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Italy's highest court clears Milan prosecutors of Eni Nigeria charges
The top court of Italy acquitted on Thursday two prosecutors from Milan who were accused of not submitting documents that would have supported the position of energy group Eni in an international corruption case. Eni, Shell and all other defendants were acquitted of the charges in March 2021, in what had been described as the largest corruption case in the oil industry, relating to the $1.3 Billion acquisition of an oilfield in Nigeria more than 10 years ago. The Italian highest court, the Court of Cassation, reversed a lower-court ruling and acquitted Prosecutors?Fabio de Pasquale, and Sergio Spadaro. They said "the offence doesn't exist". "My colleague Fabio Federico and I are really happy." "This ruling brings justice to many years of suffering", said Massimo Di Noia one of the prosecutors lawyers. In October 2025, judges in Brescia, a northern city in Italy upheld a sentence of eight months in prison. They found that the two prosecutors failed to fulfill their duty by failing to submit documents which could have?aided the defense. De Pasquale and Spadaro were not available to comment on the decision, which was made after a five-year investigation. In the appeal in Brescia, Spadaro stated that "there was neither a refusal nor an omission", and that the prosecutors acted according to "conscience and law". The Milan court which?acquitted Eni, Shell and other defendants, had stated that the prosecutors did not file among the trial documents a video taken by an ex-?external attorney for Eni?that they deemed relevant to this case. Brescia courts has jurisdiction in cases involving judges, prosecutors and other officials from Milan. Reporting by Emilio Parodi. Mark Potter edited the article.
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Radev, Prime Minister of Bulgaria, says Bulgaria will not accept new EU sanctions against Russia
Rumen Radev, Bulgaria's Prime Minister, said that the country will veto the latest European Union sanctions package against Russia. This is because they may negatively impact its economy. Also, because their government does not agree with the sanctions against a Russian Bishop. The EU's sanctions list was expanded on Monday by adding a total of?34 people and 47 entities that are linked to Russia’s military and industrial complex. It also includes a shadow fleet?of?oil-and-gas tankers?and others who have been involved in political interference. This includes a Russian Orthodox bishop. Radev said that the operation of Lukoil, the Russian oil company, which is one of the biggest motor fuel retailers in Bulgaria, and operates the only refinery in the country, Burgas, was at risk. "We want to exclude it from the list," Radev said, a prorussian eurosceptic. Radev won the April parliamentary elections after stepping down as Bulgaria's mostly ceremonial president to run. He also mentioned the potential disruption of the?supply for the Sofia Metro as well as fertilisers. Radev stated that "all these issues will need to be addressed by the EU's decision making bodies." How have sanctions impacted the war? In what way did they help peace? Radev stated that Bulgaria is not in agreement with the sanctions imposed against dignitaries from?the Russian church. This war has already surpassed the trenches; we can now see its impact in sports, culture and on economics. It is only a matter of time before it also engulfs religion. Radev did say that Bulgaria would not obstruct EU decisions about Ukraine. He said: "We will support Ukraine's accession process to the EU."
