The European Central Bank (ECB) on Thursday announced a record rate hike in a bid to stifle record inflation across the euro area. The ECB’s three key interest rates were each raised by 75 basis points. “This major step frontloads the transition from the prevailing highly accommodative level of policy rates towards levels that will…
Poland’s top politician said Thursday that the government will seek equivalent of $1.3 trillion in reparations from Germany for the Nazis’ World War IIinvasion and occupation of his country. Jaroslaw Kaczynski, leader of the Law and Justice party, announced the huge claim at the release of a long-awaited report on the cost to the country…
Legitimizing cheap Russian crude could boost sales and muddle the message on Ukraine Western sanctions already had the perverse effect of increasing the energy profits financing Russia’s war in Ukraine — and the G7’s new plan to fix that by capping prices on Russian oil could also backfire. On Tuesday leaders of the world’s advanced…
Amid record-high inflation and a Russian gas squeeze, the European Union’s 27 states are addressing their economic woes against the backdrop of Russia’s invasion of Ukraine. Leaders of the European Union’s 27 member states are meeting for the second day of a summit on Friday to address the bloc’s inflation-hit economy. The first day of…
European Parliament lawmakers on Wednesday narrowly voted to back a European Commission proposal for a total ban on new CO2-emitting vehicles by 2035. The Commission last year unveiled plans to stop the sale of vehicles using internal combustion engines as part of an ambitious climate target to cut emissions by more than half over this…
European Union leaders agreed late Monday to ban two-thirds of Russian oil imports as part of a compromise deal to increase pressure on Russia while accounting for the economic effects on some EU nations that are more reliant on Russian oil supplies. The embargo cuts off Russian oil delivered by sea, while exempting oil imported…
The European Union plans to invest up to €300 billion to reduce its dependence on Russian fossil fuels, the European Commission announced. The European Union intends to mobilize up to €300 billion ($316 billion) by 2030 to become independent of Russian energy imports, European Commission President Ursula von der Leyen said on Wednesday. “We must…
RIGA, Latvia — The Kremlin has sought to minimize discussion of Russian war losses inside Ukraine. But apparent Ukrainian attacks on Russian soil in the past week highlight how the conflict has spilled across the border, unsettling residents of regions near the border and threatening to upend President Vladimir Putin’s effort to insulate his citizens…
Pope Francis said he has asked for a meeting in Moscow to help bring about an end to the war and warned that Russian Orthodox Patriarch Kirill, a key backer of President Vladimir Putin’s fight against Ukraine, should not become Putin’s “altar boy.” The pope’s remarks came in an interview published on May 3 in…
Europe Letter: Hardball Kremlin tactics could again serve to unify western countries. The timing of Moscow’s move to cut gas to Bulgaria and Poland was telling. It came just as the European Union approached a breakthrough on sanctioning Russian oil imports. Just hours earlier the Polish and German governments had jointly announced a deal to…