The EU's foreign policy chief, Josep Borrell, has called for the EU to clamp down on the import of Russian oil resold by India as refined fuel; the diesel and petrol could be considered a circumvention of sanctions. The EU has already banned Russian oil orders, so access to cheap Russian crude has allowed Indian refineries to export refined products competitively to Europe and take a greater market share. According to ship-tracking data from Kpler, Reliance Industries and Nayara Energy were the key exporters of refined fuels and buyers of Russian oil.
Italy is seeking to use funds from the European Union to help its companies withstand the impact of subsidies offered by the US in its Inflation Reduction Act. European nations are concerned that these subsidies, which amount to $430bn and aim to encourage US investment in clean technology, will put firms in Europe at a disadvantage. Italy, which has the highest public debt in the eurozone after Greece, lacks the budget to support its own firms and is turning to EU post-COVID funds to help them. The country is due to receive €200bn ($220bn) in EU loans and grants, though it faces difficulties in using the cash.
The US Justice Department will announce the first enforcement actions undertaken by its innovative technology task force on Tuesday, according to the US Attorney's Office. The group was set up as a joint venture between the Justice Department and the Commerce Department to protect US technology from foreign hacking and other threats to national security.
Georgian Airways to resume direct flights to Russia from May 20
Reuters
23-05-16 13:33
Georgian Airways is to resume direct flights to Russia from 20 May, according to the Georgian Civil Aviation Agency, with flights seven days a week. The resumption has been criticised by the European Union. Georgia has attempted to balance rapprochement with Russia with its aspirations to join the EU, a position hurt by protests in March against a Russian-style bill which remain incompatible with EU membership and was later withdrawn.
The French government is seeking to recover €2.5bn ($3bn) in back taxes from a number of the country's largest banks, over allegations they used a scheme to dodge paying taxes linked to dividend payments. Gabriel Attal, the minister for the budget, did not name the banks in a recent Senate hearing. It is the first time France has given a figure for losses linked to "cum-cum trades". French tax authorities sent the banks related tax bills between 2017 and 2019. Several banks have disputed their demands.
Russia has claimed to have destroyed a key US-supplied Patriot air defence system in Ukraine with a hypersonic Kinzhal missile. If verified, the news would come as a costly blow to Ukraine. However, Kiev says that it managed to down all six "unstoppable" Kinzhal missiles fired overnight. The six Kinzhals were among 18 ballistic missiles Russia launched right after its drone and missile volleys this month, which Ukraine has been widely shooting down. It was the first time Ukraine had claimed to have taken down a volley of multiple hypersonic missiles.
A conversation on Allied Burden Sharing in Ukraine, between the CSIS Project on Prosperity and Development and the CSIS Europe, Russia, and Eurasia Program, has discussed the role of European partners in supporting Ukraine. While the US is the world's largest financier of foreign aid and military assistance for Ukraine, the country's European partners are contributing similar amounts on a per capita basis, with the US ranking tenth overall. European burden-sharing has also been substantial on energy and trade, with the continent suffering from vulnerability to global market dynamics and reductions in energy consumption, and potential trade disruption in areas such as food. To ensure Ukraine emerges victorious, the US and Europe will need to collectively carry these burdens.
The EU’s high representative for foreign policy, Josep Borrell, has urged the European Union to take action to close a loophole that enables India to be a centre for Russian oil that is resold as refined fuels to Europe, violating sanctions on Russia following its invasion of Ukraine. India has emerged as a top purchaser of Russian oil in the past year, which has been rejected by western states such as the US and its allies. Access to cheap oil has enabled Indian refineries to boost profits by exporting refined fuel to Europe.
The effectiveness of international sanctions is being challenged as Russia, China and Iran implement alternative financial systems, which blunts the impact of US policies and allows them to hide questionable behaviour. While the alternative financial system is currently limited, more nations will enter Beijing's orbit as China's economy grows, and the alternatives to the dollar will rise in popularity. It is essential that the US revitalises domestic manufacturing and makes and keeps friends. The US must build a coalition of its own to balance Beijing’s growing anti-American coalition, and to keep the dollar as strong as possible.
The European Union (EU) countries are likely to ban imports of liquefied natural gas (LNG) from Russia, according to Spanish Energy Minister Teresa Ribera. With EU countries already blocking imports of Russian crude and oil products, attention has turned to halting Russian LNG imports, as the bloc seeks to affect Russia's energy export earnings. In March, the EU nations agreed to explore a legal means to end Russian LNG imports, and Ribera is pushing the European Commission to introduce a certification system, which she says will track Russian imports. The Spanish government's heightened restrictions on import papers and allegations of Russian diesel exports entering Europe via third countries are part of a wider clampdown on the import of Russian energy products, said Ribera.
Y. Michele Kang, who purchased the Washington Spirit last year for $35m, will create a multi-club organisation spanning the globe to promote women's soccer. The company will combine Kang's majority share in the Spirit with French club Olympique Lyonnaiş, which has won the UEFA Women's Champions League eight times, and could bring together three or four clubs under its banner by the close of the year. Each club, which will keep its established identity, will be able to leverage strengths in areas such as player data analysis and coaching, the founder of the organisation said in an interview. The deal is subject to third-party and league approval, and is expected to be concluded by the end of June.
