Category: 3. Business

EG Group, a leading international operator of convenience retail, food service and fuel stations, has agreed the sale of its Italian business to a consortium of leading Italian operators for an enterprise value of EUR425 million.

Paris, France – August 13, 2025

Atos today announces it has been named a Leader by Information Services Group (ISG) in the 2025 Provider Lens™ for Strategic Security Services, Next-Generation Security Operations Center (SOC)/Managed Detection and Response (MDR) Services and Technical Security Services in Germany. ISG points out to Atos’ end-to-end and innovative approach to cybersecurity.

In the Strategic Security Services quadrant, the report recognizes Atos’ holistic consulting approach to IT security based on results and a comprehensive view of security issues that allows clients to be provided with the insights and guidance needed to make informed decisions. With a strong commitment to research and development, Atos delivers a comprehensive roadmap that addresses a wide spectrum of security challenges.

For Technical Security Services, ISG highlights Atos’ strong knowledge of local regulatory requirements related to security, its numerous certifications and its capacity to execute large-scale security projects, backed by several thousands of experts, consistently trained to the highest standards.

In the quadrant dedicated to Next-Generation SOC/MDR services, ISG emphasizes Atos’ utilization of big data analyses and automation, its multi-vector threat detection from various sources (endpoint, network, protocols or cloud) and its use of a single AI platform to monitor the whole threat spectrum and offer a full-service mode for incident response. ISG also reports on Atos German SOC connected to its counterparts around the globe.

Frank Heuer, Lead Author, ISG said: “Atos pursues a holistic end-to-end approach for cybersecurity consulting and technical services. It scores points with innovative approaches and the global reach of its next-generation SOC and MDR services.”

Günter Koinegg, EVP, Head of Cybersecurity Business Line, Atos said: “For over 25 years, Atos has been at the forefront of cybersecurity to protect public and private organizations, neutralizing cyber threats before they impact their operations, ensuring business continuity and minimizing potential disruptions. Being named as a Leader for Germany by ISG is a powerful recognition of the cyber assets we have been building on for more than 25 years.”

Atos delivers a robust, AI-driven cybersecurity services portfolio. With over 6,500 experts and a global network of 17 Security Operations Centers, Atos offers end-to-end protection through services such as strategic advisory, security testing, hybrid cloud and identity security, operational technology (OT) protection, and managed detection and response. Atos ensures resilience, compliance and proactive threat mitigation, processing over 31 billion security events daily for more than 2,000 clients worldwide. In 2024, Atos managed cybersecurity planning, preparation, orchestration and operations to digitally secure the Olympic and Paralympic Games Paris 2024.

To download a copy of the report, please click here.

Download the PDF document

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About Atos Group

Atos Group is a global leader in digital transformation with c. 70,000 employees and annual revenue of c. € 10 billion, operating in 67 countries under two brands — Atos for services and Eviden for products. European number one in cybersecurity, cloud and high-performance computing, Atos Group is committed to a secure and decarbonized future and provides tailored AI-powered, end-to-end solutions for all industries. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

Press contact

Isabelle Grangé | isabelle.grange@atos.net | +33 (0) 6 64 56 74 88

Some time ago, I discovered an online calculator meant to help heart surgeons determine patients’ chances of complications or death. Surprisingly, the calculator, based on published studies, is not password-protected. A patient willing to wade through a thicket of technical terms could use the information in their electronic health record to manually fill in the needed numbers and discover their surgical risk.

In contrast, consider the Cosmos platform assembled by the giant EHR company Epic. It comprises 300 million de-identified patient records from a mind-boggling 15.7 billion patient encounters with 440,000 physicians at thousands of hospitals and clinics. With the press of a button you can get a personalized analysis of “real-world evidence,” based on the patient’s medical record, showing what happened to similar patients receiving a particular treatment for almost any disease.

But there’s a catch: The “you” here isn’t the patient. Cosmos and other platforms parsing real-world evidence or the evidence in the medical literature are largely available only to professionals.

At least for now. The sociologist Eliot Freidson famously defined medical professionals as “possessing a monopoly over a body of knowledge that is relatively inaccessible to lay people.” Now, as AI makes it increasingly possible for patients to find, create, control and act upon an unprecedented breadth and depth of personalized and reliable health information, the monopolistic medical model is collapsing.

