World
EU proposes new sanctions to weaken Russia’s oil and gas revenues
The European Commission has proposed a new round of sanctions against Russia in a fresh attempt to intensify pressure on Moscow’s high-intensity war economy and force concessions at the negotiating table.
“While Ukraine continues to defend itself with extraordinary courage on the battlefield, the Kremlin is doubling down on war crimes, deliberately striking homes and civilian infrastructure,” Commission President Ursula von der Leyen said on Friday afternoon.
“We must be clear-eyed: Russia will only come to the table with genuine intent if it is pressured to do so. This is the only language Russia understands.”
The main element inside the package is a full ban on maritime services aimed at further weakening Russia’s energy revenues, which von der Leyen says should be implemented “in coordination with like-minded partners after a decision” at the G7 level.
The blanket ban, previously advocated by Finland and Sweden, would prohibit EU companies from providing any type of service, such as insurance, shipping or port access, to vessels carrying Russian crude oil.
Until now, the EU has allowed such services to be offered – but only to tankers that comply with the G7 price cap, which has been in place since December 2022.
The cap was recently adjusted to $44.10 per barrel in an attempt to reflect market trends and tighten the screws on Russia’s war economy.
The dynamic price cap is followed by the EU, the UK, Canada, Japan and Australia, while the United States retains the original level of $60 per barrel.
In practice, the ban would mean the cap would effectively cease to apply within EU jurisdiction, as companies would be forbidden from servicing all Russian vessels without exemption, regardless of whether they sell above or below the price limit.
Finland and Sweden had argued that the prohibition would significantly drive up material costs for Russia’s oil sector, be easier to apply and prevent the spread of falsified documents, which Moscow often uses to bypass Western restrictions.
However, it is not yet clear if the other member states would be on board with the idea. Any decision would require the unanimity of the 27 capitals.
Securing the UK’s participation would be essential: the country enjoys a world-leading command of so-called Protection and Indemnity(P&I) insurance at sea.
A similar ban would apply to the maintenance and servicing of Russian tankers of liquefied natural gas (LNG) and icebreakers, von der Leyen said. EU countries have already agreed to ban all imports of Russian LNG by the end of this year.
An extra 42 vessels from Moscow’s “shadow fleet”, the dilapidated ships used to evade the G7 price cap, would be blacklisted, bringing the total to 640.
Crackdown on circumvention
Besides energy, the proposed package targets 20 Russian regional banks as well as companies and platforms trading in cryptocurrency, which the Kremlin has employed to bypass sanctions and create alternative payment systems.
The EU would also restrict Russian imports of metals, chemicals and critical minerals worth “about €570 million”, according to von der Leyen, and establish a quota on ammonia, used in fertilisers. Exports of rubber, tractors and cybersecurity services would be equally blocked.
For the first time, von der Leyen added, the EU would trigger the Anti-Circumvention Tool to prohibit sales of computer numerical machines and radios to countries “where there is a high risk that these products are re-exported to Russia”.
The tool has remained untouched since its introduction in 2023, despite ample evidence of circumvention by Russia’s neighbours and political allies, namely China.
Brussels is keen to approve the 20th package of sanctions by the time the full-scale invasion crosses its fourth-year mark on 24 February.
Von der Leyen and António Costa, the president of the European Council, are set to travel to Ukraine on that date to reaffirm the EU’s continued support.
“Our sanctions work, and we will continue to use them until Russia engages in serious negotiations with Ukraine for a just and lasting peace,” she said.
“Ukraine’s security, prosperity, and free future lie at the heart of our Union.”
US weighs extra pressure
Friday’s announcement comes on the heels of two days of trilateral talks in Abu Dhabi between Ukrainian, Russian and American officials. The diplomatic effort has raised hopes that the war might end sometime in 2026, even if progress has been very limited.
At the end of the meeting in Abu Dhabi, Ukraine and Russia agreed to swap 314 prisoners of war. Meanwhile, the US and Russia decided to re-establish high-level military dialogue for the first time in more than four years.
The talks were marked by the failure of an energy ceasefire brokered by US President Donald Trump. Just four days after Trump called the truce, Russia hit Ukraine’s energy infrastructure with 450 drones and 70 missiles. The constant barrages have plunged Ukrainians into painful blackouts at sub-zero winter temperatures.
