Europe

European inflation spiked to a record 8.1 percent in May, matching the U.S. and Britain, which have both set 40-year records for inflation in March and April.

Russia's largest bank, Sberbank, is the latest to be hit by European Union sanctions and will be barred from utilizing the SWIFT international banking system.

A new proposed agreement for sanctions against Russian oil could draw more countries in by allowing an exception for pipelines, but it may be too weak for some.

Russian parliament preliminarily approved a bill allowing its government to seize control of the businesses of western companies that decided to exit the country.

At the beginning of March, days after Russian forces invaded Ukraine, Starbucks joined a growing list of corporations that suspended all business activity in the country.

The first military aircraft carrying pallets of baby formula will arrive in the U.S. this weekend. The February closure of an Abbott Nutrition plant has led to a nationwide shortage.

Russian news organization The Bell reported that the country's war in Ukraine has triggered "new levels of government secrecy."

As Finland seeks to join NATO, a Finnish brewery is selling a new beer paying tribute to the military alliance.

The announcement comes after McDonald's said in early March that it temporarily closed restaurants in Russia and paused operations in the market.

Russia may soon cut off its gas supplies to Finland as its northwestern neighbor looks to join the NATO alliance, according to reports Thursday. Finnish officials say they have prepared for this eventuality.

Britain and the European Union were once again at loggerheads over Brexit on Wednesday, after the U.K. government ramped up threats to scrap parts of its trade treaty with the bloc, saying the rules are blocking the formation of a new government in Northern Ireland.

Gas prices hit a new all-time high on May 10, 2022, amid rising inflation and President Biden's restrictions on oil and gas production. The prices come as the European Union edges toward oil sanctions on Russia amid the Kremlin's invasion of Ukraine. It also comes amid record-high inflation, with the consumer price index reaching 8.5% in March.