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EU signs part of Economic Deal with Ukraine
BRUSSELS — The European Union and Ukraine on Friday signed part of a broad political and economic agreement that sparked the West’s escalating conflict with Russia.
On the second day of a summit of EU leaders in Brussels, Ukrainian Prime Minister Viktor Yatsenyuk and European leaders signed several sections of the agreement that call for stronger political dialogue and security cooperation. But the most substantive sections of the deal—covering trade, law enforcement, anticorruption measures and macroeconomics—likely won’t be signed until after Ukraine holds elections in May.
The EU has already proposed to grant Ukraine the trade benefits of the deal—eliminating tariffs on most Ukrainian exports to the bloc—before the deal is signed.
These steps are intended to bolster Ukraine’s economy and fragile transitional government, months after former President Viktor Yanukovych, under pressure from Russia, refused to sign the agreement. That decision sparked protests, violent clashes with Ukrainian police and ultimately pushed Mr. Yanukovych from office.
“This deal meets the aspirations of millions of Ukrainians that want to be a part of the European Union,” Mr. Yatsenyuk said at the signing ceremony.
EU leaders also agreed to bring forward the deadline for finalizing political and trade accords with Georgia and Moldova. Those agreements, which would bind the two countries into much closer ties with the 28-nation bloc, were previously due to be signed by August.
The step was taken because of European concerns that Russia would step up pressure on Georgia and Moldova to abandon the agreements as it did with Ukraine last year.
The EU has already moved to alleviate Russian economic pressure on Moldova by lifting quotas on the country’s wine exports. It has also promised to ease the procedure for Moldovan citizens to travel to the bloc in the coming months.
Early Friday morning, the EU agreed on a new list of Russian sanctions targets, including members of President Vladimir Putin’s governing team. They will be added to a list of 21 Russians and Crimeans the EU had already slapped with a travel ban and asset freeze. Thursday’s action was coordinated with the U.S., which on Thursday brought its list of targets to 31 individuals and a Russian bank.The EU’s new targets, to be identified formally later Friday, are all Russians and don’t include businesspeople, according to someone familiar with the list. Herman Van Rompuy, president of the European Council—which comprises the national leaders of the EU’s member states—said that “some of [the targets] are really high-ranking.” The EU’s earlier list arguably didn’t include anyone in that category.
EU leaders maintained their silence Friday morning about who would be targeted on by sanctions. According to three people familiar with the list, it includes three figures who answer to Mr. Putin and were on the U.S. list issued Monday.
They include Putin aide Sergei Glazyev, a hard-liner who threatened Ukraine with economic retaliation last year as it contemplated whether to sign an Association Agreement with the EU. Also cited is Vladislav Surkov, another aide sometimes called “the Gray Cardinal” for his behind-the-scenes work at the Kremlin. When Mr. Surkov was hit with the U.S. sanctions earlier this week, he memorably joked that the things he liked about America were Tupac Shakur, Jackson Pollock and Allen Ginsberg, and he didn’t need to travel to the U.S. to appreciate their work.
Another target is Dimitry Rogozin, Russia’s deputy prime minister. He, too, laughed off the U.S. sanctions, and tweeted to “Comrade Obama” that “some prankster” must have come up with the sanctions targets.
Lithuanian President Dalia Grybauskaite said the bloc wouldn’t be cowed by Russian talk of retaliating against the European measures.
“Nobody is afraid of anybody,” she said when asked about the threats.
On Friday morning, Mr. Putin said his government won’t retaliate against the new U.S. sanctions on Russia imposed Thursday.
An unusual level of secrecy surrounded the names of the EU’s targets, as the bloc’s officials sought to prevent the individuals from moving their assets before the formal publication. The national leaders could bring no aides into their meeting, and they were deprived of Wi-Fi and phone service during the session, according to someone familiar with the situation.
European leaders also canceled an EU-Russia summit planned for June and said individual countries would cancel their own meetings with Russia. If Moscow continues to block a monitoring mission to Ukraine by the Organization for Security and Cooperation in Europe, they said, they would organize their own EU mission.
