone manufacturing data suggested the worst had passed as supply chains begin to recover and inflationary pressures ease. Data on Tuesday also showed material shortages eased further in Germany's manufacturing sector towards the end of the year.

☆ Global supply of oil inches tighter amid Russia's response to the G7 to reduce oil output
▼ + stars: | 2022-12-25 | by ( Laila Maidan | ) www.businessinsider.com time to read: +2 min

The global supply of these commodities is expected to remain tight. The upticks come amid fears over tightening oil supply. On Friday, Russia's Deputy Prime Minister Alexander Novak told state television that the country could reduce oil output by 5 to 7% in early 2023. This year, the energy sector has seen a strong performance relative to the broad stock market. The global supply of these commodities is expected to remain tight.

The aim is to shield European households and businesses from the kind of gas price spikes experienced since Russia's invasion of Ukraine. WHY CAP GAS PRICES? Gas prices have eased in recent months as the EU agreed some emergency measures, including obligations to fill gas storage, but they remain high. The EU price cap would not drop below 180 eur/MWh, even if the LNG price fell to far lower levels. The EU price cap is designed to be a temporary fix that would apply for one year.

☆ EU countries agree gas price cap after weeks of talks
▼ + stars: | 2022-12-19 | by ( Kate Abnett | ) www.reuters.com time to read: +1 min

BRUSSELS, Dec 19 (Reuters) - European Union nations' energy ministers have agreed a gas price cap, a spokesperson for the Czech Republic said on Twitter on Monday. The deal follows weeks of talks on the emergency measure that has split opinion across the bloc as it seeks to tame the energy crisis. According to officials and a document seen by Reuters, European Union countries' energy ministers agreed that the cap on gas prices would be triggered when benchmark gas prices spike to 180 euros per megawatt hour. The EU gas price cap would kick in if prices on the front-month Dutch Title Transfer Facility gas hub contract exceed 180 eur/MWh for three days, the document detailling EU ministers' agreement showed. Three EU officials said that Germany - which had been sceptical about the price cap - had voted to support a European Union deal on a gas price cap on Monday, despite having raised concerns about the policy's impact on Europe's ability to attract gas supplies in price-competitive global markets.

☆ EU countries vote to weaken law on methane emissions
▼ + stars: | 2022-12-19 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The law will be negotiated next year by EU countries, who approved their negotiating position on Monday, and the European Parliament. EU countries said companies should check their infrastructure 12 months after the law takes effect, and then carry out checks on numerous timelines. Alongside the United States, the EU leads the Global Methane Pledge of 150 countries aiming to cut methane emissions 30% by 2030. The EU law would not apply to infrastructure abroad that transports gas into Europe. The EU imports more than 80% of its gas, and most methane emissions associated with that consumption occur abroad.

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