The European Parliament drew attention to the fact that the trade between EU countries and Russia continues despite the historically harsh sanctions and listed the products imported from Russia.

After Russia’s invasion of Ukraine in February last year, the European Union (EU) adopted ten sanctions packages in a row against Russia, and began to impose its most stringent sanctions on a foreign country in history.

The EU aimed to restrict Russia’s income and access to technologies used in war equipment with sanctions. However, according to the research note published by the European Parliament, “the impact of the sanctions will not be large enough to limit Russia’s war activities against Ukraine in 2023.”

Most of the trade relations between the 27 EU countries and Russia still continue due to successful lobbying, efforts to reduce the economic impact of the EU as a result of sanctions, and concerns about the impact of sanctions on the global supply chain.

Instead of imposing new sanctions, the EU now aims to intervene harshly against individuals and institutions that violate existing sanctions. Authorities found that Turkey, United Arab Emirates (UAE), Armenia, Georgia, Kazakhstan and Kyrgyzstan were used as routes to circumvent sanctions.

The ongoing trade relations between the EU and Russia can be listed as follows:

TRADE

The EU’s executive body, the European Commission, announced that Russia was the fifth largest trading partner of the union, with 258 billion euros in trade with the EU in 2021. Fuel, wood, iron and steel and fertilizer were the main products the EU imported from Russia.

After Russia invaded Ukraine in 2022, EU imports from Russia fell by half to nearly 10 billion euros in December last year.

Between March 2022 and the end of January 2023, the EU imported 171 billion euros of products from Russia, according to data from the EU statistics office Eurostat.

The ongoing EU trade with Russia exceeds the 60 billion euros the EU has sent to Ukraine since the beginning of the invasion, which it announced last month, but the aid does not include the cost of the deal on the most recent supply of modern tanks and ammunition to Ukraine.

LIQUEFIED NATURAL GAS (LNG)

Last year, the EU began to impose sanctions on Russian coal and oil exported from Russia by sea. EU sanctions do not cover gas, but Russia has drastically reduced its pipeline gas shipments to Europe since the beginning of the invasion. The EU imported about 40 percent less Russian gas in 2022 than in previous years.

Liquefied natural gas (LNG), on the other hand, was unaffected by the sanctions. Since the beginning of the war, Russian LNG shipments to Europe have increased even more. According to the analysis of the EU, the EU’s Russian LNG imports increased from 16 billion cubic meters in 2021 to 22 billion cubic meters this year.

The EU imports more Russian LNG per year than the roughly 155 billion cubic meters of gas Russia shipped through pipelines to the EU before the war. However, the increase in LNG imports has led some countries to request EU laws to ban LNG imports.

NUCLEAR

The EU also does not impose sanctions on Russia’s nuclear sector. Hungary and Bulgaria, where the Paks power plant to be expanded by the Russian state nuclear power company Rosatom, is located, oppose the imposition of sanctions on Russia’s nuclear sector.

According to Eurostat data, the EU imported about 750 million euros of Russian nuclear industry products in 2022. The EU nuclear agency Euratom said Russia provided one-fifth of the uranium used at EU facilities in 2021, a quarter of its conversion activities and a third of its enrichment services.

Environmentalist non-governmental organization Greenpeace stated in a report published last month that France has sharply increased the amount of enriched uranium imported from Russia since the beginning of the war, while France rejected some parts of the report and announced that terminating the contracts with Russia would be more costly than maintaining the contracts.

DIAMOND

According to Eurostat data, the EU, which does not ban the import of precious stones from Russia and does not blacklist the Russian state mining company Alrosa, bought Russian diamonds worth 1.4 billion euros last year.

Belgium, where Antwerp, the world’s largest diamond trade center, is located, annoyed the tough-minded members of the EU because it did not want the EU to impose sanctions on Russian diamonds and lobbied on this issue.

The EU, US and other G7 countries are working on a tracking mechanism to remove Russian diamonds from the market. The Antwerp World Diamond Center stated that for this mechanism to work, non-G7 India must also be involved.

CHEMICALS AND RAW MATERIALS

The EU imported 2.6 billion euros of Russian fertilizers last year. This figure was 40 percent more than in 2021.

Potash imported from Russia and its ally Belarus is either heavily restricted or banned altogether by the EU. However, Sean Mackle, a member of the industry lobby, stated that other types of fertilizers, including urea, can be freely traded in the region, adding that the incoherent restrictions hinder the implementation of sanctions.

