With Russia's invasion of Ukraine straining on state finances, President Vladimir Putin is reaching for cash to fund his government and the war, squeezing tax revenue from an economy that's increasingly skewed toward the military — while civilian needs take a back seat.

The country's 2027-2029 state budget, which was approved Thursday in the rubber-stamp parliament on the first of three votes, is accompanied by a string of tax hikes announced after the September parliamentary elections.

Russian President Vladimir Putin courted dozens of African leaders at a Russia-Africa summit that wraps up Thursday as he seeks to bolster Moscow's clout across the continent.

Speaking during a meeting in the Kremlin on the second day of the summit, Putin said that "Russia and Africa are united by truly strong bonds of friendship and close partnership."

Prime Minister Mark Carney called Canada "the most European of non-European countries" early in U.S. President Donald Trump's trade war. Now, he's hosting European leaders to pursue an unprecedented alliance, but the proposed EU "associate member" designation faces resistance even as the EU's top official champions it.

European Commission President Ursula von der Leyen and European Council President António Costa will join Carney in Montreal on Thursday for a two-day summit aimed at deepening trade, defense and economic ties as Canada and Europe seek to reduce their dependence on Washington in a changing world order.

Russian President Vladimir Putin on Wednesday hosted dozens of African leaders at a Russia-Africa summit, part of Moscow's efforts to expand its influence across the continent.

Speaking at the opening of the two-day Russia-Africa summit in Moscow, Putin cast it as an "organic part of a global transformation" and an end to Western domination, noting that "we are witnessing a multipolar world becoming a reality — a trend that is both objective and irreversible."

British Treasury chief John Healey faces a fine balancing act when he delivers his first budget statement Wednesday, with the economic backdrop made more difficult as a result of the turmoil caused by the Iran war.

Healey, who was appointed chancellor of the exchequer in July when Andy Burnham became prime minister, takes center stage when he stands up in the House of Commons in what is arguably the key set piece of the parliamentary calendar. He emerged with his famous ceremonial red budget briefcase and his Treasury team from his office at 11 Downing Street a little more than an hour before he is due to deliver his speech.

A tariff truce between the European Union and United States is potentially at risk due to a multibillion-dollar loan approved by the bloc's investment bank for Airbus this summer, President Donald Trump's top trade official said Monday.

London's Oxford Street will be closed to cars, buses and bicycles starting Monday as authorities seek to revive the city's main shopping street, where the proliferation of souvenir shops and candy sellers has dimmed the allure of what was once the heart of British consumer culture.

From now on, nearly a kilometer (mile) of Oxford Street between Orchard Street and Great Portland Street will be traffic-free, with vehicles diverted onto surrounding roads. The move is the first step in a makeover of the storied shopping precinct, with plans to plant trees, install seating and add two new public squares.

Thousands of trucks remain stranded on both sides of the Iran-Pakistan border despite the resumption of limited overland trade between the two countries, southwest Pakistan business representatives told AFP on Monday.

Mir Naveed Jan Kalmati, president of the chamber of commerce for Gwadar city on Pakistan's Arabian Sea coast, said the frontier with Iran was "only partially open" to trade, with a vast backlog of vehicles at the border.

A first tanker carrying Russian diesel to the United States under a new import agreement has set sail, the Kremlin said Friday, two weeks after President Donald Trump said he struck a deal with President Vladimir Putin despite Moscow's invasion of Ukraine.

"The first oil tanker has sailed off to customers, and regular supplies will continue," Kremlin spokesman Dmitry Peskov said without elaborating.

World shares and U.S. futures retreated on Thursday as oil prices jumped more than 2% following a report by Iran's state television that seven oil tankers caught fire and were damaged in the Strait of Hormuz.

If the report is verified, it would be the largest number of vessels damaged in the waterway in a single day since the start of the Iran war on Feb. 28.