Yet tearing down a hierarchy can as easily lead to confusion as constructive change. To prevent data democratization from devolving into disarray, there’s an urgent need for a new structure that adapts the doctor-patient relationship to the AI era. I propose a framework I call “collaborative health,” made up of three pillars: shared information, shared engagement, and shared accountability.

The Trump administration’s commitment to accelerating AI adoption has recently been high profile, both in a wide-ranging executive order, America’s AI Action Plan, issued by the president on July 23, and in a health care AI initiative unveiled just a week later. The Centers for Medicare & Medicaid Services announced creation of a “digital health ecosystem,” whereby more than 60 health tech companies promised to make health data more accessible and to develop apps to more effectively and easily help individuals use their data to improve their health and health care.

Unfortunately, the magnitude of disruption accompanying data democratization is something most doctors still can’t see. Physicians have focused on, “Can AI help me provide the best possible care to my patients?” I have yet to see any doctor ask, “Can AI help my patients find the best possible care, even without me?” An ecosystem, after all, is made up of autonomous, albeit connected, elements.

Or as Bob Dylan bluntly advised in a different era of disruption: “Your sons and your daughters/ Are beyond your command/ Your old road is rapidly agin’/ Please get out of the new one/ If you can’t lend your hand/ For the times they are a-changin’.”

A recent National Academy of Medicine report titled “An Artificial Intelligence Code of Conduct for Health and Medicine” unfortunately demonstrates just how oblivious the profession remains in some ways to the speed and magnitude of the changing times. In its recommendations for informed consent, the academy still sees physicians as, essentially, custodians. It says doctors should protect “the health, safety and well-being of patients” by providing “patient-centered, culturally appropriate language” about AI tools and then letting patients opt out of care that uses them. (Disclosure: I’m a member of a National Academy workgroup involved in a separate report.) A recent JAMA Perspective focused on AI risk, titled, “Ethical Obligations to Inform Patients About Use of AI Tools,” took a similarly narrow, custodial approach.

Conspicuously absent is any recognition that “informed” consent involving all pertinent information should clearly include disclosing what the doctor knows (or should know) about personalized treatment data provided by reliable AI analytics. An AI code of conduct could even include a requirement to make accessible versions of this type of information available to patients. CMS should strongly consider nudging providers to “voluntarily” promise to do that, once the tech companies live up to their own voluntary commitment.

To be clear, patients still need doctors to “lend a hand,” in Dylan’s words. Even the AI Jedis of the #PatientsUseAI Substack emphasize that their data-driven discoveries can’t fully substitute for a discussion with an expert physician. Real-world evidence and randomized controlled trials, like advice from human doctors, are prey to hidden flaws, biases and other limitations.

But the context of the doctor-patient relationship is key. Forty years ago, the medical ethicist Jay Katz wrote about the “oddity of physicians’ insistence that patients follow doctors’ orders.” There was, he said, a better way.

“I believe patients can be trusted,” Katz wrote. “If anyone were to contest that belief, I would ask: ‘Can physicians be trusted to make decisions for patients?’” Both must be trusted, Katz concluded, but only “if they first learn to trust each other.”

The collaborative health framework is designed to help create and sustain that level of mutual trust at a time of rapid technological change. Bearing in mind that privacy and security concerns are always paramount, here is a very brief description of its three components.

Shared information describes a two-way street. While physicians should commit to fully sharing  AI-enabled information — particularly as personalized, predictive analytics proliferate —patients, too, must commit to candor.

In a recent conversation about information sharing, for example, Epic chief medical officer Jackie Gerhart told me that as a family doctor she wants to know if a patient is receiving medical advice or medication from outside sources — but she also believes transparency should go both ways. “I definitely want to be able to share the Cosmos screen with the patient to help their care decisions,” she said.

