Good morning from the Financial Times.
Today is Tuesday, July 7th, and this is your FT News Briefing.
Greek shipping companies are cashing in on Russian oil and Turkey's
trying to get closer with Europe during this week's NATO summit.
Plus, the big four are struggling down under.
There's a lot of debate about what needs to be done to basically bring trust back to this sector
because it's really shot through.
I'm Sonia Hudson, and here's the news you need to start your day.
Shipping companies have made at least $3.8 billion transporting Russian oil in the past three years.
That's according to an FT analysis.
The tankers did so despite the U.S.
And European Union's attempts to curb Moscow's oil revenues.
Now, the oil trade is permitted as long as it falls within the rules of the G7 price cap.
But the pressure to tighten sanctions has gotten more intense recently.
The US and the EU are trying to weaken Moscow's hand ahead of a potential peace deal with Ukraine.
U.S. President Donald Trump's shift away from NATO is driving Europe into the arms of its second closest ally.
Turkey is hosting the NATO summit that starts today, and its role as the master
of ceremonies is symbolic of the country's bigger ambitions to sell more military equipment to Europe.
But is Europe ready to embrace its neighbor?
John Paul Rathbone is the FT's Turkey correspondent.