Business
EU leaders struggle to bridge gas price cap divide
European Union leaders struggled Friday to bridge significant differences over a natural gas price cap as winter approaches and Russia’s war in Ukraine fuels a major energy crisis, driving up prices for consumers and businesses.
The price cap is one of several measures the 27-nation bloc is preparing to contain an energy crisis in Europe that some fear could lead to rolling blackouts, factory shutdowns and a deep recession over the winter in economies already weakened by the coronavirus pandemic.
Russia has reduced or cut off natural gas supplies to 13 EU member nations as European governments bolster their support for Ukraine in the form of weapons, money, aid and sanctions on Moscow. The potential for shortages has led to surging gas and electricity prices that could climb higher as demand peaks during the cold months, AP reported.
Standing in the way of an agreement was the simple fact that each member country depends on different energy sources and suppliers, and they’re struggling to see eye-to-eye on the best way ahead.
Latvian Prime Minister Krisjanis Karins summed up the challenge for the EU as it considers a possible gas-price ceiling.
“A price cap on gas, if that could be achieved, would be grand — with the caveat that we cannot endanger security of supply,” Karins said. “So we cannot set the price so that no one would sell gas into Europe.”
Belgian Prime Minister Alexander De Croo said he hoped the “last hurdles” to a price cap would be overcome at the meeting, but also that leader should agree on a joint path of action to send two important messages.
“One to the energy markets, to make it clear we no longer accept these prices, we will not continue to pay this market manipulation. Secondly, an important signal to our populations, to our companies, that we are going to tackle the problem at the root,” he said.
In a choreographed moment, French President Emmanuel Macron, Dutch Prime Minister Mark Rutte and German Chancellor Olaf Scholz entered Prague Castle together on foot, walking past a small but noisy crowd of pro-Ukraine demonstrators.
A group of 15 member countries has urged the EU’s executive branch, the European Commission, to propose a cap on gas prices as soon as possible, but the idea has not secured unanimous support, with Germany notably blocking.
For now, the European Commission says, Europe’s gas storage capacity stands at about 90%, even as Russian gas supplies to the EU declined by 37% between January and August, with the U.S. and Norway stepping in to provide liquefied natural gas. But those replacement supplies have not been cheap.
The EU agreed to a new package of sanctions against Russia on Thursday, hitting trade, notably in the tech sector, slapping travel bans and asset freezes on 30 more officials, and targeting seven organizations. But the bloc is running out of economic ammunition to punish Russia with.
“We have to decrease the prices of energy. But it is an economic issue as much as a security issue,” EU foreign policy chief Josep Borrell said. “Energy is becoming the most important geostrategic issue today, related with the war, but also with the balance of power in the world.”
Business
Afghanistan seeks expanded ties with Russia in energy, mining and infrastructure
TASS reported that Kabul is also prepared to cooperate with Moscow in the extraction of mineral resources.
Afghanistan has expressed strong interest in broadening trade and economic cooperation with Russia, with a particular focus on energy, mining and infrastructure projects, according to Russia’s TASS news agency.
In an interview with TASS, Afghanistan’s Ambassador to Moscow, Gul Hassan, said Kabul is keen to import oil and gas from Russia as part of efforts to deepen bilateral economic ties.
He noted that trade relations between the two countries are progressing and that, if key obstacles—especially banking restrictions—are addressed, Afghanistan could also import medicines, industrial goods, grain, vegetable oils and other commodities from Russia.
In return, the ambassador said Afghanistan is ready to export fresh and dried fruits, vegetables, medicinal plants, carpets and mineral resources to the Russian market, adding that expanding export-import operations could significantly increase bilateral trade volumes.
He also revealed plans to open an exhibition of Afghan products in Moscow, which he said would help boost trade turnover.
TASS reported that Kabul is also prepared to cooperate with Moscow in the extraction of mineral resources.