Shared engagement is trickier, but vital. Health and Human Services Secretary Robert F. Kennedy Jr. has said that within four years he wants all Americans to use wearables to monitor and improve their health. However, that requires clinicians and patients to interact effectively without being overwhelmed by too much information, particularly when dealing with chronic conditions. To make that happen, we need rules, incentives, and appropriate technology. HHS should study the new European Union guidelines requiring app stores and those who develop algorithms for apps to comply with the same regulations as medical devices and, as well, learn the lessons of enthusiastic overuse of glucose monitors by some non-diabetics.

Shared accountability is the most sensitive element. As individuals gain control over their health information, that control needs to be accompanied by greater responsibility for use of that information. If we’re building an ecosystem to replace a hierarchy, “it’s not a system if only one person has responsibility and accountability,” Philip R.O. Payne, chief health AI officer for BJC Health and the Washington University School of Medicine, told me.

The digital health ecosystem theme sounded by CMS was reinforced in a personal way in a YouTube video posted by Amy Gleason, a special adviser to CMS Administrator Mehmet Oz. As someone with both a tech entrepreneur background and a daughter with a rare disease, Gleason related how her family had used an AI analysis of daughter Morgan’s medical record to unearth information enabling Morgan to enroll in a clinical trial for which she’d previously been rejected as ineligible. That acceptance, said Gleason, represented “the first real hope we’ve had in over 15 years.”

As for CMS’s tech ecosystem initiative, Gleason added, “This isn’t just a showcase — it’s a national sign of acceleration. It’s about action.” Since CMS decisions affect a staggering $1.5 trillion spent on care each year, those messages carry considerable weight.

Albert Schweitzer, whose humanitarian work garnered the Nobel Peace Prize, once advised, “We are at our best when we give the doctor who resides within each patient a chance to go to work.”

While the destruction being wrought by AI is an understandable cause of anxiety, it also represents a rare opportunity to reimagine a new dynamic for the doctor-patient relationship. AI can help bring together physicians and the “doctor who resides within each patient” in a relationship of shared learning where “making America healthy again” begins with mutual collaboration and trust.

Michael L. Millenson is president of Health Quality Advisors LLC and author of the book “Demanding Medical Excellence: Doctors and Accountability in the Information Age.“

You know KPMG, you might not know KPMG Private Enterprise. We’re dedicated to working with businesses like yours. It’s all we do. Whether you’re an entrepreneur, a family business, or a fast-growing company, we understand what’s important to you.

The KPMG Private Enterprise global network for Emerging Giants has extensive knowledge and experience working with the startup ecosystem. From seed to speed, we’re here throughout your journey. You gain access to KPMG’s global resources through a single point of contact—a trusted adviser to your company. It’s a local touch with a global reach.

 KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.

KPMG firms operate in 143 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.

 KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

For more detail about our structure, please visit kpmg.com/governance.

Triton to retain minority interest in Kelvion

LONDON and HERNE, Germany, Aug. 13, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds (“Apollo Funds”) have agreed to acquire a majority stake in Kelvion (or the “Company”), a leading global provider of energy efficient heat exchange and cooling solutions, from funds advised by Triton (“Triton”). Triton will maintain a minority interest in Kelvion.

Founded and headquartered in Germany for over a century, Kelvion has established itself as a premier provider of thermal management solutions across a broad spectrum of industrial and high-growth end markets. Today, Kelvion is a leader in advanced cooling technologies for data centers, the Company’s largest and fastest-growing segment. It also plays an enabling role in several key energy transition markets, including carbon capture, hydrogen, electrification, renewables, and heat pumps, delivering highly reliable and sustainable solutions to customers around the globe.

Kelvion operates an extensive global footprint with sites across the Americas, EMEA, and APAC. Triton acquired and rebranded the company in 2014 (formerly GEA Heat Exchanger Group). Since then, Kelvion has undergone a significant transformation, shifting its portfolio and strategic focus toward secular megatrends in High Tech and Green Tech, while driving operational excellence and expanding its global customer base.

Waleed Elgohary, Partner, Apollo, said, “Kelvion has established itself as a premier provider of energy efficient solutions, with a global footprint and leading customer base. The Company is well positioned to meet the demand of several very large secular tailwinds, including AI & cloud revolution, energy transition, and reindustrialization. We are thrilled to have the opportunity to support the Company’s growth in this next phase in partnership with the Triton, Andy and the rest of the management team.”

