It has been six weeks since Russia invaded Ukraine, and in response the Western powers have hit Moscow with sweeping sanctions with the latest announced days ago, mostly targeting the country’s financial sector. However, Russia’s biggest revenue generator, its energy sector, has been largely spared so far. Other than Poland and Lithuania no EU member has announced a ban on Russian energy. 

US Trade Representative Katherine Tai’s trade policy review with China has gained some negative reactions from some US businesses. Some industries are concerned that the plan does not offer a specific framework for negotiations and timing. Tai revealed her plan on Monday, saying she would hold meetings with Chinese officials over their failure to meet former President Trump’s Phase 1 trade deal, and start a process to exclude some Chinese imports from tariffs. 

Eurometaux, the European non-ferrous metals association, has called on the European Union to follow the Biden administration’s example in rolling out financial support to help the bloc control its supply of raw materials critical for energy transition. The association, which represents European majors including Glencore, Boliden and Aurubis, said the EU should implement a similar legislation to the U.S. Inflation Reduction Act (IRA), which includes billions of dollars of subsidies to ramp up domestic investment in electric vehicles and renewable energy.