Latest news for 5 December 2025

RUSSIA

US softens some sanctions.

The US has suspended sanctions against Lukoil gas stations outside Russia, though the US still blocks Lukoil’s repatriation of profits. The move comes amid continued US efforts to get some kind of Russia-Ukraine deal across the line. (France24)

Comment: We already knew the US approach was rattling European allies given the possibility of an appeased Russia just expanding its appetite. But it’s still remarkable to see just how rattled: a leaked transcript of a call among European leaders suggests the continent’s two biggest players (France’s Macron and Germany’s Merz) warned Trump could betray Ukraine by forcing it to cede turf without security guarantees.

UNITED STATES

Another win for Nvidia?

Reports are emerging that today’s annual US defence bill will exclude a proposal forcing US chipmakers like Nvidia to prioritise US buyers. Congressional hawks are still working on other bills that’d codify existing limits on AI chip sales to China, and protect whistle-blowers who report chip smuggling. (Bloomberg $)

SWITZERLAND

More billionaires than ever.

The world has apparently welcomed 196 new billionaires this year, helping push the combined wealth of that ‘three comma club’ to a record $15.8T thanks partly to soaring tech valuations. (UBS)

FAROE ISLANDS

Those islands.

Russia is threatening to sanction the… you guessed it, Faroe Islands, after the self-governing Danish archipelago moved to ban Russian firms fishing in its waters, given reports of alleged spy ships. (Independent)

BELGIUM

Guarantees.

European leaders are starting to fret as Belgium continues to block efforts to use frozen Russian assets held by its Euroclear depository to support Ukraine’s self-defence. The Belgians say they fear retaliation from Moscow, though others say Putin is (again) bluffing. (Politico)

AUSTRALIA

At long last.

After months of speculation, the Pentagon has now (re)endorsed the Australia-UK-US AUKUS pact to supply the Aussies with nuclear-powered subs. (Rep Courtney)

Comment: Shameless plug, but we’ll drop an AUKUS special edition over the break.

UNITED STATES

Trade no more?

Top trade official Jamieson Greer has ruffled some feathers, flagging President Trump could feasibly withdraw from the United States–Mexico–Canada Agreement or split it and try negotiating separately with Mexico City and Ottawa. (CBC)

Comment: Trump would presumably hope the asymmetry in any one-on-one negotiation might extract some kind of better deal for the US. And both Carney and Sheinbaum presumably know this, which is why they’ve spent the year signalling their own quiet alignment towards the US without giving the impression of ganging up.

TURKEY

Nuclear but small.

Turkey’s energy minister has told journalists the country’s flagship drone-maker (Baykar) is now entering the nuclear reactor business, with a small modular reactor (SMR) prototype now in the works. (Middle East Eye)