The European Union proposes to cover two-thirds of Ukraine's financial needs, amounting to 90 billion euros, over the next two years. This will be done through EU borrowing or a reparations loan from frozen Russian assets.
Hungary and Slovakia will appeal to the EU's highest court to challenge the agreement to phase out Russian gas by September next year. Hungarian Foreign Minister Péter Szijjártó stated that the new restrictions are unacceptable, as Hungary cannot ensure energy supply without Russian sources.
The Chinese Foreign Ministry believes that using frozen Russian assets for Ukraine would not contribute to peace negotiations. Beijing opposes unilateral sanctions that violate international law.
European Commission President Ursula von der Leyen stated that the EU pays Russia 1. 5 billion euros monthly for fossil fuels. She emphasized that this amount has significantly decreased since the beginning of the war, but is still too high.
NATO Secretary General Mark Rutte stated that the peace process regarding Russia's war against Ukraine must continue. He named two ways to pressure the Russians if negotiations drag on or yield no results.
On the first night of winter, an explosion occurred on a section of the Druzhba oil pipeline in Russia. The attack was carried out near the settlement of Kazinskiye Vyselki, on the Taganrog-Lipetsk oil pipeline section.
Russia is struggling to deliver oil under US sanctions, which has led to a 21% increase in oil volumes at sea in three months. The average voyage time for the flagship ESPO crude to Chinese ports has increased to over 12 days.
The Munich prosecutor's office is investigating a case involving businessmen who illegally sold 50 luxury cars to Russia for over 10 million euros. These cars, including an armored Mercedes, may have been intended for the Russian elite.
The European Union has agreed on final rules that provide for a gradual cessation of Russian natural gas imports. A full embargo on supplies will come into force by the end of 2027 after approval by the EU Council and the European Parliament.
The European Commission is proposing a legal solution to avoid Belgium having to pay billions of euros if Hungary vetoes the extension of sanctions against Russia. This would allow €140 billion of frozen Russian assets to be used as a loan to Ukraine.
Russia will not compromise on territories, limiting the size of the Ukrainian Armed Forces, and the recognition of occupied territory by the US and Europe, a Russian official states. Moscow is ready to be flexible on secondary issues, such as frozen assets.
The defense ministers of the European Union countries discussed further support for Ukraine and European defense, emphasizing the critical importance of making a decision on multi-year funding for Kyiv.
Canada is calling on NATO for a more systemic approach to Arctic security amid geopolitical changes. Foreign Minister Anita Anand will raise the issue at a meeting of NATO ministers.
Ukrainian President Volodymyr Zelenskyy spoke in the Irish parliament, calling for continued pressure on Russia. After the speech, the Irish parliament gave the President of Ukraine a standing ovation.
Ukrainian President Volodymyr Zelenskyy identified territories, frozen assets, and security guarantees as the most sensitive topics of the peace plan. He emphasized that he cannot unilaterally decide on the issue of frozen funds in the EU.
The US has denied Serbia a license to operate the Russian-owned NIS refinery in Pančevo, blocking crude oil supplies. This jeopardizes the stability of the country's fuel market and leads to daily losses of 370,000 euros.
The profits of the Russian oil giant Rosneft collapsed by almost 70% due to sanctions. The CPD reports a crisis in Russia's energy sector.
Exxon Mobil is in talks with Iraq to acquire Lukoil's controlling stake in the West Qurna-2 field. This field accounts for 9% of Iraq's oil production, and potential buyers can negotiate until December 13.
The European defense sector grew by 13. 8% in 2024, reaching a turnover of €183.4 billion. This growth is a result of increased defense budgets following Russia's full-scale invasion of Ukraine.
Russia and Vietnam have organized a scheme to circumvent the price cap on Russian oil, which involves joint oil and gas production. The agreements allow for the export of Russian oil under the guise of Vietnamese oil and set a minimum sale price for oil of no less than $75 per barrel.
President of Ukraine Volodymyr Zelenskyy received a detailed report from the Ukrainian delegation after peace talks in the US, where the American side's priorities were discussed. He instructed to continue constructive work with President Trump's team and European partners.
US officials intend to return Russian assets after a peace treaty is concluded. European Commission President Ursula von der Leyen proposes using them to support Ukraine.
French President Emmanuel Macron will make his fourth state visit to China this week. Europe is seeking to strike a balance between economic and security threats from Beijing and its dependence on the world's second-largest economy.
The European Central Bank has rejected participation in the European Commission's proposal to use frozen Russian assets. This complicates the attraction of a loan secured by the immobilized assets of the Russian central bank.
In November, Turkey reduced imports of Russian Urals crude oil by 100,000 barrels per day, to approximately 200,000 barrels per day. This comes amid tightening Western sanctions and the transition of Turkish refineries to alternative grades such as Kazakhstan's CPC Blend and Iraq's Basrah.
Donald Trump has tasked trusted individuals without diplomatic training, Steve Witkoff and Jared Kushner, with negotiating a peace deal between Ukraine and Russia. They are scheduled to meet with Vladimir Putin in Moscow, despite criticism over their ties to Russian officials.
European governments accuse Belgium of excessive demands for protection in case the Kremlin sues over the use of 140 billion euros in frozen Russian assets. This could derail negotiations on the EU's plan to provide these assets to Ukraine before the December summit.
European Commission President Ursula von der Leyen announced the preparation of new EU sanctions against Belarus. This is a response to hybrid actions against Lithuania, including an increase in the number of incursions by contraband balloons.
A month before the end of 2025, Russia recorded a significant failure of tax revenues, which deepens the financial crisis. Oil and gas revenues, VAT, and excise taxes have significantly decreased, and the budget deficit has reached record levels.
After a meeting in France with President Macron, Volodymyr Zelenskyy stated that Ukraine seeks to end the war, but in such a way that Russia does not receive "rewards" for it.
