Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

France and Germany drop Russia summit plan after EU’s east objects

Published : , on

By Gabriela Baczynska, Sabine Siebold and Robin Emmott

BRUSSELS (Reuters) -European Union leaders on Friday rejected a Franco-German proposal to hold a summit with Russia after Poland and Baltic countries said it would send the wrong message as East-West ties deteriorate.

After U.S. President Joe Biden met Putin in Geneva on June 16, French President Emmanuel Macron said a first EU summit with Putin since January 2014 would be “a dialogue to defend our interests”. He said the EU must be proactive in its diplomacy with Russia.

Italy, a big exporter to Russia with investments in Russian energy, also backed a summit with Putin, Prime Minister Mario Draghi said. “Russia is an important player on the economic and political front … We must have an active dialogue,” Draghi told reporters at the Brussels summit.

But late-night talks between the EU’s 27 leaders failed to secure an agreement, German Chancellor Angela Merkel said.

France and Germany want to be able to work with Russia on combating climate change and to find ways to stabilise relations. Merkel said that, even without a summit, “formats will be explored … under which dialogues can be started”.

Austrian Chancellor Sebastian Kurz said he had supported the summit proposal, but many other leaders were opposed, and Russia’s direct neighbours were the most vocal.

Macron said he had concluded that EU unity was more important and the summit was not a top priority.

Polish Prime Minister Mateusz Morawiecki told reporters that Putin must stop “aggressive” policies against its neighbours, and that there could be no summit while Moscow held Crimea, annexed from Ukraine in 2014, and sided with separatists in eastern Ukraine.

Lithuanian President Gitanas Nauseda said the idea was like “trying to engage the bear to keep a pot of honey safe”, and Latvian Prime Minister Krisjanis Karins said Russia might see a summit as a reward when diplomacy had failed to end the conflict in eastern Ukraine.

MORE SANCTIONS?

The Kremlin said it was committed to improving ties with the EU, Russia’s biggest foreign investor and a big oil and gas customer, and Russia’s foreign ministry said the EU was being thwarted by an aggressive minority.

“In general, President Putin was and remains interested in improving working relations between Moscow and Brussels,” Kremlin spokesman Dmitry Peskov told reporters. “The European position is fragmented, not always consistent and sometimes unclear.”

The failure of the initiative underscores the contradictory pressures faced by the EU, which says it will never recognise Crimea as Russian territory and has accused Moscow of covert operations to try to undermine its democracies.

Moscow rejects what it says is Western interference.

In the event, the EU leaders fell back to a familiar position. In a statement, they called on the European Commission and the EU’s top diplomat Josep Borrell “to present options for additional restrictive measures, including economic sanctions”.

The EU already has sanctions in place on the Russian energy, financial and arms sectors, and personal sanctions on Russians accused of human rights abuses or of using banned chemical weapons.

Diplomats say further sanctions could target Russian money laundering or powerful oligarchs suspected of serious corruption abroad, as non-EU member Britain did for the first time in April.

On Thursday, the EU imposed economic sanctions on Belarus, an ally of Moscow that the Kremlin sees as a buffer state between Russia and NATO.

Many EU countries are concerned that the Kremlin does not take the bloc seriously, after Borrell was publicly humiliated in February when Russia expelled EU diplomats without warning during his visit to Moscow.

“We should be extremely cautious,” Lithuania’s Nauseda said. “This is not like the relationship of Russia with the United States.”

(Reporting by Robin Emmott, Gabriela Baczynska, Francesco Guarascio and Philip Blenkinsop in Brussels, additional reporting by Crispian Balmer and Agelo Amante in Rome, Thomas Escritt and Caroline Copley in Berlin and Ekaterina Golubkova and Maxim Rodionov in Moscow, and Sudip Kar-Gupta in Paris; Editing by Kevin Liffey and Andrew Heavens)

Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post