Fashion
European Commission announces 19th package of sanctions against Russia
“We are aligning our sanctions with our G7 partners, under the steer of the Canadian presidency,” von der Leyen said in an official statement announcing the sanctions.
The European Commission has announced the EU’s 19th package of sanctions against Russia.
These are sanctions on the energy front, targeting the financial loopholes that Russia uses to evade sanctions and new direct export restrictions for battlefield items and technologies.
The Commission is also working on a new solution to finance Ukraine’s defence efforts based on the immobilised Russian assets.
The Commission is banning imports of Russian LNG into European markets. “We have been saving energy, diversifying supplies and investing in low-carbon sources of energy like never before….Then, we have just lowered the crude oil price cap to $47.6. To strengthen enforcement, we are now sanctioning 118 additional vessels from the shadow fleet. In total, more than 560 vessels are now listed under EU sanctions,” she said.
Major energy trading companies Rosneft and Gazpromneft will now be on a full transaction ban. And other companies will also come under asset freeze.
“We are now going after those who fuel Russia’s war by purchasing oil in breach of the sanctions. We target refineries, oil traders, petrochemical companies in third countries, including China. In three years, Russia’s oil revenues in Europe have gone down by 90 per cent. We are now turning that page for good,” she said.
The Commission is putting a transaction ban on additional banks in Russia and on banks in third countries.
“We are stepping up our crackdown on circumvention. As evasion tactics grow more sophisticated, our sanctions will adapt to stay ahead. Therefore, for the first time, our restrictive measures will hit crypto platforms, and prohibit transactions in crypto currencies. We are listing foreign banks connected to Russian alternative payment service systems. And we are restricting transactions with entities in special economic zones,” she said.
The Commission is adding new direct export restrictions for items and technologies used on the battlefield. It has listed 45 companies in Russia and third countries that have been providing direct or indirect support to the Russian military industrial complex.
“We know that our sanctions are an effective tool of economic pressure. And we will keep using them until Russia comes to the negotiation table with Ukraine for a just and lasting peace,” she reiterated.
In parallel, the Commission is also working on a new solution to finance Ukraine’s defence efforts based on the immobilised Russian assets. With the cash balances associated to these Russian assets, Ukraine can be provided with a reparations loan, she noted.
“The assets themselves will not be touched. And the risk will have to be carried collectively. Ukraine will only pay back the loan once Russia pays reparations. We will come forward with a proposal soon,” she added.
Fibre2Fashion News Desk (DS)
Kenneth Straka, Senior Product Development Manager at Deckers Outdoor Corporation, said that Deckers places strong emphasis on sustainability, noting that founder John Luke often reminded the team that the French word for sustainability is durability. This idea aligned with discussions at the Global Fashion Summit, where the theme centred on “Building Resilient Futures” in the sustainable and circular economy.
Durability has helped UGG become one of the most sought-after boot brands and a key sales driver for Deckers, alongside its sportswear brand Hoka. “One of the things we think about in terms of circularity is making products that last a long time and remain with consumers throughout their lives. We want products that consumers can wear for ** or ** years,” Straka said in an interview with Fibre*Fashion on the sidelines of the Global Fashion Summit in Copenhagen.
In the Tiruppur market, cotton yarn prices increased by ****;*–* per kg in this week despite sluggish local demand. Prices were quoted higher because of limited supply from spinning mills. A trader from the Tiruppur market told Fibre*Fashion, “Domestic demand remained limited, but spinning mills are not relying solely on the domestic market for cotton yarn sales. They are focusing more on exports, where demand and prices remain attractive. Mills have raised yarn prices following higher ICE cotton prices and the CCI’s increase in auction base prices, although ICE cotton has witnessed a sharp decline over the past two days.”
In Tiruppur, knitting cotton yarn prices were noted as: ** count combed cotton yarn at ****;***–*** (~$*.**–*.**) per kg (excluding GST), ** count combed cotton yarn at ****;***–*** (~$*.**–*.**) per kg, ** count combed cotton yarn at ****;***–*** (~$*.**–*.**) per kg, ** count carded cotton yarn at ****;***–*** (~$*.**–*.**) per kg, ** count carded cotton yarn at ****;***–*** (~$*.**–*.**) per kg, and ** count carded cotton yarn at ****;***–*** (~$*.**–*.**) per kg.
BGMEA president Mahmud Hasan Khan said they discussed export diversification within the garment sector, reopening of closed factories and many factories’ struggle for survival.
Representatives of two top Bangladesh garment trade bodies recently met PM Tarique Rahman and urged him to ensure uninterrupted power and energy supply, quick release of export receipts from banks, reopening of closed factories and easing of customs regulations.
BKMEA raised concerns about misuse of the bond facility and urged action against violators of bond licences.
104 factories have informed the BGMEA about their closure till now, Khan said. BGMEA will scrutinise these cases to identify the genuine reasons for the closures.
Following the scrutiny, the association will send recommendations for reopening these factories, as the government is working to open a Tk 200-billion fund to assist their revival.
BKMEA president Mohammad Hatem said some 400 factories closed in the last three years—nearly 300 of them due to non-cooperation from banks. He said banks release export receipts to exporters’ lien accounts, but delays in payment often force loans into default, leaving exporters unable to pay suppliers on time.
He also demanded uninterrupted supply of power and gas to industrial units as recent shortages of fuel oil have severely affected productivity, according to domestic media ooutlets.
Hatem raised concerns about misuse of the bond facility and urged action against violators of bond licences.
He also called for easing the rules of the National Board of Revenue, particularly customs procedures, to smoothen export and import processes and reduce lead times.
Fibre2Fashion News Desk (DS)
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