Explore

Cyprus natural gas to supply Europe by first half of 2028, minister says, as EU seeks new sources

Cyprus natural gas to supply Europe by first half of 2028, minister says, as EU seeks new sources

European consumers can expect natural gas from Cyprus to help meet their energy needs by March 2028, Cyprus' energy minister says

Cyprus to Supply Europe with Natural Gas by 2028 Amid Energy Diversification Efforts

Cyprus to Supply Europe with Natural Gas by 2028 Amid Energy Diversification Efforts

Cyprus is set to become a new source of natural gas for Europe by March 2028, as announced by Cyprus' Energy Minister Michael Damianos. The development of the Cronos natural gas field, located off Cyprus' southern coast, is being led by TotalEnergies and Eni. This project marks the first time gas from East Mediterranean deposits will be supplied to European markets. The initiative is part of Europe's strategy to diversify its energy sources in response to geopolitical tensions, such as Russia's war in Ukraine. The gas will be piped to Egypt for processing before being shipped to Europe. The project is economically viable due to its proximity to existing infrastructure, costing approximately $2 billion.

Central Asian States Consider New Trade Route Architecture Amid Ukraine War

Central Asian States Consider New Trade Route Architecture Amid Ukraine War

The ongoing war in Ukraine has significantly impacted global maritime shipping, leading to increased importance of land logistics in intercontinental transport. This situation presents an opportunity for Central Asian states to establish a new trade route architecture, leveraging their geographical position as a strategic asset. However, achieving this requires addressing intra-regional connectivity issues, which could strengthen Central Asia's position in its relations with major powers. Recent discussions in Istanbul involved representatives from Uzbekistan, Turkmenistan, Türkiye, Georgia, Azerbaijan, and Kyrgyzstan, who signed an agreement to further develop the CASCA+ corridor, aiming to increase the flow of goods, including transit traffic to the EU.

Ukraine's Zelenskyy arrives for first visit to Russia-friendly Serbia

Ukraine's Zelenskyy arrives for first visit to Russia-friendly Serbia

Ukrainian President Volodymyr Zelenskyy has arrived for an official visit to Serbia for the first time

Serbia and Ukraine Strengthen Economic Ties with Free Trade Agreement Plans

Serbia and Ukraine Strengthen Economic Ties with Free Trade Agreement Plans

Serbia and Ukraine have committed to enhancing their economic cooperation, with a focus on finalizing a long-delayed free trade agreement by the end of the year. This development was announced during Ukrainian President Volodymyr Zelenskyy's visit to Belgrade, where he met with Serbian President Aleksandar Vucic. The two leaders discussed various aspects of their bilateral relationship, including Serbia's support for Ukraine's bid to join the European Union and its territorial integrity. Despite Serbia's refusal to impose sanctions on Russia, a long-time ally, it has condemned Russia's invasion of Ukraine and pledged to assist in rebuilding Ukrainian cities. The free trade agreement, which has been under discussion for over two decades, is crucial for Serbia's aspirations to join the World Trade Organization and the EU. The agreement has been stalled due to issues related to quotas and tariffs affecting Ukraine's agricultural sector.

Lithuania Freezes Assets of Mere Operator Following EU Sanctions on Russian Owner

Lithuania Freezes Assets of Mere Operator Following EU Sanctions on Russian Owner

Lithuania's Financial Crime Investigation Service has frozen the assets of the local operator of the Russian discount retail chain Mere. This action follows the European Union's sanctions on Sergey Shnayder, the indirect owner of the business, for allegedly supporting actions that undermine Ukraine's sovereignty. The sanctions require the freezing of funds for companies where Shnayder holds significant ownership. As a result, Mere stores in Lithuania have closed, and there are concerns about the continuation of business through a new retail chain.

U.S. Economy Surpasses EU as Economic Divergence Continues

U.S. Economy Surpasses EU as Economic Divergence Continues

In 2026, the U.S. economy has grown to $32.4 trillion, significantly outpacing the European Union's $23 trillion economy, which now stands at just 71% of the U.S. economy's size. This marks a stark contrast from 2008 when the EU's GDP was 131% of the U.S. economy. The divergence is attributed to several factors, including the eurozone debt crisis, Brexit, the COVID-19 pandemic, and geopolitical tensions such as Russia's invasion of Ukraine. The EU's economic trajectory has been hampered by these challenges, while the U.S. has rebounded strongly post-pandemic, despite facing inflation and high interest rates.

Zelenskyy visits Moscow-friendly Serbia as Russian attacks on Kyiv region kill 4

Zelenskyy visits Moscow-friendly Serbia as Russian attacks on Kyiv region kill 4

Ukraine's President Volodymyr Zelenskyy is in Serbia for talks on economic ties and security issues

Unidentified Drone Explosion in Bulgarian Airspace Raises Security Concerns

Unidentified Drone Explosion in Bulgarian Airspace Raises Security Concerns

An unidentified drone exploded in Bulgarian airspace near the Romanian border, close to a compressor station of the Trans-Balkan gas pipeline. The incident occurred near the former Kardam border checkpoint, with no casualties or damage reported. Bulgarian Prime Minister Rumen Radev stated that the drone entered from Romania, and both Bulgarian and Romanian authorities failed to detect it. Increased surveillance operations are now being implemented in the region. The incident follows a series of drone-related incursions in Romanian airspace, heightening security concerns in the area.

European Shift to Wind and Solar Power Reduces Fossil Fuel Imports

European Shift to Wind and Solar Power Reduces Fossil Fuel Imports

European countries have significantly reduced their fossil fuel imports by rapidly increasing their wind and solar power capacity. Following Russia's invasion of Ukraine in 2022, the European Union accelerated its renewable energy plans, resulting in wind and solar power comprising 30% of electricity supply by 2025, up from 19% in 2021. This shift has led to a dramatic decrease in coal and gas power, with gas generation falling by 15% and coal by 38%. The transition has avoided €72 billion in fossil fuel imports between 2022 and 2025, with the largest savings seen in Germany, Spain, and Italy.

Russia Faces August Uncertainty Amid Ongoing Geopolitical Tensions

Russia Faces August Uncertainty Amid Ongoing Geopolitical Tensions

As August 2026 begins, Russia is experiencing a period of uncertainty, with ongoing geopolitical tensions and economic challenges. Historically, August has been a significant month for Russia, often marked by major events. This year, the conflict with Ukraine continues to dominate, with no significant changes expected in the near term. The Russian economy is experiencing near-zero growth, and the ongoing drone and missile exchanges with Ukraine have become routine. However, there is a growing sense in Moscow that change may be imminent, driven by shifts in public sentiment and international pressure.

Ukraine to Purchase Air Defense Missiles from Third Countries with EU Loan

Ukraine to Purchase Air Defense Missiles from Third Countries with EU Loan

Ukraine has been granted the ability to use European Union loan funds to purchase air defense missiles from third countries. This decision comes as Ukraine seeks to bolster its defense capabilities amidst ongoing conflict. The European Commission has confirmed that Ukraine can apply for funding to acquire weapons, including those manufactured outside the EU, if they are not available within the union. This move allows Ukraine to address its defense needs more effectively, ensuring access to necessary military equipment. The European Commission has emphasized the importance of supporting Ukraine's defense efforts, highlighting the strategic significance of this financial assistance.