EU Reaches Deal to Ban Russian Gas Imports by 2027

Maersk has reported a rise in demand from India, indicating that its shipping service connecting India and North America is maintaining consistent weekly departures. This development comes amid growing expectations for a potential trade deal between the U.S. and India.

The European Union has launched a $3.5 billion package aimed at enhancing the supply of raw materials within the bloc. This initiative includes the establishment of a center to monitor mineral supplies and promote joint investments among member states.

The European Commission has announced a proposal to fund Ukraine through a loan backed by frozen Russian assets, a move that has sparked significant debate within the EU. This initiative aims to address Ukraine's budget shortfall amid ongoing conflict, with an alternative option for an EU loan based on common borrowing introduced to appease concerns from Belgium, which holds a substantial portion of these assets.

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.

Oil prices have risen as market traders express concerns over the low likelihood of a peace agreement between Russia and Ukraine in the near future. This sentiment reflects ongoing geopolitical tensions and uncertainty surrounding the conflict, which continues to impact global oil supply dynamics.

Former EU foreign policy chief Federica Mogherini has been detained as part of a police investigation into alleged fraud concerning EU-funded training programs for junior diplomats. The inquiry focuses on accusations of favoritism in the allocation of funds to a school she heads.

Belgium has rejected a European Union proposal to use frozen Russian assets to support Ukraine's economy and war efforts, citing potential financial and legal risks associated with the plan. This decision comes as the EU seeks ways to assist Ukraine amid ongoing conflict and significant budget shortfalls.

Former EU foreign policy chief Federica Mogherini has been charged with fraud and corruption related to EU-funded training contracts for future diplomats. She was detained following police raids at the EU diplomatic service and the College of Europe, where two other senior officials were also questioned. The investigation is ongoing as all three have been formally notified of the accusations.