Brussels makes EU ‘as uncompetitive as possible'
Officials in Brussels are completely undermining the EU's competitiveness, according to Kirill Dmitriev, the CEO of the Russian Direct Investment Fund and presidential envoy. His comment follows the European Commission's proposal to eliminate all Russian oil and gas imports within two years.
EU Energy Commissioner Dan Jorgensen unveiled the plan, which is backed by European Commission President Ursula von der Leyen, on Tuesday. It seeks to ban all new gas contracts with Russia, and presents measures to facilitate the end of Russian oil imports by the end of 2027.
'EU Commission bureaucrats seem obsessed – with making the EU as uncompetitive as possible on the global stage,' Dmitriev, who is also the Russian president's special envoy for investment and economic cooperation, wrote on X. 'Mission accomplished or still in progress?'
The comment came in response to criticism from Hungarian Foreign Minister Peter Szijjarto, who warned that the plan represents 'a serious violation' of Hungary's sovereignty. He claimed that the EU is 'ready to dismantle Hungary's secure and affordable energy supply.'
EU Commission bureaucrats seem obsessed—with making the EU as uncompetitive as possible on the global stage. Mission accomplished or still in progress? https://t.co/nFGiJFda6b
The legislation seeks to apply EU trade law mechanisms to imports of Russian oil and gas, enabling Brussels to bypass potential vetoes from countries such as Hungary and Slovakia.
Energy prices across Europe soared following Ukraine-related sanctions in 2022. Jorgensen said the latest phaseout is not about Ukraine, but because 'Russia has weaponized energy' against the EU.
Moscow has called the sanctions illegitimate and counterproductive. Russian President Vladimir Putin has set the lifting of sanctions as a condition for resolving the Ukraine conflict. The Kremlin also noted that Russia has been a reliable energy supplier to the bloc.
Russia, once the EU's main gas supplier, sharply reduced exports three years ago amid Western sanctions and the Nord Stream pipeline sabotage. Its share of EU pipeline gas fell from over 40% in 2021 to around 11% in 2024. While most EU countries have cut Russian gas, landlocked members, including Hungary, Slovakia, Austria, the Czech Republic, and Serbia, still rely on limited supplies through various exemptions.
Meanwhile, Russian LNG imports to the EU have surged, making up 17.5% of the bloc's supply last year – second only to the US at 45.3%. France, Spain, and Belgium took in 85% of these shipments, according to the Institute for Energy Economics and Financial Analysis (IEEFA).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Russia Today
13 hours ago
- Russia Today
Western use of interest from Russia's frozen assets is theft – top banker to RT
The use of the interest generated by Russian assets frozen in the West amounts to theft, Andrey Kostin, the CEO of major Russian lender VTB, told RT on Saturday on the sidelines of the St. Petersburg International Economic Forum. Kostin condemned the actions of the West, the EU in particular, in regard to Russian assets as 'dangerous' games that could eventually be used by others against them. Western countries froze an estimated $300 billion worth of Russian sovereign funds following the escalation of the Ukraine conflict in February 2022. Some $213 billion of the assets are held by the Belgium-based settlement house Euroclear. 'It is a very dangerous thing to play such games. You start against one – tomorrow someone will use it against you,' Kostin warned. The use of proceeds from the assets, which have been repeatedly funneled for procurement of military aid for Ukraine, is grossly illegal and amounts to theft, Kostin noted. While various parties in the West have repeatedly mulled the possibility of seizing the assets themselves, they have failed to find a legal mechanism to do so because there is none, he added. 'This is theft. They are using interest now, but interest is the same money of the owner as the principal debt,' he stressed. Moscow has repeatedly condemned the freezing of its assets and has hinted at possible retaliatory measures against Western investments and property in Russia. Last October, Finance Minister Anton Siluanov warned that Moscow would retaliate in kind and start using the interest generated by the assets of 'unfriendly' countries and organizations held in Russia for its own needs. Kostin has long been skeptical about the prospects of Russia ever seeing its frozen assets again. Late last year, he suggested that the funds will never be returned under the pretext of Ukraine's purported 'reconstruction.' 'In the West, they say, let's pay for the reconstruction of Ukraine from the reserves. And they will draw up such a bill that even the reserves will not be enough,' Kostin said at the time.