A disagreement between the EU’s 27 member states on exceptions that would allow fertilizer shipments to continue to Africa is preventing further sanctions against Belarus for its support of the war.

Among the raw materials that are not subject to sanctions is nickel, which is mostly used in the production of stainless steel. According to Eurostat data, while the EU imported 2.1 billion euros worth of nickel in 2021, this figure rose to 3.2 billion euros in 2022.

BIG NAMES AND SECONDARY SANCTIONS

The mining company Alrosa and the energy giant Rosatom have still not been added to the EU blacklist of around 1700 people and organizations. Gazprombank, the financial unit of Russia’s natural gas monopoly Gazprom, and Russia’s second largest oil producer, Lukoil, were not added to the blacklist.

Transparency International, the advocacy organization, has long called for Russia’s access to the EU lobby to be restricted and for secondary sanctions, as in the United States, to be imposed on those who assist individuals and organizations that are already subject to sanctions.

(source: REUTERS)

The third round of negotiations, lasting three days, on wage increases for employers and unionized workers in the public sector in Germany failed.

It was stated that an 8 percent salary increase was offered to employees who requested a raise in the range of 10.5-12 percent.
In the third round of negotiations on wage increases in the public sector, accompanied by mass warning strikes in Germany, no agreement was reached.

In the statement made by the United Service Industry Union (Ver.di) and the Civil Servants Union (dbb), one of the largest unions in Germany, it was stated that the third round of negotiations, which lasted for 3 days, regarding the wage increases of employers and unionized employees in the public sector, failed.

“The round of collective bargaining for approximately 2.5 million workers in the federal and local public sector failed after long and arduous negotiations,” the statement said.

THEY WANT ‘A REAL INFLATION COMPENSATION’

After three days of unsuccessful negotiations by employers and unions in the public sector, the parties will go to arbitration and mediators will seek a solution regarding wage increases.

There will be no new layoffs in the public sector during the arbitration period, i.e. Easter days.

Frank Werneke, President of the Ver.di Syndicate, stated that for them, a socially fair wage is still their focus.

Stating that public employers ignore the situation of many workers, Werneke said, “The signal from employees, especially low and middle income earners, is clear. We need real inflation compensation,” he said.

8 PERCENT HIRE RECOMMENDATION FROM THE EMPLOYER

German Federal Minister of the Interior Nancy Faeser stated that the unions had come a long way to reach an agreement with the employers and said, “However, the unions were not ready for an agreement.”

Noting that public sector employers offer an 8 percent salary increase or at least 300 Euros per month, Faeser stated that employers are also ready to pay their employees a one-time payment of 3 thousand Euros, tax-free in the face of high inflation.

10.5-12 PERCENT REQUEST FROM THE UNION

Ver.di wants a wage increase of 10.5 percent, or at least 500 euros, for employees in response to the effects of unusually high inflation in Germany.

EVG, on the other hand, demands a 12 percent increase in wages of employees or at least 650 Euros more per month.

On the other hand, annual inflation in Germany, which was 8.7 percent in January, remained unchanged in February as expected.

NEGOTIATIONS ARE CONDUCTED ON BEHALF OF 2,5 MILLION EMPLOYEES,

On the other hand, after the call of Ver.di and the Railway Employees’ Union (EVG) on March 27, the largest 24-hour transportation strike in the last 31 years was held in Germany, and most of the plane, train and bus services came to a standstill.

Meanwhile, Ver.di negotiates on behalf of approximately 2.5 million employees in the public sector, including public transport and airports, while EVG negotiates for approximately 230,000 employees at Deutsche Bahn and municipal transport companies.

Russian President Vladimir Putin said that the return of the Russian economy to the growth trajectory should not cause slackening, “because the illegitimate restrictions on the Russian economy can really negatively affect it in the medium term.” said.

Russian President Putin evaluated the country’s economy in an online meeting with government members. Stating that the Russian economy has shown positive dynamics since July last year, Putin stated that this has been achieved thanks to the active development of ties with the rapidly growing eastern and southern countries.

“The return to the growth trajectory should not comfort us, we need to support and strengthen the positive trends in our economy, increase its efficiency, ensure technological, personnel and financial sovereignty, and act quickly without unnecessary bureaucracy and delays. Because illegitimate restrictions on the Russian economy can really negatively affect it in the medium term.” used the phrase.

“UNEMPLOYMENT LOW AT RECORD LEVEL”

Emphasizing that the unemployment rate in some regions and settlements in Russia is much higher than the national average and there are problems with the quality of workplaces in general, Putin said, “Unemployment in Russia is at a record low, but this does not mean that all problems in the labor market have already been solved.”

