Brussels floats ‘emergency’ powers to raise €210bn from Russian assets

Hungary confirmed that oil flows from Russia through the Druzhba oil pipeline have continued despite a recent attack attributed to Ukraine. This development underscores the resilience of energy supply routes amid ongoing geopolitical tensions.

The European Union (EU) is taking steps to enhance its defenses against economic threats, particularly in light of recent export restrictions imposed by China. This initiative reflects the EU's growing concerns about its reliance on Chinese imports and aims to bolster its economic resilience in a shifting global landscape.

Ukraine's parliament has approved the 2026 state budget, a crucial step in the process of securing a new loan from the International Monetary Fund (IMF). This decision reflects the government's commitment to fiscal stability amid ongoing challenges.

In November, US private employers reduced their workforce by 32,000 jobs, indicating a significant contraction in the labor market, particularly among small businesses. This decline follows a trend of decreasing payrolls, as highlighted by recent data showing an average loss of 13,500 jobs per week in early November.

Oil prices have risen following the failure of peace talks aimed at resolving the ongoing conflict in Ukraine, reflecting market reactions to geopolitical tensions. The negotiations, which involved high-level discussions between U.S. and Russian officials, did not yield a resolution, leading to increased uncertainty in the oil market.

The European Union has introduced a €3 billion strategy aimed at reducing its reliance on China for critical raw materials, particularly rare earth metals. This initiative, known as the ReSourceEU program, is designed to diversify and de-risk supply chains amid increasing geopolitical tensions and supply vulnerabilities exacerbated by China's control over these essential resources.

The European Union's decision to ban Russian gas imports by 2027 is not expected to significantly impact global markets, according to analysis from Capital Economics. The Dutch TTF contract remained stable, indicating a lack of immediate market disruption following the announcement.

Insurance rates for ships operating in the Black Sea have surged by 250% following a series of Ukrainian attacks on vessels linked to Moscow. This escalation in hostilities has raised concerns among shipping companies and insurers regarding the safety of maritime operations in the region.