RIGA – Foreign Minister Edgars Rinkevics (New Unity) at a meeting of the European Union’s (EU) Foreign Affairs Council on Monday called on the EU to adopt its ninth package of sanctions against Russia, LETA was told at the Foreign Ministry. At the meeting of the bloc’s foreign ministers, Rinkevics urged EU member states to provide all possible political, military, humanitarian and financial support to Ukraine. The Latvian minister reiterated Latvia’s support for Ukraine’s European integration and reforms. Rinkevics noted the need to urgently decide on further practical assistance, including macroeconomic, to Ukraine and to develop long-term EU support systems. The Latvian minister believes that it is necessary to urgently and inclusively develop a global coordination platform. Rinkevics voiced support for the EU Foreign Affairs Council’s decision to launch the EU’s Military Assistance Mission in support of Ukraine (EUMAM Ukraine) and for the approval of specialized allocations worth EUR 16 million under the European Peace Facility (EPF). Rinkevics said that the EU must continue to exert political, economic and diplomatic pressure on Russia, including by adopting new sanctions. The minister indicated that as a result of Russia’s full-scale invasion of Ukraine, the previous basis of EU-Russia relations has been lost. “Returning to previous relations will not be possible, which is why the EU must change the paradigm in its relations with Russia. The EU policy must be based on deterrence, strategic independence from Russia and strengthening resilience. It is necessary to strengthen the resilience of Russia’s neighbor countries,” Rinkevics emphasized. European Commission President Ursula von der Leyen underlined on Thursday that the European Union is working “full speed” on delivering the ninth sanctions package against Russia. Speaking at a press conference in Finland, Von der Leyen reiterated that the bloc “will not rest until Ukraine has prevailed over [Russian President Vladimir] Putin and his unlawful and barbaric war.”Touching upon the subject of the price cap on Russian oil, the EC head stated that she is “confident” the parties will approve the decision “very soon.”
Oil up with price cap talks, US inventories in focus
Prices of oil futures increased on Friday as attention remained on the ongoing discussions within western alliances about imposing a price cap on Russian oil. Moscow insisted such a measure would seriously affect the global market as it does not intend to sell oil to countries that introduce the price restrictions. In addition, supply fears could have been intensified by a drop in inventories in the United States and sporadic disruptions to oil flow in Europe.
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