Reform UK denies donor and crypto-billionaire’s global interests in arms and military could present a conflict of interest over its defence spending policy

As he struggles with questions about the millions he has received from the billionaire Christopher Harborne, Nigel Farage has made no secret of his enthusiastic support for the industry that made part of his benefactor’s fortune – cryptocurrency. The Reform UK leader even urged the governor of the Bank of England to drop a crypto policy that may be costly for Harborne.

But another element of Harborne’s business interests could prove still more consequential if it shapes Farage’s positions. There appears to be no precedent for a major UK donor who is so entwined with the military.

Avoiding US goods and services – from tech to whisky to air travel – has forced many to find a new way of living

For William McDonald, 38, a diesel mechanic from Thunder Bay, Ontario, “Canadian is always the first choice,” even if it means his weekly bills are higher.

“As soon as Trump started putting those tariffs on in February [last year], I started boycotting US goods,” he said. “Avoiding American products has driven my costs up, and I’m still happy to do it.

US president says US will have ‘majority’ control of 65bn barrels of proven oil reserves

Donald Trump announced Friday a new US oil agreement with Venezuela’s interim president Delcy Rodríguez, saying the US will have “majority” control of 65bn barrels of proven oil reserves.

The terms of the agreement remain to be seen, but the US president said on his social-media platform that it had been brokered “through a partnership with ⁠private business” by his secretary of state, Marco Rubio, and defense secretary, Pete Hegseth.

However, Kevin Warsh didn’t say if interest rates would change in coming months, as inflation remains stubborn

The US Federal Reserve is not done fighting high inflation, its chair, Kevin Warsh, said in his first major speech in the role on Friday, emphasizing that it was “the Fed’s job to deliver stable prices”.

Warsh did not indicate where the Fed will take interest rates in the coming months, despite US inflation remaining stubbornly above the central bank’s 2% target amid the war in Iran. But his speech was taken by markets as a signal that rates may rise in the coming months, a move that may put him at odds with Donald Trump, who has aggressively called for rates to be cut.

President faces criticism over plan to import up to 300,000 metric tons of foreign beef without charging higher tariffs

Donald Trump has pledged to allow cattle ranchers and farmers to process their own food amid a backlash from the US agricultural sector over his decision to pause US tariffs on foreign beef.

The US president has been sharply criticized, including from members of his own party, since announcing the US will temporarily import up to 300,000 metric tons of foreign beef without charging higher tariffs in an effort to bring down prices.

Unpopular new policy comes as midterms loom and control of Congress could be decided by several Michigan races

Every day $1bn worth of goods crosses the river dividing Detroit, Michigan, and Windsor, Ontario, two largely blue-collar US and Canadian cities that have come to act as one in the creation of North America’s auto industry.

News this week of Donald Trump’s escalating trade spat with Canada has everyone worried. Political and economic leaders and observers labeled the move an act of “hubris” , blamed Trump’s “ego”, and called the escalation “insanity”.

Congressman Jamie Raskin asks president’s son to detail firm’s recent success after he joined 1789 Capital as partner

Democrats on a powerful US congressional committee have launched an investigation into a venture capital firm which has thrived since recruiting Donald Trump’s son.

Donald Trump Jr joined 1789 Capital as a partner just days after his father won a second term in office in November 2024. Congressman Jamie Raskin, ranking member of the US House of Representatives judiciary committee, has asked the president’s son to detail the firm’s recent success.

Jes Staley made comments to US lawmakers investigating his links to the convicted sex offender

The former Barclays boss Jes Staley has denied having sex with a woman dressed as Snow White, after being questioned about an infamous email exchange about Disney princesses with Jeffrey Epstein.

The comments were detailed in newly released transcripts from a closed-door interview last month with US lawmakers as part of their investigation into Epstein, who died in prison in August 2019 while awaiting trial on child sex-trafficking charges.

Analysis by Institute for Policy Studies found that between 2019 and 2025, CEO compensation increased 41.4%

The average CEO of the US’s 100 largest, lowest-paying corporations earned 614 times more than their average worker last year, according to an analysis by the Institute for Policy Studies (IPS).