Andy Blandford, CEO of Kelvion, said: “We thank Triton for their support and the good collaboration throughout the years. Today, Kelvion stands stronger than ever, delivering cutting-edge solutions across high-growth markets that matter most for the future of industry and the planet. We are thrilled to welcome Apollo Funds as our new majority investor. Their deep expertise in both clean energy and industrial technology, along with their global network and long-term mindset, makes them an ideal partner. Backed by the combined strength of Apollo and Triton, we are poised to accelerate our growth trajectory, continue investing in innovation and talent, and further solidify our position as a global leader in energy-efficient thermal solutions.”

Apollo Partners Claudia Scarico and Jeremy Honeth added, “We have followed the Kelvion business for several years, and Andy and the management team have done a terrific job transforming the business into a leading solutions provider serving highly technical end markets that we believe should continue to benefit from multiple secular megatrends. We are excited by its growth plans and look forward to supporting Kelvion in partnership with Triton.”

Claus von Hermann, Fund Managing Partner, Head of DACH and Co-Head of Industrial Tech at Triton, said: “We thank Andy, the further management team and all employees of Kelvion for their hard work, commitment and collaboration over the years. Together, they have driven a remarkable transformation, positioning the company at the forefront of global industrial innovation. We believe that Apollo is the perfect new partner for the company providing avenues to new growth and we look forward to supporting both the management and Apollo team in that.”

Over the past five years, Apollo-managed funds and affiliates have committed, deployed, or arranged approximately $58 billion¹ of climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure.

The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close between Q4 2025 and Q1 2026.

UBS AG, J.P. Morgan Securities plc and Barclays Bank PLC (acting through its investment bank) served as financial advisors to the Apollo Funds, while Sidley Austin LLP served as legal counsel on the transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel in connection with the financing of the transaction.

Guggenheim Securities, LLC and Morgan Stanley & Co. International plc acted as financial advisors to Triton while Kirkland & Ellis served as legal advisors.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2025, Apollo had $840 billion of assets under management. To learn more, please visit www.apollo.com.

About Kelvion

Kelvion is a leading global developer and manufacturer of heat exchange solutions. Renowned for its commitment to innovation and sustainability, the company delivers cutting-edge thermal management solutions that empower customers to ensure reliable and efficient operations. Kelvion’s extensive portfolio serves a wide range of applications such as data centres, hydrogen production, heat pumps, marine, HVAC, refrigeration and the food and beverage industry. The company’s global sales, service and production network ensures that Kelvion is always available to support customers wherever they are. Whether supporting site installation, providing on-site technical service or replacement parts – Kelvion’s comprehensive range of service offerings is designed to optimise performance and extend the product lifecycle to ensure sustainability and reliability.

About Triton

Founded in 1997 and owned by its partners, Triton is a leading European mid-market sector-specialist investor. Triton focuses on investing in businesses that provide mission critical goods and services in its three core sectors of Business Services, Industrial Tech, and Healthcare.

Triton has over 150 investment professionals and value creation experts across 11 offices and invests through three complementary “All Weather” strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit
For further information: www.triton-partners.com

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com / EuropeanMedia@apollo.com

Triton Contact
Anja Schlenstedt
media@triton-partners.com

Kelvion Contact
Karin Pyc
Head of Communications
karin.pyc@kelvion.com

_______________________________
¹ As of December 31, 2024. The firmwide targets (the “Targets”) to deploy, commit, or arrange capital commensurate with Apollo’s proprietary Climate and Transition Investment Framework (the “CTIF”), are (1) $50 billion by 2027 and (2) more than $100 billion by 2030. The CTIF, which is subject to change at any time without notice, sets forth certain activities classified by Apollo as sustainable economic activities (“SEAs”), and the methodologies used to calculate contribution towards the Targets. Only investments determined to be currently contributing to an SEA in accordance with the CTIF are counted toward the Targets. Under the CTIF, Apollo uses different calculation methodologies for different types of investments in equity, debt and real estate. For additional details on the CTIF, please refer to our website here: https://www.apollo.com/strategies/asset-management/real-assets/sustainable-investing-platform.

