Russia's Rainy-Day Fund Lost Around $6 Billion in May

Liquid assets in Russia's National Wealth Fund, the country's rainy-day reserves, declined by 14% in May, as increasing spending on the war in Ukraine and falling oil prices squeeze the budget.
The fund's readily usable resources declined to 2.8 trillion rubles ($35.7 billion) in the month, the Finance Ministry said on Wednesday. That's a loss of 453.8 billion rubles ($5.8 billion) available for budget deficit financing.

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US base defense in the era of large-scale drone attacks

Ukraine's Operation Spider's Web wasn't just a brazen attack on Russia; it was a wake-up call for the United States. On June 1st, the Security Service of Ukraine (or SBU) carried out their mission, targeting four Russian airbases housing strategic bombers like the Tu-95 and Tu-22. Using small quadcopter drones that were assembled inside Russia and placed in modified roof compartments of shipping containers, they managed to eliminate at least 13 Russian aircraft, including several nuclear-capable bombers, and damage many others. This amounts to about 34% of their strategic bomber fleet destroyed in an incredibly short amount of time, an insurmountable loss. Ukraine didn't use any advanced technology or weapons. The drones used were small and built with commercially available parts. They were piloted, at least initially, by Ardupilot, an open-source software used by drone hobbyists to navigate drones autonomously. Using Russia's own 4G cellular networks, drone pilots, safe in Ukraine, flew the quadcopters the last meters to their targets. According to Ukrainian officials, everybody involved in the operation was safely out of Russia by the time it took place. The success of the operation and its relative simplicity have brought to the forefront concerns over how the United States would defend itself against a similar attack. While U.S. bases overseas have weapons capable of defending, at least partially, from small drones, many in the homeland do not. In our latest video, we break down how Ukraine pulled off Spider's Web, what that means for the United States, and what military leaders are doing to prepare for similar attacks. A Marine Corps reply-all email apocalypse has an incredible real-life ending Army shuts down its sole active-duty information operations command Army plans to close more than 20 base museums in major reduction Former Green Beret nominated to top Pentagon position to oversee special ops The Navy's new recruiting commercial puts the 'dirt wars' in the past

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Iran's shocking threat to shut key trade route rattles markets

Iran's shocking threat to shut key trade route rattles markets originally appeared on TheStreet. Iran has threatened to close the Strait of Hormuz in response to attacks by Israel. Nearly 20% of global oil and 30% of global LNG passes through the Strait of Hormuz. So far, we have seen a barrage of missile attacks from both countries, but financial infrastructure also remains a key target. Crypto platforms, banks, stock exchanges — nothing has been spared. Now, the closure of the Strait of Hormuz could substantially disrupt the global supply of oil. The price of Brent crude oil has jumped from around $70 a barrel to more than $77 a barrel since June 13, when the latest war in the Middle East began — a surge of 10%. The total crypto market cap has, meanwhile, slipped 3% during the same period and stood at $3.25 trillion at the time of writing. As per Kraken, Bitcoin has dipped more than 3% since June 13 to trade at $104,826.78 at press time. Ethereum, on the other hand, has fallen around 9% during the period and was trading at $2,532.18 at press time. While the spike in oil prices due to recent tensions is understandable, there is a quiet realization within the crypto community that the digital assets market is also not immune to geopolitical disruptions. Once insulated from traditional markets as a rebellion against traditional finance (TradFi), the industry has attracted investment from Wall Street giants such as BlackRock (Nasdaq: BLK) and Franklin Templeton (NYSE: BEN). While it has certainly led to droves of retail traders flocking to crypto, the industry now also has to deal with the complications intertwined with traditional markets. It was only last month that Bitcoin hit the all-time high (ATH) of $111,970.17 on May 22. Since, then, the king coin has suffered a decline of more than 6%. Will the world's largest cryptocurrency decline even further? The answer is pretty complicated. As reported earlier, Wall Street veteran Jordi Visser has argued that Bitcoin is always going to be related to the economy, so it's never a geopolitical hedge. Visser also said that even though the reaction in the markets is exactly like whenever there has been a war, such conflicts usually end up flaming out if there are no significant escalations. However, there is a significant possibility of an escalation as the U.S. might enter the war to support its ally Israel against Iran. In fact, traders are betting on Polymarket, a crypto prediction platform, on possibly the most important question: Will the US launch military action against Iran before June 30? The bet has attracted more than $16 million in volume so far, with a 64% chance that the U.S. will join the Israeli attack on Iran. If it indeed happens, the price movement of Bitcoin and the broader crypto market will be under close scrutiny. Iran's shocking threat to shut key trade route rattles markets first appeared on TheStreet on Jun 19, 2025 This story was originally reported by TheStreet on Jun 19, 2025, where it first appeared. Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données

