Russia's Gazprom PJSC said it signed a legally binding agreement to build the Power of Siberia 2 gas pipeline to China via Mongolia and would expand deliveries through other routes.

Beijing

Russia and China have agreed to develop a new gas pipeline, a move that could significantly alter the global energy landscape. The agreement is part of Russia's strategy to find new markets as European demand for Russian gas declines, with the European Union planning to ban all Russian gas imports by the end of 2027. The new pipeline, known as Power of Siberia 2, is expected to deliver large volumes of gas to China at lower prices than those previously offered to Europe, deepening economic ties between the two countries.

The project could have long-term implications for global liquefied natural gas (LNG) markets, particularly affecting U.S. ambitions to expand LNG exports. If completed, the pipeline could supply the equivalent of 40 million tons of LNG per year to China in the 2030s, potentially reducing China's demand for LNG imports from other countries, including the United States.

Gazprom says Russia, China agree on gas pipeline

really interesting Energy Daily yesterday. That's the newsletter that you and the team writes. And you talk a lot about this news potentially of that new pipeline being set between Russia all the way to China potentially opening up new customers to Russia and moving away from some of the dependency on Europe. So really a potential game changer for Russia. I mean it could redraw the map of energy trade. This is all part of Russia's pivot east. It's been key for them to find new customers because the European Union will be banning all Russian gas imports by the end of 2027. Europe was once their biggest customer. But now those sales are dwindling down about 90 percent from when before the war began in 2022. Now for China they get dirt cheap gas. It's good for them as well. This kind of deal. Russia is offering gas supplies at a lower price than what they were selling to Europe. Clearly Russia is desperate. They need a customer in China willing to lend a hand. Also wants a good deal of this as well. Now the details of this are still being kind of figured out. There are numerous unknowns. But that being said it does show a step forward. It's symbolic in that these countries are joining together in a way that China will depend potentially on Russian energy for decades to come as their largest supplier of gas. Yes. So really enhancing and deepening those economic ties alongside the political ties which we were discussing earlier on the show. What does this mean for the U.S. ambitions to dramatically increase the amount of their own gas exports. Is this going to be problematic somehow. Now if this project Power of Siberia 2 does come to fruition that will equal about 40 million tons of LNG equivalent of LNG per year you know in the 2030s. So it's not going to have an immediate impact on the market. But that 40 million tons per year put that in the context is half the demand of Chinese LNG imports just last year. So it's a very large number. Now again if this pipeline does come forward that means that Chinese LNG demand growth they're the world's biggest LNG buyer may not rise significantly in the 2030s. And that's important because the U.S. is the world's biggest supplier of LNG. And while right now trade tension has forced China to shift away from U.S. LNG imports clearly in the future having a larger market where there are more buyers will be key to underpin a number of large projects that are kind of on the drawing board across the U.S. Gulf as well as in Alaska. A project that Trump has been pushing forward pretty significantly while they haven't been able to find really any concrete buyers. So the less demand there is for LNG from China the less American exporters are essentially able to sell and enter the market. Now again not an immediate impact in the near term but it is something in the 2030s. And it is something that Trump has talked about. He wants to own energy dominance. He wants to use the weight behind him. He wants to continue export growth well into the next decade. And that's something that could be hindered with this deal with Russia.

"With infinite sorrow, the Armani Group announces the passing of its creator, founder, and tireless driving force: Giorgio Armani," the fashion house said in a statement on Thursday.

Milan

'King' of Italian fashion Giorgio Armani dies at 91

A federal judge on Wednesday ruled that U.S. President Donald Trump's administration unlawfully terminated about $2.2 billion in grants awarded to Harvard University and can no longer cut off research funding to the prestigious Ivy League school.

Cambridge

Trump admin unlawfully cut Harvard's funding, U.S. judge rules

Russian President Vladimir Putin has delivered a statement after meeting leaders on the sidelines of the military event in Beijing. He spoke about Russian security interests, and the Ukraine war.

Moscow

Ukraine Invasion

Putin wraps China visit with gas deal, calls for Ukraine peace talks

Hope is fading of finding survivors in the rubble of homes devastated by a powerful earthquake in eastern Afghanistan over the weekend that killed more than 1,400 people, as emergency services struggle to reach remote villages.

Kunar

Hope fades for finding survivors after Afghan quake kills over 1400

Portuguese authorities say at least 15 people died after a streetcar derailed and crashed in the capital of Lisbon. CBS News senior foreign correspondent Imtiaz Tyab has the latest.

Lisbon

Iconic streetcar in Portugal's Lisbon derails, 15 killed

Democratic Rep. Ro Khanna, along with Republican Reps. Thomas Massie and Marjorie Taylor Greene, held a news conference on Wednesday with survivors of Jeffrey Epstein and Ghislaine Maxwell's sexual abuse. CBS News' Caitlin Huey-Burns has more details.

Washington

Epstein survivors add voices to calls for transparency

Israel's central intelligence agency, Shin Bet, said that it thwarted an assassination plot by Hamas against the country's right-wing minister of national security, Itamar Ben-Gvir, Reuters reports.

Tel Aviv-Yafo

Israel reportedly thwarted plot to assassinate right-wing minister

In California on Tuesday, a jury took less than an hour to clear Cardi B of assault allegations made in a $24 million civil lawsuit. A security guard claimed the rap star attacked her in 2018.

Los Angeles

Cardi B wins civil case against security guard

Secretary of State Marco Rubio said on Tuesday that the U.S. military struck a boat apparently carrying drugs from Venezuela. CBS News' Charlie D'Agata has the latest details.

