Quartz

Russia’s economy slowed. First-quarter reports showed a higher slip in growth rate than expected, with predictions for a “deep plunge” in the second quarter.

China signaled a loosening of its tech crackdown. Analysts stated it’s unlikely to be a policy reversal. Meanwhile, internet giant Tencent reported a steep hit to profits from covid and regulatory restrictions.

The EU committed €300 billion (US$314 billion) to wean off Russian oil. The “REPowerEU Plan,” which seeks to end oil reliance by 2030, also aims to expedite a transition to renewables.

A multinational collaboration tackles the global food crisis. The Asian and African Development Banks, and the US Treasury, among others, will spend tens of billions of dollars on assistance.

The Indo-Pacific Economic Framework is set to launch. Biden’s economic initiative will kick off on his upcoming tour to Japan and South Korea.

China is investigating a senior central banker for allegedly leaking economic data. It’s part of Beijing’s broader anti-corruption crackdown on the financial sector.