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2 hours ago

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Putin says Russia has shared peace proposals with Israel and Iran

ST. PETERSBURG, Russia — President Vladimir Putin said Friday he has secured Israel's pledge to safeguard Russian personnel at Iran's Russia-built nuclear power plant and that he has reached out to both sides to try to end the week-old war. Answering questions on a variety of issues at the St. Petersburg International Economic Forum, Putin also warned Ukraine that it could lose more territory if it keeps rejecting Russia's conditions for peace. Putin said Russia has proposed 'some ideas' for a possible settlement between Iran and Israel that are currently being discussed. He said Moscow asked Israeli Prime Minister Benjamin Netanyahu to ensure the security of Russian personnel who are working to construct two more reactors at the nuclear power plant in Iran's port of Bushehr and that he also raised the issue with U.S. President Donald Trump. 'Prime Minister Netanyahu has agreed with that, and President Trump has promised to support our legitimate demands,' Putin said. But he strongly rejected allegations that Moscow has failed to back its ally, Tehran, saying the Kremlin has maintained good ties with both Iran and Israel. He noted that Israel is home to nearly 2 million people from Russia and other former Soviet nations, 'a factor that we always have taken into account.' At the same time, Putin said, Russia has always met its obligations to Iran, adding that Moscow has firmly backed Tehran's right for the peaceful use of nuclear energy. He voiced concern about the spiraling conflict, saying we 'are strongly worried about what's going on around the Iranian nuclear facilities and possible consequences.' Asked about Moscow's goals in Ukraine, Putin said the Russian military is moving to extend a buffer zone in Ukraine's Sumy region following a Ukrainian incursion last year into Russia's neighboring Kursk region. 'We have to create a security zone along the border,' Putin said, adding that the Russian troops have forged about 10 kilometers (about 6 miles) deep into the Sumy region and are approaching its capital of the same name, a city of about 270,000 people. 'They are creating a threat to us, constantly shelling the areas along the border,' he added. 'We don't have a goal to capture Sumy, but I don't exclude it in principle.' Putin reaffirmed his long-held claim that Russians and Ukrainians are 'one people,' declaring that in 'that sense, all of Ukraine is ours.' But he also said Russia is ready to recognize Ukrainian sovereignty while emphasizing that Kyiv must accept the 'realities' of Moscow's territorial gains and abandon its bid to join NATO as part of possible deal. 'We aren't seeking Ukraine's surrender, we want them to recognize the realities on the ground,' he said, adding that Moscow has repeatedly warned Ukraine that it would better make a deal. 'The logic of military action could only exacerbate your situation, and you will have to conduct talks from different positions that will be worse for you,' Putin said, addressing Ukraine. 'There is an old rule: Wherever a Russian soldier puts his foot, that belongs to us.' Asked by the session's moderator whether he is concerned by allegations that Ukrainian authorities could order the use of a 'dirty bomb' of radioactive material against Russia, Putin said such an action would be 'their last mistake' that would trigger a 'mirror' response from Russia in line with its nuclear doctrine. 'Our response would be very tough and, most likely, catastrophic' for both the government and the country, he said. 'I hope it will never come to that.' Putin added that while Russia doesn't have information that Ukraine could mount such an attack, 'we assume that some people may develop such ideas in their sick imagination.' Putin hailed Russia's economic outlook, saying it has managed to curb inflation and ease its reliance on energy exports. His optimistic account contrasted with somber statements by some members of his government who warned at the same conference that Russia could face a recession. Economic Minister Maxim Reshetnikov said Thursday the country is 'on the brink of going into a recession.' Putin mentioned the recession warnings, but emphasized that 'it mustn't be allowed.' He pointed out that manufacturing industries have posted steady growth, allowing the country to reduce its reliance on oil and gas exports. 'The perception of Russian economy as based on raw materials and dependent on hydrocarbons exports have clearly become outdated,' Putin said, adding that the economy grew by 1.5% in the first four months of 2025 and inflation has dropped from double digits to 9.6%. Putin has used the annual forum to highlight Russia's economic prowess and encourage foreign investment, but Western executives have shunned it after Moscow sent troops into Ukraine in 2022, leaving it to business leaders from Asia, Africa and Latin America. The economy, hit with a slew of Western sanctions, has so far outperformed predictions. High defense spending has propelled growth and kept unemployment low despite fueling inflation. Large recruiting bonuses for military enlistees and death benefits for those killed in Ukraine also have put more income into the country's poorer regions. But over the long term, inflation and a lack of foreign investments pose threats to the economy. Economists have warned of mounting pressure on the economy and the likelihood it would stagnate due to lack of investment in sectors other than the military.