The main events by the morning: May 7

• Last year, the European Union spent 23 billion euros on the purchase of Russian gas. Monthly expenses amounted to approximately 1.8 billion euros per month, according to Commissioner Jorgensen. He also noted that the share of gas from Russia in EU imports has decreased from 45% to 13%, and oil – from 26% to 3%. At the same time, Europe plans to completely stop importing Russian gas by 2027.

• India attacked Pakistan under the guise of large-scale military exercises in the north of the country. During the «exercises», Russian-made SU-30MKI fighters and French Rafale were used. Trump called the escalated conflict between India and Pakistan a «disgrace.» The US President expressed hope for a quick end to the current events.

• China is ready to start formal negotiations with the United States on tariff issues. U.S. Treasury Secretary Vincent said that representatives of both countries will meet over the weekend to discuss de-escalation of trade relations. China confirmed its participation in the talks, stressing that it will act in accordance with global expectations and its interests.

• The United Kingdom and the United States are on the verge of concluding a trade agreement. This agreement is intended to mitigate the impact of Donald Trump's tariffs through lower quotas on exports of British cars and steel. The UK's proposals include concessions to the United States on the digital services tax levied on international companies, as well as lower duties on exports of automobiles and agricultural products.

• Since the beginning of the conflict in 2022, the EU has allocated 150 billion euros to Ukraine. This was stated by European Commissioner for Economics Valdis Dombrovskis. Russia believes that arms supplies to Ukraine hinder the settlement, directly involve NATO countries in the conflict and represent a «game with fire.» Russian Foreign Minister Sergei Lavrov also noted that any shipments containing weapons for Ukraine would become a legitimate target for Russia. The Kremlin stated that pumping Ukraine with weapons from the West is not conducive to negotiations and will have a negative effect.