Russia Today
15 hours ago
- Russia Today
Belarus releases 14 prisoners during visit of Trump's envoy
Keith Kellogg, US President Donald Trump's special envoy, has visited Belarus and met with President Alexander Lukashenko. Shortly after the talks, on Saturday, Minsk released 14 prisoners, including a key opposition figure, Sergey Tikhanovsky, who immediately left the country for Lithuania. Kellogg and Lukashenko met at the presidential palace in Minsk and discussed the relations between the US and Belarus, as well as international agenda, according to Lukashenko's press service. The talks lasted for six and a half hours, according to Minsk. 'You have made a lot of noise in the world with your arrival. But I wonder why. Can't we have a normal dialogue and talk about our affairs – about relations between Belarus and the United States of America,' Lukashenko told Kellogg. The release of the prisoners was first confirmed on X by the US with Kellogg's deputy, John Coale. 'President Trump's strong leadership led to the release of 14 prisoners from Belarus today. Thanks to the Lithuanian government for its cooperation and assistance – they remain a true friend and ally,' Coale wrote. Lukashenko's press secretary, Natalya Eismont, said the president pardoned the prisoners at Trump's request and emphasized that he acted out of 'humanitarian considerations, to reunify families.' All 14 individuals are currently in Lithuania, its Foreign Minister Kestutis Budrys has confirmed. 'The US role in the release has been critical,' Budrys wrote on X. Tikhanovsky's release has been confirmed by his wife, pro‑Western opposition leader Svetlana Tikhanovskaya, who posted footage of their reunion on social media. Tikhanovsky, an opposition blogger, was barred from running for president in the 2020 Belarus election and ultimately ended up jailed for 18 years for organizing mass rioting and other crimes. His wife ran in his place, lost to Lukashenko by a wide margin, and left the country soon after. Tikhanovskaya continues to insist that she was the rightful winner, referring to herself as Belarus' 'elected president' while engaging with Western governments. Neither party has released a comprehensive list of the individuals freed from Belarusian jails, and it also remains unclear whether Minsk received anything in return. Belarus says the group mostly consisted of foreign nationals: three Polish, two Latvian, two Japanese, plus Estonian, Swedish, and American citizens.
Russia Today
2 days ago
- Russia Today
EU to gamble with Russia's frozen assets
The European Union is looking to channel billions of euros in profits from frozen Russian assets into 'riskier investments' to boost funding for Ukraine, Politico has reported, citing sources. Officials reportedly view the move as a way to generate higher returns without directly tapping into the sovereign funds themselves, which would be in breach of international law. The proposal is part of a broader EU initiative to use profits from immobilized Russian assets – primarily Western government bonds held by the Brussels-based clearing house Euroclear – to support Ukraine's war effort. Moscow has labeled the seizure of its assets as 'theft.' Western nations froze an estimated $300 billion in Russian sovereign funds following the escalation of the conflict in Ukraine in February 2022. Of that amount, more than $200 billion is held by Euroclear. The funds have generated billions in interest, with €1.55 billion ($1.78 billion) transferred to Kiev last July to back a $50 billion G7 the new plan, the assets would be placed into an EU-managed investment fund that could pursue higher-yield strategies, officials told Politico on Thursday. The goal is to increase returns without resorting to outright confiscation – a step opposed by countries such as Germany and Italy due to the potential legal and financial consequences. The EU's $21 billion contribution to the G7 loan is expected to be fully disbursed by the end of this year. With future US aid uncertain and the bloc's own budget under pressure, officials are exploring alternative ways to keep Ukraine's economy afloat beyond 2025, Politico reported. EU policymakers hope the plan will allow them to extract more revenue from the assets without violating international legal norms. The International Monetary Fund has warned that outright seizure could damage global trust in Western financial institutions. Talks among member states over confiscation have dragged on for more than three years without resolution. Brussels also reportedly sees the new investment structure as a safeguard in case Hungary vetoes the renewal of sanctions – a move that could result in the assets being returned to Russia. EU sanctions must be unanimously extended every six months, and Budapest has repeatedly threatened to block them, citing national interests. Critics caution that riskier investments could result in losses ultimately borne by EU taxpayers, the outlet has condemned the asset freeze and has threatened countermeasures, including legal action.
