2025-09-19 11:37
EU proposes 19th package of sanctions against Russia US president has urged Europe to up pressure on Moscow Proposal needs approval from EU member states to pass Russia has shrugged off prospect of more energy sanctions BRUSSELS, Sept 19 (Reuters) - The European Union plans to ban Russian LNG imports into the bloc a year earlier than envisaged as part of a 19th package of sanctions against Moscow, EU officials said on Friday, a change that follows pressure from U.S. President Donald Trump. "The revenues from fossil fuels sustain Russia's war economy. We want to cut these revenues," said European Commission President Ursula von der Leyen, as she announced the proposal, which requires unanimous approval from EU governments. Sign up here. "So we are banning imports of Russian LNG into European markets. It is time to turn off the tap," von der Leyen said. An EU sanctions proposal kicks off intense discussions among the 27-member countries to reach an agreement. Russia-friendly governments in Hungary and Slovakia have held up previous packages before a compromise was finally reached. Kaja Kallas, the EU's foreign policy chief, said on X that the new proposal aimedn "to speed up the phase-out of Russian liquefied natural gas (to be complete) by 1 Jan 2027". The EU had previously planned a phase-out by January 1, 2028, but Trump has repeatedly urged the bloc to end Russian energy purchases faster before he does anything further to pressure Moscow. PACKAGE ALSO TARGETS 'SHADOW FLEET' AND CRYPTO Beyond LNG, or liquefied natural gas, the proposed sanctions would also target more of Russia's shadow tanker fleet and cryptocurrency. Von der Leyen and Kallas did not give full details of the new package, but officials said it would also target Russian and central Asian banks, Chinese refineries and special economic zones, a customs loophole used by Moscow to import dual-use goods for its military. "We are now going after these who fuel Russia's war, who purchase oil in breach of sanctions," von der Leyen said. "We target refineries, oil traders, petrochemical companies in third countries including China." Kremlin spokesperson Dmitry Peskov said on Wednesday that any EU proposal to phase out Russian energy more quickly would not affect Russia and would not force it to change its position. Trump is pressing Europe to play a more robust role in helping end Russia's war in Ukraine, demanding it shoulder a greater burden of the cost of shoring up Ukraine's military and do more to deprive Moscow of the energy revenues bankrolling its war economy. The proposal risks compelling EU countries to cover any shortfalls in LNG supplies through purchases from the United States, increasing their energy dependency on the U.S. in an era when Washington is using trade tariffs as a policy tool. "Trump’s pressure on Europe to move faster on banning Russian energy imports seems to have worked," said Simone Tagliapietra, a senior fellow at think tank Bruegel. "Anticipating the ban on Russian LNG imports to Jan 2027 means Europe will now quickly need to prepare alternatives - and U.S. supplies are of course at the top of the list." A European official said advancing the ban on Russian LNG became a "priority" after von der Leyen spoke with Trump this week. Russia's share in EU imports of LNG decreased to 14% in the second quarter of 2025 from 22% in the first quarter of 2021, according to Eurostat. Spain, Belgium, the Netherlands and France import Russian LNG. Gas piped via TurkStream goes to Slovakia, Hungary and Bulgaria. Totalenergies (TTEF.PA) , opens new tab CEO Patrick Pouyanne said last week that Russian gas was needed until the end of 2027, "then we can exit from that because we can source it from other places without impact on the price". https://www.reuters.com/business/energy/eu-will-propose-banning-russian-lng-imports-by-jan-1-2027-sources-say-2025-09-19/
2025-09-19 11:22
Sept 19 (Reuters) - Serbia's Russian-owned oil company NIS has requested a seventh waiver to postpone U.S. sanctions that would put at risk its crude oil supply and is seeking its removal from Washington's sanctions list, the company said on Friday. The previous waiver, granted last month, expires on September 26. Sign up here. NIS, majority-owned by Russia's Gazprom Neft (SIBN.MM) , opens new tab and Gazprom (GAZP.MM) , opens new tab, operates Serbia's only oil refinery in the town of Pancevo, outside the capital Belgrade. The request was submitted on September 18, NIS said. It added that it had also filed a request for its removal from the list of the Specially Designated Nationals but recognised in the statement that would be a "complex and long-term process". The U.S. Treasury Department initially placed sanctions on Russia's oil sector on January 10 over Moscow's war in Ukraine, and gave Gazprom Neft 45 days to exit ownership of NIS. The Pancevo facility has an annual capacity of 4.8 million metric tons, covering most of the Balkan nation's needs, and sanctions could jeopardise its supply of crude via Croatia's Janaf (JANF.ZA) , opens new tab. https://www.reuters.com/business/energy/serbias-nis-oil-company-seeks-seventh-waiver-us-sanctions-2025-09-19/
2025-09-19 11:14
