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EMEA Trade Weekly: Russia Sanctions, Customs Union, Middle East Boycott


Europe and CIS

EU imposes more sanctions on Russia
An asset freeze and travel ban were imposed on three Russian nationals and three companies after three gas turbines sold by a German company were illegally modified and transferred to Ukraine’s Russian-annexed Crimea region.
Deutsche Welle]
EU should halt work on modernising customs union with Turkey, Germany says
Officials say that continuing the talks would send the “wrong signal” in light of political developments in Turkey and that instead the EU should implement measures to increase financial pressure on Ankara to obey the rule of law.

UK and Turkey agree export partnership
The two countries’ export credit agencies will identify and promote opportunities for bilateral trade and be able to co-finance projects in other countries.

[Global Trade Review]

Middle East

Qatar launches WTO complaint against boycott by Saudi Arabia, Bahrain, and UAE
The request for consultations triggers a 60-day deadline for the three countries to settle the issue or face litigation and potential retaliatory trade sanctions.

[Middle East Monitor]
Iran says new U.S. sanctions violate nuclear deal, vows 'proportional reaction'
Iranian officials expressed confidence that Europe will continue its economic relations with Iran despite the U.S. measures.

[Middle East Monitor]
Iraq, Iran agree on joint investment in two oil fields
A committee has been formed to study the opportunity to export crude oil via pipeline to Iran and then to Turkey and world markets through tankers.

[Middle East Monitor]
Iran, Germany discuss closer cooperation in rail, sea transport

[Tasnim News Agency]


Kenya plans high-speed expressway to boost regional trade
The 473-kilometer, four-lane road will be completed in ten sections over the next six years and should reduce the time for transporting goods between Nairobi and the port of Mombasa from ten hours to about four.
The Standard]