The leaders also said they had asked the European Commission, the EU’s executive body, as well as individual member states, to draw up plans for “targeted economic measures” if Russia continues to destabilize Ukraine.
They declined to specify what specific Russian actions would trigger such broader measures, such as embargoes. “We will assess each action, each incident in itself,” Mr. Van Rompuy said. “We will not put all our cards on the table…But the preparations are ongoing.”
Nicos Anastasiades, the president of Cyprus, whose banks and beaches make it a popular destination for Russians, told reporters the EU must pursue steps that avoid financially damaging its member states.
Other leaders said they are bracing for the possibility that just such steps will be necessary before long. “We need to prepare ourselves, and that means of course hurting ourselves in a way,” said Swedish Prime Minister Fredrik Reinfeldt. “I think this is already happening. Sweden as a country has 400 companies present in Russia, and they are already worried.”
Others looked for different ways to send Russia a message. German Chancellor Angela Merkel said the Group of Eight industrialized nations, which had included Russia, is essentially defunct as a result of Russia’s incursion into Ukraine.
“As long as there is no political environment for such an important political format as the G-8, the G-8 doesn’t exist anymore,” Ms. Merkel told the Bundestag, Germany’s parliament on Thursday.
-WALLSTREET JOURNAL
Sahara Energy Geneva has highlighted the power of business collaboration to deliver lasting impact, with Mercy Ships Cargo Day celebrating more than $20 million raised over the past decade to support healthcare interventions in Africa.
More than 500 guests from over 150 shipping and trading companies gathered in Geneva recently for the 10th anniversary Gala of Mercy Ships Cargo Day, celebrating a decade of industry support for the international charity.
David Walker, Head of Chartering at Sahara Energy Geneva and Chairman of the Cargo Day Geneva Committee, joined industry leaders at the event, where he thanked the global shipping community, sponsors, media partners and Cargo Day committees in Geneva, London, Houston, Dubai and Singapore for supporting the initiative.
Cargo Day brings together charterers, shipowners, shipbrokers, and other shipping professionals who contribute through pledges, cargo commissions, and address commissions to support the work of Mercy Ships.
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Kola Motajo, Director, Sahara Geneva said Sahara’s involvement reflects the company’s belief in the ability of enterprise and partnerships to deliver impact beyond business.
“At Sahara, our focus is always on impact and lives transformed. Cargo Day demonstrates what is possible when businesses and individuals unite around a shared purpose. The $20 million milestone reflects the collective commitment of the global shipping community to improving healthcare in Africa. As Sahara looks Beyond XXX, we remain committed to building connections that create lasting value and possibilities for generations to come,” Motajo said.
Reflecting on Cargo Day’s growth, Walker said: “Ten years ago, we raised $300,000 and there were 70 people at the Gala. Today, we have more than 500 people coming from around the world to support such a great cause.”
Cargo Day 2025 raised more than $2.5 million, with 93 companies participating, including charterers, brokers, shipowners, and other partners.
Mercy Ships operates two hospital ships supporting patients in Africa with free life-changing surgeries, while also providing training and mentoring for local healthcare professionals. Cargo Day funding contributes to expenses associated with operating the hospital ships.
The 2026 Cargo Day campaign begins November 4 and will run through November and December, with companies participating through Mercy Cargoes, address commissions and pledges.
Up to 30 Nigerian graduates have bagged postgraduate scholarships to pursue further studies both locally and in the Diaspora.
According to the Nigerian National Petroleum Company Limited (NNPC Ltd) and Italian energy company, Eni have awarded postgraduate scholarships
The beneficiaries emerged from more than 3,000 applicants following assessments of their academic records and performances in a recently conducted computer-based test (CBT).
The awards are under the 2026/2027 Postgraduate Scholarship Scheme of Nigerian Agip Exploration Limited (NAE), an Eni subsidiary, on behalf of the NNPC-NAE Production Sharing Contract (PSC) partners.
In a statement, NAE’s Vice Chairman and Managing Director, Maurizio Pinna, said the initiative was designed to develop local talent and equip young Nigerians with skills relevant to the oil and gas industry. Pinna congratulated the beneficiaries, noting that the scholarships would enable them to pursue their academic ambitions and achieve their career goals.
