EU/Russia Partnership and Cooperation Agreement

The first ever Partnership and Cooperation Agreement (PCA) between the European Union and the Russian Federation entered into force on 1 December 1997. This agreement provides an all-embracing framework covering almost every aspect of cooperation between the two powers includi...

POLICY MAKING AND GUIDELINES

The first ever Partnership and Cooperation Agreement (PCA) between the European Union and the Russian Federation entered into force on 1 December 1997. This agreement provides an all-embracing framework covering almost every aspect of cooperation between the two powers including trade, human rights and democracy, science and technology, education and training, customs issues, fight against crime, transport, energy and telecommunications, environment and culture.It also institutionalizes regular political dialogue between the EU and Russia through the establishment of one common set of institutions at the level of Heads of Government, ministers and parliamentarians.

The PCA is intended to stimulate the participation of Russia in a wider Europe. It will create a closer relationship between the EU and Russia by ensuring a more stable climate for traders and investors and a more direct link between the people of the EU and Russia. Its entering into force puts a definite end to the cold war period and expresses the EU's recognition for the achievements made by Russia in the democratic and economic reform process.

"The PCA is a positive affirmation of the evolving relationship between the EU and Russia. It reflects the growing importance we attach to improving and deepening all aspects of our partnership with Russia - in the political, trade and investment spheres" commented European Union Foreign Affairs Commissioner Hans van den Broek. "Fostering a better investment climate in the Russian Federation and working together to fight crime are important to both the EU and Russia."

Factbox: Who is buying Russian crude oil and who has stopped after the Ukraine's invasion?

May 31, 2022 (Reuters) -

Here is the response by countries and companies regarding purchases of Russian oil since the war in Ukraine started on Feb. 24.

Australia, Britain, Canada and the United States have imposed outright bans on Russian oil purchases, while Group of Seven (G7) nations, including Japan, committed to ban or phase out imports of Russian oil on May 8.

The European Union agreed on May 30 to ban seaborne imports of Russian oil with a phase-in period of six months for crude oil and eight months for refined products.

The ban excludes oil supplied via the Druzhba pipeline thus allowing refineries in Eastern Europe and Germany to continue imports. Poland and Germany, however, said they would phase out all purchases via the pipeline by the end of 2022.

That would in total cover about 90% of Russian oil imports to the EU.

Even before the adoption of the ban, at least 26 major European refiners and trading companies have voluntarily suspended spot purchases or announced plans to phase out a combined 2.1 million barrels per day (bpd) of Russian imports, according to JP Morgan.

Meanwhile, China and India, which have refused to condemn Russia's actions, are benefiting from discounts on Russian crude.

India has received 34 million barrels of discounted Russian oil since Moscow invaded Ukraine, according to Refinitiv Eikon data, and is set to receive about 28 million barrels in June, according to Refinitiv Eikon oil flows.

Q1 - The purpose of trade agreements is that all sides are better off. Was it a correct move for some countries to apply a ban on Russian oil on moral grounds to what is happening in Ukraine? Even though this action is causing a major backlash on the lives of its own people?

Q2- If yes, what should be the actions against those countries that do not participate on the sanction, such as China and India?