Russian Oil Revenues Falling Because of Price Cap -US Official
Russian oil revenues are falling due to the price cap that Western countries imposed on its crude oil shipments and, ahead of further caps on Russia's oil products, Europe is well positioned to manage any price pressures, a U.S. Treasury official said on Wednesday.The Group of Seven countries, Australia and the European Union will extend sanctions on Russia for its war in Ukraine by putting a price cap on its oil products, such as gasoline and diesel, on Feb. 5. The coalition…
Ousted Libyan PM flees country after tanker escapes rebel-held port
Former Libyan prime minister Ali Zeidan has fled to Europe after parliament voted him out of office on Tuesday over his failure to stop rebels exporting oil independently in a brazen challenge to the nation's fragile unity. Zeidan was in Malta for two hours late on Tuesday on a refuelling stop before going to "another European country", Prime Minister Joseph Muscat told state-owned television TVM. But no European government had confirmed his arrival by late morning on Wednesday. The standoff over control of oil exports threatens to deepen dangerous regional and tribal faultlines in Libya where rival militias with powerbases in the east and west back competing political factions in the transitional government.
EU to S. Korea: Agreement on Subisdies Soon Or Else
The European Union's executive body proposed starting a World Trade Organisation (WTO) dispute against South Korea over alleged subsidies to its shipyards unless a deal could be reached by June 30. At the same time, the European Commission said it would propose allowing temporary government aid for European shipyards hit by South Korean competition for the duration of the WTO case. Both proposals will be discussed by EU industry ministers who meet on May 14 and 15. "Although we have not closed the door to an amicable solution with the Korean authorities, the clock is now ticking," EU Trade Commissioner Pascal Lamy said. The Commission…
