US-Iran strike pause holds for a third day as mediators press for talksRecord wildfires in Spain and France displace about 375,000 as a fourth heat wave approachesOil falls up to 9 percent after US and Iran pause strikesSaudi Arabia intercepts drones from Iraq as Houthi attacks cut Red Sea traffic by halfNvidia in talks to guarantee $250bn for OpenAI data centre in OhioNetanyahu in Washington as US presses for Israeli pullbacks in Gaza, Lebanon and SyriaFed's new chairman faces first rate decision as markets split on a hikeCXMT shares jump about 470% on Shanghai trading debutIran threatens response after Ukrainian strike on Caspian Sea cargo ship kills sailorUkrainian drone strikes hit Udmurtia oil site, Crimea utilities and Kazakh export routeStrikes on both sides of the front kill civilians in Chernihiv and Rostov-on-DonZelensky visits new UK prime minister before White House talks as US aid timeline stretches to 2029Nvidia forms Open Secure AI Alliance as open-weight dispute widensAttacker kills one and injures dozens at Berlin Pride paradeIsraeli raids across West Bank towns as UN criticises settlement expansionEbola responders in DR Congo strike as recorded cases pass 3,000Report warns falling funding could reverse gains against HIVHugging Face demands $100m in computing capacity from OpenAI after agent attackMonitor reports sharp rise in Myanmar military attacks on civiliansPutin raises authorised army strength to 2.4 millionIsrael approves entry of international stabilisation force into GazaEurope heads into winter with shrinking fuel buffers as Asian buyers cut import relianceAnalyst sees Russian forces close to a breakthrough in DonbasRomania expels Russian diplomat after shooting down three dronesNorth Korea reportedly preparing to send 30,000 more troops to RussiaSudan's army says it has retaken the Khartoum to El Obeid highwayTrump takes mail ballot restrictions to the Supreme Court and calls for ending the filibusterBank of England expected to hold rates while Singapore tightens againUganda starts emergency food distribution after 19 hunger deaths in KaramojaMoscow promises response to EU sanctions as Greek shipping carve-out prompts rethinkJihadist attacks kill at least 31 in north-eastern DR CongoHamas completes leadership voteVenezuela's government and opposition to begin US-supervised talks on 1 AugustChina threatens countermeasures over planned US sanctions on AI firmsColombia's president-elect to cut ties with Cuba and NicaraguaChina adds EU entities to its export control listTrump backs possible F-35 sale to Turkey despite Israeli objectionsIndonesia's central bank governor resigns unexpectedlyJohnson & Johnson to pay $5.5bn to settle talc cancer claimsRecord AI lobbying spending and Meta's secret Louisiana data centre dealTurkey to present 'Terror-Free Türkiye' legal framework before recessApple regains title of most valuable public company from NvidiaChad notifies the UN of its withdrawal from the ICCPentagon data show US casualties in the Iran campaignFedorov's dismissal strains Ukraine's political leadershipMeta teen-harm trial opens in TennesseeTrump presses RFK Jr. to scale back childhood vaccinesIndia's education minister resigns after youth protestsKim Yo Jong calls North Korea's nuclear status irreversibleReport examines how many US missiles remainUS-Iran strike pause holds for a third day as mediators press for talksRecord wildfires in Spain and France displace about 375,000 as a fourth heat wave approachesOil falls up to 9 percent after US and Iran pause strikesSaudi Arabia intercepts drones from Iraq as Houthi attacks cut Red Sea traffic by halfNvidia in talks to guarantee $250bn for OpenAI data centre in OhioNetanyahu in Washington as US presses for Israeli pullbacks in Gaza, Lebanon and SyriaFed's new chairman faces first rate decision as markets split on a hikeCXMT shares jump about 470% on Shanghai trading debutIran threatens response after Ukrainian strike on Caspian Sea cargo ship kills sailorUkrainian drone strikes hit Udmurtia oil site, Crimea utilities and Kazakh export routeStrikes on both sides of the front kill civilians in Chernihiv and Rostov-on-DonZelensky visits new UK prime minister before White House talks as US aid timeline stretches to 2029Nvidia forms Open Secure AI Alliance as open-weight dispute widensAttacker kills one and injures dozens at Berlin Pride paradeIsraeli raids across West Bank towns as UN criticises settlement expansionEbola responders in DR Congo strike as recorded cases pass 3,000Report warns falling funding could reverse gains against HIVHugging Face demands $100m in computing capacity from OpenAI after agent attackMonitor reports sharp rise in Myanmar military attacks on civiliansPutin raises authorised army strength to 2.4 millionIsrael approves entry of international stabilisation force into GazaEurope heads into winter with shrinking fuel buffers as Asian buyers cut import relianceAnalyst sees Russian forces close to a breakthrough in DonbasRomania expels Russian diplomat after shooting down three dronesNorth Korea reportedly preparing to send 30,000 more troops to RussiaSudan's army says it has retaken the Khartoum to El Obeid highwayTrump takes mail ballot restrictions to the Supreme Court and calls for ending the filibusterBank of England expected to hold rates while Singapore tightens againUganda starts emergency food distribution after 19 hunger deaths in KaramojaMoscow promises response to EU sanctions as Greek shipping carve-out prompts rethinkJihadist attacks kill at least 31 in north-eastern DR CongoHamas completes leadership voteVenezuela's government and opposition to begin US-supervised talks on 1 AugustChina threatens countermeasures over planned US sanctions on AI firmsColombia's president-elect to cut ties with Cuba and NicaraguaChina adds EU entities to its export control listTrump backs possible F-35 sale to Turkey despite Israeli objectionsIndonesia's central bank governor resigns unexpectedlyJohnson & Johnson to pay $5.5bn to settle talc cancer claimsRecord AI lobbying spending and Meta's secret Louisiana data centre dealTurkey to present 'Terror-Free Türkiye' legal framework before recessApple regains title of most valuable public company from NvidiaChad notifies the UN of its withdrawal from the ICCPentagon data show US casualties in the Iran campaignFedorov's dismissal strains Ukraine's political leadershipMeta teen-harm trial opens in TennesseeTrump presses RFK Jr. to scale back childhood vaccinesIndia's education minister resigns after youth protestsKim Yo Jong calls North Korea's nuclear status irreversibleReport examines how many US missiles remain
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Moscow claims EU sanctions are

