Europe’s plans to replace Russian gas are deemed ‘wildly optimistic’ — and could hammer its economy

A drilling rig at a gas processing facility, operated by Gazprom. Maxim Shemetov | Reuters The European Union’s best shot at replacing Russian gas imports this year is likely to miss the mark, analysts predict, exerting further pressure on the region’s economy. The EU plans to replace two-thirds of Russian gas imports by the end … Read more

European leaders formally accept Ukraine’s EU candidacy

EU Commission President Ursula von der Leyen (l) speaks at a joint press conference with Volodymyr Zelenskyy, President of Ukraine. Michael Fischer | Picture Alliance | Getty Images BRUSSELS – Leaders of the European Union on Thursday formally approved Ukraine’s candidate status to join the bloc – the first official step towards full membership. Charles … Read more

Hungary says EU can’t impose a gas ban on Russia

Hungarian Foreign Minister Peter Szijjarto has ruled out the prospect of a Russian gas ban in the European Union’s next package of sanctions, saying it would be “impossible.” Landlocked Hungary is overwhelmingly dependent on Russian hydrocarbons. Szijjarto’s comments come as President Vladimir Putin says he believes the West will not be able to wean itself … Read more

Why Ukraine membership of the European Union is not easy

Ukraine has requested to become a member of the EU, but the process is likely to take some time and it is unclear if there is broad support to accept several new nations in the bloc. Nurphoto | Nurphoto | Getty Images The European Union could be about to throw its support behind Ukraine becoming … Read more

Israel signs trade deal with UAE, its biggest with any Arab country

Israeli national flags fly alongside United Arab Emirates national flags on the side of a road in Netanya, Israel, on Monday, Aug. 17, 2020. Kobi Wolf | Bloomberg | Getty Images DUBAI, United Arab Emirates – Israel and the United Arab Emirates on Tuesday penned a multi-billion dollar free trade agreement, the latest product of … Read more

Hopes deal for Russian oil embargo will be reached in days

European Commission President Ursula von der Leyen delivers a speech during a plenary session of the European Parliament at the EU headquarters in Brussels, on March 23, 2022. John Thys | AFP | Getty Images DAVOS, Switzerland – European Commission President Ursula von der Leyen told CNBC on Tuesday that she’s hoping an agreement to … Read more

US, Japan and South Korea focus on semiconductors as Biden visits Asia

TOKYO – As US President Joe Biden visits Japan and South Korea, the three countries are looking for common ground on the world stage. One place they’re finding it is semiconductors. A first stop for Biden on his first swing through Asia as president was a Samsung factory in South Korea. “These little chips, only … Read more

U.S., Europe to improve food chains after India bans wheat exports

PARIS – The United States and the European Union are looking at how to improve food supply chains with export restrictions from India and other nations accentuating global problems, the EU trade chief told CNBC. G-7 foreign ministers warned over the weekend that the war in Ukraine is increasing the risk of a global hunger … Read more

Putin-ally Orban stalls Europe’s oil embargo against Moscow

Hungary Prime Minister Viktor Orban – a longtime ally of Russian President Vladimir Putin – has said that ending Russian oil purchases would be an “atomic bomb” on Hungary’s economy. Attila Kisbenedek | Afp | Getty Images The European Union is struggling to approve a sixth round of sanctions against Russia with a few nations … Read more

Europe scrambles for gas solution as Putin squeezes supply

EU Commission President Ursula von der Leyen said this latest aggressive move by Russia is another reminder that we need to work with reliable partners, and build our energy independence. Thierry Monasse | Getty Images News | Getty Images The European Union is racing to find alternative suppliers of natural gas after Russia’s Gazprom cut … Read more