US Treasury Secretary Scott Bessent indicated that additional punitive measures against Russia were “under consideration” in light of recent developments.
“We will see where the peace talks go,” Bessent said.
Washington spent most of last year avoiding sanctions on Russia, hoping to strike a fast deal to end the war. But in October, the White House decided to target Russia’s two largest oil companies, Rosneft and Lukoil, after sensing that President Vladimir Putin’s maximalist demands remained unchanged.
Due to the dominance of the US dollar in global trade, Washington’s sanctions had an extraterritorial effect, forcing Moscow to sell its Urals crude at a larger discount.
This article has been updated with more details.
World
Keir Starmer reportedly considering stepping down as PM and could announce timetable for departure
British PM Keir Starmer could face leadership challenge amid internal troubles
British Prime Minister Keir Starmer faces significant internal pressure following Andy Burnham’s special election win, potentially triggering a leadership contest. Starmer is under fire for economic pressures, illegal immigration issues, and controversies surrounding his previous role in prosecuting grooming gangs. Elon Musk also accused Starmer of complicity.
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British Prime Minister Keir Starmer is reportedly considering stepping down and could announce a timetable for his departure as early as Monday, according to a report published Saturday.
Britain’s Observer newspaper reported that Starmer was discussing his future with his wife at his Chequers country residence before making a final decision.
The outlet reported that senior Labour Party figures expect a statement addressing his future as early as next week.
A government source told Reuters that Starmer remains focused on governing and pointed to previous comments in which he vowed to remain in office.
AS EPSTEIN-LINKED APPOINTMENT SPARKS BACKLASH, UK PM STARMER FACES PARTY REVOLT AMID RESIGNATION CALLS
British Prime Minister Keir Starmer awaits Switzerland’s Federal President Guy Parmelin on the sidelines of the G7 summit, in Evian-les-Bains, France, Tuesday. (Isabel Infantes/Pool Reuters via AP)
Fox News Digital has reached out to the prime minister’s office for comment.
Pressure on Starmer has been building for months amid growing dissatisfaction within his party and concerns over the government’s handling of the economy and cost-of-living issues.
The political threat to Starmer intensified Friday after rival Andy Burnham won a seat in Parliament, positioning him to mount a formal leadership challenge.
LABOUR MP PUTS CABINET ‘ON NOTICE,’ THREATENS TO TRIGGER LEADERSHIP CHALLENGE AGAINST STARMER BY MONDAY
Britain’s Labour party candidate Andy Burnham speaks to supporters after the Makerfield by-election in Ashton in Makerfield, England, Friday. (Jon Super/AP)
Starmer congratulated Burnham following the victory, writing on X that voters, “chose Labour’s campaign of hope and optimism over division and hate.”
When asked about Burnham’s apparent ambitions to replace him, Starmer insisted he intends to remain in office.
“I’ve said repeatedly I’m not going to walk away from that,” Starmer said.
UK’S STARMER JUGGLES TROUBLE AT HOME AS HE WALKS GEOPOLITICAL TIGHTROPE WITH TRUMP
Sir Keir Starmer is battling to save his position and refusing to stand aside despite dozens of Labout MP’s demanding he resigns. (Leon Neal/Getty Images)
Starmer has led the Labour Party since 2020 and became prime minister in 2024.
Calls for his resignation intensified last month, with more than 100 Labour lawmakers publicly urging him to step aside or set out a timetable for his departure. Several parliamentary aides also resigned in protest.
The internal revolt followed a series of disappointing local election results for Labour, which lost hundreds of council seats across England, surrendered long-held ground in Wales and fell behind political rivals in Scotland.
UK Prime Minister Keir Starmer speaks a news conference at Downing Street in London, March 5. (Tolga Akmen/EPA/Bloomberg via Getty Images, File)
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Starmer’s popularity has also declined amid a persistently high cost of living, sluggish economic growth and criticism over his acceptance of gifts from wealthy donors.
Fox News Digital’s James Cirrone and Emma Bussey, and Reuters contributed to this report.
United States President Donald Trump has pledged there will be no tolls for passage through the Strait of Hormuz, unless they are collected by his own country.
