EU Sanctions & Trade: EU’s 21st Russia sanctions proposal would add entities based in India, potentially complicating ratification of the EU-India trade deal. Migration Rules: The EU Migration Pact entered into force on June 12, making the new asylum framework mandatory across member states (with limited Denmark opt-outs), but critics say it won’t stop illegal migration. ECB Rate Move: The ECB lifted rates by 0.25pp as the Iran-related energy shock feeds inflation, while euro-area growth looks stalled. EU Carbon Border Tax: EU ministers agreed to tighten rules on when countries can suspend the carbon emissions fee on imports, aiming to boost certainty for low-carbon investment. Italy Growth Outlook: Italy’s central bank cut its 2027 growth forecast to 0.4% amid weak demand and higher energy costs. AI & Cybersecurity: EU officials plan talks with Anthropic over access to its Mythos model, with cybersecurity risk and possible US approval in the mix. Banking & Markets: European shares rallied on Middle East peace hopes and lower oil prices, after a choppy week. Defence Industrial Shock: Europe’s FCAS next-gen fighter effort collapsed, raising questions about how Franco-German defence projects are managed and funded. Greece Banking: Greece’s National Bank launched the first phase of a 2026 share buyback up to €531.9m. UK Retail Banking: Several UK banks are offering switching cash incentives, including £200 deals highlighted by MoneySavingExpert. Business Finance: UK SME GMP Manufacturing secured £500k+ via White Oak UK financing backed by UKEF to expand exports.