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Industry body warns that Mozambique’s new rules on mine ownership could discourage foreign investment
A Mozambique executive said that the new law, which requires the state to have a 15% share in all mining ventures, could discourage foreign investment. The'southern African nation' is among the world's leading producers of graphite. This material is used to make batteries for electric cars and energy storage. Mozambique claims it has amended its mining law to "strengthen its management of strategic resource in defence of?national interests", but the Chamber of Mines of the country fears that it may upset?investors. Geert Kok, vice-president of the industry group, said at a mining conference held in Victoria Falls, Zimbabwe, "We regret that we will see a minimum of 15% state free carry stake in mining companies. We 'fear this will not make Mozambique more attractive as a destination for foreign capital." Exports of semi-processed and unprocessed minerals are also prohibited, unless ministerial approval is tied to plans of local processing. Kolk said the industry body supported the push for local processing. He said: "This is a regional trend, a trend that has been gaining momentum in Africa to increase the value-add within the country. He said that governments should ensure reliable water, electricity and logistical support to make local processing viable for entrepreneurs. The Balama Mine of Syrah Resource in the north has one of the largest graphite reserves in the world. Gemfields'?world largest ruby mining operation, Montepuez?, is also located in northern Mozambique. It also owns significant coal assets that were previously owned by Rio Tinto, Vale and Brazil. Reporting by Nelson Banya. Mark Potter (Editing)
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Oil prices fall as stocks rise on optimism about Iran deal
MSCI's global equities index rose?on Thursday, while oil prices dropped. An interim agreement to end the U.S. - Iran war allowed the reopening?of the Strait?of Hormuz. This fueled hopes that inflation?could?ease and that the U.S. Federal Reserve might not have to?tighten monetary?policy? this year. On Wednesday, the United States and Iran reached an agreement that extended a ceasefire declared in April for another 60 days. This will allow both sides to negotiate a peace. The agreement also allows for the full resume of maritime traffic in the Strait of Hormuz "without charge". Donald Trump, the U.S. president, has threatened to re-launch attacks on Iran and to kill Iranian officials who fail to honor their commitments. In this context, oil prices fell to their lowest level since early March. The dollar also rose, and U.S. Treasury rates dropped. The stock markets around the globe were mixed, with Tokyo and Seoul stocks hitting new highs over night, while European shares fell. Investors bet on a reopening of Strait of Hormuz to ease inflation pressures and energy prices, which could lead to a more dovish policy. The U.S. stock indexes ended lower on Wednesday after the Federal Reserve said it may hike interest rates this year after its first meeting with Kevin Warsh as the new chair. Energy stocks are down but lower energy costs will mean more profits for everyone else who uses energy. Brian Jacobsen is the chief economist?strategist at Annex Wealth Management in Brookfield, WI. It will be easier for the Fed to follow through with what they promised, which was rate hikes in this year. Fed futures showed bets on the U.S. central bank raising rates in this year. CME Group's FedWatch tool indicated a 38.6% likelihood that rates will be 25 basis point higher by December, and a 32.6% possibility that they will rise by 50 basis points. Jacobsen stated that the trading on Thursday reflected investor caution over what will happen after the 60 day negotiating period between Iran and the U.S. "It is more of a bounce rather than a direction change. I would expect to see a slight sideways movement from here. There's a lot of skepticism. Will the Memorandum of Understanding result in a lasting agreement?" He said. Wall Street was busy at 11:01 am. The Dow Jones Industrial Average was 262.02 or 0.51% higher at 51.754.57. The S&P 500 rose by 74.17 or 1.00% to 7,494.43, and the Nasdaq Composite gained 343.55 or 1.33% to 26,368.43. The MSCI index of global stocks rose by 6.00 points or 0.54% to 1,127.12. The STOXX 600 index for Europe fell by?0.31%. The pan-European STOXX 600 index fell?0.31%. U.S. crude oil fell by 3.36% on energy markets to $74.21 per barrel. Brent was down by 3.04% to $77.13 a barrel. The dollar has risen for the second consecutive day after the Fed meeting, which stoked expectations of higher interest rates. Nearly half of the policymakers said they expect an increase this year as inflation concerns continue to grow. The dollar index (which measures the greenback versus a basket including the yen, the euro and other currencies) rose by 0.21%, reaching 100.56. Meanwhile, the euro fell 0.14% to $1.1483. The dollar gained 0.14% against the Japanese yen to?160.84. The pound fell 0.32%, to $1.3248, after the Bank of England kept interest rates at their current levels. The yield on the benchmark 10-year U.S. notes dropped 3.14 basis points from late Wednesday to 4.432%. Meanwhile, the 30-year bond rate fell 4.82 basis to 4.8788%. The yield on the 2-year bond, which moves typically in line with expectations of interest rates for the Federal Reserve fell by 1.39 basis points, to 4.149%. Spot gold dropped 0.14% to $4251.08 per ounce. Spot silver dropped 2.26% to a price of $66.45 per ounce. (Reporting from Sinead carew in New York; Amanda Cooper in London; Satoshi sugiyama in Tokyo. Editing by Elaine Hardcastle and Kirby Donovan.
