There were a few cliffhangers left at the end of yesterday’s marathon EU  summit, which also managed to break some big outstanding stalemates. Poland dropped its objections to a package that includes €18 billion in financial aid for Ukraine, a minimum corporate-tax agreement and a plan for withholding funds from Hungary over corruption concerns. And the bloc backed new Russia sanctions. EU leaders moved closer toward a much-debated cap on the price of natural gas, but are leaving it to energy ministers to set a price level on Monday. We’re told Germany is willing to go as low as €180 per megawatt hour, well below an original proposal of €275 but still higher than a number of countries want. A big topic that will be kicked into next year: the EU’s response to Joe Biden’s controversial climate law, which is aimed at boosting US green tech but is also seen as discriminating against European companies.

— Lyubov Pronina

Editor’s note: Brussels Edition is taking a break and will resume publication in early January.

What's Happening

Storm Clouds | The ECB’s warning that aggressive interest-rate hikes are far from over is raising the stakes for the euro region just as a recession takes hold. The central bank increased borrowing costs by a half-point yesterday, with President  Christine Lagarde telling investors to prepare for a long-running campaign of similar moves to quell the worst inflation in the history of the euro. More than a third of ECB policymakers favored a 75 basis-point hike, we’re told.

Pay Gap | European companies will have to provide insight into potential gender pay gaps, following a political deal reached by the European Parliament and member states. Groups with at least 100 staff will have to disclose information that will make it easier to compare employee salaries. Across the EU, women on average earn 13% less than their male counterparts, according to Eurostat.

Luxury Suits | A group of sanctioned Russian billionaires, including Mikhail Fridman and Petr Aven, have picked a fight with the EU — challenging an order to declare all their assets from luxury villas to bank accounts within six weeks or face prosecution. Russian billionaires have turned to courts across Europe to try to test strict sanction regimes or free up assets.

Telco Consolidation | Spain’s economy minister, Nadia Calviño, is advocating for consolidation in the telecom market, as regulators study the proposed merger between Orange’s local business and Masmovil Ibercom, two of the country’s largest carriers. The EU executive is expected to issue an opinion next year on the plan to combine businesses in Spain.

Hand Sitting | Europe, which is contemplating a major overhaul of its power markets to address the energy crisis, may find the best approach is to let things largely remain as they are, according to a new study by Berlin-based think tank Epico and Oxford-centered Aurora Energy Research. The bloc is planning to present market reform ideas in the first quarter of 2023.

In Case You Missed It

Qatar Freeze | The European Parliament voted yesterday to stop legislative work related to Qatar and called for barring the Gulf state’s representatives from the legislature after it was tied to a corruption scandal where police seized more than €1.5 million in cash. The legal work includes a visa liberalization plan and the finalization of a 2019 deal that expands flight rights between the EU and Qatar.

Elite League | Plans for a European Super League bringing together elite soccer clubs such as Real Madrid, Barcelona and Juventus suffered a blow after an adviser to the EU’s top court said the sport’s main governing bodies hadn’t unfairly thwarted it. The project crumbled last year, just days after its creation, following warnings from FIFA and UEFA.

Candidate Status | The EU yesterday granted Bosnia-Herzegovina the status of candidate country, a symbolic step on a path toward membership that is expected to take years. The decision is a major nod to an ethnically divided country that is still grappling with the consequences of the bloody war that ended with the US-brokered peace accord in 1995.

French Data | Billionaire Patrick Drahi has started gauging interest from potential investors in a portfolio of French data centers, we’ve learned. The telecom mogul’s Altice France has sent preliminary information on the centers to potential bidders as it prepares to kick off the sale of a stake in the assets.

LNG Debut | Germany’s inaugural floating LNG terminal arrived on the country’s north coast, the first of several specialist tankers Berlin is counting on to ease its energy crisis. The ship’s arrival during northwest Europe’s first major cold snap highlights the need for new gas supplies after Russia slashed deliveries.

Polish Snag | Poland’s plan to access frozen EU aid hit a snag after hardliners in the ruling coalition rejected a deal to roll back judicial changes and the president set conditions for his ratification of required legislation. The plan would undo many contested judicial changes the government introduced during its seven-year rule.

Chart of the Day

Paella, the traditional dish that Spaniards especially love to eat on Thursdays, is costing more to prepare as prices for rice and seafood such as shrimp soar. Bloomberg’s new monthly Paella Index shows the ingredients for the meal cost 15.2% more than they did a year ago. The price for rice has risen 15.3% in the past 12 months, while vegetables cost 14.6% more, contributing to the surge in the gauge, which crunches data from Spain’s National Statistics Institute.

Today's Agenda

• 3 p.m. German Finance Minister Christian Lindner gives a news conference after a meeting of the country's stability council
• Home Affairs Commissioner Ylva Johansson visits Washington
• EU Vice President Valdis Dombrovskis visits Rails Baltica Project in Riga