(Own report) – The EU is preparing to take initial steps toward adopting methods of US sanctions and impose extraterritorial punitive measures on enterprises of third countries including those in the United Arab Emirates and possibly in Turkey, as EU Commission President Ursula von der Leyen confirmed yesterday. They will first focus on the resale of sanctioned EU goods to Russia. Thus, in the future, enterprises will be punished even if they are not based within the EU and, therefore, are not subject to EU norms. The extraterritorial implementation of one’s own system of norms is in violation of international law, as the EU itself had officially confirmed a few years ago. Countermeasures can be expected at least from more powerful nations, such as Turkey. The planned sanctions regime – which EU ambassadors will begin discussing today – is likely to push those countries affected even further into opposition to the West. The United Arab Emirates, for example, is already a “dia
While bank runs in the US are getting all the coverage, a much bigger run on the US dollar itself has begun. It’s a familiar story of gold, Cuban cigars, and the French. But what does it mean for you?
Bloomberg News, Bloomberg News
(Bloomberg) Chinese government officials and business leaders are gathered this week on the tropical island province of Hainan for the Boao forum, with discussions expected to encompass topics from digital currencies to carbon neutrality and the economic outlook for a post-pandemic world.
Billed as an Asian version of the World Economic Forum, the forum kicked off Sunday and is slated to run through Wednesday. On the first day of the event, a senior Chinese central bank official said the nationâs goal for internationalizing its currency is not to replace the dollar, and efforts to create a digital yuan are aimed at domestic use.