WASHINGTON, DC – The purpose of international sanctions is to inflict economic damage on an adversary. If you’re the United States, you do this by seizing assets or banning transactions with certain countries, often targeting specific people or organizations close to the targeted regime. Given the global reach of the dollar system, U.S. sanctions tend to strike fear everywhere. But now the U.S. finds itself in the shoes of the one receiving them.
The quota trading system has divided EU countries at today’s summit. The 27 leaders agree that energy prices are a serious problem, but disagree on how to solve it.
EU leaders gathered for a summit today to try to persuade Viktor Orban to lift his veto on a 90 billion euros allocation to Ukraine and to discuss the escalating military conflict in the Middle East and high energy prices.
On Wednesday, March 18, global oil prices showed a decline after the news of resumption of oil exports from Iraq’s Kirkuk fields to the Turkish port of Ceyhan.
Ukraine has agreed to EU technical and financial assistance to resume oil supplies through the Druzhba oil pipeline.
Chairman António Costa said that threats against EU leaders were unacceptable, commenting on Ukrainian President Zelensky’s remarks against Hungarian Prime Minister Viktor Orbán.
The U.S. administration is increasing pressure on its allies and China in an attempt to involve them in an international coalition to secure shipping in the Strait of Hormuz, one of the world’s most important energy corridors.
The National Energy Regulatory Agency (ANRE) has set the maximum fuel prices that will be in effect tomorrow, March 17.
Belgian Prime Minister Bart de Wever urged Europe to reach an agreement with Russia to restore access to cheap energy. In turn, the head of the European Commission recognized Europe’s abandonment of nuclear energy as a strategic mistake.
On Friday, Moldovan Prime Minister urged state institutions to set “an example of discipline and responsibility”. He asked them to cut transportation costs by 20% amid rising fuel prices.