MOSCOW/NEW DELHI, Sept 19 (Reuters) - The price of Russia's Urals crude oil for delivery to top buyer India is rising despite growing sanctions risks as Ukrainian attacks on Russian ports and pipelines and tightened sanctions prompt concerns about supply, four market sources told Reuters on Friday. Ukrainian drone attacks disrupted exports in September and heightened risks of production cuts, forcing Russia to send oil to other western ports to mitigate the impact. Sign up here. The discount on October-loading Urals crude has narrowed to $2–$2.50 per barrel against dated Brent from $3 in September, four sources involved in Russian oil sales to India said, as Western sanctions pressure was intensified. Freight rates to ship Urals from Russia’s Baltic ports to India rose to $6.5–$7 million per voyage in October from $5.5–$6 million in September, traders said. The increase reflects a decline in available shipping options due to tighter enforcement of the price cap on Russia crude exports by the European Union and the United Kingdom. In July, the EU and UK imposed additional sanctions on Russian oil exports, including a floating price cap set at 15% below the average market price — currently equivalent to around $47.60 per barrel — well below the $60 price cap set by the G7 in December 2022. New restrictions on tankers that are subject to sanctions have further complicated Russia's oil exports. India’s Adani Group, for example, has banned sanctioned vessels from entering its ports, including the major Mundra terminal. Combined with U.S. sanctions, the tightened EU and UK restrictions target more than 440 tankers in the so-called "shadow fleet" used for deliveries to India as well as China. The United States and EU have criticised India for ramping up purchases of Russian oil, with Washington imposing higher tariffs on Indian imports over its continued dealings with Moscow. Despite the pressure, New Delhi has continued its buying. https://www.reuters.com/business/energy/russian-october-urals-crude-price-up-indian-ports-despite-sanctions-risks-2025-09-19/
2025-09-19 10:59
ATHENS/BUDAPEST, Sept 19 (Reuters) - Greece's Hellenic Dairies said it had planned significant investments to upgrade the loss-making Hungarian company it had agreed to take over before Hungary banned the acquisition and halted its Eastern European expansion drive. Prime Minister Viktor Orban's government said on Tuesday it had banned the foreign takeover of dairy company Alfoldi Tej Kft by a suitor, identified later by a government official as Hellenic Dairies. Sign up here. Orban's cabinet, which has been stepping up its opposition to foreign takeovers of key companies, said a foreign takeover would mean raw milk would be exported from Hungary and dairy products produced abroad would have to be purchased at higher prices than before. Hellenic Dairies told Reuters late on Thursday that it had planned to maintain and expand the Hungarian company's domestic activity, which Budapest says accounts for nearly a fifth of raw milk purchases in Hungary. "Our main goals were to maintain and develop the company's domestic activity, enrich its portfolio with new products, maintain and develop milk producers and renew and expand the facilities with significant investments in buildings and equipment," the company said in an emailed response. There was no indication of the price from either side. Hellenic Dairies said its offer to acquire Alfoldi Tej Kft was accepted by the company's shareholders before the transaction fell through amid a foreign direct investment screening procedure. "We should note that in the approval file there was a detailed business plan that described our plans for the next day," the company added without giving more details on the reason for the rejection. Hellenic Dairies has expanded in Romania, Bulgaria and Cyprus through buyouts in recent years. Alfoldi Tej Kft employs more than 700 people and processes nearly 270 million litres of milk per year, based on information published on its website. It has been loss-making since 2021, company records show. https://www.reuters.com/markets/commodities/blocked-greek-suitor-says-it-had-planned-big-investments-hungarian-dairy-firm-2025-09-19/
2025-09-19 10:40
LONDON, Sept 19 (Reuters) - Check out what ROI Editor-in-Charge Anna Szymanski and the rest of the ROI team are excited to read, watch and listen to over the weekend. From the Editor Sign up here. Hello Morning Bid readers! U.S stocks hit record highs on Thursday, buoyed by the Federal Reserve’s first interest rate cut in 2025, a drop in U.S. jobless claims, and the announcement that Nvidia will invest $5 billion , opens new tab in the struggling U.S. chipmaker Intel. On Friday morning, the big news in Asia was not so much that the Bank of Japan kept short-term interest rates unchanged at 0.5%, which was widely expected, but that two members voted for a hike and also that the central bank announced that it would begin selling its vast holdings of exchange-traded funds and real-estate investment trusts. Much of the financial world’s focus this week has been on central banks, most notably the U.S Federal Reserve. Some argue that the Fed’s 25 basis point cut and dovish steer may cause it to unintentionally stumble into stimulative territory, simply because it is so challenging to determine where the so-called neutral rate is. Others argue that the Fed’s problems may be of its own making given its questionable record on inflation control. One of the biggest takeaways from Chair Jerome Powell’s remarks was the lack of clarity surrounding the U.S. labor and inflation outlooks. This confusion is epitomized by inconsistencies between the Fed’s statements and changes to its economic predictions, argues ROI Markets Columnist Jamie McGeever. , opens new tab He also discusses why Fed easing could be a mixed blessing for the rest of the world. Over in the United Kingdom, the Band of England held rates steady on Thursday but said it was slowing the pace of its quantitative tightening program. ROI Editor-at-Large Mike Dolan asks why the BoE doesn’t just scrap direct gilt sales entirely. In the commodities markets, China's surplus crude surged in August as robust imports and domestic production offset an increase in refinery processing. Data about China’s crude stockpiling remains opaque, one of a growing number of blind spots in the oil market. ROI Energy Columnist Ron Bousso argues that this is making it harder to determine the true supply-demand balance in the world’s most important