Russia is considering settling pressing Eurobond obligations by applying the mechanism being used to process payments for its gas in roubles, the Kremlin and the finance minister said, as Moscow edges towards a default triggered by Western sanctions.

Russia’s invasion of Ukraine has reconfigured the global oil market, with African suppliers stepping in to meet European demand and Moscow, stung by Western sanctions, increasingly tapping risky ship-to-ship transfers to get its crude to Asia.

The rouble firmed sharply in volatile trade on the Moscow Exchange on Monday, reversing some of last week’s heavy losses as it retained support from capital controls and Russia’s strong trade account.

On an overcast morning in Bradford, northern England, a steady stream of locals arrive at a foodbank to collect produce parcels described as  “a lifesaver” during the worst cost-of-living crisis in a generation.

Russia may escape defaulting on its debt on Friday, but the tightening noose of Western sanctions over its invasion of Ukraine is inexorably drawing the nation towards a default.

Russia said Friday it was looking to ramp up its production of grain to export in the coming season, amid a global food crisis exacerbated by Moscow’s military campaign in Ukraine.

Russia expects to receive one trillion rubles in additional oil and gas revenues this year, the finance minister said Friday, adding that part of the windfall will be spent on Moscow’s offensive in Ukraine.

With EU leaders set to meet Monday to try to seal a sixth Russia sanctions package that includes an oil embargo, Hungarian Prime Minister Viktor Orban has mounted his latest show of defiance.

Russia is advancing a new law allowing it to take control of the local businesses of Western companies that decide to leave in the wake of Moscow’s invasion of Ukraine, raising the stakes for multinationals trying to exit.

Russia’s central bank cut its key interest rate Thursday following an emergency meeting, as authorities seek to rein in the rouble which has surged in value despite the conflict in Ukraine.

German consumers remained troubled by the impact of the war in Ukraine despite a modest improvement in their confidence heading into June, according to a key survey published Wednesday.

Russia has so far deflected much of the impact of sanctions on its oil trade but the insurance industry threatens to throw a spanner in the works unless Moscow and its customers can plug a gap left by Western underwriters.

The Organisation for Economic Cooperation and Development (OECD) on Tuesday acknowledged for the first time that a global digital tax deal may take a year longer to implement.

US sportswear maker Nike has not renewed agreements with its largest franchisee in Russia, the Vedomosti daily reported on Wednesday, marking the latest exit by a major U.S. brand since Russian forces entered Ukraine.

British retailer Marks & Spencer will end its franchise agreement in Russia in the coming months and joined rivals in warning about the outlook for the current year amid a worsening cost-of-living crunch.

Sales of electric cars accelerated last year but the availability of critical raw materials such as lithium risked slowing the sector’s growth, a report warned Monday.

The Russian rouble strengthened to levels not seen since March 2018 against the dollar on Tuesday, boosted by export-focused companies selling foreign currency to pay taxes and shrugging off a slight easing of capital controls.

The Russian rouble firmed around 4 per cent against the dollar and euro on Monday, heading back towards multi-year highs hit last week, supported by capital controls and an upcoming month-end tax period.

Negative interest rates will soon be a thing of the past in the eurozone, the ECB’s chief signalled Monday, with the bank poised to raise rates for the first time in over a decade to tamp down soaring inflation.

Britain and Mexico kicked off negotiations on Friday to pin down a post-Brexit free trade deal, the UK government announced.