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.

China has punished a number of local officials with demotions or dismissal for falsifying economic data, the country’s statistics bureau said on Friday, as part of an effort to curb data fraud as the economy falters.

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 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.

India’s economic recovery from the Covid-19 pandemic likely stumbled again in the first quarter of this year primarily due to Omicron-related restrictions and higher inflation, a Reuters poll showed.

American wages continued to rise in April, supporting an ongoing increase in consumption in the face of an inflation wave that nonetheless shows signs of waning, according to government data released Friday.

The US government deficit will fall dramatically this year to $1 trillion, down from levels not seen since World War II hit during the pandemic, the Congressional Budget Office said Thursday.

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.

Electoral calculations appear to be one of the key factors behind India’s decision to curb sugar and wheat export, according to industry analysts.

India has no immediate plans to lift a ban on wheat exports, but will continue with deals which are done directly with other governments, Commerce Minister Piyush Goyal told Reuters.

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.

The United States will end an exemption allowing Moscow to pay foreign debt held by American investors with funds held in Russia, the US Treasury said Tuesday, a move that could push Vladimir Putin’s country closer to default.

US pharmaceutical giant Pfizer on Wednesday said it would sell its patented drugs on a not-for-profit basis to the world’s poorest countries, as part of a new initiative announced at the World Economic Forum in Davos.

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.

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.