At the leading international trade fair drinktec LANXESS will showcase Velcorin and Nagardo, two powerful solutions for the microbiological stabilization of beverages. Both products – used individually or in combination – set standards in product safety, resource conservation, and cost efficiency, fully aligning with current trends. Beverage manufacturers are seeking flexible and efficient technologies due to rising energy and raw material costs and to optimize equipment utilization, as microbiological stability remains one of the main quality criteria.

New perspectives for non-alcoholic beers and wines

The trend towards non-alcoholic beers and wines presents new challenges for the industry regarding microbiological safety. Nagardo offers, for the first time, a natural alternative to tunnel or chamber pasteurization of non-alcoholic beers in bottles or cans and also provides persistent protection for draft beer. For non-alcoholic wine, Velcorin is established worldwide as an effective solution. Approval of Nagardo for the wine sector is also in preparation. For non-alcoholic spirits, a combined use of both products is recommended. While Velcorin is added proportionally via a dosing unit directly before bottling, Nagardo as a pre-solution can be added during product blending.

Natural innovation complements proven technology

For over 40 years, Velcorin has been an energy-efficient method for the microbiological stabilization of conventionally, cold-filled beverages. Its great popularity is due to its easy handling, as it can be integrated into almost any existing or new beverage filling line using the dosing technology developed by LANXESS. In the latest generation of equipment, Endress+Hauser Coriolis mass flow meters will be installed in addition to new software functions. This opens up further possibilities in machine diagnostics and preventive maintenance.

Alongside Velcorin, Nagardo expands the portfolio as an innovative and natural preservative. The active ingredient is obtained from the tropical fungus Dacryopinax spathularia. Through a natural fermentation process, this fungus produces highly pure glycolipids, which are effective against yeasts, molds, and bacteria even at low dosages (2 to 50 milligrams per liter) – without affecting the flavor profile.

Thermal stability enables flexible use

Nagardo is characterized by its thermostable properties and thus also protects against heat-resistant spore formers such as Alicyclobacillus or Byssochlamys. The natural preservative is typically added as an aqueous solution before heat treatment during production. This allows Nagardo to close a crucial gap in hot filling or tunnel pasteurization, as protection persists even after thermal treatment. The application is straightforward and can be easily integrated into existing processes.

Nagardo allrounder – now also for food

Since its market launch, the range of applications for Nagardo has been steadily growing. Initially, carbonated and still soft drinks were the focus, while today Nagardo is also used in non-alcoholic beers, kombucha, and for surface treatment of foods such as pomegranate arils, sausage, and cheese. LANXESS is continuously working on further regulatory approvals and developing new application areas for Nagardo – for example, for other fruit, liquid dietary supplements, and vegan alternatives. In the European Union, Nagardo has been approved since June 2022 and is declared as a glycolipid, while in the USA, the terms “mushroom extract” or “mushroom glycolipids” can also be found on packaging labels.

Kalama and Purox – reliable and sustainable preservatives for food and beverages

In addition to Nagardo and Velcorin, LANXESS offers other high-purity, nature-identical preservatives for the safe stabilization of beverages and processed foods. These include Purox B (benzoic acid, E210), Purox S (sodium benzoate, E211), Kalama Sodium Benzoate NF/FCC (E211) and Kalama Potassium Benzoate FCC (E212).

With two production sites in the Netherlands and the US, LANXESS is one of the world’s leading suppliers of benzoates. The preservatives are used in a wide range of applications, such as soft drinks and processed foods. The products mentioned are now also available as climate-friendly Scopeblue variants with a significantly reduced product carbon footprint – while maintaining the same quality and product properties.

A reliable partner for the beverage industry

“As a solution provider for beverage protection, we support the industry with innovative and reliable products,” says Monika Ebener, Business Director Beverage & Food at LANXESS. “At drinktec, we especially want to inform our customers about new application possibilities and regulatory developments.” The LANXESS booth at drinktec is located in Hall C3, No. 321.

Further information about products and services for the preservation of beverages and food can be found at https://lanxess.com/en/products-and-brands/brands/nagardo, https://lanxess.com/en/products-and-brands/brands/velcorin and https://lanxess.com/en/products-and-brands/industries/aroma_chemicals.