IPS’s latest executive excess report analyzed compensation at the 100 S&P 500 corporations with the lowest median worker pay. Between 2019 and 2025, CEO compensation increased 41.4%, unadjusted for inflation, twice as much as the median worker pay increased at these firms during the same period, at 20.7%.

Jes Staley told US House committee he also was at one point named a trustee of convicted sex offender’s estate

Former JPMorgan Chase executive Jes Staley told US lawmakers he repeatedly shared confidential and market-sensitive bank ⁠information with Jeffrey Epstein and ⁠was at one ​point named as a trustee of his estate, according to a transcript released by the House oversight committee on Wednesday.

These admissions come as lawmakers investigate the late convicted ⁠sex offender’s ties with political and business elites. Staley appeared before the committee in July as part of its investigation into Epstein and Ghislaine Maxwell, his associate. Transcripts ⁠from the meeting were released on Wednesday.

Paper products among hardest-hit sectors after trade negotiations broke down, with 25-50% tariffs estimated

• Are you a Canadian boycotting US products? We’d like to hear from you

Using the bathroom or having a cry is about to become more expensive for North Americans as the US and Canada enter a full-fledged trade war that threatens to flush away decades of peaceful trading between the two nations.

After trade negotiations broke down between the two countries last weekend, Mark Carney, the Canadian prime minister, vowed to match US tariffs “dollar for dollar” and unveiled a list of nearly 900 American goods that will face 25% to 50% tariffs starting on 8 September.

With the federal deficit near 6% of GDP and the national debt over $40tn, America’s fiscal position looks increasingly precarious

• Bessent ‘will lose’ battle with bond markets, ex-mentor warns

Are we seeing the first signs of panic in Donald Trump’s Treasury? The US is by far the world’s biggest debtor, and the steady rise in global long-term interest rates – which I have long argued was inevitable – is starting to cause real pain.

Until now, the Treasury secretary, Scott Bessent, has dismissed concerns about US debt, which recently surpassed $40tn, as a big nothingburger. Growth, in his telling, will be so spectacular the US will easily be able to meet its interest obligations without any significant tax rises or spending cuts, while the rest of the world will happily keep feeding it money. But if Bessent really believes that, why is he trying to strong-arm the bond market by fiddling with the maturity structure of government debt?

The 12-bath, seven-bed home near the state capital boasts a 5,000-bottle wine cellar, a pool and a tennis court

California governor Gavin Newsom has put his Sacramento-area mansion up for sale, before his term will end in January.

The 12-bath, seven-bed Spanish-style home in Fair Oaks, a suburb of the California capital, hit the market on Monday with an asking price of $7.5m. The estate, which sits on a 8.2-acre (3.3-hectare) parcel of land, boasts an array of amenities including a full-size tennis court, a 5,000-bottle wine cellar, a pool, a cold plunge and a hot tub, according to a Zillow listing from realtors Matthew Hindy and Nick Sadek.

Announcement of tariffs on $20bn worth of US goods follows through on Mark Carney's vow to match US tariffs 'dollar for dollar'

Confidence index drops to 89.4 in August from 90.2 in July amid frustration after five years of elevated inflation

Americans’ confidence in the economy declined again this month as the ongoing conflict in Iran continued to push US gasoline prices above $4 per gallon.

The Conference Board said on Tuesday that its consumer confidence index dipped to 89.4 in August from 90.2 in July. That was the lowest level in seven months but was essentially within the same lukewarm range it has been in since the beginning of the year. In late 2024 and early 2025, readings were consistently above 100.

Multicultural Business Coalition sues New York City mayor, alleging plan for city-run stores will harm smaller grocers

A New York City business group sued mayor Zohran Mamdani on Monday over his plan to create five municipally owned grocery stores.

The Multicultural Business Coalition, which says it represents hundreds of small supermarkets, filed two lawsuits in New York county supreme court on Monday, arguing that the plan violates the civil rights of smaller, immigrant- and minority-owned businesses. The group argues that smaller stores would be unable to match the discounts offered by the city grocery stores and “therefore, will be put out of business,” according to the lawsuits.

