The EU announced a new, robust sanctions package against Russia, further impacting its already strained economy. This action, deemed necessary due to Russia’s continued aggression in Ukraine, aims to increase pressure for an end to the war. The sanctions, including a reduced oil price cap, were coordinated with the US and will be finalized before the end of the month. The package is expected to be swiftly adopted by EU member states ahead of a G7 summit, where the oil price cap will be further discussed.
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President Zelenskyy asserts that a Russian cessation of hostilities is imminent, contingent upon the United States enacting stringent sanctions against Russia. He emphasizes the need for strong US support, coupled with European unity, to pressure Putin into ending the war. Zelenskyy believes the US possesses the necessary leverage to achieve this, urging President Trump to utilize economic sanctions, arms packages, and diplomatic pressure to halt the conflict. Ukraine fully supports all US-initiated peace proposals.
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Finnish Prime Minister Petteri Orpo expressed concern over a weakened US Russia sanctions bill, urging its swift and complete passage to pressure Vladimir Putin into negotiations. Reports indicate President Trump is influencing the Senate to soften the legislation, which could impose a 500% tariff on countries continuing to import Russian resources. Orpo plans to discuss this at the upcoming NATO summit, emphasizing the need for immediate action. The bill, spearheaded by Senators Graham and Blumenthal, is currently subject to negotiations with the White House.
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President Trump requested a delay in the Senate vote on a bipartisan bill imposing a 500% tariff on imports from countries buying Russian oil and raw materials. This bill, enjoying broad bipartisan support with 82 senators backing it, aims to further pressure Russia economically. Trump’s request stems from his belief that a peace deal is possible and that sanctions might jeopardize it. The Senate’s consideration of the bill was anticipated before Trump’s intervention.
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The Senate is garnering bipartisan support for new sanctions against Russia to pressure an end to the Ukraine war, though President Trump’s stance remains unclear. While expressing frustration with the conflict and lack of progress in peace talks, the White House hasn’t confirmed Trump’s support for the Senate bill, potentially signifying a reluctance to cede foreign policy control to Congress. This potential conflict with the legislative branch could complicate Trump’s efforts to negotiate a settlement. Despite recent verbal threats of sanctions following a deadly Russian assault, doubt persists regarding Trump’s commitment to implementing them.
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To combat Russia’s sanctions-evading “shadow fleet,” Sweden will strengthen its verification of foreign vessels’ insurance status starting July 1st. This expanded scrutiny, encompassing ships transiting Swedish waters and not just those docking, will involve the Coast Guard and Maritime Administration. The initiative aims to deter the use of uninsured, poorly maintained ships and provide data for further sanctions enforcement. Swedish officials believe this heightened monitoring will disrupt the shadow fleet’s operations and improve Baltic Sea security.
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Russia’s increasingly desperate attempts to circumvent international sanctions are becoming painfully clear. The use of gold bars as payment for weapons and military capabilities speaks volumes about the limitations of their current financial situation. It’s not simply a matter of evading sanctions; the reluctance of many suppliers to accept rubles, Russia’s own currency, significantly restricts their options.
This reliance on gold highlights a critical vulnerability within the Russian economy. Modern international trade overwhelmingly favors transactions in readily accepted currencies, primarily the US dollar. The fact that Russia is resorting to a precious metal signifies a considerable weakening of their financial power.… Continue reading
Anton Trofimov, a Toronto resident and director of the Hong Kong-based Asia Pacific Links Ltd., faces charges in Canada for allegedly violating sanctions against Russia. The charges, under the Special Economic Measures (Russia) Regulations, involve exporting restricted goods to Russia for weapons manufacturing, and possessing proceeds of crime. Trofimov’s company is implicated in supplying microelectronic components used in Russian Orlan-10 drones, prompting action by the RCMP following pressure from the Ukrainian Canadian Congress. This marks a significant development, representing the first known prosecution under these regulations in Canada.
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Microsoft is fully withdrawing from Russia, with its subsidiary, Microsoft Rus, initiating bankruptcy proceedings in a Moscow court. This action follows a lawsuit by Gazprombank seeking repayment for allegedly unfulfilled contract obligations totaling approximately US$1.14 million. Despite a significant revenue drop since Russia’s invasion of Ukraine, Microsoft Rus reported a net profit before filing for bankruptcy. The move marks the final stage of Microsoft’s departure from the Russian market, following the closure of its 13 Russian branches earlier this year.
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Despite the upcoming Istanbul ceasefire talks, Vladimir Putin faces minimal repercussions from the US and Europe for the ongoing war in Ukraine. Significant European reliance on Russian gas exports, generating billions for the Kremlin, directly funds the conflict. The Trump administration’s threatened withdrawal from peace negotiations, coupled with its inaction on other potential leverage points, leaves NATO grappling with its purpose and efficacy. This situation highlights the hypocrisy of European nations condemning the war while simultaneously contributing to its funding through energy purchases.
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John Q. Hosedrinker 
Matt Underwood