Ukraine War
U.S. readies further Russia sanctions after hitting Lukoil and Rosneft, presses Europe to act
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The Trump administration has prepared additional sanctions targeting Russia’s economy if President Vladimir Putin continues to stall on ending the war in Ukraine. The planning follows Wednesday’s sanctions on oil giants Lukoil and Rosneft, which helped push global oil prices higher, and comes as Washington urges European allies to intensify pressure on Moscow before escalating further.
EU plan for frozen Russian assets stalls in Belgium
Belgium has blocked a sophisticated European Commission plan to mobilize frozen Russian assets without confiscating them, to grant a 140 billion euro loan to Ukraine. This decision, made at a summit in Brussels, is postponed to December due to Belgian concerns. The European Union is thus seeking to offset the end of US support under Donald Trump.
Russia Proposes VAT Hike to Fund Ukraine War
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Russia's finance ministry has proposed increasing the value-added tax from 20% to 25% starting next year, aiming to generate additional revenue to sustain military operations in Ukraine. The move comes amid escalating costs of the ongoing conflict, now in its fourth year, and reflects the Kremlin's efforts to bolster state finances without directly taxing citizens more heavily. If approved, this tax adjustment could raise billions in revenue but may exacerbate inflation and economic strain on Russian households.
EU summit reaches minimal compromise on russian assets
At an EU summit, leaders reached only a minimal compromise after lengthy talks on using frozen Russian assets to aid Ukraine. The European Commission is tasked with examining support options, while the assets remain frozen until Russia compensates for war damages. Belgium voiced legal concerns that slowed progress.
Russia holds nuclear drills after Trump-Putin summit delay
Russia conducted a major nuclear weapons training exercise on Wednesday, just a day after the United States delayed plans for a second summit between Presidents Vladimir Putin and Donald Trump. The drills involved practice launches of intercontinental ballistic missiles capable of reaching the United States. This escalation comes amid ongoing heavy attacks in the Ukraine war and stalled peace talks.
Trump calls for immediate ceasefire in Ukraine war
US President Donald Trump called for an immediate ceasefire between Ukraine and Russia after a meeting with Ukrainian President Volodymyr Zelenskyy. Zelenskyy requested Tomahawk cruise missiles, but Trump emphasized the desire to end the war without such weapons. Both sides expressed optimism for negotiations.