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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
Shell will continue to support Nigeria in its efforts to build a secure energy future through investments and efficient delivery of its businesses in Nigeria.
“We continue to invest in Nigeria’s future through our projects, our people, and our enduring confidence in the potential of this nation,” General Manager, Development and Subsurface Shell Nigeria Deepwater, Kun Jiang said today while delivering the sponsor’s remarks at the 49th edition of the Nigeria Annual International Conference and Exhibition of the Society of Petroleum Engineers in Lagos.
Kun highlighted current investments in Bonga North, HI and the advancement of Bonga Southwest as testimonies of Shell’s confidence in Nigeria’s deepwater future. The confidence was further reiterated with the recent launch of a US$3 billion contract financing programme by Shell Nigeria Exploration and Production Company (SNEPCo), which will help Nigerian contractors build capability, create value, and accelerate project delivery.
Shell is a major sponsor of the conference as part of a longstanding support for a professional body which has contributed to the development of the oil and gas industry. Discussing the theme of the conference; “Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience,” Kun said Nigeria had a lot of opportunities despite geopolitical tensions that threaten global supply chains and market volatility and shifting energy dynamics.
“With a population exceeding 240 million people, abundant natural resources, world-class talent, and growing domestic energy needs, Nigeria has all the ingredients to become one of the world’s most attractive energy investment destination,” she pointed out. “But potential alone does not create prosperity. Potential must be converted into progress. Resources must be transformed into value. Opportunity must be matched by action.”
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Nigeria must continue to attract capital, strengthen the business environment, embrace technology to unlock potentials if it will thrive in the global evolving energy landscape. She added: “The future will belong to countries and industries that combine resilience with innovation, ambition with collaboration and investment with execution excellence. Nigeria has the resources. Nigeria has the talent. Nigeria has the opportunity. What is required now is the collective determination to seize it.”
Shell is mounting an exhibition at the SPE conference with SNEPCo’s Senior Production Geologist Abidemi Belgore taking industry leaders and regulators round the stand.
Key areas of interest include technological breakthroughs that have enhanced output at Bonga and facilitated the execution of the Bonga North project. Also highlighted on the stand is the full range of Shell businesses in Nigeria from deepwater oil production and integrated gas to renewables and power solutions as well as social investments across the country.
The Nigerian naira recorded further gains against the United States dollar on Monday, appreciating to N1,408 per dollar in the parallel market, compared to N1,415/$ recorded at the close of trading last weekend.
The local currency also strengthened in the Nigerian Foreign Exchange Market (NFEM), where it appreciated to N1,365 per dollar, up from N1,368/$ at the end of last week.
According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate improved by N3, reflecting sustained appreciation of the naira in the official market.
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The latest gains also narrowed the gap between the parallel and official exchange rates to N43 per dollar, down from N47 per dollar recorded on Friday, indicating a gradual convergence between both markets.
Meanwhile, activity in the official foreign exchange market increased significantly, with interbank turnover surging by 132.3 per cent to N137.05 million, compared to N58.99 million recorded last weekend.
The improved performance of the naira across both markets comes amid continued efforts by monetary authorities to stabilise the foreign exchange market and enhance liquidity.
With a view to improving operational efficiency, safety, compliance and service delivery across its operations, Pinnacle Oil & Gas Limited has reaffirmed commitment to building stronger relationships with its vendors.
The company made the commitment at its 2026 Vendors’ Forum held in Lagos under the theme, “Partnering for Operational Excellence,” with the sub-theme, “Strengthening Partnerships Through Compliance, Safety, Performance and Innovation.”
The forum brought together more than 100 existing and prospective vendors as well as key stakeholders, both physically and virtually, to strengthen collaboration and align suppliers with the company’s operational standards and growth strategy.
Speaking at the event, Managing Director and Chief Executive Officer of Pinnacle Oil & Gas, Adenike Labinjo, described vendors as strategic partners whose commitment to quality, innovation, safety and compliance is critical to the company’s success.
She said as Pinnacle continues to expand its operations, it has become increasingly important for the company and its vendors to share a common understanding of expectations, responsibilities and performance standards.
Labinjo stressed that safety, regulatory compliance and ethical business practices remain non-negotiable in all engagements with suppliers.
She noted that stronger collaboration with vendors would help the company deliver greater value to customers and other stakeholders while supporting sustainable business growth.
The forum featured technical presentations by senior executives from the company’s Procurement, Engineering, Compliance, Finance, Legal, Health, Safety and Environment (HSE), and Sales and Marketing departments.
Participants received guidance on Pinnacle’s procurement procedures, vendor onboarding and prequalification processes, Know Your Customer (KYC) requirements, tax invoicing, payment processes, contractual obligations, technical specifications, contractor responsibilities, supplier performance expectations and Service Level Agreements.
The company also unveiled improvements to its Purchase Order (PO) process aimed at improving efficiency, transparency and ease of doing business with vendors.
A major highlight of the event was an interactive question-and-answer session where vendors engaged directly with the company’s leadership on procurement procedures, compliance requirements, project execution, HSE standards and areas for continuous improvement.
According to Pinnacle, the session reinforced its commitment to transparency, open communication and stronger collaboration with suppliers.
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The company also recognised outstanding vendors whose contributions have supported its operational performance over the past year. Five companies received Certificates of Recognition for exceptional service delivery, innovation and partnership.
The award recipients were Great Grace Enterprise for Outstanding Delivery Performance, Cevets Nigeria Limited for Excellence in Project Delivery, Ceezik Projekts for Outstanding Quality, Diadco Nigeria Limited for Outstanding Responsiveness, and Sephill Innovative Solutions Limited for Best Commercial Value.
On the significance of the forum, Head of Procurement and Administration, Oluseyi Ogunfowora, said the initiative reflects Pinnacle’s determination to build stronger partnerships through transparency, collaboration and shared accountability.
She explained that the procurement function coordinates the requirements of Engineering, Operations, Marine, Compliance, Legal, Finance, HSE and other business units to ensure a fair, efficient and transparent procurement process.
Ogunfowora urged vendors to submit complete and compliant documentation, communicate proactively and seek clarification whenever necessary.
“The success of our business depends on the strength of our partnerships,” she said. “When vendors clearly understand our expectations and we work together with transparency, compliance and open communication, we create a high-performing vendor ecosystem that benefits everyone.”
She added that the 2026 Vendors’ Forum forms part of Pinnacle’s broader strategy to strengthen supplier engagement, improve operational efficiency and reinforce a culture of compliance, safety, innovation and continuous improvement throughout its value chain.
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