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Are there any sanctions against Iran?
The interim agreement to end the Iran War will include a waiver of sanctioned oil sale but the country is still faced with a complex web?of international restrictions on its trade and activities. Since decades, sanctions, trade embargoes, and asset freezings have been imposed on Iran by the United Nations, the United States of America, the European Union, and other countries over its nuclear program, human rights record, and support for groups in the region. Iran is hoping to get further sanctions relief through discussions on its nuclear program as the next phase of the interim agreement unfolds. Here are a few of the many sanctions imposed on Iran. They range from trade bans at a wholesale level to rules that target specific individuals or entities. SANCTIONS OF THE UNITED NATIONS The U.N. sanctions have been linked to Iran's nucleic programme, and the assessment of Iran's violations under the Nuclear Non-Proliferation Treaty. In 2006, 2007 and 2008, the U.N. Security Council adopted resolutions that imposed sanctions. These included an embargo on arms, a ban on the supply of certain nuclear materials and technology as well as a freeze on the assets of individuals and companies. The resolutions also prohibited Iran from undertaking any activity to manufacture ballistic missiles that are capable of delivering nuclear weapons. The resolutions did not ban Iranian oil exports, but they did freeze the funds and assets held by the Islamic Revolutionary Guard Corps (IRGC) and the state-owned shipping company. The Security Council established a timeline for lifting sanctions against Iran after the Joint Comprehensive Plan of Action (JCPOA), which was signed in 2015. In 2018, Donald Trump, the president of the United States, ripped up this deal and Iran stopped meeting some of its conditions. Last year, the U.N. sanction were reimposed via a "snapback". UNITED STATES SANCTIONS Washington sanctioned Iran for the first time in 1979, when students took over the U.S. Embassy in Tehran and held diplomats as hostages. Since then, the U.S. has imposed a number of?additional sanction over Iran's support of groups it considers terrorist organizations and its nuclear program. Washington has designated the IRGC as a terrorist organization, despite it being deeply enmeshed in the economy of the country. There is no easy, quick way to stop all sanctions. They are administered by Treasury, but they have different authorities, and different mechanisms. The authority to impose sanctions comes from two 1970s laws that granted emergency powers to presidents, which had to be renewed every year. Also from laws passed in 1996 and 2017, specifically targeting Iran and others. Trump can reverse sanctions imposed by his executive orders. The sanctions include a freeze on 'billions' of dollars worth of Iranian assets and an arms embargo. They also include a ban on any trade or investment with Iran, as well as on anyone buying its oil. The sanctions imposed by Congress are harder to remove, as they did not include any waivers or exemptions?based on Iranian behavior around human rights abuses or Tehran's backing of groups Washington views as terrorist organisations. There are many companies, government agencies and individuals that have been?designated. Removing them all could take a very long time. EUROPEAN UNION SANCTIONS In 2012, the EU placed embargoes against Iranian oil exports. It also froze the assets of the Central Bank of Iran. The trade of precious metals and petrochemicals into and out of Iran was stopped. The country imposed restrictions on the foreign trade, financial service and energy and technology sectors. In 2012, EU directives cut off some Iranian banks from the SWIFT international payments system. This effectively cut off large parts of Iran's banking system from other countries. Despite the JCPOA lifting some sanctions, others were reinstated later. Additional sanctions were imposed on individuals as well as specific missiles and drone components. The EU also sanctioned IRGC, and imposed new sanctions in this year due to Iran's blockade of the Strait of Hormuz. Where does Iran have frozen assets? Iran has tens and tens billions in frozen assets, mostly from oil and gas exports, that are sitting in foreign bank accounts. However, it is unable to access these funds due to the sanctions imposed on its banking sector and oil sector. South Korea, China and Japan are among the countries where Iran had unclaimed billions in oil revenue in their banks. (By Angus McDowall, London; Editing and proofreading by Matthew Lewis).
