Suspected Chinese hackers gained access to the computer used by US Treasury Secretary Janet Yellen for work in a breach last December, Bloomberg News said on Friday, citing two people familiar with the matter.

The attackers infiltrated over 400 laptop and desktop computers, exploiting a vulnerability in third-party software to defeat the network’s defenses, the Treasury previously reported to Congress.

According to Bloomberg’s sources, who spoke on condition of anonymity, Yellen, Deputy Secretary Wally Adeyemo, and Acting Under Secretary Brad Smith are on the list of people whose stations were compromised. Less than 50 files were accessed on the machine of the head of the department, they said.

The US government identified a hacker group known as ‘Silk Typhoon’ and ‘UNC5221’, which Washington describes as sponsored by the Chinese government, as the party behind the hack. Beijing has denied any involvement in the incident.

The company BeyondTrust, whose software exposed government computers to infiltration, detected the breach and informed the US authorities about it. Hackers managed to obtain a security key, used by the vendor for remote technical support of customers in the Treasury, its report said.

READ MORE:
US Treasury accuses China of hacking its workstations

Around 3,000 files were reportedly compromised, as well as some sensitive data, such as usernames of Treasury employees, but classified materials and the department’s email systems remained secure, investigators said. The attackers were allegedly interested in the department’s work to enforce unilateral economic restrictions, which the US imposes on other nations.

The Chinese government has accused Washington of using hacking incidents on its soil to tarnish Beijing’s reputation and justify its sanctions policy.

The loss of Russian gas could cost the EU over €1 trillion ($1 trillion), according to Kirill Dmitriev, chief executive of the Russian Direct Investment Fund (RDIF). Speaking at the Future Minerals Forum in Saudi Arabia on Thursday, Dmitriev said the EU’s economic growth had slowed significantly since halting Russian gas imports, while Russia’s economy continues to demonstrate resilience.

Following the escalation of the Ukraine conflict in 2022, the EU prioritized reducing its reliance on Russian energy. Some members voluntarily stopped importing Russian gas, while others, such as Austria, Slovakia, the Czech Republic, and Italy, continued gas imports from the country. However, these flows ceased earlier this month after Kiev refused to renew its gas transit deal with Moscow.

“Europe is suffering from not receiving Russian gas, with expected losses of more than €1 trillion,” Dmitriev stated. He previously attributed these losses to the high cost of liquefied natural gas (LNG), which the EU has imported in greater quantities to replace Russian supplies.

Dmitriev added that neither losing the EU as a gas buyer, nor sanctions aimed at destabilizing the Russian economy, have had a significant effect on it, while the EU has borne the brunt of the economic fallout.

“The Russian economy is in good shape, with growth expected at 4% by the end of 2024, while Europe showed 1% or less. If one looks at the overall attempts to limit the Russian economy, 4% growth does not look so bad,” he said. The RDIF chief projected a potential slowdown in Russia’s growth to 2-2.5% next year but stressed that the outcome would depend on the central bank’s monetary policies, which he described as “critical for the continued growth of the Russian economy.”

Despite extensive international sanctions placed on Russia in connection with the Ukraine conflict over the past three years, the country’s economy has adapted effectively, according to many observers. The International Monetary Fund (IMF) recently raised its 2024 growth forecast for Russia to 3.6%. In contrast, the body downgraded its growth outlook for the euro area to 0.8%.

READ MORE:
Hungary blames Ukraine for rising gas prices in EU

The EU, meanwhile, has been facing sluggish economic growth and energy challenges. The loss of Russian gas has forced member states to turn to more expensive alternative energy sources, and the shift has driven up costs for businesses and households, strained manufacturing sectors, and fueled inflation. The European Commission recently reduced its 2025 growth projection for the Eurozone to 1.3%. Germany, the bloc’s largest economy, recorded its second consecutive year of contraction in 2024, a first in over two decades, the federal statistics office Destatis revealed earlier this week.

Greenlandic Prime Minister Mute Egede has rejected Donald Trump’s proposal to buy the Arctic island, asserting that Greenlanders do not want to be Americans. However, the Danish autonomous territory will always remain “a strong partner” of the US, he added.

In an interview with FOX News on Thursday, Egede addressed Trump’s renewed interest in “acquiring” Greenland from Denmark, citing national security concerns. 

“We are close neighbors, we have been cooperating in the last 80 years, and I think in the future we have a lot to offer to cooperate with,” Egede said, insisting that Greenland would always be a part of NATO and “a strong partner of the US.”

“But we want to… be clear. We don’t want to be Americans. We don’t want to be a part of the US,” the prime minister emphasized.

He said islanders “do not want to be Danes” either. “We want to be Greenlanders,” he added.

Trump had initially suggested buying Greenland from Denmark in 2019 during his first presidential term, but the ambitious plan fell short at the time due to strong opposition from the authorities both in Copenhagen and in the autonomous territory. Earlier this month, speaking at a press conference at Mar-a-Lago, the president-elect refused to rule out using economic measures or military action to achieve this goal.

Officials in Denmark have also rejected the possibility of selling the island. “Greenland is not for sale and will not be in the future either,” Danish Prime Minister Mette Frederiksen said earlier this month.

The Arctic island, which has a population of around 57,000, hosts the US Pituffik Space Base, which plays a significant role in NATO defenses due to its strategic location.

Greenland became an autonomous territory of Denmark in 1979 after 70.1% of voters supported the Home Rule Act. The island – which has its own government while Denmark retains control over foreign affairs and defense – has been gradually seeking more sovereignty. A 2019 poll suggested that nearly 68% of Greenlanders supported independence from Denmark within the next two decades.

Russia’s refined fuel exports have surged to their highest level in nearly a year, even as the US imposed new sanctions on the country’s energy sector last week, Bloomberg reported on Thursday.

Seaborne shipments of Russian petroleum products hit an 11-month high, averaging 2.5 million barrels per day (bpd) in the first ten days of January, the outlet said, citing data from analytics firm Vortexa. The surge marks a 12% increase compared to December’s daily average and represents the highest level since February 2024, according to the report.

The US slapped a new round of sanctions on Russia last week in coordination with the UK. The measures targeted major Russian oil companies such as Gazprom Neft and Surgutneftegas, as well as dozens of vessels allegedly used to transport Russian oil in defiance of Western restrictions, which the US has described as a ‘shadow fleet’.

Moscow has condemned the sanctions, calling them “illegal,” with Kremlin spokesman Dmitry Peskov warning that they could destabilize global energy markets.

The latest round of sanctions targets more than 180 tankers allegedly involved in Russian trade, primarily focusing on crude oil shipments. However, only about 4% of petroleum products exported between January 1 and 10 were transported on sanctioned tankers, data from Vortexa, showed. Additionally, there has been no deviation observed in the voyages of these vessels.

The recent surge in Russia’s petroleum products exports is primarily driven by surging shipments of diesel and fuel oil, the outlet said. Revenue gains from fuel exports in December exceeded the decline in crude oil earnings, supported by soaring gasoil flows and higher prices, Bloomberg said citing the International Energy Agency (IEA).

Diesel and gasoil exports, which make up about 40% of Russia’s refined-fuel shipments, jumped 17% from December levels to 1.08 million bpd, the highest since last February. Shipments from Baltic ports rose by over 50%, contributing to the growth, data showed.

Fuel oil flows also increased, reaching 792,000 bpd which represented a 19% increase and the highest level since July 2023. Volumes to Africa saw the most significant rise.