Good morning. Venture-capital firm GVA Capital will pay nearly $216 million for its part in an alleged scheme to evade sanctions on Russian billionaire Suleiman Kerimov.

GVA allegedly worked with Kerimov’s nephew, Nariman Gadzhiev, to solicit and maintain a roughly $20 million investment in an unnamed U.S. company, the Treasury Department’s Office of Foreign Assets Control said in an administrative filing on Thursday, the first such enforcement action under President Trump’s second administration.

The episode highlights the risk that so-called gatekeepers such as bankers and lawyers face when they fail to properly understand the risk of giving illicit actors access to the U.S. financial system, the agency said, adding that it imposed the statutory maximum fine because the company didn’t self-disclose its “egregious” violations.

In determining the $216 million penalty, OFAC said GVA had willfully violated sanctions, continuing to communicate with Kerimov through his nephew well after the billionaire was sanctioned in 2018 and despite OFAC’s legal advice cautioning against attempting to sell or transfer his assets.

EU seeks to move away from Russian agriculture amid push for Nord Stream sanctions.

The European Union has adopted a plan for new tariffs meant to wean member states off Russian and Belarusian food and fertilizers, a move coming amid a push for sanctions to block purchases of Russian natural gas.

The EU on Thursday adopted a rule imposing tariffs on a range of agricultural products, along with some fertilizers from Russia and its close ally Belarus.

The EU also continues to pursue sanctions that would bar transactions tied to the Nord Stream pipelines, the main conduit for imports of Russian gas.

U.K. landmark case awards aircraft lessors billions.

The U.K. High Court ruled in favor of aircraft leasing companies seeking insurance payouts for jets stranded in Russia following the invasion of Ukraine, in a landmark judgment that could result in multibillion-dollar payouts in claims.

Mr. Justice Christopher Butcher’s judgment, handed down on June 11, relates to six coordinated lawsuits brought by major lessors including AerCap, Dubai Aerospace Enterprise, Falcon, Merx, and Genesis. The lessors sought indemnification under insurance policies after more than 200 aircraft and engines leased to Russian carriers were effectively seized following Russia’s February 2022 invasion of Ukraine.

• The European Union confirmed the delay by one more year of tougher global rules for banks’ trading businesses.
   
• Sens. Bernie Sanders (I., Vt.) and Angus King (I., Maine) introduced a bill Thursday that would ban pharmaceutical manufacturers from using direct-to-consumer advertising, including social media, to promote their products.

Israel launches attack on Iran’s nuclear facilities.

Israel launched a wide-ranging attack on Iran’s nuclear program and military leadership overnight, killing the head of the Islamic Revolutionary Guard Corps and striking dozens of targets in an operation that pushes the region into a new conflict with uncertain consequences.

Dozens of planes wrapped up the first wave of the attack before dawn Friday, Israel said. Iranian state TV reported explosions and showed smoke rising in the capital, Tehran.

• Netanyahu Says Operation ‘Rising Lion’ Will Last ‘as Many Days as It Takes’
• Oil Prices Jump After Israel’s Attack
• Head of Iran’s Revolutionary Guard Killed in Attack
• Trump Urges Tehran to Make a Deal After Israel Attacks Iran

• Canadian Prime Minister Mark Carney says a bilateral meeting with President Trump on the sidelines of the upcoming Group of Seven leaders’ summit in Alberta will determine how close the two sides are on a bilateral deal over tariffs.
   
• President Trump said he might raise tariffs on imported automobiles to encourage more investment in U.S. manufacturing.
   
• America’s power bills are rising even faster than the cost of groceries. Higher natural-gas prices are partly to blame.
   
• China’s plan to get consumers spending again may be working a little too well. Policymakers’ rollout of subsidies for smartphones, home appliances, cars and a host of other products have spurred a long sought-after pickup in spending. But the funds needed to keep it going are running out faster than planned.
   
• Europe’s exports to the U.S. plunged by a third in April as demand was squeezed by President Trump’s tariff increases, leading to a fall in factory output that suggests economic growth has slowed after a strong start to the year.

• Auto-parts supplier Marelli became one of the first big companies to file for bankruptcy under the weight of the Trump administration’s tariffs.
   
• Retailers are raising the bar for free delivery—or eliminating the perk—as they seek to mitigate tariff costs.
   
• Recent changes to CPA licensing laws in many U.S. states mean one thing for some prospective accountants: School’s out early.
   
• Nvidia has unveiled a new generative foundation model that it says enables simulations of Earth’s climate with unprecedented resolution. The question is what else humans will do with it.

• The Senate confirmed former Republican Rep. Billy Long to run the Internal Revenue Service, placing a consistent and vocal supporter of President Trump in charge of the tax agency.
   
• A group overseeing a controversial, Israeli-backed Gaza aid program accused Hamas of attacking and killing some of its Palestinian workers who were on their way to distribution sites.
   
• The crash of an Air India flight to London is the first fatal incident involving a Boeing 787, dealing a fresh blow to the plane maker seeking to emerge from a series of safety and manufacturing crises. Flying on a plane remains safer than many modes of transportation, officials say.
   
• Sen. Alex Padilla (D., Calif.) was forcibly ejected from a press conference Thursday and handcuffed after he tried to confront a top administration official over President Trump’s immigration crackdown in the city.
   
• To fight climate change, we need to start hacking nature, climate scientist Kate Marvel argues in an essay.

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