Trump’s statement, made in a Saturday afternoon post on Truth Social, is the latest sign that a recently signed memorandum of understanding (MOU) may be unravelling.
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“There will be NO TOLLS in the Hormuz Strait for 60 days during the Cease Fire Period, and there will be NO TOLLS after the 60 day period has expired,” Trump wrote, “unless they are imposed by and for the United States of America.”
Since the US and Israel launched a war against Iran on February 28, Iran has successfully used the Strait of Hormuz as a pressure point, closing the strategic waterway to traffic.
But under the terms of Wednesday’s ceasefire memorandum, the strait is supposed to reopen for an interim period of 60 days. During that time, Iran is barred from charging vessels for passage.
On Saturday, however, Iran’s joint military command said it had closed the Strait of Hormuz, citing a “clear breach” of the memorandum’s commitments.
US Central Command (CENTCOM), the agency that oversees military operations in the region, denied that report and maintained that the traffic continues to flow through the waterway.
The Strait of Hormuz has long been a flashpoint in the conflict between the US and Iran. Nearly 20 percent of the world’s oil and natural gas is transported through the strait, as well as about 30 percent of the global fertiliser trade.
Closure of the strait has caused global fuel costs to soar and has tested agricultural sectors across the world.
Trump had responded to Iran’s chokehold over the strait by imposing a US naval blockade on Iran’s ports in the region.
But that naval blockade was lifted under the terms of Wednesday’s memorandum. The deal also paused fighting on all fronts in the regional conflict, including in Lebanon.
The memorandum, though, was not intended as a long-term deal. It serves as a launching point for negotiations on key issues, including the future of Iran’s nuclear programme.
Several points of divergence also went unaddressed in the memorandum. Nowhere does the memo say that future tolls cannot be collected from the strait after the 60-day period expires.
Before the war, there was no charge for passage through the strait. Trump himself said in an interview with The New York Times that the waterway should remain “permanently toll-free”.
But he appeared to reverse course in Saturday’s post, once again floating the possibility that the US could extract tolls in the strait, while barring Iran from doing so.
No fees should be levied, Trump wrote, “unless they are imposed by and for the United States of America, should the deal not be completed”.
He explained that such a charge would compensate the US “for services rendered as the Guardian Angel to the countries of the Middle East for purposes of both past, present, and future reimbursement of costs”.
Trump used similar language in his New York Times interview earlier this week, floating the US becoming “the guardian of the Middle East” in exchange for 20 percent of its revenue.
Saturday’s post is not the first time Trump has mused about the US imposing tolls in the strait, either.
In April, for instance, he discussed the idea with reporters, saying, “What about us charging tolls? I’d rather do that than let them have them. Why shouldn’t we? We’re the winner. We won.”
There has been no indication that Trump’s plans have been officially presented to countries in the region, many of whom have struck a careful balance in their dealings with both the US and Iran during the war.
Iranian officials, meanwhile, have repeatedly said they will not rule out imposing tolls in the strait, framing the issue as a matter of sovereignty and regional negotiation. The strait sits between Iran and Oman.
Further discussions are expected on the matter in the coming weeks.
But such negotiations have been thrown into jeopardy amid ongoing Israeli military operations in Lebanon, which threaten to violate Wednesday’s ceasefire memorandum.
Iran claimed that Saturday’s closure of the strait was a result of new Israeli attacks in southern Lebanon, which killed dozens of people after the ceasefire was announced.
Iranian officials have also said that any upcoming talks should focus on proper implementation of the initial memorandum, and that the 60-day negotiating period stipulated in Wednesday’s deal would begin after that was settled.
Pakistan, a top mediator between the US and Iran, has said that follow-up talks are set to begin in Switzerland on Sunday.
Switzerland’s Federal Department of Foreign Affairs has confirmed that an Iranian delegation, led by parliamentary Speaker Mohammad Bagher Ghalibaf and Foreign Minister Abbas Araghchi, has already arrived for the negotiations.
On the US side, Trump’s son-in-law Jared Kushner, special envoy Steve Witkoff and Vice President JD Vance are expected to attend.
Vance departed for Switzerland late Saturday.
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