Putin stated that some workers are working or working part-time in enterprises where production has fallen, and pointed out that this has a negative impact on wages. “As I said, our real incomes are increasing on average, but in some regions, in some areas, the situation is still not like this and I expect more active actions here.” he said.

Noting that inflation will fall to 4 percent at the end of March, Putin said that the slowdown in inflation will continue, according to some estimates. Putin expressed his hope that an additional 18.5 percent increase in the minimum wage at the beginning of next year will also contribute to the decrease in inflation.

The EP economic and financial affairs committees discussed drafts aimed at strengthening the EU’s fight against money laundering and terrorist financing.

The committees adopted the documents determining the EP’s position and negotiation position with EU countries on the new rules with strict measures in this area.

Accordingly, various entities such as banks, funds, cryptoassets and real estate, and professional football clubs will need to prove who controls the assets and the company, and confirm the identity of their customers.

These organizations will determine the types of risks in the sectors in which they operate and transmit them to a central system.

Cash and crypto asset transactions will be restricted. Cash payments that can be accepted by people who provide goods or services will be limited. A limit of up to 7 thousand euros will be introduced for cash payments.

Crypto-asset transfers will be limited to 1,000 euros. Citizenship by investment, where the risk of abuse by criminals is clear, will be banned, and programs such as the “Golden visa” will be strictly regulated.

All EU member states will establish a financial intelligence unit to prevent money laundering and terrorist financing. In order to detect money laundering systems and freeze assets in a timely manner, national authorities will have access to all information on usufructs, bank accounts, land or property registers.

Member states will collect information on the ownership of goods with a value exceeding 200,000 euros, such as yachts, airplanes and cars. The bills will be voted on at the EP General Assembly after this stage. The final version of the regulation will be determined as a result of the negotiations between the EU countries and the EP.

Currently, the EU has no restrictions on cash payments. However, many member states set their own borders. Cash payments can be made up to 1,000 euros in France, 3,000 euros in Italy, Belgium and Portugal, and up to 15,000 euros in Poland.

For payments above these limits, the banking system must be used. Currently, there is no limit to pay cash in Germany, but for payments over 10 thousand euros, identification is required.

Investing.com – The cryptocurrency industry tumbled on Tuesday after the US CFTC (Commodity Futures Trading Commission) sued Binance, the world’s largest cryptocurrency exchange, for alleged violations of its trading rules.

According to CNBC, the commission alleges that Binance violated eight laws “designed to prevent and detect money laundering and terrorism financing.” The lawsuit was filed yesterday in a federal court in Chicago.

Binance CEO Changpeng Zhao denied these accusations in a blog post, saying that the company “under no circumstances trades for profit or manipulates the market.”

Zhao stated that Binance “trades” on various conditions, but mostly to cover its fiat or other crypto-based expenses, as it generates the bulk of its income in cryptocurrencies.

The CFTC also claims that Binance has given instructions to its employees and customers to circumvent the compliance checks of the Chinese exchange.

While this development continues, the crypto sector is once again losing its position that it has gained in recent days. According to experts, any regulatory move that will affect the world’s largest cryptocurrency exchange can have huge industry-wide consequences.

Bitcoin and Ethereum are down around 3% this morning, while BNB is down 5%.

Similarly, stocks associated with the cryptocurrency sector also suffered from the news. Coinbase) and MicroStrategy stocks closed yesterday with losses of around 7%.

The Dutch student union LSvB will hold a hearing this week in their case against the city council of Vijfheerenlanden for students struggling to pay their energy bills.

This lawsuit filed by the union is known as one of 55 lawsuits filed across the country following the Cabinet’s decision to exclude students from the 1300 euros in energy aid paid to low-income people. The union said the issue disproportionately affected international students, as they may not be aware of their rights. Only 5% of applications to the LSVB’s helpline are international students, yet these students represent 16% of the student population at universities.

After rising gas and electricity prices, many students are still struggling to pay their bills and keep their homes warm.

The government argues that students can pay these bills because they have access to student finance. Judges in Amsterdam and Nijmegen agreed with students who argued that their exclusion constitutes discrimination.

Poverty Minister Carola Schouten said these cases were “individual cases against individual councils” rather than a nationwide phenomenon. She said students in distress can still apply for a special payment for which the government has allocated 35m euros. However, LSvB board member Midas Bosman said that ‘The procedure for applying for this payment is very invasive and restrictive and systematically excludes many students’.