Oil prices have been caught in the crosshairs of fast-changing market dynamics. While new sanctions on Russia and Iran threaten to impact trade flows, weaker economic growth is poised to temper demand. Volatility in oil markets slumped to near all-time lows in July as Brent crude oil futures hovered around $70/bbl. However, the early August OPEC+ supply agreement and the prospects for untenable stock builds later in the year saw Brent crude futures slip to around $67/bbl.

Global oil supply growth has been revised up by 370 kb/d to 2.5 mb/d this year and by 620 kb/d to 1.9 mb/d in 2026, after the eight OPEC+ members subject to voluntary output reductions agreed on 3 August to raise production by another 547 kb/d in September, fully unwinding the 2.2 mb/d cuts agreed to in November 2023 since April. OPEC+ crude and NGLs will now account for 1.1 mb/d of supply growth this year and 890 kb/d in 2026. Despite the significant OPEC+ gains, non-OPEC+ producers will continue to lead growth, adding 1.3 mb/d in 2025 and 1 mb/d in 2026, bolstered by rising output of US NGLs, Canadian crude and US, Brazilian and Guyanese offshore oil.

Global oil demand growth for 2025 has been repeatedly downgraded since the start of the year, by a combined 350 kb/d. Demand is now projected to rise by around 700 kb/d this year and next. The latest data show lacklustre demand across the major economies and, with consumer confidence still depressed, a sharp rebound appears remote. Consumption in emerging and developing economies has been weaker than expected, with China, Brazil, Egypt and India all revised down compared with last month’s Report. Aviation has been an exception, with robust summer travel propelling jet fuel demand to all-time highs in both the United States and Europe. Global jet/kerosene demand is on track to increase by 2.1% this year, the strongest of any product. However, at 7.7 mb/d in 2025, it will still be 180 kb/d below the 2019 pre-Covid level.

So far, the market has absorbed the additional barrels as refinery activity reached an all-time high and China boosted stock holdings. Global observed oil inventories built by 1.5 mb/d in 2Q25, with Chinese crude stocks rising by 900 kb/d and US gas liquids another 900 kb/d. Nonetheless, crude and product stocks in major pricing hubs remain well below historical averages.

While oil market balances look ever more bloated as forecast supply far eclipses demand towards year-end and in 2026, additional sanctions on Russia and Iran may curb supplies from the world’s third and fifth largest producers. At the end of July, the U.S. Department of the Treasury announced its most significant Iran-related sanctions since 2018, aimed at making it more difficult for Iran to sell its oil. Washington is also pressuring major buyers of Russian crude oil, most notably India, to scale back purchases. For its part, the European Union has imposed a ban on imports of oil products refined from Russian crude oil starting in January 2026. It will also set a lower price cap for Russian oil from 3 September as part of its 18th sanctions package against Moscow. By contrast, restrictions on Venezuela have been eased with Chevron recently awarded a new licence to operate and export oil. While it is still too early to determine the outcome of these latest policy changes moving in different directions, it is clear that something will have to give for the market to balance.

The SRB has today opened a public consultation of the banking industry and relevant stakeholders on its operational guidance for banks on separability and transferability. 

The guidance is aligned with the SRB’s updated approach to crisis readiness, and includes an annex on testing. It also adds guidance on transfer, with an operational framework for developing transfer playbooks. 

In line with the SRB’s drive to reduce administrative burden, this update does not introduce new deliverables, but aims to make existing ones more effective and to ensure a more efficient use of resources. 

To support the consultation process, the SRB will meet the banking industry and other relevant stakeholders in September to address any questions before the consultation period ends. The consultation is open to the banking sector, other stakeholders and the public in general. 

The SRB invites comments on all proposals, in particular, on the specific questions by XX October 2025.

Take part in the consultation by filling in the online questionnaire.

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| Publishing date:
12/08/2025

Operational guidance on Transfer Playbooks
Complementing the Operational guidance on separability and transferability of transfer tools

The purpose of this document is to provide operational guidance for banks to develop their Transfer Playbook.

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| Publishing date:
12/08/2025

Annex on testing separability and transfer strategies
Amendment to the testing guidance