EU Threatens Turkey with Sanctions over Cyprus Drilling
The European Union is set to curb contacts and funding for Ankara in retaliation for what it calls Turkey's "illegal" drilling for gas and oil off Cyprus and stands ready to ramp up sanctions further, a draft statement seen by Reuters shows.In trying to take Ankara to task over what the EU sees as Turkish interference with Cyprus' exclusive economic zone…
Turkey to Drill Near Cyprus for Three Months
Turkey launched a second drilling ship on Thursday which will conduct natural gas operations off the northeast coast of Cyprus for three months, a move which risks aggravating a conflict with Cyprus over jurisdiction rights for oil and gas exploration.Turkey and the internationally recognised Cypriot government have overlapping claims in that part of the Mediterranean…
Austrian Parties Plan to use Brexit to Reopen EU Nuclear Power Pact
Austria's main conservative and far-right parties, which are in coalition talks, plan to use Britain's departure from the European Union to renegotiate the bloc's main atomic pact so as to reward countries free of nuclear power, they said on Friday. Austria has opposed the use of nuclear energy ever since a majority backed that position in a referendum in 1978…
EU Seeks Mandate for Talks with Russia Over Nord Stream 2
The European Union's executive on Friday asked 28 governments in the bloc to give it the authority to negotiate with Russia to ensure its laws are respected in building the Nord Stream 2 gas pipeline, a project that has divided EU states. Poland, the Baltic states and others say Nord Stream 2 would increase EU dependence on Russia's Gazprom…
Poland Balks at EU Carbon Market Reform
Poland is challenging draft carbon market reforms agreed by most European Union governments this week, saying the deal is not-binding because it did not have the full backing of the bloc's 28 nations, the country's environment ministry said on Thursday. Poland does not rule out taking the issue to the European Court of Justice to unravel the legislation…
EU Leaders Sign Letter Objecting to Nord Stream-2 Gas Link
Eight EU governments have signed a letter objecting to the Nord Stream-2 project that would double the amount of gas shipped directly from Russia to Germany, according to a document seen by Reuters. The letter, addressed to European Commission President Jean-Claude Juncker, reignites a debate that has pitched dominant EU member Germany against central and eastern European nations.
Climate Change, Energy Back on EU Agenda
Campaigners say Paris deal paved way for more EU action; France has led push for Europe to continue to lead. EU leaders meeting in Brussels this week will debate the Paris Agreement on climate change, a draft EU text showed, after officials previously said the migrant crisis had knocked it off the agenda. EU officials…
Two Iranian Oil Firms off EU Sanctions List
The European Union has removed two Iranian oil companies from its sanctions list, the first such action since Iran reached a nuclear agreement with world powers earlier this month, a notice from the British finance ministry said on Friday. Petropars Operation and Management and Petropars Resources Engineering had been…
IMF Names Eastern Central Bank Governor as its Libya Contact
The International Monetary Fund said on Friday it has recognised the central bank governor named by Libya's official government as its sole contact and ended ties with a rival bank chief in Tripoli. The move risks making it even harder for foreign states to foster cooperation between the warring administrations because…
Oil Tumbles as Iran Nuclear Deal Looms
Iran, big powers said to be on brink of nuclear deal. Oil prices tumbled on Monday as Iran and six world powers closed in on a nuclear deal that would end sanctions on the Islamic Republic and let more Iranian oil on to world markets. News of a unanimous agreement by European leaders on a bailout loan for Athens, which should allow Greece to stay in the euro zone, helped pare early losses.
Italy Opposes EU Environmental Law Scrapping
Eleven member states signed letter opposing withdrawal; European Commission has said will listen. Plans by European policymakers to scrap a draft EU law on air quality and waste send a "negative signal" about Europe's ambition to curb climate change and governments will challenge them, the Italian environment minister said on Wednesday.
EU Should Buy Gus as One: Sefcovic
Single buyer idea criticised by some as anti-competitive; EU spends around 400 billion euros/yr on imported fuel. The European Union as the world's biggest energy consumer should explore ways to buy gas as a group, the European Commission's new Energy Union boss said on Monday. The idea was put forward earlier this year by Poland's then prime minister Donald Tusk…
EU Sanctions on Iran Oil tanker Group Annulled
European Union sanctions on Iran's main oil tanker firm NITC have been annulled after the EU did not appeal against a court ruling that the measures should be lifted, the shipping group's lawyer said on Tuesday. In July the Luxembourg-based General Court, the second-highest court in the EU, ruled there were no grounds to blacklist NITC in the bloc after the company contested the designation.
EU Sanctions on Iran's Top Oil Tanker Group Annulled
European Union sanctions on Iran's main oil tanker firm NITC have been annulled after the EU did not appeal against a court ruling that the measures should be lifted, the shipping group's lawyer said on Tuesday. In July the Luxembourg-based General Court, the second-highest court in the EU, ruled there were no grounds to blacklist NITC in the bloc after the company contested the designation.
Oil Prices Spike, Traders Cite Russia Sanction Concerns
Brent crude oil prices shot more than $1 higher at mid-morning on Friday while U.S. oil erased early losses, with traders linking the gains to talk that further Western sanctions on Russia could hit oil exports. Prices began rising shortly after Reuters reported that EU sources said European Council leader Herman van…
EU Will Exclude Gas Tech from Russia Sanctions
European Council leader Herman van Rompuy has written to EU leaders saying any restrictions the bloc agrees on Russian access to sensitive technology should only include the oil sector, and exclude gas, EU sources said. The letter also asks EU heads of state to delegate responsibility for deciding on sanctions to ambassadors, avoiding the need for an emergency summit.
G7 Leaders Speak After 2-day Summit
The world's leading industrialised nations ended a two-day summit in Brussels on Thursday, agreed that tougher sanctions against Russia could still be deployed. Below are some quotes from the G7 leaders. "We've had these elections, the Ukrainian people have chosen a president, he's a capable man and it's quite possible that he could have a proper relationship with Putin.