commodity market. On the renewables side, ROI Energy Transition Columnist Gavin Maguire discusses the widening lead Texas and California are building over the rest of the country on the clean energy front. He also explains why wind speeds around the UK in the coming months could have potentially far-reaching consequences for Europe's gas and power sectors And over in the metals world, ROI columnist Andy Home explains why the aluminium market, defined by historical excess, may be facing an imminent shortfall. As we head into the weekend, check out the ROI team’s recommendations for what you should read, listen to, and watch to stay informed and ready for the week ahead. I’d love to hear from you, so please reach out to me at [email protected] , opens new tab . , opens new tab This weekend, we're reading... * GAVIN MAGUIRE, ROI Global Energy Transition Columnist: Airlines are racing to cut carbon emissions with biofuels, but a Reuters investigation reveals a troubling link between U.S. green jet fuel and illegal deforestation in the Amazon, raising urgent questions about the integrity of sustainability certifications and the unintended consequences of climate policy. * RON BOUSSO, ROI Energy Columnist: The international Energy Agency this week published , opens new tab a free report on the decline rates of oil and gas fields. While it's very technical is some parts, it also illustrates very clearly how much investment is needed to simply keep oil and gas production steady, let alone to see it grow. * ANNA SZYMANSKI, ROI Editor-in-Charge: China’s auto industry is facing a crisis of oversupply that threatens profitability for automakers and dealers alike. The fascinating Reuters investigation warns that this situation could trigger a painful shakeout with far-reaching implications. We're listening to... CLYDE RUSSELL, ROI Asia Commodities and Energy Columnist: In the latest episode of The Smoking Barrel podcast , opens new tab, the hosts are back from the APPEC break with some market insights taken from the various discussions around the events. The team dives into Russian oil production and how current events could impact market structure going forward. MIKE DOLAN, ROI Financial Markets Editor-at-Large: This audio summary of the And we're watching... JAMIE MCGEEVER, ROI Markets Columnist: This lively, informal chat from Ritholtz Wealth Management's podcast ‘The Compound,’ , opens new tab discusses what happens after an interest rate cut and other issues du jour like President Trump’s call for companies to scrap quarterly reporting. Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website , opens new tab, and you can follow us on LinkedIn , opens new tab and X. , opens new tab Opinions expressed are those of the authors. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. https://www.reuters.com/business/finance/global-markets-view-usa-2025-09-19/
2025-09-19 10:24
EU ministers get say on launch, holding limit Debate on digital euro goes back six years Some concerned about stability risk COPENHAGEN, Sept 19 (Reuters) - European Union finance ministers on Friday agreed on a roadmap for launching a digital euro currency that aims to become an alternative to the now dominant U.S.-based Visa and Mastercard systems. Discussions on a digital euro, essentially an electronic wallet backed by the European Central Bank, heated up this year because the EU is now keen to reduce its dependence on other countries in key areas like energy, finance and defence. Sign up here. The ECB has pitched the digital euro as a way to cut Europe's reliance on U.S. credit cards and as a response to U.S. President Donald Trump's global push for stablecoins pegged to the U.S. dollar. But the ECB, the main sponsor of the project, has failed so far to secure legislative approval for it, with lawmakers and bankers complaining it may hollow out banks' coffers, cost too much or curtail privacy. In a sign of progress, EU finance ministers gathering with ECB President Christine Lagarde and European Commissioner Valdis Dombrovskis in Copenhagen on Friday reached an agreement on the next steps. This will give EU finance ministers a say on whether a digital currency is issued and how many such euros each resident will be able to hold, which is seen as crucial for assuaging fears of a run on bank deposits. "The compromise that we reached is that before the ECB makes a final decision in relation to issuance...there would be an opportunity for a discussion in the Council of Ministers," Paschal Donohoe, who chairs meetings of finance ministers, told a joint press conference. Donohoe, Lagarde and Dombrovskis also celebrated a compromise on the procedure for setting the holding limit although they didn't give details. A participant at the meeting told Reuters the ECB will also submit a proposed holding limit for approval by the European Council of Finance Ministers. DELAYS TO LEGISLATION Though the European Commission proposed digital euro legislation in June 2023, the other two institutions that have to sign off on it, the European Parliament and the European Council, have yet to do so. The European Council aims to wrap up its side of the work by the end of the year. The ECB hopes to have the legislation in place by June, after which it will need around two-and-a-half to three years to actually launch the digital euro. Some EU countries have their own national digital payments systems, but none that would be accepted across the 27-nation bloc. "The digital Europe is not just a means of payment, it is also a political statement concerning the sovereignty of Europe and its capacity to handle payment, including on a cross-border basis, with a European infrastructure and solution," Lagarde said at the press conference. https://www.reuters.com/business/finance/eu-ministers-seek-agreement-digital-euro-be-independent-visa-mastercard-2025-09-19/