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UniCredit turned CEO Orcel's younger brother to broker Russia deal
Riccardo Orcel is a former senior banker of the Russian state-backed VTB Group, and the brother of UniCredit's CEO Andrea?Orcel. He helped broker an agreement recently to sell UniCredit's Russia operations. His involvement, which was previously unknown, provides insight into the way Italy's second largest bank secured an agreement to leave Russia. It draws on the expertise of the former VTB executive, who was once regarded as one of the most well-known Western bankers in Moscow. Riccardo orcel left VTB in the past, and it is now subject to Western sanctions. In a press release, the bank stated that "UniCredit confirmed that Riccardo orcel had presented a proposal relating to their Russian business. He was appointed by UniCredit Board as an independent advisor in connection with this process." "The successful outcome of that work was the transaction announced last month." Riccardo orcel has declined to comment. According to Stefano Gatti of Bocconi University in Milan, the Bank of Italy has a complicated set of rules regarding related-party transactions. He said that the regulator oversees any potential conflict of interest and the related-party committee of the bank, the board of directors, and the statutory auditors must carefully assess it. REGULATORY SPRESSURE UniCredit has been one of the biggest Western banks in Russia for many years. It continued to operate after the invasion of Ukraine, despite the pressure of regulators. In May, the bank announced that it had reached a non-binding agreement to sell part of its Russian bank?to a 'well-established private investors' in the United Arab Emirates. It retained only its payments business within Russia. The buyer is unknown beyond the UAE. Since the sanctions have closed down traditional business centres like Vienna, Dubai has become a major hub for doing business with Russia. Riccardo Orcel was Andrea Orcel’s younger brother. He served as vice-chairman of VTB Capital, Russia’s second largest bank. In 2022 he left Russia and joined gold producer Polymetal, then agricultural trader Quanton Commodities. VTB, which is controlled by the Russian state, remains a major player in Russia. Andrey Kostin, its chairman, is an ally of Vladimir Putin. In order to stem the corporate exodus that followed its invasion of Ukraine Russia tightened exit regulations for Western companies and implemented steep discounts on sales of foreign assets. UniCredit deals would need presidential approval and central bank approval. The Milan-based lender, under regulatory pressure, has scaled back its Russian operations. In 2022, it was ranked as one of the top 15 banks in the country. Reporting by Valentina Z and Elvira pollina from Milan, and John O'Donnell from Frankfurt. Elisa Martuzzi, Tommy Reggiori Wilkes, and Mark Potter edited the story.
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Banks say it will take some time for oil flows to return through Hormuz.
Analysts at two banks say it could take several months to see a recovery in oil flow through the Strait of?Hormuz, and oil production, following?the U.S. Iran interim peace agreement. The Iran conflict caused a disruption in shipments?through? the strait. This is where about a quarter of global oil supplies pass. Oil prices rose sharply. Brent crude reached a record high of $126 per barrel in April, which is a four-year low. Goldman Sachs expects Middle East Gulf exports to return to pre-war levels before the end of July and crude production to rebound by October. Although ship availability does not constitute a constraint on exports, shipowners' caution could be a factor, the report said. In a report published on June 17, the bank stated that "we see shippers' aversion to risk as a possible constraint on flows, along Iran's geopolitical objectives over the 60-day negotiations for the nuclear deal." BNP Paribas stated that, even in the best-case scenario, it would still take several months to normalise oil flows. This would mean that producers would have to re-start about 12 million barrels of production per day. Bank of America stated that clearing mines could take months and not days due to logistical challenges. They also said the oil markets may remain in deficit until the fourth quarter of 2020. Brent oil traded at $77.16 per barrel as of 1403 GMT on Thursday, as the deal eased fears over a prolonged shortage. (Reporting and editing by Alex Lawler in Bengaluru, and Jan Harvey.)