Danish toymaker also scores success with KPop Demon Hunters, Star Wars and botanicals products

Lego sales have risen by more than a fifth as tie-ups with the football World Cup, Formula One and the hit film KPop Demon Hunters as well as its flower-based and Star Wars kits drive demand.

The toymaker said its revenues had increased by 21% to 41.9bn Danish kroner (£4.8bn) in the first six months of 2026, driven by strong growth in the Americas, Europe and the Asia-Pacific regions, offsetting stalled sales in China.

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• South Carolina chooses Darline Graham as Republican nominee for US Senate

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On Truth Social, however, the president shot down assertions that the US talks with Canada collapsed in part due a proposed trade deal that would have weakened French language protections.

“I would never interfere with Canadians speaking French!” he wrote. “In fact, I have never even thought of doing such a stupid thing. This lie was made up by a weak and ineffective Prime Minister in an attempt to gain political support, which he has totally lost, from the people of Quebec.”

Bitcoin rises above $80,000 for the first time since May amid uncertainty over US fiscal plans

Gold prices hit their highest level in more than three months on Tuesday as continued conflict in the Middle East and ongoing political uncertainty fuelled the latest rally in the precious metal.

Gold is viewed as a safe haven by investors and its price tends to rise at times of uncertainty.

Trump ally should cut budget deficit rather than try to suppress bond yields, says billionaire Stanley Druckenmiller

Scott Bessent’s attempt to calm the bond markets and push down America’s cost of borrowing have attracted a rebuke from the US Treasury secretary’s former mentor.

The billionaire investor Stanley Druckenmiller, who worked with Bessent at George Soros’s fund management firm in the 1990s, has warned that his former pupil is courting danger by trying to suppress US bond yields.

Retailer removes kid’s clown costume after people said it resembled a racist caricature used in minstrel shows

Target, the US retail corporation, said it pulled a controversial Halloween costume off its shelves after criticism across social media that it resembled a racist caricature.

The ad image for the costume, sold as the “Kids’ Glows Under Blacklight Circus Clown Halloween Costume,” depicted a Black child in a bright orange and black top with solid black gloves and a mask with a wide, toothy smile. Both the child’s pose and the costume’s gloves and mask were likened to caricatures of Black people used in minstrel shows.

Move is latest deterioration in trade relations between neighbors with historically strong economic ties

Donald Trump announced a new 50% tariff on automobiles and crucial raw materials from Canada, the latest deterioration in trade relations between the two neighbors with historically strong economic ties.

The US president said that the increased tariffs would start on 1 January 2027 on all cars, trucks, automobile parts and steel. He also derided the nation’s tariffs on American farmers, writing on social media that Canada has been “ripping off” the US “for years”.

Arbitrator determined the Post improperly fired Karen Attiah, a union-protected employee, over social media posts

An independent arbitrator has ordered the Washington Post to rehire the high-profile opinion columnist Karen Attiah, abruptly fired by the news organization last September over comments she made on social media about Charlie Kirk, the then recently killed conservative activist.

On Monday, an arbitrator ruled that the Post had violated her rights as a union-protected employee and ordered the newspaper to reinstate her and compensate her for lost wages.

Watchdog data shared with Guardian shows contributions to Republican Attorneys General Association and others

Over a dozen US companies that signed a 2021 letter urging Congress to strengthen the Voting Rights Act continue to contribute to state political groups that are actively working to undermine the legislation, according to a campaign finance watchdog.

Researchers at the Center for Political Accountability (CPA), a nonpartisan organization that tracks financial disclosures, found that companies – including Airbnb, DoorDash, Target and Zillow – that signed the letter are contributing to groups known as 527 organizations that prop up key state races, according to data provided exclusively to the Guardian.

The US is scooping up treasury bonds in an effort to raise their price and push yields down – but it’s not working

The bond market is driving the Trump administration crazy. Last week, the treasury secretary, Scott Bessent, announced that the government would sharply ramp up its purchase of treasury bonds, in an effort to raise their price and thus push down their yield, which amounts to the interest rate the government pays on its debt.