According to NAE, the programme reflects its commitment to education, innovation and capacity building in Nigeria.
The company urged the beneficiaries to make good use of the opportunity by acquiring valuable knowledge and skills that would contribute to national development, particularly in the energy sector.
Ten of the awardees will undertake postgraduate studies in universities abroad, including Imperial College London, Robert Gordon University in Aberdeen, Newcastle University, the University of Aberdeen and the University of Hull in the United Kingdom.
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The remaining 20 beneficiaries will study at Nigerian universities in fields including engineering, geosciences, petroleum and environmental technology, energy economics, renewable energy and energy transition.
Established in 2007, the NNPC-NAE PSC postgraduate scholarship scheme is part of the partners’ human capital development programme aimed at promoting specialised knowledge and addressing skills shortages in Nigeria’s deep offshore oil and gas operations.
NAE said 380 Nigerian graduates had benefited from the scheme since its inception, gaining knowledge and skills required by the oil and gas industry.
Beyond education, Eni, through NAE, has implemented sustainability initiatives in Nigeria covering healthcare, access to water, infrastructure and community empowerment.
Eni has operated in Nigeria since 1962 and currently has an equity production of about 55,000 barrels of oil equivalent per day. The company also holds a 10.4 per cent stake in Nigeria LNG.
NAE was incorporated in 1996 to manage Eni’s deep offshore exploration and production assets. It became the first oil and gas company in Nigeria to produce oil from the country’s deep offshore when its Abo floating production, storage and offloading (FPSO) vessel began operations in 2003.
The company has interests in nine offshore blocks in Nigeria, either as operator or co-venturer, including PML 102 and PML 103, where the Zabazaba-Etan fields are being developed.
The Dangote Petroleum Refinery and Petrochemicals’ (DPRP) decision to seek leave to appeal a Federal High Court (FHC) judgment directing the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing petroleum product import licences to three major oil marketers is being backed by the Energy Watchdog.
This was detailed in a statement by Martins Tayo, which considers the move as necessary to protect Nigeria’s domestic refining industry and reduce dependence on imported petroleum products.
The judgment, delivered on September 28, 2026, by Justice Inyang E. Ekwo in Suit No. FHC/ABJ/CS/1363/2026, ordered the NMDPRA to continue issuing import licences to Matrix Energy, AA Rano and AYM Shafa.
The Energy Watchdog argued that the ruling undermined the objectives of the Petroleum Industry Act (PIA) and threatened investments in domestic refining capacity.
“We completely reject and condemn in totality the judgment of the lower court. It is a deeply flawed decision that disregards the clear intent of the Petroleum Industry Act and the national interest in building a robust domestic refining industry,” the statement said.
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The group further cited a reported decline in petrol imports in the first quarter of 2026, alongside increased supplies from local refineries, particularly the Dangote facility, as evidence of the country’s growing domestic refining capacity.
It argued that sustaining import licences despite rising local production could undermine efforts to achieve self-sufficiency in refined petroleum products and weaken investor confidence in the sector.
According to the organisation, Dangote Refinery’s decision to seek leave to appeal as an interested party was timely, given the potential implications of the judgment for the future of Nigeria’s downstream petroleum industry.
“The lower court’s decision amounts to a judicial endorsement of continued importation irrespective of local capacity.
“We condemn it without reservation because it threatens to reverse the hard-won gains of the last few years,” Tayo stated
The Energy Watchdog maintained that the Petroleum Industry Act was designed to encourage investment in midstream and downstream infrastructure, warning that allowing the ruling to stand could send a negative signal to investors who have committed substantial resources to domestic refining projects.
The group urged the Court of Appeal to grant the DPRP leave to appeal and ultimately set aside the FHC’s order, describing the case as significant to Nigeria’s energy security and the development of its refining industry.
“Any judgment that forces the continued importation of fuel products when local refineries can supply the market is a setback for Nigeria.
“We condemn the lower court ruling in the strongest terms and fully support the appeal filed by Dangote Refinery,” the statement concluded, “The Court of Appeal must correct this error and reaffirm that the era of automatic import licences is over.”
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