Sanctions and voluntary boycotts have forced Russia to change its international trade since its invasion of Ukraine. The country has reoriented towards the east, away from Europe. This ECB Blog post sheds light on these shifts. It is the third entry in a series about the economic effects of the war. Russia’s invasion of Ukraine prompted the EU and its partners to impose wide-ranging sanctions on Russia, including banning exports of certain types of machinery and transport equipment to the...

Climate change is a global problem that needs global solutions. As the EU raises its own climate ambition, and as long as less stringent climate policies prevail in many non-EU countries, there is a risk of so-called ‘carbon leakage'. Carbon leakage occurs when companies based in the EU move carbon-intensive production abroad to countries where less stringent climate policies are in place than in the EU, or when EU products get replaced by more carbon-intensive imports. The EU’s Carbon Border...

The United States and the European Union share the most comprehensive and dynamic economic relationship in the world. Our partnership is based on shared values and principles, including the responsibility to protect our planet for future generations and defend our workers. Today, the United States and the European Union are taking new steps to deepen our economic relationship as we build the clean energy economies of the future and address shared economic and national security challenges.  Building the Clean Economies...

On January 19, the European Commission, EU Member States, and 26 partners countries will launch “The Coalition of Trade Ministers on Climate”, the first Ministerial-level global forum dedicated to trade and climate and sustainable development issues. The Coalition will foster global action to promote trade policies that can help address climate change through local and global initiatives. The Coalition aims to build partnerships between trade and climate communities to identify the ways in which trade policy can contribute to addressing...

I. Introduction The U.S.-EU Trade and Technology Council (TTC) met outside Washington, D.C., on December 5, 2022.  The meeting was co-chaired by U.S. Secretary of State Antony Blinken, U.S. Secretary of Commerce Gina Raimondo, U.S. Trade Representative Katherine Tai, European Commission Executive Vice President Margrethe Vestager, and European Commission Executive Vice President Valdis Dombrovskis, joined by U.S. Deputy Under Secretary of Labor Thea Lee, Jamaica Minister for Information Communication Technology Floyd Green, and Kenya Cabinet Secretary for Information, Communication and...

"Check against delivery" Thank you very much and thank you, Minister Sikela, for your excellent chairmanship and for the strong work of Czech Presidency. Even though if I know your work on the trade track may be over, you continue to work very intensively on energy track. Our discussions today focussed on three core issues for EU trade policy: World Trade Organisation reform, EU-US trade relations and our ongoing trade support to Ukraine. The EU is the strongest global champion of a...