Where things stand

Moscow has signalled that it will hit back at the European Union's 21st sanctions package, with foreign ministry spokeswoman Maria Zakharova saying a response will be announced soon and arguing that measures aimed at Russian energy partnerships pose a threat to global markets, according to TASS. Kremlin spokesman Dmitry Peskov pushed the same line from the other direction, claiming that the package is inflicting serious damage on Europe's own economy and social sphere. The two statements together frame the Russian position as one of confidence rather than concession: the sanctions are cast as self-harm for the bloc, with retaliation still to be specified. On the European side the package is not settled. The Financial Times reports that a carve-out granted for Greek shipping has pushed the EU to reconsider parts of its sanctions regime, which gives Moscow's claims of an incoherent or costly package a point of leverage. Market signals so far do not show visible strain in Russia, with TASS noting that the MOEX index closed 2.18 percent higher. The content and timing of the promised Russian response remain unannounced, as does the scope of any EU revision arising from the shipping exemption.

The European Union has adopted a 21st package of sanctions against Russia, extending restrictions that include measures touching Russian energy partnerships. Moscow routinely responds to such packages with countermeasures of its own, and Russian officials, in this case foreign ministry spokeswoman Maria Zakharova and Kremlin spokesman Dmitry Peskov, publicly contest both the legality and the effectiveness of the restrictions, as reported by TASS. A recurring argument from the Russian side is that the sanctions damage European economies and destabilise global energy markets more than they hurt Russia. Within the EU, individual member states have sought exemptions for sectors of national importance, and the Financial Times reports that a carve-out for Greek shipping has prompted the bloc to reconsider parts of the regime. The MOEX index, Russia's main stock benchmark, is one of the indicators cited in Russian state media to gauge the impact of each new package.

Timeline in detail

Tuesday, 28 July 2026Economy

Moscow promises response to EU sanctions as Greek shipping carve-out prompts rethink

Russian foreign ministry spokeswoman Maria Zakharova said Moscow will soon announce its response to the European Union's 21st sanctions package and argued that measures against Russian energy partnerships threaten global markets, while Kremlin spokesman Dmitry Peskov claimed the package is hitting Europe's economy and social sphere hard, according to TASS. The Financial Times reports that a carve-out for Greek shipping has prompted the EU to reconsider parts of its sanctions regime, and TASS notes the MOEX index closed 2.18 percent higher.