Sweden and Finland make the historic decision to join NATO. We are live in Stockholm where the Swedish Prime Minister Magdalena Andersson tells CNBC the country is braced for any retaliation from Russia. The G7 warns of a potential global food crisis, accusing Russia of waging a ‘grain war’, while India bans all wheat exports. EU trade commissioner Valdis Dombrovskis says protectionism will only aggravate the issue. April economic data in China is heavily impacted by rolling Covid lockdowns while soaring energy prices boost Saudi Aramco to post its largest quarterly profit since listing.

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