Latest news with #EU-led
Business Insider
13 hours ago
- Business
- Business Insider
EU and Italy announce major debt-relief deal for Africa
Italy is working with the European Union on a debt-relief plan for African countries, as part of its broader push to foster development on the continent and address the root causes of irregular migration. " The entire 10-year operation will allow us to convert some 235 million euros ($270.67 million) of debt into development projects to be implemented locally," Italian Prime Minister Giorgia Meloni, said. In addition to the EU-led efforts, Italy is advancing its strategic framework, the Mattei Plan for Africa, which aims to accelerate growth in agriculture, energy, and infrastructure across African nations, according to Reuters. The European Union's involvement complements these efforts through its Global Gateway strategy, launched in 2021 to foster sustainable, high-standard investment as an alternative to China's Belt and Road Initiative. One of the flagship projects under this collaboration is funding for a new transport corridor connecting Angola's Lobito port with Zambia and the Democratic Republic of the Congo, a crucial mineral export route. "Investing in infrastructure is not just building railways, bridges and dams. It is also investing in training for local workers because that builds capacity and that is how transfer of expertise happens. And this results in positive spillovers all across the local economies of Africa. There is no better example than our work on the Lobito corridor," President of the European Commission, Ursula von der Leyen said. Meloni also stressed the urgency of addressing Africa's growing debt burden, warning it could 'undermine all other efforts' toward inclusive and sustainable development if left unaddressed. She revealed that a new initiative is being developed to reduce the debt load of low- and middle-income African countries by up to 50%. While she did not provide specific details, she emphasized that addressing debt was central to Italy's broader strategy for fostering long-term growth and stability in Africa.
Yemen Online
4 days ago
- Politics
- Yemen Online
European Naval Force Conducts Two Ship Protection Operations in the Red Sea Within 48 Hours
The European Union Naval Force (EUNAVFOR) has successfully carried out two ship protection operations in the Red Sea over the past 48 hours, ensuring the safe passage of commercial vessels amid ongoing security concerns. According to the EU-led Aspides mission, the Greek frigate HS PSARA completed a successful escort mission for a commercial vessel in the operational area. This marks the second such operation within two days, following a similar mission by the Italian frigate ANDREA DORIA on Sunday. Since the beginning of June, the European naval force has conducted four protection operations, with two carried out by the Greek frigate PSARA and two by the Italian frigate ANDREA DORIA. The EU mission reaffirmed its defensive mandate, emphasizing its role in regional stability and maritime security by safeguarding sailors and protecting global trade routes.
Libya Observer
31-05-2025
- Politics
- Libya Observer
Security Council extends mandate to inspect ships off Libya's coast
The United Nations Security Council has extended its mandate allowing member states to inspect ships suspected of violating the arms embargo on Libya. The resolution, numbered 2780, was submitted by France and Greece and was adopted with 13 votes in favor, while Russia and China abstained. The decision renews the mandate for six months, enabling member states or regional organizations—such as the EU's Operation IRINI—to inspect vessels in international waters heading to or from Libya, provided there are reasonable grounds to suspect they are carrying weapons or related materials in violation of the embargo. The resolution also requests the UN Secretary-General to report back to the Security Council within five months on its implementation. Russia and China expressed doubts about the effectiveness of the EU-led Operation IRINI, currently the sole entity implementing this mandate, and voiced concerns over the disposal methods of seized materials. The Security Council imposed the arms embargo on Libya in 2011 following the ousting of Muammar Gaddafi. In 2016, Resolution 2292 authorized ship inspections to enforce the embargo. Tags: UN Security Council Operation IRINI
Miami Herald
27-05-2025
- Business
- Miami Herald
Putin's War Taxes Are Crippling Russia's Oil Industry
The tax burden on Russia's oil industry is severe and making production of the country's critical export unprofitable, a Russian energy minster has said. Anton Rubtsov made the comments on Tuesday as Russia faces dwindling revenues from its oil exports, which are key to financing Vladimir Putin's war effort in Ukraine. Newsweek has contacted the Russian energy ministry for comment. The price of Russia's flagship Urals crude grade has plunged alongside all major oil benchmarks. Reuters reported Russia's oil and gas revenue had fallen by a third in May from a year earlier to 0.52 trillion rubles ($6.48 billion), which is the lowest level since July 2023 amid weaker oil prices and a strengthening of the Russian currency. The comment from a Russian energy minister about the taxation the oil industry faces signals further the complications Moscow has in extracting revenues from its key resources. In 2023, Russian oil producers faced big tax increases to replace lost revenues resulting from Western sanctions imposed following Russia's invasion of Ukraine. The sanctions included a G7 and EU-led measure to impose a $60 price cap on seaborne oil, although Moscow has created a "shadow fleet" that has circumvented this move. The Kremlin's shift saw a move away from taxes on oil linked to the market rate of Urals blend toward an indicator pegged to Brent, the international crude benchmark. But Rubtsov, director of the oil and gas department in Russia's Ministry of Energy, has sounded the alarm over the tax burden faced by his country's oil industry. He told an industry conference in Moscow the taxation makes oil production unprofitable and that if prices continued to fall, low production efficiency will deter long-term investment and lead to a stagnation in production. He said maintaining Russia's