It didn’t quite work as planned. Yields on treasurys fell after Bessent’s bond market intervention but soon bounced back. By Friday afternoon, the yield on the 10-year treasury was back near where it was before the secretary’s announcement. The yield on the 30-year bond was again trading around its highest level in 20 years or more.

China-based retailer swung to $99m loss in first quarter and faces scrutiny over its environmental footprint

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Shein, which built a fast-fashion empire on what seemed like impossibly low prices, has been forced to lower its own valuation in a cut-price stock market float, after falling into the red earlier this year.

The online retailer will list on the Hong Kong stock exchange on 1 September at a valuation of close to $27bn (£19.8bn), significantly down from a near-$100bn private market peak four years ago.

Investors will hope Kevin Warsh offers ‘comfort blanket’ at annual meeting of central banks amid bond market anxiety

The new US Federal Reserve chair, Kevin Warsh, faces a critical test this week amid anxiety in government bond markets over inflation and Donald Trump’s tax and spending plans.

As the world’s most powerful central bank prepares for its annual Jackson Hole conference, analysts said bond traders would be looking for signals from Warsh over its commitment to fighting inflation.

Breakdown shows Washington now prioritises its own interests over any semblance of shared economic ground

• ‘No more!!!’: Trump lashes out after US-Canada talks devolve into trade war

The calamitous collapse of trade negotiations between Canada and the United States is a warning to nations worldwide that pursuing any kind of dialogue with the current US administration is doomed at the outset, according to observers who say this recent episode indicates seeking a fair deal is futile.

Andrea Lawlor, an associate professor of political science at McMaster University in Ontario, said: “No matter the closeness of the historical relationship, the American administration has signalled that it now prioritises its interests above those of some sort of global economic coordination or harmony.

Treasury secretary Scott Bessent’s attempt to calm bond markets is a sign of weakness not strength

“Look, there’s nothing magic about that $40tn number,” the US Treasury secretary, Scott Bessent, told CNBC insouciantly last week, as the country’s debt mountain surpassed another bleak record.

Yet Bessent’s decision to intervene in government bond markets in an effort to combat soaring yields belied his studied calm in TV interviews – and reignited fears the US may be on the road to a debt crisis.

Audio recording of US vice-president apparently made at New York fundraiser and shared with Canadian Press

Leaked audio from a private event has reportedly captured the US vice-president, JD Vance, mocking Canada for apparently capitulating in a trade deal and taunting the prime minister, Mark Carney, for trying to “out-tough” Donald Trump.

The recording, which was reportedly made at a fundraiser and shared with the Canadian Press, comes in the last stretch of a difficult negotiation in which the US president has threatened to impose 50% tariffs on Canada.

Meat producer closes facilities in Utah and Illinois as beef prices rise for consumers amid historic cattle shortage

• People in the US: how much do you spend on food per month?

Tyson Foods, the largest meatpacking company in the US, announced last week that it is closing two of its facilities in Illinois and Utah and selling a beef facility in Washington state, and will lay off hundreds of workers as the supply of cattle hits a 75-year low.

The historic cattle shortage has been driven by a multi-year drought, rising costs and severe economic pressures, including consolidation among cattle ranchers. Beef prices have soared over the last year due to the shortage, though economists said the Tyson plant closures likely won’t hit consumer prices so hard.

A Russian strike damaged the Ukrainian warehouse of a company that helps fund Russia's budget. As a result of Russia’s massive August 20 attack, a warehouse storing Yves Rocher cosmetics in Ukraine was heavily damaged.

According to Leave Russia, French cosmetics brand Yves Rocher continues to operate in Russia. Ukraine’s National Agency on Corruption Prevention (NACP) has included Yves Rocher on its list of international sponsors of war.

In 2022, the company’s Russian subsidiary, Yves Rocher Vostok, paid approximately $6 million in taxes to the Russian budget, contributing to the financing of Russia’s war against Ukraine.

At the same time, Yves Rocher’s Ukrainian office and stores continue to operate.

