10 things before the opening bell

It's Friday eve, and the European Union could soon be staring down a huge price tag if it moves forward with a Russian oil embargo — we've got the break down below.

Let's jump in.

If this was forwarded to you, sign up here. Download Insider's app here.

1. The EU's energy bill will cost a lot more by 2030. A new report by the sustainability group Global Witness and think-tank Ember forecasts a costly outlook for the bloc if it cuts its longstanding reliance on Russian gas.

According to the report, the EU could face $200 billion more in costs by 2030 if the ban goes through and Europe doesn't switch to cleaner fuels.

"Decades of over-reliance on fossil gas has made Europe incredibly vulnerable to volatile prices whilst empowering Putin," a senior staffer at Global Witness said. "Our analysis now shows the Commission has massively underestimated the cost to consumers of continuing to rely on gas."

Some more context:

• The EU accounts for 89% of all Russia's gas exports.
• Russia provides 40% of the EU's natural gas, with some members relying on it for up to 100%.
• The report said focusing on solar and wind could save the bloc $129.4 billion by 2030.

Meanwhile, as the EU mulls a ban, the German utility giant Uniper said it still plans to buy Russian gas under a euros-to-rubles scheme, and argued it wouldn't be breaching sanctions.

"A payment conversion compliant with sanctions law and the Russian decree should be possible," a company spokesperson said Wednesday.

In other news:

2. Cryptocurrencies continued to fall early Thursday. Bitcoin plunged below $25,500 for the first time since December 2020. Stablecoin Tether broke its peg and dropped as low as $0.94 after the collapse of TerraUSD. Coinbase was also down in premarket trading. Here are the latest market moves.

3. On deck today: Aurora Cannabis, Five Point Holdings, and New Relic Inc., all reporting. Plus, look out for the US Unemployment Insurance Weekly Claims Report at 7:30am ET.

4. BlackRock is telling investors to cut risk as stocks and bonds tumble. But plunging prices are starting to reveal some opportunities in global markets. Here are four shifts the world's largest money manager says investors should make to stay safe.

5. Gas prices are hitting record highs even though crude oil has dropped. Given that 59% of gas prices come from the cost of crude, a 22% decline in oil should've translated to a 13% dip at the pump — but that didn't happen. Here's why your cost at the pump hasn't gone down.

6. Gary Gensler said crypto exchanges are "market making against their customers." The SEC chief warned the lack of separations between services like custody, market-making, and providing a trading platform leaves clients vulnerable. Here's what you want to know.

7. Apple is no longer the world's most valuable company. Oil exporter Saudi Aramco nudged Apple off the top spot on Wednesday, after Apple's market cap fell to $2.37 trillion. Read why Aramco's value reached record levels.

8. A 33-year-old who paid off $81,000 in debt used real estate investing to build a $1 million net worth and achieve financial independence. Sean Allen drove a car with 340,000 miles on it, lived in a garage, and adopted other frugal habits while paying off debt. He explained how he grew his portfolio with $8,000 up front.

9. A recession in the US could be "starting right now," warned economist David Rosenberg. But following these five steps can help protect investors from the brutal stock market selloff and bolster their portfolios from the coming fallout.

10. Inflation slowed in April. The Consumer Price Index rose 8.3% in the year through April, the government said Tuesday. The print reflects the first slowdown since August, and suggests that the country is past peak inflation. Here's what else the chart tells us.

Keep up with the latest markets news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.

Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn.) Edited by Hallam Bullock (tweet @hallam_bullock) in London.