oil production at 540 million tons per year until 2050 will require doubling investment in the sector. In the face of rising costs, "it is necessary to reduce the tax burden," said Rubtsov, according to state news agencies. David Goldman, head of trading at Novion Global, told Newsweek on Tuesday that Moscow's energy revenues have been slashed because of sanctions and mixed signals from the government on tax highlight an unstable fiscal outlook. He said that reducing the overall tax burden on Russia's oil producers might boost production in the long term but risks widening the budget gap in the short term. The government is caught between the need to stimulate investment in a vital sector and fund a growing deficit without further depleting financial reserves, he added. Goldman noted that although Rubtsov and other officials warn of an unsustainable tax burden threatening future investment and output, Russia's government has shown a selective willingness to ease pressure on some firms, such as gas giant Gazprom, which is set to receive over 30 percent in tax relief in 2025. Anton Rubtsov, director of the oil and gas department in Russia's Ministry of Energy: "The tax burden is so substantial that today many options to maintain production are simply unprofitable." David Goldman, head of trading at Novion Global: "The situation in Russia's oil industry is far from clear-cut. While Anton Rubtsov and other officials warn of an unsustainable tax burden threatening future investment and output, the government has shown a selective willingness to ease pressure on key firms." Russia's "shadow fleet" of oil tankers was one focus for the EU's 17th package of sanctions imposed last week and an 18th package of sanctions is being planned. Meanwhile, anticipation is building over whether the Trump administration will include oil in the sanctions that the U.S. president has threatened if Putin does not agree to peace talks. Related Articles Putin Giving 'Shadow Fleet' Warship Escorts: Finland Defense OfficialZelensky Raises Alarm Over New Russian Offensive: 'Ample Evidence'Putin's Henchman Addresses Rumors He's DyingUkrainian MiG-29 Fighter Jets Bomb Russian Special Services Base 2025 NEWSWEEK DIGITAL LLC.
Newsweek
27-05-2025
- Business
- Newsweek
Putin's War Taxes Are Crippling Russia's Oil Industry
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The tax burden on Russia's oil industry is severe and making production of the country's critical export unprofitable, a Russian energy minster has said. Anton Rubtsov made the comments on Tuesday as Russia faces dwindling revenues from its oil exports, which are key to financing Vladimir Putin's war effort in Ukraine. Newsweek has contacted the Russian energy ministry for comment. This illustrative image from 2015 shows an oil terminal in Novorossiysk, Russia. This illustrative image from 2015 shows an oil terminal in Novorossiysk, It Matters The price of Russia's flagship Urals crude grade has plunged alongside all major oil benchmarks. Reuters reported Russia's oil and gas revenue had fallen by a third in May from a year earlier to 0.52 trillion rubles ($6.48 billion), which is the lowest level since July 2023 amid weaker oil prices and a strengthening of the Russian currency. The comment from a Russian energy minister about the taxation the oil industry faces signals further the complications Moscow has in extracting revenues from its key resources. What To Know In 2023, Russian oil producers faced big tax increases to replace lost revenues resulting from Western sanctions imposed following Russia's invasion of Ukraine. The sanctions included a G7 and EU-led measure to impose a $60 price cap on seaborne oil, although Moscow has created a "shadow fleet" that has circumvented this move. The Kremlin's shift saw a move away from taxes on oil linked to the market rate of Urals blend toward an indicator pegged to Brent, the international crude benchmark. But Rubtsov, director of the oil and gas department in Russia's Ministry of Energy, has sounded the alarm over the tax burden faced by his country's oil industry. He told an industry conference in Moscow the taxation makes oil production unprofitable and that if prices continued to fall, low production efficiency will deter long-term investment and lead to a stagnation in production. He said maintaining Russia's oil production at 540 million tons per year until 2050 will require doubling investment in the sector. In the face of rising costs, "it is necessary to reduce the tax burden," said Rubtsov, according to state news agencies. David Goldman, head of trading at Novion Global, told Newsweek on Tuesday that Moscow's energy revenues have been slashed because of sanctions and mixed signals from the government on tax highlight an unstable fiscal outlook. He said that reducing the overall tax burden on Russia's oil producers might boost production in the long term but risks widening the budget gap in the short term. The government is caught between the need to stimulate investment in a vital sector and fund a growing deficit without further depleting financial reserves, he added. Goldman noted that although Rubtsov and other officials warn of an unsustainable tax burden threatening future investment and output, Russia's government has shown a selective willingness to ease pressure on some firms, such as gas giant Gazprom, which is set to receive over 30 percent in tax relief in 2025. What People Are Saying Anton Rubtsov, director of the oil and gas department in Russia's Ministry of Energy: "The tax burden is so substantial that today many options to maintain production are simply unprofitable." David Goldman, head of trading at Novion Global: "The situation in Russia's oil industry is far from clear-cut. While Anton Rubtsov and other officials warn of an unsustainable tax burden threatening future investment and output, the government has shown a selective willingness to ease pressure on key firms." What Happens Next Russia's "shadow fleet" of oil tankers was one focus for the EU's 17th package of sanctions imposed last week and an 18th package of sanctions is being planned. Meanwhile, anticipation is building over whether the Trump administration will include oil in the sanctions that the U.S. president has threatened if Putin does not agree to peace talks.
