EU energy ministers on Friday approved their first package of emergency measures in response to the deepening energy crisis in the bloc driven by skyrocketing prices. The package, negotiated in less than a month, includes mandatory power savings, a cap on excess market revenues and a levy to capture surplus corporate profits.

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The world’s second largest car manufacturer, Volkswagen Group, has reportedly decided to sell its business in Russia and is actively looking for a buyer, two major Russian media outlets, Vedomosti and Gazeta.ru, reported on Wednesday.