A Libyan security member walks by an oil drill. Photo: Abdullah Doma / AFP / Getty Images

The U.S. Treasury Department has doled out new sanctions — targeting 6 people, 24 companies, and 7 vessels, including people from Libya, Malta, Italy, and Egypt — in order to prevent oil smuggling to Europe, which Treasury says adds to the instability in Libya.

Context: Libya’s oil production accounts for 95% of the country’s export earnings. But the country has been embroiled in conflict since Gaddafi was overthrown in 2011, leading to disruptions to oil infrastructure and production. BMI Research has warned that disruptions to oil infrastructure are likely to continue in advance of the country’s elections slated for later this year, according to Oil Price.

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The top-selling drugs in the U.S. in 2019

Data: IQVIA, company financial documents; Chart: Andrew Witherspoon/Axios

The 10 highest-selling drugs in the U.S. last year gave away more than $23 billion in rebates to insurance intermediaries, but still netted almost $58 billion in sales.

The big picture: The U.S. drug pricing system is filled with confusing numbers, and many entities profit off the flow of drugs, but pharmaceutical companies retain a vast majority of the proceeds.

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Illustration: Aïda Amer/Axios

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Updated 2 hours ago - World

Pandemic plunges U.K. into "largest recession on record"

The scene near the Royal Exchange and the Bank of England in the City of London, England. Photo: Tolga Akmen/AFP via Getty Images

The United Kingdom slumped into recession as its gross domestic product GDP shrank 20.4% compared with the first three months of the year, the Office of National Statistics (ONS) confirmed Wednesday.

Why it matters: Per an ONS statement, "It is clear that the U.K. is in the largest recession on record." The U.K. has faired worse than any other major European economy from coronavirus lockdowns, Bloomberg notes. And finance minister Rishi Sunak warns the situation is likely to worsen.