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Reaction to NATO’s Nordic expansion

The Russian president warns of a certain response if the US-led NATO alliance deploys military infrastructure in Sweden and Finland. Vladimir Putin was reacting to Helsinki and Stockholm’s decisions to become members of the western military alliance. Putin said Russia must look closely at what he called the alliance's plans to increase its global influence. On Monday, the Swedish government said it has formally decided to apply for NATO membership. Finland announced a similar decision a day earlier. Russia previously warned the two Nordic countries against joining the alliance, saying that could result in a nuclear buildup in the Baltic.

Eurozone grim growth forecast

Russia’s war in Ukraine is taking a heavy toll on Europe’s economy. The European commission has now slashed its expectations for the eurozone’s growth while increasing its inflation forecast for the monetary union. The EU’s executive arm cut the annual growth for both the bloc and the eurozone to 2.7, blaming soaring energy prices. The figure is down from the previous forecast of 4 percent. It also predicted that consumer prices in the eurozone will go up by 6.1 percent year-on-year. That’s a near-doubling of the previous forecast of 3.5 percent. The European commission also hiked the expected inflation for the EU, much higher than its earlier forecast. The commission warned that the forecast is subject to high uncertainty and risks, noting it could worsen further if Russia completely cuts off its oil and gas supplies to Europe.

Post-Brexit tensions

Tensions run high in the UK over post-Brexit trading arrangements with the EU. Northern Ireland’s biggest party says it will be wrong to take unilateral action over a trade mechanism with the EU. The leader of the pro-Irish party, Sinn Fein, calls it absolutely extraordinary for the UK government to propose legislation to breach the Brexit deal. Mary Lou McDonald, whose party seeks a united Ireland, spoke following a meeting with Prime Minister Boris Johnson. That’s after Johnson threatened unilateral action in a dispute with the EU on the Northern Ireland Protocol stipulated in Brexit. That has raised alarm in the bloc, which sees Britain’s move a violation of its divorce deal. EU member Ireland has also urged the UK not to breach the accord by introducing new trade laws.


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