EU proposes 10th sanctions package against Russia

EU flags are seen outside the European Commission in Brussels, Belgium, Jan. 6, 2023. [Photo/Xinhua]

The European Commission proposed a tenth package of sanctions against Russia and Iranian drone suppliers, and banning Moscow from acquiring advanced technology, Commission President Ursula von der Leyen said on Wednesday.

The proposed export bans worth over 11 billion euros (11.75 billion U.S. dollars) will target technological and industrial goods critical for the Russian economy that the country cannot get through backfilling by third countries, she said.

The ban covers electronics, specialized vehicles, machine parts, spare parts for trucks and jet engines, as well as goods for the construction sector that can be directed to Russia's military, such as antennas or cranes.

A ban on the export of dual-use and advanced tech goods to Russia is also part of the new sanctions package. The Commission proposes controls on 47 new electronic components that could be used in Russian weapons systems, as well as on specific rare earth materials and thermal cameras.

Adding these to the existing list of banned products should enable the European Union (EU) to block exports towards Russia of all tech products found on the battlefield. In order to prevent third countries from supplying such goods to Russia, the package targets Iran for the first time.

Next week, a Sanctions Coordinators Forum will bring together the EU member states and international partners, she said, in order to make sure that these sanctions are enforced in a coordinated way.The Commission's proposal requires unanimous approval by all EU member states. (1 euro = 1.07 U.S. dollar) Source: China.org.cn

Read More........ → February 16, 2023

G7 to implement Russian oil price cap `urgently`

G7 industrialized powers vowed Friday to "urgently" move towards implementing a price cap on Russian oil imports in a bid to cut a major source of funding for Moscow's war in Ukraine. The G7 said it was working towards a "broad coalition" of support for the measure but officials in France urged caution, saying a "final" decision could only be taken once all 27 members of the European Union had given their assent. Households on the continent have borne the brunt of rising energy prices, with governments under pressure to alleviate the pain of the resulting high inflation. "Russia is benefitting economically from the uncertainty on energy markets caused by the war and is making big profits from the export of oil and we want to counter that decisively," German Finance Minister Christian Lindner said in a press conference after the move was announced. The aim of the price cap on oil exports was to "stop an important source of financing for the war of aggression and contain the rise in global energy prices", he added. Ahead of Friday's decision, Kremlin spokesman Dmitry Peskov sounded a clear warning. The adoption of a price cap "will lead to a significant destabilisation of the oil markets," he said. Moscow would "simply not supply oil and petroleum products to companies or states that impose restrictions," Russia's Deputy Prime Minister Alexander Novak had warned on Thursday, according to Russian news agencies. "Interference in the market mechanisms of such an important industry ... will only destabilise the oil industry, the oil market. And for this, European and American consumers will be the first to pay," he said. 'Powerful tool' At a summit in June, the G7 leaders agreed to work towards implementing the ceiling on crude sales. In their statement, finance ministers from the G7 said they would "urgently work on the finalisation and implementation" of the long-considered measure, without specifying the cap level. The price cap was "one of the most powerful tools we have to fight inflation and protect workers and businesses in the United States", US Secretary of the Treasury Janet Yellen said in a statement Friday. However, the French finance ministry said technical work on the price cap was still "in progress". "It is clear that no final decision can be taken until we have consulted and obtained unanimous support from all 27 member states of the European Union," it said. "We support all measures that reduce the income that Russia derives from the sale of oil," French Finance Minister Bruno Le Maire added. EU Commissioner Paolo Gentiloni said the bloc aims to find a deal by December 5 for crude oil and February 5 for petroleum products. 'Broad coalition' The G7 also voiced ambition to extend the measure beyond the bloc, saying it was seeking to form a "broad coalition" of support for the oil price cap to "maximise" the effectiveness of the measure. The ministers urged "all countries that still seek to import Russian oil and petroleum products to commit to doing so only at prices at or below the price cap". The push to get as many countries as possible to go along with the cap is expected to be a key topic for discussion by leaders at the G20 summit in Bali on November 15 and 16. The initial cap would be set "at a level based on a range of technical inputs" the G7 ministers said, adding that its effectiveness would be "closely monitored". Analysts warned, however, that the cap may yet fuel another rise in prices. The cap would introduce new risks for the oil market by "potentially disrupting Russian energy supplies", Capital Economics analyst Liam Perch said in June. "This could push global energy prices up further." "The cap may also be effective at reducing the Russian government’s tax revenues," he said, speculating that a cap just below $80 (80 euros) per barrel could "push Russia's budget into a deficit".DailyBangladesh/SA, Source: https://www.daily-bangladesh.com/

Read More........ → September 05, 2022

Sputnik vaccines reliable as AK-47 rifle: Putin

President Vladimir Putin has heralded Russia's COVID-19 vaccine offering as reliable as the country's world-renowned Kalashnikov (AK-47) assault rifle.

During a video conference on Thursday with Deputy Prime Minister Tatyana Golikova, he said, "Our medications are based on technologies and platforms that have been used literally for decades. They are also very modern and up-to-date, and undoubtedly, they are the most reliable and the safest."

"They are as reliable as an AK-47. By the way, it wasn't us who said that, this was said by a European specialist. And I think that he is certainly right," TASS quoted Putin as saying.

The comment came as the country's health officials registered a single-dose version of the Sputnik V vaccine on Thursday, dubbed Sputnik Light.

Putin's comparison referenced the Soviet Union-era weapon that remains popular and widely used still today.

He was quoting a comment originally made by an Austrian doctor earlier this year about the jab's efficacy.

The Sputnik V vaccine works in a similar way to others developed by Oxford/AstraZeneca and Janssen/Johnson & Johnson. It uses a cold-type virus, engineered to be harmless, as a carrier to deliver a small fragment of the coronavirus to the body.

Critics of the Putin administration were sceptical when the vaccine was given speedy regulatory approval in Moscow last year, but late-stage trials have found it offers high levels of protection against Covid-19.

The two-dose version of the jab has now been authorised in dozens of other countries around the world.

Sputnik Light, a single-use version where recipients only get the first jab, was officially authorised in Russia on Thursday.

In a press release, its makers said a single dose had demonstrated 79.4% efficacy during the country's vaccine roll-out.

"The single-dose regiment allows for immunisation of a larger number of people in a shorter time frame, furthering the fight against the pandemic during the acute phase," the statement said.The authorisation comes amid an ongoing international row over whether patents should be waived on vaccine technology to boost production. - BBC Sourcer: https://www.daily-bangladesh.com

Read More........ → May 08, 2021