The strike disrupted Ukrainian operations

“We are temporarily suspending online orders and working to restore operations,” the company said.

Customers who have already placed orders will be informed of their status once the attack's consequences are assessed.

Yves Rocher boutiques remain open, although the range of products available may be limited, the company adds.

The strike on Yves Rocher’s warehouse is part of a broader Russian campaign against Ukrainian businesses and critical commercial infrastructure. Russian attacks have repeatedly targeted companies involved in food production, storage, and distribution, disrupting supply chains and local economies.

As a result of the strikes, some food products are already becoming scarce in shops. People are also clearing products off the shelves, apparently stocking up amid concerns over further disruptions. In some stores, supplies of salt and flour are already running low.

Almost the entire arsenal on one city

The Russian attack took place on 20 August and killed 15 people. Ukrainian President Volodymyr Zelenskyy said a children's hospital and a school were also damaged in the capital.

Russia used almost its entire arsenal, launching ballistic and Zircon hypersonic missiles at Kyiv and the surrounding region. Kyiv’s air defenses intercepted nearly all of the cruise missiles. However, ballistic missiles remain a major challenge as the US has not supplied Ukraine with enough Patriot interceptors.

Christine Hunsicker, former CEO of CaaStle, gave investors falsified documents that overstated profit and cash reserves

A fashion tech founder was sentenced to five years in federal prison for her involvement in a $300m “fraud scheme” spanning from 2019 to 2025, the Manhattan US attorney’s office announced on Thursday. Christine Hunsicker, 49, was also sentenced to three years of supervised release.

Hunsicker, the founder and ex-CEO of CaaStle Inc, had pleaded guilty this March to one count of securities fraud in relation to a scheme that “defrauded hundreds of investors”, authorities said. Her attorneys did not immediately respond to a request for comment.

As yields are dragged higher in the UK, Europe and Japan, the impact for consumers and businesses will be far-reaching

• ‘Starve the beast’? The $40tn cost of Republicans’ false promises to cut spending

Government borrowing costs around the world have surged to the highest levels in decades amid growing fears over US bond market turmoil.

Anxiety about Donald Trump’s handling of the US economy, and concern that the US president’s war with Iran is driving up inflation, are causing a sell-off in the US bond market.

The enormous US debt under Trump will hobble the next Democratic administration – just as the GOP planned

• Why is the Trump administration causing turmoil in the bond markets?

You could pin the US’s staggering $40tn in government debt to Donald Trump’s Keystone Cops-style governance. Tariffs he sold as a new source of revenue were struck down by the supreme court, forcing the government to return tens of billions of dollars to importers. Elon Musk’s “department of government efficiency” (Doge), ostensibly created to stop wasteful government spending, decimated federal programs and probably killed millions of children, but did nothing to close the budget deficit. The burst of inflation following Trump’s misguided adventure in Iran sharply raised the cost of serving the government’s obligations.

Yet as the federal debt hits an all-time high, up from about $35tn when Trump took office less than two years ago, it is worth noting that the US’s gargantuan indebtedness is in fact the product of a longstanding Republican strategy that took shape well before Trump could even dream about gold-plating the White House. It was called “starve the beast”.

Inflation fuelled by Iran conflict deterring shoppers, especially in the US, says high street chain

• JD Sports boss is still struggling to turn up the heat

The sports fashion retailer JD has cut £50m from its profit forecast as cost of living pressures, fuelled by the US war on Iran, weighed on sales of trainers.

JD Sports, which sells brands including Nike and Adidas, said widespread inflation had hit shoppers’ wallets, particularly its core young shoppers, resulting in a drop in sales across important markets such as the US, where it struggled to shift trainers and other footwear.

Russia destroyed a Bosch warehouse in Ukraine overnight into 5 August, the German manufacturer said. The strike wiped out its stock of household goods and industrial technology. No Bosch employee or worker for its logistics partner was injured.

The strike was part of Russia's intensified attacks on the warehouses and distribution centers that supply Ukraine. Destroying these facilities eliminates stored goods and disrupts the delivery of food, parcels, equipment, and other essential products. Recent attacks have hit both Ukrainian companies and international brands operating in the country.

