The European Union has approved its latest sanctions package against Russia, targeting nearly 200 shadow fleet ships as well as addressing hybrid threats and human rights, the bloc’s top diplomat Kaja Kallas announced on Tuesday.

The package includes measures targeting dozens of individuals, entities and vessels behind Russia’s shadow fleet of oil tankers, which has helped Moscow skirt the bloc’s trade and energy sanctions.

It will also hit actors involved in Russia’s disinformation campaigns and hacking efforts, as well as companies in third countries providing Russia with machines, parts and support for its arms and drone manufacturing operations.

The announcement comes a day after a phone call between Donald Trump and Vladimir Putin that left little hope of a near end to Russian hostilities in Ukraine. —Joshua Gallu

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Germany offered to take the lead on joint EU projects regarding air defense, land and marine systems, Defense Minister Boris Pistorius said, as the bloc ramps up its own military deterrent to Russian aggression. The proposal comes amid renewed European concern about President Donald Trump’s proposals to roll back US security commitments to Europe.

The European Central Bank warned that escalating global tariff tensions have emerged as a “significant concern” for financial stability and the global economy. “Policy authorities need to identify the risks stemming from trade tensions, monitor them and evaluate their potential impact on financial stability,” six staff economists wrote. The ECB recommended that “financial institutions should also take a number of proactive steps to cope with risks stemming from trade tensions.”

South Africa plans to offer Elon Musk a workaround of local Black ownership laws for his Starlink internet service to operate in the country, aiming to ease tensions with both the billionaire and Trump. The offer will come at a last-minute meeting planned for tonight between Musk or his representatives and a delegation of South African officials traveling with President Cyril Ramaphosa, we’re told. It’s meant to defuse the onslaught of criticism by Musk and Trump — who’ve spread the conspiracy theory that there’s a genocide against White people in Africa’s most-industrialized nation — before Ramaphosa’s visit to the White House tomorrow.

Elon Musk, Cyril Ramaphosa, and Donald Trump. Bloomberg Photographer: Bloomberg

Qatar’s wealth fund is set to see its annual outlays into the US double in coming years. The announcement by Qatar Investment Authority Chief Executive Officer Mohammed Al Sowaidi comes days after he pledged to invest an additional $500 billion in the US over the next decade, an amount that’s nearly equal the fund’s current size.

Iranian Supreme Leader Ayatollah Ali Khamenei said negotiations with the US over his country’s nuclear program are unlikely to result in a deal and called the Trump administration’s latest demands on Iran “outrageous.” The comments are the latest sign that Trump’s efforts to fast track deals to resolve some of the world’s most destabilizing crises and conflicts — from Russia’s war in Ukraine to Israel’s in the Gaza Strip — are floundering.

Denmark’s economy shrank in the first quarter, dragged down by lower drug sales, underscoring the Nordic nation’s increased dependency on its large pharmaceutical sector, which is led by Novo Nordisk A/S. Gross domestic product adjusted for seasonal swings fell 0.5% last quarter compared with the previous three-month period, the worst performance since late 2022. When excluding effects from the drug industry, the economy added 1% in gross value in the period. 

European and UK officials ratcheted up pressure on Israel over its decision to deepen the military incursion in Gaza, expanding the international outcry over the humanitarian crisis caused by the conflict. Spanish Foreign Minister Jose Manuel Albares said the EU should use diplomatic measures and possibly even sanctions to persuade Prime Minister Benjamin Netanyahu to halt the assault. He joined officials from other member countries pushing for a review of whether Israel is violating human-rights provisions in the agreement that governs Israel’s relations with the trading block.

Israeli military vehicles at Israel's southern border with the Gaza Strip on May 20. Photographer: JACK GUEZ/AFP

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For Your Commute

Mauritius is emerging as one of the world’s fastest-growing wealth markets, with its millionaire population projected to double by 2033. Now, the island nation is working to harness the boom — and shed its reputation as a tax haven. The new government, in office since November, is courting family offices, wealth managers and fintech firms as it looks to diversify the $14.6 billion economy beyond tourism and real estate.

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