🏃 Olympic scare

and UAE fighter jets in China?

Ross Crabtree
July 24, 2024

Welcome back,

The last 24 hours have seen Benjamin Netanyahu’s Washington visit overshadowed by US political intrigue and Emirati fighter jets deployed at China's Hotan Air Base.

More below ⤵️

Major Story

The Kremlin has lashed out at the European Union's recent decision to use interest accrued on frozen Russian assets to fund military aid for Ukraine. Describing the move as "theft," Kremlin spokesman Dmitry Peskov announced that Russia would pursue legal action against those involved in this decision. The EU’s top diplomat, Josep Borrell, confirmed that the first tranche of 1.4 billion euros in military aid, derived from the proceeds of these frozen assets, would be released in early August.

Following the invasion of Ukraine in 2022, the United States and its allies froze around $300 billion of Russian sovereign assets, prohibiting transactions with Russia's central bank and finance ministry. These assets, primarily bonds and securities, have been accruing interest, which the EU plans to channel into a fund to support Ukraine. The European Union anticipates that these assets will generate between 15-20 billion euros in profits by 2027.

President Vladimir Putin has framed the sanctions and asset freezes as part of a broader economic war waged by the West against Russia. Despite these measures, he has touted the resilience of the Russian economy, which saw a growth of 3.6% last year. The Kremlin argues that the EU’s actions undermine the principles of free markets and could erode global confidence in the US dollar and euro, deterring international investment. In a stern response, the Russian Foreign Ministry has promised retaliatory measures against Europe's use of revenues from Russian assets.

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Other News

1️⃣🇷🇺 Russia: A car bombing in Moscow severely injured senior Russian military satellite commander Colonel Andrei Torgashov, leading to the amputation of both his legs. The explosion, which also injured his wife, occurred near a children's playground and is suspected to be linked to the Ukraine conflict. Torgashov, who plays a crucial role in Russia's missile communication and organization, is believed to be a GRU military intelligence officer.

2️⃣🇫🇷 France: President Emmanuel Macron denied the left's attempt to form a government despite winning the most seats in the snap parliamentary elections. Macron questioned the left's ability to secure a majority and emphasized the need for legislative compromises. He postponed appointing a new prime minister until mid-August, aiming to maintain stability during the upcoming Olympic Games, a move that further angered his left-wing adversaries.

3️⃣🇰🇷 South Korea: A North Korean trash balloon landed near President Yoon Suk-yeol’s office in Seoul, marking the first time one has reached the presidential compound. The balloon, which contained no dangerous materials, is part of North Korea's ongoing response to South Korean activists sending leaflets and USBs across the border. This marks the 10th balloon launch this year, highlighting escalating tensions between the two countries.