Trump says U.S. struck drug-carrying boat from Venezuela

China's Xi Jinping welcomed Russian President Vladimir Putin and North Korea's Kim Jong Un, along with other world leaders, for a huge military parade showing off new technology.

Vladimir Putin, Kim Jong Un attend China's massive military parade

A Republican-led U.S. House of Representatives committee said it released more than 33,000 pages of files on the disgraced financier and convicted sex offender Jeffrey Epstein, as party leadership looked to end a push by a bipartisan pair of lawmakers to force a vote on the matter.

U.S. House committee releases thousands of Epstein files

French Prime Minister Francois Bayrou last week called for parliament to hold an earlier-than-expected vote of confidence in him. Next week’s ballot could lead to the collapse of his centrist government and prompt a period of further instability in the European Union’s second biggest economy.

Paris

France’s PM faces crucial confidence vote amid political turmoil

Tens of thousands of reservists began to report for duty on Tuesday for a new Israeli offensive to seize Gaza City, which Prime Minister Benjamin Netanyahu wants to accelerate despite warnings from senior ranks.

Middle East Conflict

Israel calls up reservists as military chief clashes with ministers

The House Oversight Committee on Tuesday released over 33,000 pages of documents related to sex offender Jeffrey Epstein.

33,000 pages of Jeffrey Epstein documents released by House panel

Belgium joins the ranks of Australia, France, Canada and the UK, all who have pledged to recognize a Palestinian state at the UNGA next week in a bid to ramp up pressure on the Israeli government to end the war in Gaza.

Brussels

Belgium to recognize Palestine at the UN General Assembly

A powerful 6.0 magnitude earthquake in eastern Afghanistan killed at least 1,400 people, according to the Afghan Red Crescent Society. Thousands more were  injured.

At least 1,400 killed in powerful Afghanistan earthquake

The death toll from Afghanistan's worst earthquake in years jumped to over 1,100 with thousands more injured, as difficult terrain hindered rescue efforts in isolated villages of the country's mountainous eastern region.

Taliban appeals for aid after quake kills over 1100 in Afghanistan

The leaders of Russia, China and India showcased a renewed commitment to co-operation on the second day of the Shanghai Cooperation Organization summit. Analysts says the friendliness is designed to project an unified alternative to the West.

Tianjin

Russia, China, India tout renewed co-operation

A plane carrying European Commission President Ursula von der Leyen was disrupted by jamming that authorities suspect was the result of Russian interference in Bulgaria.

Plovdiv

Von der Leyen's plane affected by alleged Russian GPS jamming

The world's leading genocide scholars' association has passed a resolution saying that the legal criteria have been met to establish Israel is committing genocide in Gaza, its president said on Monday (September 1).

Jerusalem

Israel committing genocide in Gaza, scholars' association says

Chinese President Xi Jinping and Russian President Vladimir Putin outlined a new global security and economic order at a regional summit on Monday (September 1), as India and Russia continued to express strong ties between their nations.

China's Xi, Russia's Putin share vision for new global order

A devastating 6.0 magnitude earthquake struck eastern Afghanistan late Sunday, killing more than 800 people and injuring hundreds more, officials said. CBS News senior foreign correspondent Holly Williams reports.

Kabul

Powerful earthquake in Afghanistan kills hundreds, destroys villages

Iran-backed Houthis raided offices of the United Nations’ food, health and children's agencies in Yemen’s capital, detaining several UN employees, officials said. The rebels tightened security across Sanaa following the Israeli killing of their prime minister and several Cabinet members.

Sana'a

Houthis raid UN offices in Yemen, detain 11 employees

A large buildup of U.S. naval forces in and around the Southern Caribbean has officials in Caracas and experts in the United States asking: is the move aimed at combating drug cartels, as the Trump administration has suggested, or is it for something else entirely?

Caracas

U.S. builds up forces in Caribbean as officials, experts concerned

Officials from the Trump administration spent the weekend pushing back against a U.S. appeals court ruling that most tariffs against Canada were illegal. Economic adviser Peter Navarro called the decision politically motivated.

Global Tariffs

Trump officials push back after court rules tariffs illegal

Israel's security cabinet is considering a plan to seize Gaza City with attacks ramping up over the weekend. The Israeli military has now ended a temporary pause of military action around aid delivery locations ahead of an expected 'full-scale assault'.

Israel intensifying attacks ahead of planned seizure of Gaza City

Illinois Gov. JB Pritzker says he's making every effort to stop President Trump from using the military to "invade states." But the White House claims the National Guard is needed to stop violent crime in Chicago.

Chicago

Trump threatens to send military to Chicago over crime

A young boy who had wandered away from his parents ended up on a closed monorail at Hersheypark in Pennsylvania this weekend. A bystander helped rescue the boy as a gathering crowd cheered. It's not clear how he made his way onto the monorail.

Hershey

Boy rescued from monorail track at Pennsylvania amusement park

A flotilla of boats carrying humanitarian aid for Palestinians in Gaza, has set sail from Barcelona. On board are organisers from 44 countries, who say they're trying to break Israel's siege on the Strip.

Barcelona

Greta Thunberg onboard second aid flotilla heading for Gaza Strip

Indian Prime Minister Narendra Modi said New Delhi was committed to improving ties with China in a key meeting with President Xi Jinping, as the two leaders discussed the need to expand trade and investment ties against the backdrop of U.S. tariffs.

Breakdown