Euroclear, a Brussels-based clearing house, announced it will transfer €1.55 billion from interest generated by frozen Russian funds to support Ukraine. This decision follows EU and G7 discussions on using Russia’s immobilized assets, totaling €210 billion, sanctioned due to the Ukraine conflict. The first payment will aid Ukraine’s defense, with
UniCredit and Raiffeisenbank are the first banks to take a stand against European Central Bank sanctions on Russia by appealing to the European Court of Justice. Based in Milan, UniCredit argues that the ECB’s demands go beyond its authority and has asked to freeze these requirements. The sanctions put banks
Iranian Central Bank Governor Mohammad Reza Farzin revealed that Iran and Russia have finalized the integration of their payment systems, both targeted by Western sanctions. After meeting with Russian Central Bank officials at the St. Petersburg International Economic Forum, Farzin announced that Russia’s Mir payment system will soon be connected
Russia is secretly amassing a “dark fleet” of tankers to ship its LNG, mirroring the shadow fleet it created for oil exports to dodge Western sanctions. Bloomberg reveals that obscure shipping firms from Dubai have acquired several LNG vessels, with some already approved to navigate Russia’s Arctic routes. This stealthy
China’s Wison New Energies recently announced a sudden halt to their Russian projects, citing strategic concerns for their company’s future. This decision, made in response to US sanctions on Russia’s LNG industry, includes backing out of constructing crucial modules for Russia’s Arctic LNG 2 project. This project is pivotal for
Despite sanctions, Russia has surpassed the US as Europe’s primary gas supplier, according to recent data. Efforts to reduce reliance on Russian gas have faltered, raising concerns over geopolitical implications and energy security. The recent sabotage of the Nord Stream pipeline only seems to validate this particular “conspiracy theory.” Some
In response to potential sanctions influenced by President Biden, Japan’s Chief Cabinet Secretary Yoshimasa Hayashi announced considering action against companies in India, Uzbekistan, UAE, and China at the recent G-7 summit. If this turns out to be true, India might believe that its American benefactor set Japan up for this,
The European Commission declared on Wednesday that, starting early next month, it will impose tariffs as high as 48% on Chinese electric vehicles. The European Commission has imposed fresh duties of its own on Chinese electric vehicles, batteries, solar panels, steel, aluminum, and medical equipment, approximately one month after President
EU foreign ministers are seriously considering sanctions against Israel if it defies the ICJ’s order to halt its military operation in Rafah, according to Irish Foreign Minister Micheal Martin, following recent attacks in the area. According to Irish Foreign Minister Micheal Martin, EU foreign ministers have for the first time