Stories related to finance and economics.
Early on Tuesday (28 March) it was announced that representatives of the European Parliament and the Council reached a provisional deal on a mechanism to allow member states to retaliate against countries that pressure them to change their economic policies.
Russian Deputy Prime Minister Alexander Novak stated on Sunday that Moscow will not adhere to the price cap of $60 per barrel imposed by the G7 on the sale of Russian oil to non-EU countries, and will reduce production in order to make up for lost exports.
Novak also argued that the price cap mechanism contravenes World Trade Organization rules, would cause a decrease in energy investment, and could potentially lead to worldwide shortages and further market disruption.
The first Russian shipment of fertiliser left the Dutch port of Terneuzen on Tuesday (29 November) after days of negotiating to ensure it would not be snagged by Western sanctions. The ship was commissioned by the UN’s food security agency, the World Food Programme, and the cargo is part of some 260,000 tonnes of Russian fertiliser stored in European ports.
Europe needs to make sure that it does not unfairly exploit the area and it does not unduly oscillate between advocating for renewable energy while at the same time looking for fossil fuels in Africa, writes Alexandra Dumitrescu in this op-ed for commonspace.eu.