Brussels, 9 December 2022
EU AGREES ON RUSSIAN OIL PRICE CAP AND ANNOUNCES NEW SANCTIONS PACKAGE
The Council agreed to impose a price cap on Russian oil at $60 per barrel as of 5 December 2022. The decision should limit price surges driven by extraordinary market conditions and reduce Russian oil revenues. Additionally, the Commission presented its proposal for a ninth sanctions package against Russia. The proposed sanctions target, amongst others, the Russian energy and mining sectors, banks, and exports of goods that the Russian military could employ. Subsequently, EU Member States will have to unanimously adopt the Commission’s proposal in the Council.
COUNCIL AND PARLIAMENT AGREE ON EUROPEAN DEFORESTATION LAW
The Council and the European Parliament reached a provisional agreement on the Regulation fostering the reduction of deforestation and forest degradation across the Union. Concretely, the law establishes due diligence obligations for operators and traders that deal with the following commodities palm oil, beef, timber, coffee, cocoa, rubber and soy, as well as goods using these, such as chocolate, furniture, and printed paper. The provisional agreement now paves the way for the formal endorsement of the final text by both co-legislators.
COMMISSION PROPOSES NEW CAPITAL MARKETS UNION AND TAXATION RULES
The European Commission proposed new measures to develop the EU’s Capital Markets Union. Notably, it issued the review of the European Market Infrastructure Regulation which should improve the EU Clearing framework. The package includes a Directive aimed at harmonising corporate insolvency proceedings, as well as a Listing Act introducing a series of rules that should simplify company listing processes. On tax matters, the Commission published its proposal to amend the Directive on Administrative Cooperation extending the original scope of the Directive to cover crypto assets, and also released a VAT in the Digital Age package, aiming to fight VAT fraud across the EU.
COUNCIL ADOPTS POSITION TO ENSURE SUSTAINABLE TRANSPORT ACROSS EUROPE
The Council adopted its general approach on the revised Regulation to develop a trans-European transport network. Concretely, the Regulation aims to ensure sustainable, reliable and seamless transport across the EU, especially by developing further European railway infrastructure. The new rules should foster the creation of European transport corridors increasing EU connectivity with Ukraine and Moldova. The Regulation sets out a gradual development of the network with key steps achieved by 2030, 2040 and 2050. The European Parliament shall finalise its position at the beginning of 2023, paving the way for trilogues.
SCHENGHEN: COUNCIL LIFTS BORDER CONTROLS WITH CROATIA
The Council gave its approval on Croatia’s application to join the Schengen area. The Council’s approval paves the way to lift checks on persons at internal land and sea borders between Croatia and other Schengen area countries, as of 1 January 2023. Furthermore, the approval will lift checks on internal air travel, from 26 March 2023. The Council’s decision stems from the Commission’s recommendation to accept Croatia’s accession. Notably, despite the Commission’s endorsements, the Council rejected Bulgaria and Romania’s applications.
COMING UP NEXT WEEK
Karl Isaksson, Managing Partner Brussels, Kreab
Kreab • Tel: +32 2 737 6900 • email@example.com • www.kreab.com/brussels • Twitter: @KreabEU.