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Gold falls as Fed signals hawkish boost dollar and rate hike bets
Gold prices remained stable on Thursday, despite a hawkish Federal Reserve policy and a stronger Dollar. The U.S. Iran ceasefire agreement, which reduced inflation fears and sent oil prices lower, also helped to keep gold at a reasonable level. At 10:30 am, spot gold was down by 0.3% to $4,246.55 an ounce. ET (1430 GMT). Last week, prices reached their lowest level since November 2025. U.S. Gold Futures dropped 2.7% to $4.264.30. The Fed's hawkish tilt yesterday was most important. The dollar is at new record highs, and this keeps gold under pressure, according to Peter Grant, senior metals analyst at Zaner Metals. The Fed kept interest rates steady on Wednesday but nine of 19 policymakers believe that a rate hike is needed later in the year. After the policy announcement, the U.S. Dollar climbed and is now at an all-time high. This makes greenback-priced gold more expensive for foreign buyers. According to the CME FedWatch Tool, markets are pricing in a 85% chance that rates will be raised in the U.S. in December. This is higher than 61%, which was the chance before the Fed policy statement. In a high-interest rate environment, gold, which is a nonyielding investment, struggles. Since the start of the Middle East conflict, prices have been under pressure as fuel costs increased and inflation fears were stoked. On Wednesday, the U.S. released the text from an interim agreement that their presidents had signed to end their conflict. U.S. Donald Trump threatened to resume attacks on Iran and to?kill Iranian officials? if it failed to honor its commitments. Brent futures fell to their lowest level since March 2, the first trading day after 'the initial U.S. - Israeli strikes against Iran. WTI also dropped to its lowest level since March 4. Silver spot fell by 1.8%, to $66.75 an ounce. Platinum lost 0.9%, to $1718.27. Palladium dropped 2.1%, to $1285.10. (Reporting by Anjana Anil in Bengaluru; Editing by Tasim Zahid)
Scheffler's US Open bid to win a career Slam is off to a rocky start
Scottie Scheffler had a tough start to his quest for a career Grand Slam on Thursday, when he shot a three over par during the early first round of U.S. Open play at Shinnecock Hills Golf Club. Masters champion 'Rory McIlroy' was even par through nine holes.
The world number one Scheffler couldn't get his putter moving as he only managed to make one birdie on the front nine. Windy conditions, with gusts of up to 54 kph (34 mph), tested the field. A thick fog blanket forced a delay of two hours in the first round.
Scheffler is a two-time winner of the Masters and is now attempting to complete his career Grand Slam after winning both the PGA Championship and British Open last year.
He misjudged his putt on the par four eighth hole, resulting in a double bogey.
Scheffler started alongside amateur Mason Howell, and defending champion J.J. Spaun. Last year, J.J. Spaun rolled a'monster 65-foot putt to win the championship by two strokes over Scotland's Robert MacIntyre.
The toughest test in golf
USGA Chief Championships officer John Bodenhamer said to reporters this week that measures had been put in place to slow the greens down.
Standstill traffic in the fashionable seaside town delayed ticket holders for the 156 player tournament. The field included 12 former U.S. Open winners and 49 debutants.
McIlroy, a man who won his own career slam in Augusta a year earlier and who retained the Masters title last April, began on the back nine. He grinned when a gust of air knocked off his hat at the 13th hole.
Adam Scott was playing in his 100th successive major, which began at the 2001 British Open. The 45-year old Australian was two shots over par after nine holes.
Two of the 13 LIV Golf players in the field have afternoon tee time. These are former champions Jon Rahm (left) and?Bryce DeChambeau (right).
Among those who started late were Aaron?Rai (PGA Championship winner) and the high profile trio of Xander Schauffele, Justin Thomas and Hideki Matsuyama.
The field score at Shinnecock Hill in 2018 was 74.65. This is the highest average scoring relative to par over the past 18 years. Reporting by Amy Tennery, Southampton, New York; and Frank Pingue, Toronto. Editing by Toby Chopra, Pritha, Sarkar and Toby Chopra.
(source: Reuters)