Good morning. To understand how effective U.S. sanctions on Russian oil could be, look no further than the already-sanctioned Arctic gas project central to Moscow’s export ambitions.

In multiple rounds of blacklisting, the Biden administration crippled the logistics, shipping and financing ecosystem around the natural-gas facility known as Arctic LNG 2, publicly aiming to leave it “dead in the water.” Yet since August, Russia has managed to send 11 tankers full of liquefied natural gas from the plant, ship-tracking data show.

• On the receiving end: The gas went to China’s port of Beihai, a city famed for its picturesque beaches that once served as a key stop along the ancient Maritime Silk Road. Now, it has emerged as a crucial node in the export of sanctioned gas from the Russian Arctic.
   
• Finding loopholes: The U.S. and its allies have tried to cripple Russia’s energy industry since the invasion of Ukraine, but Moscow has found loopholes time and again. The Beihai gas route has become a key channel for that effort and a means to further deepen its ties with China.
   
• Newest efforts: The latest sanctions came last week when the Trump administration imposed new measures on Rosneft and Lukoil, Russia’s two largest oil exporters. On the same day, the Iris, a tanker the length of nearly three football fields, docked at Beihai in southern China carrying LNG from the sanctioned Russian gas facility.

Meta charged by EU over handling of illegal content.

The European Union charged Meta Platforms over its systems for handling illegal content on Facebook and Instagram, the first such allegation against a social-media platform under the bloc’s flagship online-content rules.

The European Commission, the EU’s executive arm, said Friday that Meta fails to give users a simple way to flag illegal content such as sexual abuse of children and terrorist material. It also accused the company of not giving its users adequate tools to appeal content-moderation decisions when their posts are removed or their accounts are suspended.

In new Russia measures, U.S. and Europe again take joint approach to sanctions.

The U.S. action against Russia’s two biggest oil companies this week marked the first time it aligned sanctions on the country with European allies during President Trump’s second term, Max Fillion writes in Risk Journal.

The move placed heavy restrictions on businesses transacting with Rosneft and Lukoil, which supply roughly half of Russian oil exports, the first direct economic pressure the U.S. has placed on Russia since Trump resumed control of the White House in January. The announcement came roughly a week after the U.K. took similar action, and a day before Europe announced restrictions of its own on the Russian energy sector.

• The Treasury Department has sanctioned Colombian President Gustavo Petro and his family, alleging his government has aided drug traffickers.
   
• TotalEnergies won’t appeal a French ruling that found online statements misrepresented its environmental bona fides.
   
• JPMorgan Chase is accusing Charlie Javice of more fraud. This time it's over her legal bills.
   
• A Rio Tinto-controlled company has asked law enforcement to help with an internal investigation into allegations of corruption and unethical conduct at the giant Oyu Tolgoi copper operation in Mongolia.
   
• Australia’s consumer watchdog is suing Microsoft, alleging the U.S. tech giant misled its 2.7 million customers by making it difficult for them to avoid paying for new artificial-intelligence services.
   
• North Korean cyber actors allegedly stole around $2.84 billion in cryptocurrency over 21 months, a new report from the U.S- and U.K.-backed Multilateral Sanctions Monitoring Team said.

U.S., China sound confident note after trade talks.

Top U.S. and Chinese negotiators sounded a positive note on weekend trade talks, hailing what they called constructive discussions ahead of a meeting between President Trump and Chinese leader Xi Jinping planned for this week.

“I think we have a very successful framework for the leaders to discuss on Thursday,” U.S. Treasury Secretary Scott Bessent said after two days of trade negotiations in the Malaysian capital.

Chinese Vice Commerce Minister Li Chenggang separately told reporters that “the two sides have reached preliminary consensus” on possible solutions for issues that have rocked relations between the world’s two largest economies.

• The State Department’s internal intelligence agency cast doubt earlier this year on the notion that Russian President Vladimir Putin was prepared to negotiate an end to the war in Ukraine, dissenting from a more optimistic Central Intelligence Agency assessment of potential talks, according to several current and former officials.
   
• It will take months for Russia to find ways to evade new U.S. sanctions. But if Iran can keep its energy exports flowing under heavy restrictions, Moscow probably can too, Carol Ryan writes in a column.
   
• The Trump administration said it reached trade agreements with Malaysia and Cambodia, and frameworks for deals with Thailand and Vietnam during President Trump’s trip across Asia.
   
• A U.S. military helicopter and a jet fighter from the same aircraft carrier crashed into the South China Sea within 30 minutes of each other on Sunday.

• U.S. stocks are breaking records, but the rest of the world is doing better.
   
• Tech CEOs were behind a successful campaign to stop Trump from sending troops to San Francisco.
   
• Zelle, the payments product owned by the country’s largest banks, said Friday that it plans to allow users to start making international payments using stablecoins, a type of cryptocurrency.
   
• The Pentagon said it received $130 million from a private, anonymous donor to pay members of the military during the government shutdown.
   
• President Javier Milei scored a decisive political win Sunday, strengthening his position in Argentina’s Congress and securing a lifeline for his audacious free-market revolution backed by President Trump.

Follow us on X at @WSJRisk. Send tips to our reporters Max Fillion at max.fillion@dowjones.com, Mengqi Sun at mengqi.sun@wsj.com and Richard Vanderford at richard.vanderford@wsj.com.

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