Russia’s National Wealth Fund has plummeted from US$150 billion before the Ukraine invasion to approximately US$38 billion, largely due to the ongoing war effort. This significant decrease is further exacerbated by the depletion of gold reserves and other illiquid assets. Military overspending, totaling US$5 billion in the last three months alone, significantly contributes to this economic decline. Ukraine’s intelligence service predicts severe economic difficulties for Russia by year’s end, including energy sector crises and labor shortages.
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Following a deadly Russian attack on Ukraine, Donald Trump publicly condemned Vladimir Putin, calling him “crazy” for the unprovoked violence. The Kremlin responded by attributing Trump’s remarks to “emotional overload,” while also noting past U.S. involvement in facilitating negotiations. Trump’s past attempts to mediate peace talks, including a phone call with Putin, yielded little progress, and Russia’s subsequent escalation of attacks appears to have caught Trump off guard. Despite previous assertions of his ability to manage the situation, Trump now considers further sanctions against Russia.
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An international investigation, involving 30 news outlets, uncovered that Russia’s Kremlin-backed Pravfond foundation secretly funneled millions of dollars to pro-Russian activists and lawyers in Western countries, including Lithuania, between 2012 and 2024. This funding supported the legal defense of individuals linked to the Kremlin, notably those involved in the January 13, 1991 events in Lithuania. Several Lithuanian lawyers, including Ryšardas Burda, received payments from Pravfond, often transferring funds through sanctioned Russian banks even after sanctions were imposed. This activity, revealed through a cache of Pravfond emails, may constitute sanctions violations.
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President Trump met with Syria’s new leader, Ahmed al-Sharaa, in Riyadh, marking the first U.S.-Syrian leader meeting in 25 years. The meeting, also attended by the Saudi Crown Prince and Turkish President Erdogan (by phone), involved discussions of normalization and sanctions relief for Syria. Trump expressed optimism about al-Sharaa’s potential, despite his past affiliation with al-Qaeda, and announced the lifting of U.S. sanctions. Al-Sharaa’s objectives included potential cooperation with Israel and counter-terrorism efforts, though concerns remain amongst some allies like Israel.
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Following Pakistan’s violation of a ceasefire agreement and continued cross-border terrorism, India presented new evidence to the UN Security Council’s 1267 sanctions committee. India’s Foreign Secretary Vikram Misri stated that these actions are unacceptable and called on Pakistan to address the situation responsibly. The Indian Army is retaliating to the violations along the International Border and Line of Control. This follows India’s earlier Operation Sindoor, launched in response to a terrorist attack, and subsequent escalations by Pakistan.
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John Q. Hosedrinker