Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


By Gabriela Baczynska

BRUSSELS (Reuters) -The European Union on Thursday gave a final approval to its eighth batch of sanctions against Russia for its invasion of Ukraine, but said implementing a price cap on Russian seaborne oil included in the package required more work.

The sanctions will block 7 billion euros ($6.9 billion) worth of Russian exports to the 27-member bloc, including steel and soap, EU officials said.

They will also stop more exports from the EU, including cameras and processors, as well as blacklisting 37 more individuals and entities, including those involved in organising what the West denounced as Moscow’s “sham” annexation votes.

The price cap on Russian seaborne oil deliveries to third countries would align the bloc with the United States and the G7 group of the world’s most industrialised countries, which last month agreed in principle to go ahead with such a move.

The implementation of the oil price cap is still being discussed, we need to be sure it actually works, there must be checks for operators to show the price was actually below the cap – all of that is not easy,” said one EU official.

It should be adaptable, below the market but at a level at which Russia would still want to sell, the official added.

That means the EU’s decision is more of a first step towards an oil cap, rather than actually implementing it.

The EU official, who spoke on condition of anonymity, said there was “some time pressure” to figure out the detail or else previously agreed oil restrictions take effect from December, and for petroleum products from February.

Most notably, any G7 deal on the exact pricing mechanism would still need a unanimous agreement by all the 27 EU countries.

The cap would cover insurance, financing and transport of seaborne Russian crude to third countries, altering an EU decision last June on a blanket ban of the first two only.

While the Eurasia consultancy said that amounted to a watering down of previously agreed sanctions, EU diplomats and officials said the new approach would have broader consequences, while mitigating risks for the global industry.

Oil producing countries grouped in OPEC+, which includes Saudi Arabia and Russia, agreed production cuts on Wednesday and Moscow said it may cut output to offset any negative effects from Western price caps.

Pilot services would be exempted from the EU cap to avoid accidents, said EU officials.

The bloc also wants safeguards for seafaring nations like Greece, Cyprus and Malta against so-called reflagging that would see business they lose moving to global competitors like Panama.

The maritime nations are directly concerned and need a global level playing field preserved,” said the EU official.

New restrictions on trade in goods with Russia mean a third of the bloc’s exports to and nearly 60% of imports from Russia would be cut compared to exchange levels prior to Moscow’s invasion of Ukraine on Feb.24, said EU officials.

The sanctions would also bar Europeans from sitting on boards of Russian state-owned companies, sever all ties in cryptocurrency trading and make circumventing sanctions the basis for being blacklisted by the EU, among others.

Still, the steps fall short of some expectations, as they do not put an end to EU imports of Russian diamonds or cooperation in the field of nuclear energy, among others.

($1 = 1.0197 euros)

(Reporting by Gabriela Baczynska; Editing by Alexander Smith)


Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts