European Union leaders on Thursday agreed to accept Ukraine as a candidate to join the European Union, although it’s not clear whether the eastern European country will become one. Charles Michel, president of the European Council, confirmed on Thursday afternoon that leaders approved EU candidate status for not only Ukraine but also its neighbor, Moldova….
European Union Formally Grants Candidate Status to Ukraine
European Union leaders agreed on June 23 to accept Ukraine as a candidate to join the European Union, although it’s not clear whether the eastern European country will become one. Charles Michel, president of the European Council, confirmed that leaders had approved EU candidate status for not only Ukraine but also its neighbor, Moldova. The…
A Dozen EU Countries Affected by Russian Gas Cuts, EU Climate Chief Says
June 23, 2022
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Business & Marketscommoditiescrisiscuteconomic policieseconomyEUEuropeGasMarketsRussiaRussia-Ukraine WarUkraineWorld
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BRUSSELS—A dozen European Union countries have now been affected by cuts to gas supply from Russia, EU climate policy chief Frans Timmermans said on Thursday, as the bloc faces a deepening energy standoff with Moscow. Russia slashed flows through its Nord Stream 1 pipeline to 40 percent of capacity last week citing problems with equipment,…
Russia Sent Dollar-Eurobond Coupon Payouts to NSD in Rubles: Finance Ministry
June 23, 2022
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Anton SiluanovBusiness & Marketscrisisdebteconomic policieseconomyEurobondEuropeMarketsRussiaRussia-Ukraine WarsanctionsUkraineUncategorizedWorld
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MOSCOW—The Russian finance ministry on Thursday said it had fulfilled its obligations on two issues of dollar-denominated Eurobonds “in full” by sending 12.51 billion rubles ($234.5 million) in coupon payments to the National Settlement Depository (NSD). The ministry said the payments were on Eurobonds maturing in 2027 and 2047. “Thus, obligations on servicing the state…
Putin Signs Decree on New Scheme to Service Eurobonds as Default Looms
June 23, 2022
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LONDON—President Vladimir Putin signed a decree on Wednesday to establish temporary procedures aimed at fulfilling Russia’s foreign debt obligations as the country teeters on the brink of default. The Kremlin has repeatedly said there are no grounds for Russia to default on its debts. It says the government has the funds to pay but was…
Germany Triggers Gas Alarm Stage, Accuses Russia of ‘Economic Attack’
June 23, 2022
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BERLIN—Germany triggered the “alarm stage” of its emergency gas plan on Thursday in response to falling Russian supplies but stopped short of allowing utilities to pass on soaring energy costs to customers in Europe’s largest economy. The measure is the latest escalation in a standoff between Europe and Moscow since the Russian invasion of Ukraine…
EU Signals Shift to Coal, Accuses Russia of ‘Rogue Moves’ on Gas
June 23, 2022
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BRUSSELS/OSLO—The European Union will temporarily shift back to coal to cope with dwindling Russian gas flows without derailing longer term climate goals, an EU official said on Wednesday as a tight gas market and soaring prices set off a race for alternative fuels. European leaders have rounded on Russia as flows through its Nord Stream…
Foreign Minister Conjures Spectre of Cold War: Russia Returning ‘East’
June 23, 2022
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Foreign Minister Sergei Lavrov has invoked the spectre of the Cold War, branding Russia and China’s relationship the “new East.” In an interview, Lavrov said Russia was turning away from the West in response to sanctions from developed countries. “We are working with the East,” Lavrov told Russia’s NTV in St. Petersburg. “Like we used to…
White House Continues to Blame Inflation on ‘Putin’s Price Hike’
June 22, 2022
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The administration of President Joe Biden has once again directed blame for soaring inflation to Russian President Vladimir Putin, but some experts contest these claims, suggesting that the causes of today’s 40-year record inflation precede and transcend the war in Ukraine. “With the biggest single driver of inflation being Putin’s war against Ukraine, [President Biden] has…
US in Talks With Allies on Russian Oil Price Cap, Says Yellen
June 22, 2022
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TORONTO—The United States is in talks with Canada and other allies to further restrict Moscow’s energy revenue by imposing a price cap on Russian oil, Treasury Secretary Janet Yellen said on Monday. “We are talking about price caps or a price exception that would enhance and strengthen recent and proposed energy restrictions by Europe, the…
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