Key Takeaways
- Greece blocks the 21st EU sanctions package against Russia to protect its domestic maritime industry, specifically opposing restrictions on liquefied natural gas (LNG) transshipments.
- Ukrainian President Volodymyr Zelensky officially nominates Sergii Koretskyi, CEO of state energy giant Naftogaz, as Prime Minister to lead the nation through a critical winter.
- Nike (NKE) has recovered $302 million in tariff refunds following a Supreme Court ruling, with $684 million still outstanding from the U.S. government.
- Microsoft (MSFT) continues its gaming division contraction, cutting 379 jobs at ZeniMax Media and Bethesda Game Studios as part of a broader restructuring.
- The U.S. and Iraq are set to announce $60 billion in commercial deals, signaling a strategic pivot by the Trump administration toward economic ties over military presence.
EU Sanctions Hit Greek Maritime Resistance
Athens has emerged as the primary obstacle to the European Union’s 21st package of sanctions against Russia. The Greek government is moving to shield its powerful shipping industry from proposed bans on the transshipment of Russian liquefied natural gas (LNG) to third countries through EU ports.
Greek officials argue that the measures would disproportionately harm their maritime sector, which has reportedly generated over $3.8 billion transporting Russian energy since mid-2023. EU ambassadors have agreed to a one-week extension of the current oil price cap—presently set at $44.10 per barrel—to allow further negotiations with Athens before the sanctions package can be finalized.
Ukraine Taps Energy Chief for Premiership
In a strategic move ahead of the heating season, President Volodymyr Zelensky has asked the Ukrainian Parliament to appoint Sergii Koretskyi as the new Prime Minister. Koretskyi, the current head of NJSC Naftogaz of Ukraine, is being positioned as a technocratic leader capable of securing the nation's energy infrastructure against ongoing Russian strikes.
The nomination follows the resignation of Yulia Svyrydenko and her cabinet earlier this week. Zelensky emphasized that Koretskyi is the "best-prepared" candidate to manage the logistical challenges of the upcoming winter, which officials warn could be the most difficult in Ukraine's history.
Nike Reclaims Millions in Invalidated Tariffs
Nike (NKE) disclosed in recent filings that it has received $302 million in refunds for duties previously paid under the International Emergency Economic Powers Act (IEEPA). These refunds follow a February 2026 Supreme Court ruling that invalidated certain "emergency" tariffs implemented by the Trump administration as illegal.
The sportswear giant still has $684 million in outstanding claims, which it has recorded as accounts receivable. While the cash influx provided a significant boost to Nike's gross margin (rising to 49.2%), CFO Matthew Friend warned that ongoing trade volatility and potential new 15% levies remain a dynamic cost headwind for the fiscal year.
Microsoft Deepens Xbox Workforce Cuts
Microsoft (MSFT) has eliminated 379 positions at its ZeniMax Media subsidiary, primarily impacting the Bethesda Game Studios headquarters in Rockville, Maryland. These cuts are part of a massive restructuring effort under Xbox CEO Asha Sharma, which aims to reduce the gaming division's global workforce by 3,200 roles by the end of the fiscal year.
The layoffs hit unionized workers at ZeniMax Online Studios particularly hard, with reports suggesting some teams were reduced by more than half. Industry analysts note that these cuts come as Microsoft grapples with a "hardware crisis" and rising production costs for its next-generation console ecosystem.
U.S.-Iraq Ties Pivot to $60B Commercial Focus
The Trump administration is reportedly finalizing a landmark series of commercial agreements with Iraq totaling $60 billion. According to reports from Semafor, the deals represent a fundamental shift in bilateral relations, prioritizing energy, infrastructure, and technology over traditional military cooperation.
The pivot is designed to reduce Iraq's economic dependence on neighboring Iran while securing lucrative contracts for American firms. The package is expected to include major investments in gas capture technology and electricity grid modernization, marking one of the largest commercial diplomatic efforts in the region in decades.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.