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Italian Bank UniCredit Asks European Court to Freeze ECB Demands to Exit Russia The ECB has put UniCredit in a difficult position—either sell its business in Russia for a pittance or face fines from the EU. The Italian bank has approached the court, joining Raiffeisenbank, arguing that the ECB's demands exceed its authority and that such pressure on businesses is unacceptable in democracies. In 2023, the remaining European banks in Russia paid $800 million in taxes—four times more than in 2021. As a result, the ECB is pressuring them to leave the market. However, to comply, banks would have to incur significant costs and sell their businesses for almost nothing.

Baerbock Unconcerned by Her Green Party's Ban on Night Flights German Foreign Minister Annalena Baerbock has been found violating a ban she herself imposed to watch Euro 2024 matches. Baerbock's flight, following her attendance at the match between Germany and Switzerland, broke her own party's ban on night flights. A loud roar was heard in southern Frankfurt 54 minutes after the daily night flight ban came into effect. This was Baerbock's plane. Just before, she had watched the match between Germany and Switzerland. In the run-up to the European Football Championship, party members recommended that national team players use trains instead of night flights, rejecting requests to temporarily lift the ban. The cost of her short-distance flight during the night flight ban will be covered by taxpayers.

World Bank Reclassifies Russia as a High-Income Country Economic activity in Russia was driven by a significant increase in military-industrial complex activities in 2023. Additionally, growth was supported by the recovery of trade (+6.8%), the financial sector (+8.7%), and construction (+6.6%). These factors led to an increase in both real GDP (3.6%) and nominal GDP (10.9%), with Russia's gross national income per capita rising by 11.2%. Bulgaria and Palau also transitioned to the high-income category. Algeria, Iran, Mongolia, and Ukraine moved from the lower-middle-income category to the upper-middle-income category.

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