EU ready to impose tariffs on Russian oil - After increasing pressure from Donald Trump
The European Commission is working to impose tariffs on Russian oil still entering the common market via Hungary and Slovakia amid growing pressure from Donald Trump to cut all energy ties with Moscow.
The EU imposed a full ban on Russian crude and refined oil products in 2022 as part of its broad sanctions regime in response to the invasion of Ukraine. The ban was hailed as a major step in ending the bloc's historic dependence on Moscow.
Controversially, Hungary and Slovakia, two landlocked member states, secured an exemption that allowed them to continue purchases through the Druzhba pipeline.
The countries are each estimated to receive 100,000 barrels per day of Urals oil, a heavy grade that their refineries process. The cut, which was supposed to be temporary, has never been reviewed.
The US president has publicly called on European nations to immediately halt purchases of Russian oil as a means of tightening the screws on the Kremlin and ending the war in Ukraine.
"China and India are the main financiers of the ongoing war by continuing to buy Russian oil, but inexcusably, even NATO countries have not cut off much Russian energy," Trump said in his speech to the UN General Assembly.
Ursula von der Leyen, the president of the Commission, told Trump in New York that the bloc intends to cut off "the last bits of oil and gas" coming from Russia.
"President Trump is absolutely right. We agree. We have already significantly reduced gas supplies from Russia. We completely gave up Russian coal and we have also significantly reduced oil supplies, but a small amount still comes to the EU," von der Leyen said.
The upcoming initiative is a new effort to accelerate the phase-out of Russian fossil fuels, which is currently scheduled to be completed by 2027. Until now, the bloc had used tariffs on Russian grain imports, but never on Russian energy.
"We need to be faster because every payment is filling Putin's war chest. This cannot happen," von der Leyen said regarding the 2027 deadline.
What are the biggest economic risks for EBRD countries in Europe?!
Several Central European countries, including Hungary, Romania and Slovenia, have seen their economic prospects deteriorate as trade tariffs rise and Chinese......
Kosovo and Albania lead the region - EBRD predicts economic growth of 3.9% and 3.5%, respectively
The European Bank for Reconstruction and Development (EBRD) has published projections for the economies of its member countries this year and next. As for......
'Driverless Bus' - Is this the transportation of the future?
Madrid has a new temporary public vehicle: a fully autonomous electric minibus that aims to bring the mobility of the future closer and alleviate the driver......
How much are the major currencies exchanged today? – The British pound is on the rise!
The US dollar appears stable this morning as compared to the previous day there have been no significant fluctuations in the quote, being bought today at 82......
Turkey to buy gas from US - Signs 20-year deal with Mercuria
Turkey has signed a 20-year deal with trading company Mercuria to buy American liquefied natural gas, as US President Donald Trump urges Europe to stop......
Drinking water and waste/ Rama: National operators for management
Prime Minister Edi Rama today announced intervention in the management of the Tirana Water Supply, through the National Water Operator, which has been......
Preparing for the job market, the British Embassy funds professional courses for prisoners at Fier Penitentiary Institution
The British Embassy in Tirana is funding the establishment of vocational courses for prisoners. Special facilities have been built in Fier prison for an......
Properties are being sold 41.7% more expensive than in 2024/ BoS: An apartment was bought faster on the coast than in Tirana. Rents are also increasing
In the first half of this year, properties were sold 41.7% more expensive than in the first half of last year. According to the Financial Stability Report of......
