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Energy Crisis in Europe
Europe is bracing for tough winter as US-led push to “punish” Moscow for its military operation in Ukraine backfired on the EU, which has faced months of skyrocketing energy prices and rising inflation after Brussels joined Washington in attempting to “phase out” Russian oil, coal and gas.

Greece, Cyprus Drop Opposition to EU's Russian Oil Price Cap, Reports Say

© Sputnik / Grigoriy Sisoev / Go to the mediabankRussia’s energy giant Gazprom Neft plans to drill its first exploratory well in Iraq next year, the chief executive of the company’s Middle East branch told the Gazprom corporate magazine, published Friday.
Russia’s energy giant Gazprom Neft plans to drill its first exploratory well in Iraq next year, the chief executive of the company’s Middle East branch told the Gazprom corporate magazine, published Friday. - Sputnik International, 1920, 04.10.2022
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MOSCOW (Sputnik) - Greece and Cyprus have caved in to the European Commission's pressure to back its effort to limit the price of Russian crude exports to third countries as part of its next sanctions package, media said Tuesday.
This leaves Malta as the only holdout, according to people familiar with the matter, who were cited by news website Euractiv. EU envoys will meet on Tuesday evening in the hope of finalizing the price cap.
The EU’s seafaring nations have until recently opposed the move to ban Russia from shipping oil — save crude traded at or under the price agreed by the West — because of disproportionate damage this would do to their economies.

"There is a lot of frustration with the problem being created here, as by many it is not considered to be on the same level given the economic hits that everyone else has been swallowing over the past months," an EU diplomat reportedly said.

EU leaders may announce the eighth sanctions package against Russia at their informal summit in Prague later this week. The European Union banned imports of Russian oil in June, with the exemption for seaborne oil.
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