Hassan described the economy as a central pillar of Afghanistan’s foreign policy, emphasizing the government’s goal of positioning the country as a key link in regional economic integration and attracting foreign investment.
He noted that Russian companies have long shown interest in Afghanistan’s industrial, mining and infrastructure sectors.
The ambassador further told TASS that Russian firms are already in talks with relevant Afghan authorities on the construction of small hydroelectric power plants.
Representatives of several Russian companies have reportedly visited Afghanistan and held meetings with officials and technical experts.
According to Hassan, practical steps toward cooperation in the energy and power generation sectors are expected in the near future, pointing to a potential new phase in Afghan-Russian economic relations.
Business
Pakistan, China plan to extend CPEC to Afghanistan, revive trilateral framework
The proposed CPEC expansion into Afghanistan is seen as a move to enhance regional economic integration amid shifting geopolitical dynamics.
Pakistan and China are moving forward with plans to extend the China-Pakistan Economic Corridor (CPEC) into Afghanistan, a strategic step aimed at bolstering regional connectivity and economic cooperation. The expansion, along with the revival of the Pakistan-China-Afghanistan trilateral framework, was discussed in a recent briefing to the Pakistani Senate Standing Committee on Foreign Affairs.
According to Pakistan Today, officials from Pakistan’s Ministry of Foreign Affairs outlined the details during a session in Islamabad, where they reviewed key aspects of Pakistan’s foreign relations, regional developments, and economic diplomacy.
Officials emphasized that Pakistan’s relationship with China remains strong, underscoring the “all-weather” strategic partnership between the two nations. Strengthening ties with Beijing, they stated, continues to be a cornerstone of Pakistan’s foreign policy. This includes unwavering support for China’s position on regional and international issues, particularly the One-China policy and matters related to territorial integrity.
The briefing also touched upon China’s consistent backing of Pakistan in various areas, including sovereignty, economic stability, counter-terrorism, and support for Pakistan’s exit from the Financial Action Task Force (FATF) grey list.
The Kashmir issue was also addressed, with officials noting that China considers it an unresolved matter and advocates for a peaceful resolution in line with UN Security Council resolutions.
The proposed CPEC expansion into Afghanistan is seen as a move to enhance regional economic integration amid shifting geopolitical dynamics. Officials stated that reviving the trilateral framework is part of broader efforts to foster greater cooperation and connectivity in the region, with an eye on long-term stability and prosperity.
The move also reflects both countries’ desire to further integrate Afghanistan into the regional economic landscape, a key element in fostering peace and development.
Business
Uzbekistan–Afghanistan trade rises to $1.6 billion in 2025
Trade relations remain largely export-driven, with Uzbekistan supplying Afghanistan primarily with food products, energy resources, and industrial goods.
Trade between Uzbekistan and Afghanistan rose sharply in 2025, reaching $1.6 billion, according to official data released by Uzbekistan’s National Statistics Committee.
The figure represents a 45.5 percent increase from $1.1 billion in 2024 and an 84.4 percent rise compared with 2023, when bilateral trade stood at $867.5 million, highlighting rapid growth in economic exchanges between the two countries.
Uzbekistan’s exports to Afghanistan accounted for the vast majority of the trade volume, totaling $1.5 billion, or 93.8 percent of overall bilateral turnover. Trade relations remain largely export-driven, with Uzbekistan supplying Afghanistan primarily with food products, energy resources, and industrial goods.
The surge in trade comes as Uzbekistan’s total foreign trade turnover reached $81.2 billion in 2025, reflecting broader efforts to expand and diversify external economic ties. By the end of the reporting period, Uzbekistan maintained trade relations with 210 countries.
China remained Uzbekistan’s largest trading partner, accounting for 21.2 percent of total trade, followed by Russia (16.0 percent), Kazakhstan (6.1 percent), Türkiye (3.7 percent), and the Republic of Korea (2.1 percent).
The latest figures underscore strengthening economic ties between Uzbekistan and Afghanistan amid efforts to boost regional trade and connectivity.
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