UAE, France, India Establish Trilateral Cooperation Initiative in Energy, Climate Change

A solar power plant in Dubai, UAE. (WAM)
A solar power plant in Dubai, UAE. (WAM)
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UAE, France, India Establish Trilateral Cooperation Initiative in Energy, Climate Change

A solar power plant in Dubai, UAE. (WAM)
A solar power plant in Dubai, UAE. (WAM)

UAE, France and India announced on Saturday a formal trilateral cooperation initiative with the aim of expanding cooperation in several areas of mutual interest, including energy and climate change.

The plan was finalized during a phone conversation among UAE's FM Sheikh Abdullah bin Zayed Al Nahyan, India’s Minister for External Affairs Subrahmanyam Jaishankar, and French Minister for Europe and Foreign Affairs Catherine Colonna.

The initiative will serve as a platform to expand cooperation between the three countries’ development agencies on sustainable projects, as well as to organize a range of trilateral events in the framework of the Indian Presidency of the G20 and the UAE’s hosting of COP28 in 2023.

“The three sides agreed that the trilateral initiative will serve as a forum to promote the design and execution of cooperation projects in the fields of energy, with a focus on solar and nuclear energy, as well as in the fight against climate change and the protection of biodiversity, particularly in the Indian Ocean region.

“For this purpose, the three countries will explore the possibility of working with the Indian Ocean Rim Association (IORA) to pursue concrete, actionable projects on clean energy, the environment, and biodiversity,” according to the joint statement.

Furthermore, it was agreed that the three countries will seek to ensure greater alignment of their respective economic, technological, and social policies with the objectives of the Paris Agreement.

“In support of these endeavors, a range of trilateral events will be organized in the framework of the Indian Presidency of the G20 and the UAE’s hosting of COP-28 in 2023, respectively. The three countries also agreed to expand their cooperation through initiatives such as the Mangrove Alliance for Climate led by the UAE and the Indo-Pacific Parks Partnership led by India and France.”

It was agreed that the three countries should seek to focus on key issues such as single-use plastic pollution, desertification, and food security in the context of the International Year of Millets-2023.

The three sides also underlined their keen desire to cooperate in the field of circular economy under the aegis of India’s Mission LiFE.

It was acknowledged that defense is an area of close cooperation between the three countries. Therefore, efforts will be undertaken to further promote compatibility, joint development, and co-production, whilst seeking out avenues for further collaboration and training between the three countries' defense forces.

The statement continued that the three countries will also seek to strengthen exchanges of views on emerging threats from infectious diseases, as well as on measures to fight against future pandemics.

“In this regard, cooperation in multilateral organizations such as World Health Organization (WHO), Gavi-the Vaccine Alliance, the Global Fund, and Unitaid will be encouraged. Further, the three countries will attempt to identify tangible cooperation on implementing the “One Health” approach, and support the development of local capacities in biomedical innovation and production within developing countries.”

As countries at the very forefront of technological innovation, the development of trilateral cooperation between relevant academic and research institutions and efforts to promote co-innovation projects, technology transfer, and entrepreneurship will be encouraged.



US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
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US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo

The United States imposed new sanctions on Russia's Gazprombank on Thursday, the Treasury Department said, as President Joe Biden steps up actions to punish Moscow for its invasion of Ukraine before he leaves office in January.
The move, which wields the department's most powerful sanctions tool, effectively kicks Gazprombank out of the US banking system, bans its trade with Americans and freezes its US assets, Reuters reported.
Gazprombank is one of Russia's largest banks and is partially owned by Kremlin-owned gas company Gazprom. Since Russia's invasion in February 2022, Ukraine has been urging the US to impose more sanctions on the bank, which receives payments for natural gas from Gazprom's customers in Europe.
The fresh sanctions come days after the Biden administration allowed Kyiv to use US ATACMS missiles to strike Russian territory. On Tuesday, Ukraine fired the weapons, the longest range missiles Washington has supplied for such attacks on Russia, on the war's 1,000th day.
The Treasury also imposed sanctions on 50 small-to-medium Russian banks to curtail the country's connections to the international financial system and prevent it from abusing it to pay for technology and equipment needed for the war. It warned that foreign financial institutions that maintain correspondent relationships with the targeted banks "entails significant sanctions risk."
"This sweeping action will make it harder for the Kremlin to evade US sanctions and fund and equip its military," Treasury Secretary Janet Yellen said. "We will continue to take decisive steps against any financial channels Russia uses to support its illegal and unprovoked war in Ukraine."
Gazprombank said Washington's latest move would not affect its operations. The Russian embassy in Washington did not respond to requests for comment.
Along with the sanctions, Treasury also issued two new general licenses authorizing US entities to wind down transactions involving Gazprombank, among other financial institutions, and to take steps to divest from debt or equity issued by Gazprombank.
Gazprombank is a conduit for Russia to purchase military materiel in its war against Ukraine, the Treasury said. The Russian government also uses the bank to pay its soldiers, including for combat bonuses, and to compensate the families of its soldiers killed in the war.
The administration believes the new sanctions improve Ukraine's position on the battlefield and ability to achieve a just peace, a source familiar with the matter said.
COLLATERAL IMPACT
While Gazprombank has been on the administration's radar for years, it has been seen as a last resort because of its focus on energy and the desire to avoid collateral impact on Europe, a Washington-based trade lawyer said.
"I think that the current administration is trying to put as much pressure and add as many sanctions as possible prior to January 20th to make it harder for the next administration to unwind," said the lawyer, Douglas Jacobson.
Officials in Slovakia and Hungary said they were studying the impacts of the new US sanctions.
Trump would have the power to remove the sanctions, which were imposed under an executive order by Biden, if he wants to take a different stance, Jacobson said.
After Russia's invasion in 2022, the Treasury placed debt and equity restrictions on 13 Russian firms, including Gazprombank, Sberbank and the Russian Agricultural Bank.
The US Treasury has also worked to provide Ukraine with funds from windfall proceeds of frozen Russian assets.