Hundreds of municipalities in the Netherlands do not want to take part in the application of additional energy allowances initiated by the government for the low-income.

More than 340 municipalities refuse to continue making additional energy payments for low income earners on behalf of the government. The Association of Dutch Municipalities (VNG) states that the plan puts a very heavy burden on municipal staff.

In the news in the Algemeen Dagblad newspaper, it was stated that the government was considering continuing the additional energy allowance for the next year, but the municipalities were opposed to this plan. Municipalities claim that the practice creates additional workload for the personnel and also brings additional costs.

According to the Dutch Association of Municipalities (VNG), the application of additional energy allowances puts excessive pressure on municipalities. For this reason, it is not “realistic” for municipalities to implement this plan for the third time in 2024, in addition to their normal duties, after the energy crisis in 2022 and 2023.

In a letter sent to the Ministry of Social Affairs and Employment (SZW) during the week, VNG stated that municipalities do not want to take part in this payment program in 2024.

“It is unreasonable to expect municipalities to do this for the third time after the energy crisis,” VNG director Leonard Geluk told the newspaper. made his comment.

It is not yet known how the government will take steps regarding the municipalities that refuse to pay, but VNG states that they will insist on this issue and that they will not distribute additional energy allowances on behalf of the government.

Additional energy allowance
Against the energy costs, which increased significantly last year, the government introduced additional energy allowances to protect low-income households. The amount of annual appropriation determined in the application is delivered to the citizens through the municipalities.

Government; has allocated a budget of over 850 million euros for the application, which supported approximately 800,000 households last year. Last year, 800 euro was paid per household in the additional energy allowance distributed through municipalities. This year, a total of 1300 euros will be paid.

It is estimated that whether the additional energy support package will be continued in 2024 will be finalized during the Budget Day in September.

The amount of international transfers in yuan reached 96.7 trillion yuan (about $14.14 trillion), up 21.48 percent year on year, according to data from the People’s Bank of China (PBoC).

Transfers made in the Chinese national busbar yuan for international payments increased in 2022 compared to the previous year.

The amount of international transfers in yuan reached 96.7 trillion yuan (about $14.14 trillion), up 21.48 percent year on year, according to data from the People’s Bank of China (PBoC).

During the year, 4.4 million remittances were made through China’s cross-border yuan payments system. The number of transfers also increased by 31.68 percent compared to the previous year.

While an average of 17,700 transfers were made in the system throughout the year, 388.34 billion yuan was transferred.

It was reported that approximately 2.1 million people had to take advantage of food banks due to the increasing cost of living crisis in England.

The UK Ministry of Labor and Social Security has published the data it collects in food banks in different parts of the country.

According to ministry data, between the end of April 2021 and March 2022, approximately 2.1 million people, equivalent to 3 percent of families, had to be fed from food banks in England.

INFLATION IS APPROACHING TO THE HIGHEST LEVEL OF THE LAST 40 YEARS

In the statement, it was stated that according to the data received from food banks, approximately 600 thousand people, who make up 1 percent of the society, had to use food banks at least once in the last 30 days.

The British charity Trussell Trust, on the other hand, drew attention to the fact that the number of people who had to be fed from food banks in the April-December period of last year increased by 52 percent to 1.3 million.

In February this year, inflation in the UK rose to 10.4 percent, approaching the highest level in the last 40 years.

Last month, the country experienced the sharpest increase in food prices in the last 45 years with 18.2 percent.

In the statement made by the British National Statistics (ONS), it was stated that house prices increased by 6.3 percent on an annual basis in January, and it was recorded that the average house prices in the country reached 290 thousand pounds with an increase of approximately 17 thousand pounds in the last year.

It was reported that house prices in England increased by 6.3 percent in January compared to the same month of the previous year.

In the statement made by the British National Statistics (ONS), it was stated that house prices increased by 6.3 percent on an annual basis in January, and it was recorded that the average house prices in the country reached 290 thousand pounds with an increase of approximately 17 thousand pounds in the last year.

In the ONS statement, it was reported that house rents in the UK increased by 4.6 percent on an annual basis, the steepest increase since 2016.

In the statement of the statistics agency, it was recorded that house prices in England decreased by 0.6 percent on a monthly basis in January.

Housing prices decreased by 0.4 percent in December 2022 compared to the previous month.

Aimee Nortn, Head of ONS Housing Markets, whose evaluations were included in the statement, said, “The rents continue to increase in the UK. As of February, the sharpest increase in housing rents in the country was recorded on an annual basis since 2016. used the phrases.