Good morning.
China is spending record amount of money on Russian energy as it continues to expand its reliance on the Kremlin in the wake of the Ukraine war.
Beijing forked out a record $8.3bn (£7.3bn) last month on a haul that included a record amount of coal. In the six months since the start of the war, China has spent $44bn.
The figures highlight the changing relationship between Russia and the rest of the world, with Putin looking for alternative partners as the West shuns his exports.
While energy prices have surged since the invasion, China is still buying higher volumes, sometimes as a discounted price.
5 things to start your day
1) FCA to hire experts on ‘growth and competitiveness’ as it gears up for ‘Big Bang 2.0’ Treasury is seeking candidates with expertise in using regulation to drive growth in the Square Mile
2) German and Italian industry will struggle to recover from loss of Russian gas, warns Barclays Economists predict the eurozone will shrink, triggering a recession for the entire currency area