A conversation on Allied Burden Sharing in Ukraine, between the CSIS Project on Prosperity and Development and the CSIS Europe, Russia, and Eurasia Program, has discussed the role of European partners in supporting Ukraine. While the US is the world's largest financier of foreign aid and military assistance for Ukraine, the country's European partners are contributing similar amounts on a per capita basis, with the US ranking tenth overall. European burden-sharing has also been substantial on energy and trade, with the continent suffering from vulnerability to global market dynamics and reductions in energy consumption, and potential trade disruption in areas such as food. To ensure Ukraine emerges victorious, the US and Europe will need to collectively carry these burdens.
The UK and the EU are to work together to combat smugglers and prevent irregular migration across the English Channel. The deal will involve exchanging intelligence, expertise, and personnel and will mean London will work with Frontex - the EU border agency. The UK's Prime Minister, Rishi Sunak, and the EU Commission President, Ursula von der Leyen, have both endorsed the agreement after six months of deadlock. The move follows weeks of pressure on Sunak from senior Tory MPs to tackle migrant crossings after bruising local election results.
A Chinese native has been charged by the US Department of Justice with stealing trade secrets from Apple, including information on autonomous vehicle technology. Weibao Wang, a former software engineer accused of stealing thousands of documents, is one of five individuals to be pursued as part of a government task force created to combat the theft of critical technology by foreign countries. Wang, who told investigators he had no plans to travel to China, immediately flew to Guangzhou upon being questioned by law enforcement officers who discovered a large volume of Apple data at his California home in 2018.
Former British Prime Minister Liz Truss will say during her visit to Taiwan on August 18 that the West must stand firm against China and offer unwavering support to the independent state. This follows a period of strained relations between Britain and China in recent years, including the increasingly aggressive foreign policy stances taken by China's government. Truss disagrees with the engagement model currently favored by the UK's conservative government, which seeks to engage economically and avoid national security threats. The statement by Truss follows similar calls by the US government in light of China's human rights abuses in Hong Kong and its occupation of Taiwan.
The register of damages created by a summit of the Council of Europe will record Russia's "harm and destruction" in Ukraine, with the aim of using it for future compensation. The register will hold the tangible costs Russia has demanded from Ukraine over the last 15 months. Ukraine's President Volodymyr Zelensky used a video address to the summit to call for more air defence systems and missiles, as the register was launched in The Hague. Zelensky received defence pledges from France, Germany and Britain but is unable to equip Ukraine with advanced fighter aircraft.
A conversation on Allied Burden Sharing in Ukraine, between the CSIS Project on Prosperity and Development and the CSIS Europe, Russia, and Eurasia Program, has discussed the role of European partners in supporting Ukraine. While the US is the world's largest financier of foreign aid and military assistance for Ukraine, the country's European partners are contributing similar amounts on a per capita basis, with the US ranking tenth overall. European burden-sharing has also been substantial on energy and trade, with the continent suffering from vulnerability to global market dynamics and reductions in energy consumption, and potential trade disruption in areas such as food. To ensure Ukraine emerges victorious, the US and Europe will need to collectively carry these burdens.
China is looking to Central Asia for a new energy partner source to offset growing tensions between it and the US-led West. Leaders from Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan join President Xi in China, where the main focus will be the joint projects between the nations aimed at pushing forward cooperation in other areas from the economy to security and politics. Beside abundant reserves of traditional fossil fuels, there is huge untapped hydropower potential in Tajikistan and Kyrgyzstan. Piped natural gas from Central Asia to China is traditionally considered to be more secure and cheaper than other countries, especially the US. Central Asia supplied over two-thirds of China's pipeline gas imports in 2017, with the bulk of it coming from Turkmenistan, which has the world's fourth-largest gas reserves after Qatar, Iran and Russia.
US President Joe Biden is expected to emphasise unity and Washington's dedication to the Asia-Pacific during his planned trip for the G7 Summit in Japan whilst navigating a delicate balance between countering China's economic coercion and avoiding further division among US allies. Biden also seeks to build a "little Nato" in Asia to contain Russia and China. While the G7 is expected to outline proposals on countering China's "economic coercion", it is important to not inflame nationalistic tendencies or put smaller countries in a difficult position where they become the target of coercive activities. The trick, according to experts, is to build more robust trade agreements, maritime security measures, and reinforcing supply chains rather than setting up divisions. China carried out 73 incidents of economic coercion aimed at 19 countries between 2020 and 2022, including trade sanctions, investment restrictions, tourism bans and popular boycotts.
The UK's self-storage sector is set to top £1bn ($1.3bn) in 2018, a year-on-year rise of 6.5%, according to analysis by Cushman & Wakefield, despite higher inflation and declining household spending power. The data found each square foot of storage space costs on average £27.19 per year, driven by demand among a population experiencing high-density living. Despite concern higher mortgage and borrowing costs might leave the sector with surplus capacity, the lower performance of office space has led private equity investors, such as Nuveen, Legal & General, and Heitman, to add self-storage to their offerings.
