LAST UPDATE 13:55 The Commission has proposed a voluntary target for European Union countries to cut natural gas use by 15% by March, warning them that without big cuts now, they could struggle with fuel over the winter if Russia cuts off the supply of gas. The target could become legally binding if Russia cuts […]
Tag: European Union
Zero hour for EU gas emergency plan – Aim to reduce consumption
The European Union is expected today to define emergency plans to reduce natural gas demand in the coming months, but also to warn member countries that without substantial cuts today, they will face a serious problem of fuel supply in the winter, in the event that the Russia cuts gas supply. Europe is in a […]
EU and China will work together to tackle the food crisis
The European Union announced that China has agreed to cooperate in tackling the global food crisis, including by exporting fertilizers, after a bilateral meeting on trade, according to Bloomberg. Senior EU and Chinese officials agreed on “the need to prevent disruptions to supply chains and discussed increasing transparency and sharing information on the supply of […]
EU: Albania, North Macedonia accession negotiations started – ‘Historical moment’
LAST UPDATE: 11.59 The European Union has started accession negotiations with North Macedonia and Albania, announced the president of the European Commission, Ursula von der Leyen. “It is a historic moment,” said the president of the Commission. “This is what your citizens have been waiting for for so long and they deserve it,” he added. […]
Borrell: European citizens must bear the economic consequences of war to defeat Putin
The head of European diplomacy, Josep Borrell, called on Europeans to continue sanctions against Moscow and to “bear up” against rising energy and food prices as a result of the war in Ukraine. “It’s an endurance test for our societies,” he said on Monday at the end of a meeting of EU foreign ministers in […]
EU – China: High-level economic-trade talks for first time since 2020
The European Union and China will hold a high-level dialogue on economic and trade issues today, following tensions on a range of issues, including the war in Ukraine, Xinjiang province and an investment deal, the which has not been validated. “The 9th High Level Economic and Trade Dialogue between the EU and China will be […]
The EU has agreed to provide an additional €500 million in military aid to Ukraine
EU foreign ministers today agreed an extra €500m in funding for arms supplies to Ukraine, bringing the total amount of aid to Kyiv to €2.5bn since Russia’s February 24 invasion. “Today at the meeting of EU foreign ministers, a political agreement was reached on the fifth tranche of military aid to Ukraine,” said Swedish Foreign […]
Russian gas cut risks 1.5% drop in EU GDP
LAST UPDATE: 18.42 A disruption of Russian gas supplies to the European Union could likely reduce its GDP by 1.5% in a worst-case scenario if the winter is cold and the region does not take proactive measures to conserve energy, according to Bloomberg. which invokes block estimates. The Commission is set to warn that, in […]
Gazprom: Invokes ‘force majeure’ for non-delivery of natural gas to Europe
Russia’s Gazprom has cited “force majeure” over gas supplies in Europe to at least one of its major customers since June 14, according to a letter seen by Reuters. According to the letter, Gazprom cannot fulfill its logistics obligations due to “extraordinary” circumstances beyond its control. A trade source said the letter concerns supplies via […]
EU: Towards a new agreement with Azerbaijan for the import of natural gas
The European Union is set to sign a new gas import deal with Azerbaijan, CNBC reports, citing a source in the bloc, as European officials step up their pace to secure energy security deals for the 27-nation bloc, in the shadow of a possible universal interruption of Russian flows to Europe. Europe has been preparing […]
