Russia remained the top supplier of nuclear reactor fuel to the US last year, even after a ban on enriched uranium imports from the country took effect in May.

In May 2021, Fatih Birol, Executive Director of the IEA, told The Guardian, “If governments are serious about the climate crisis, there can be no new investments in oil, gas and coal, from now – from this year.”

The world’s leading banks spent just 89 cents on low-carbon energy companies and projects such as wind, solar and grids for every dollar they allocated to fossil fuels.

While global spending is likely to hit $570 billion this year — enough to keep production at current levels if sustained — the amount would be down slightly from 2024,

These new measures follow the 18th sanctions package, unveiled in July 2025, which lowered the oil price cap on Russian crude to US$47.6/bbl,

The contract, worth CNY4.2bn ($594m), was awarded to a joint group of companies, China Energy Engineering Jiangsu Electric Power Construction No 3 Company and China National Nuclear Huachen Construction Engineering Company. They will build the nuclear islands, their auxiliary systems and part of the equipment for the balance of the station.

Russia sold 35 billion bcm of gas to the European Union in 2024, which positioned Russia as Europe’s largest gas supplier. Gas has not been subjected to EU sanctions, although the EU has stated it wishes to cut off all Russian gas supplies by 2027. Iran’s gas consumption potential can more than make up the difference and is also likely to spur Iranian industrial development.

Current Russian exports to the Philippines are dominated by products from the metallurgical and chemical industries and the timber sector, as well as agricultural goods and food products. Philippines exports to Russia include electronics, chemical industry goods and agricultural products.

In May this year, Sweden's parliament - the Riksdag - approved the government's proposals for providing state aid to companies that want to invest in new nuclear reactors in the country.

In Brussels, Belgium, Secretary Wright met with members of the European Parliament and Commission, stressing the benefits of U.S.-E.U. energy partnerships, ending Europe’s reliance on Russian oil and gas, and the need to shift away from policies that lead to more expensive energy and inhibit long-term energy agreements in the EU.

Brent were up 27 cents, or 0.40%, to $67.11 a barrel, WTI rose 29 cents, or 0.46%, to $63 a barrel.

Trump has repeatedly threatened the largest buyers of Russian crude with sanctions if a deal to end the war in Ukraine is not reached. On Aug. 6, Trump issued an executive order raising tariffs on US imports from India from 25% to 50%, in response to what Trump described on Truth Social as India's "massive" purchases of Russian crude.

Physical export volumes in July increased 1.4% month-on-month to 7.3 million barrels per day, matching the export volume from a year earlier.

The refiner, part-owned by Russian oil major Rosneft PJSC, is an important pillar of the Indian market. Its 400,000 barrels-a-day processing plant accounts for 8% of the country’s refining, and the company operates 7% of its fuel stations.

"In the field of nuclear energy, 10 new reactors are progressing rapidly. By 2047, when the nation will complete 100 years of independence - the year we have set as the target for achieving the goal of a 'Viksit Bharat' - we are moving forward with the resolve to increase our nuclear energy capacity more than tenfold."