A few days ago, the European Commission and the European Investment Fund (EIF) announced a €40 million investment deal with Keen’s European Defence and Security Tech Fund — a pioneering…

The second day of the Brussels Summit on energy and high prices, which hit the households and businesses hard, started at 10:30 (Greek time).
Due to the difficult discussions on the Russian oil embargo, which was agreed upon at midnight, the European leaders did not have time to discuss the issue of energy yesterday, as foreseen in the agenda of the Summit.
According to APA MPA, the discussion today will focus on the financing of the REPowerEU project, so as to phase out dependence on Russian fossil fuels, presented by the Commission on May 18.
“We need to accelerate our energy transition if we want to phase out our dependence on Russian fossil fuels as soon as possible. Based on our decisions in Versailles, we will discuss the best ways to move forward,” Charles Michel said in a letter of invitation to the 27.
According to a diplomatic source, some Member-States do not think that REPowerEU addresses the pressing issue of energy prices. Therefore, the issue of reforming the EU electricity market is likely to be raised again, including the possibility of an energy price cap and a platform for a common gas market in the EU.
According to a European official, European leaders are expected to ask the Commission to consider ways to enter price ceilings in new contracts with international partners.
Next, European leaders will discuss the issue of food security and the dangers posed by the war in Ukraine. The President of the African Union, Maki Sal, will address the “27” via teleconference.
European leaders will also discuss how 20 million tonnes of wheat can be exported from Ukraine, which requires an agreement with Russia on the use of the sea route. An issue was discussed three days ago in a telephone conversation between French President, Emmanuel Macron, German Chancellor, Olaf Solz, with Russian President, Vladimir Putin.
“Russia’s war against Ukraine poses a serious threat to global food security. It’s the responsibility of the EU to take care of ourselves and the developing world,” said European Council President, Charles Michel, on his arrival at the summit, while the High Representative, Josep Borrell, stressed that Russia uses wheat “as a weapon of war”.
Finally, European leaders are expected to commit to strengthening Europe’s defence and filling the investment gaps identified by the European Commission in its report on May 18. “We need to close our gaps in defence investment and join forces as much as possible to maximize our impact,” European Council President, Charles Michel, said in the invitation letter.
Also read: China | Military drills around Taiwan
READ MORE
SAFE | Unanimous Approval, Safeguards and Clauses for Turkey’s Participation
The EU’s General Affairs Council today gave the final green light to the creation of the new ‘SAFE’ financial instrument, which will provide loans of €150 billion for common investments in European defence.
United Kingdom | Hands Sovereignty of the Chagos Islands to Mauritius
The UK has signed an agreement to cede control of the disputed Chagos Islands to Mauritius, with Westminster stating that the deal safeguards the future of…
Gripen AI | Artificial Intelligence vs. Pilot – Historic Flight with ‘Centaur’ System for Swedish Fighter
An artificial intelligence system took control of a Swedish Saab Gripen E fighter jet and engaged in a dogfight with another aircraft.
LRSO | The US Air Force’s New Nuclear Strike Cruise Missile
The United States Air Force (USAF) has recently released concept art of the AGM-181A Long-Range Standoff (LRSO) advanced stealth cruise missile, which will incorporate the W80-4 thermonuclear warhead.
Denmark | Strengthening Its Air Defence with NASAMS, VL MICA and IRIS-T SLM Systems
Denmark has decided to bolster its air defence by acquiring ground-based short-range missile systems of the NASAMS type, as well as the VL MICA and IRIS-T SLM systems.
AI Fight Club | Lockheed Martin Seeks the Most “Lethal” Artificial Intelligence Systems for the Battlefield
In a notable initiative, Lockheed Martin is aiming to accelerate the full-scale development of artificial intelligence (AI) in operational settings through the creation of a virtual…
France | Renault to Produce Drones in Ukraine
French car manufacturer Renault is set to establish facilities in Ukraine for the production of unmanned aerial vehicles (drones), intended to…
Venus Aerospace | Completion of Historic U.S. Hypersonic Engine Flight Test
Venus Aerospace, a Houston-based startup pioneering the future of high-speed flight, announced the successful completion of the first U.S. flight test of…