EU

The G7’s plan to release up to 100 million barrels of oil aims to fulfil its commitment from March’s 400-million-barrel emergency release, according to an internal IEA document. Despite some European nations already meeting obligations, ongoing tensions in the Middle East continue to impact diesel supply.

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A Russian court sentenced Igor Yuryevich Odintsov, 68, to six years in prison for “publicly justifying terrorism” after he swam from Kaliningrad to Lithuania seeking asylum. He is barred from managing websites for three years post-release, reflecting ongoing tensions surrounding dissent in Russia.

Maricarmen Abascal, an elderly woman whose eviction in Madrid ignited nationwide protests, has died following her hospitalisation. Her case, reflecting Spain’s housing crisis, led to mass demonstrations and ultimately prompted Prime Minister Pedro Sanchez to call early elections amid ongoing civil unrest.

British Prime Minister Sir Keir Starmer acknowledged painful losses for the Labour Party in local elections, admitting over 20% voter abandonment. With challenges mounting, he plans a speech promising closer ties with the EU, though concerns linger over his leadership stability and potential shifts in UK political dynamics.

Bulgaria’s parliament approved Rumen Radev as prime minister, aiming to end political instability and boost economic development. The election, which saw a vote of 124-70, follows his party’s significant victory in April and comes amid challenges like inflation and energy crises affecting the EU member state.

Ukrainian President Volodymyr Zelenskyy granted approval for Russia’s Victory Day parade in Moscow on 9 May, citing humanitarian reasons after US-brokered negotiations. Concurrently, US President Donald Trump announced a three-day ceasefire beginning Saturday, including a significant prisoner swap between both countries.

US Secretary of State Antony Blinken met Italian leaders Giorgia Meloni and Antonio Tajani in Rome to discuss international security. Tajani expressed Italy’s commitment to a post-war mission to Hormuz. Blinken highlighted ongoing negotiations with Iran and the challenges of unreliable allies.

The European Commission cleared Hungarian Commissioner Olivér Várhelyi of allegations related to a spying network targeting Commission staff, concluding its investigation without evidence of wrongdoing. This decision ensures Várhelyi’s position as EU Commissioner for Health and Animal Welfare ahead of Hungary’s new Prime Minister Péter Magyar’s inauguration.

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