Russian-flagged ships have been banned from entering EU ports since April 17, with Estonia, Belgium and Bulgaria joining the naval blockade. Earlier, Romania and Italy closed ports to Russian ships. The case concerns one of the measures of sanctions previously approved by the European Union, according to which restrictions were imposed on ships that replaced…
The Estonian government approved a sanction restricting the opportunities for Russian and Belarusian citizens to work or do business in Estonia and suspending the issuance of visas and residence permits. Minister of the Interior Kristian Jaani noted that the sanction is an additional step to avoid a contradiction, where international and state sanctions restrict the…
The relevant resolution was adopted by 513 votes to 22 in the plenary session of the European Parliament. “By a large majority, the European Parliament has voted in favor of a resolution imposing an immediate embargo on Russian oil, gas, coal, and other fossil fuels.” MEP Guy Verkhofstadt wrote about it on Twitter. In the…
The International Monetary Fund (IMF) has published a new report on the Russia-Ukraine war, which talks about the impact of the conflict on the region and the world. According to the IMF, the war will significantly affect not only the countries directly involved in the war but also the European region and the world. According…
The leaders of the EU member states have agreed on a joint purchase of natural gas, liquefied natural gas, and hydrogen for the coming winter. Gas prices have risen to record highs since Russia invaded Ukraine. EU countries have decided to abandon Russian gas, which will most likely bring new suppliers into imports, including Qatar…
The European Central Bank (ECB) is ready to adjust its plans if necessary, taking into account future inflation risks. This was announced by the President of the Bank Christine Lagarde at a conference in Frankfurt. “We are sure that in the medium-term inflation dynamics will not return to pre-pandemic levels, but we must manage the…
The European Union is preparing other sanctions against Russia. According to Bloomberg, Germany is the main opponent of tightening restrictions on Russia’s energy sector and the largest bank. The publication writes, citing several diplomats and documents, that Berlin is resisting Sberbank’s disconnection from SWIFT. Sberbank, which accounts for about half of Russia’s retail deposits, was…
The Russia-Ukraine war is likely to have a significant impact on the global economy and agriculture, as prices for fertilizer products have been rising worldwide, with Russia being the largest producer and supplier of fertilizer. According to US Secretary of Agriculture Tom Vilsack, the biggest challenge facing farmers is rising fertilizer prices, which in turn…
The European Union is imposing new sanctions on Russia over its attack on Ukraine. According to European Commission President Ursula von der Leyen, the package of sanctions includes the financial sector, the energy sector, the transport sector, and visa restrictions for members of the Russian elite. On 23 February 2022, the European Council decided to…
In January, air freight rates to usual destinations were 60% higher than in the same period last year. Despite the increase in tariffs, the demand for this type of transport does not decrease. The latest data from the Baltic Exchange Air Transportation Index show that tariffs from Hong Kong to North America in January were…