Bosch said the warehouse premises belonged to its logistics partner. The company's preliminary assessment found that all Bosch products stored there had been destroyed. It did not disclose the location.

Bosch and its logistics partner are now assessing the damage. They are also seeking ways to maintain operations and meet commitments to customers and business partners.

Russia launches anti-ship missiles on stocks

The Bosch loss came during the same overnight barrage that devastated warehouses and production sites across Kyiv and the surrounding region. Russian strikes destroyed facilities used by Rozetka, Nova Poshta, and Epicentr. The three companies distribute parcels, household goods, and construction supplies across Ukraine.

That attack killed 17 people and wounded 44. Ukraine intercepted none of the 24 ballistic missiles or four anti-ship missiles Russia launched, according to Ukrainian officials.

Ukraine is looking for ways to protect its businesses

The same night, a strike burned down the central Ukraine warehouse of German automotive-products maker Liqui Moly. All employees escaped injury, and the company said it would continue operating.

Two nights earlier, a Russian drone attack outside Dnipro set food warehouses ablaze. On 1 August, another Russian drone hit a Rozetka warehouse where 270 people were working, killing one employee.

The campaign comes as Russia launches more missiles than Ukraine can reliably stop. Moscow fired 376 missiles in July, including 126 ballistic weapons, Euromaidan Press previously reported.

Ukrainian presidential adviser Serhii Beskrestnov said Russia had intensified attacks on warehouses and production sites. He warned businesses to disperse their stocks. Russia can sustain about 100 ballistic-missile launches a month and locate commercial targets using cheap local informants, he said.

Ukraine's state energy giant Naftogaz has commissioned a new exploration well producing 383,000 cubic meters of natural gas per day through its subsidiary Ukrgazvydobuvannya, CEO Sergii Koretskyi announced on July 8.

The 5.7-kilometer deviated well was drilled and commissioned six weeks ahead of schedule as Ukraine works to boost domestic production amid Russian attacks on its energy infrastructure, including gas storage facilities in western Ukraine.

"This is a significant achievement, given the country's need for gas," Koretskyi said.

Naftogaz produces the lion's share of Ukrainian gas, but its production facilities were severely damaged in a series of Russian missile strikes earlier this year, reducing production by as much as 40%.

According to data from Naftogaz, Ukrgazvydobuvannya lost about 50% of its production due to shelling.

Ukrgazvydobuvannya managed to increase commercial gas production to 13.9 billion cubic meters (bcm) in 2024 compared to 13.2 bcm in 2023, commissioning 83 new wells despite wartime conditions.

Ukraine previously produced 52 million cubic meters daily before Russia's full-scale invasion, but required 110-140 million cubic meters during winter months, covering the shortfall from underground storage.

Russian strikes have repeatedly targeted Ukraine's gas infrastructure, including a February 11 combined missile and drone attack that damaged Naftogaz production facilities in Poltava Oblast.

To secure winter supplies, Naftogaz has signed four contracts with Poland's Orlen for delivery of 440 million cubic meters of U.S. liquefied natural gas. The latest agreement, announced July 2, covers an additional 140 million cubic meters.

According to Bloomberg estimates, in 2025 Ukraine may import a record 5 billion cubic meters of gas from Europe.

Ukraine's gas storage situation has also deteriorated significantly, with underground reserves falling to 6.02 bcm as of May 11 — the lowest level in at least 11 years.

The facilities are operating at just 19.4% capacity, with 2.79 billion cubic meters less gas available than the previous year.

Ukraine’s minerals fund focus of private investment ahead of major recovery conference

This week, thousands of companies, business heads, and global leaders are headed to Rome for the fourth Ukraine Recovery Conference on July 10, with many companies hoping for more clarity around the future of a U.S.-Ukraine minerals deal. It’s been over two months since President Volodymyr Zelensky signed Washington’s so-called “minerals deal” — which, in reality, covers all Ukraine’s natural resources, including oil and gas, related infrastructure, and now, defense projects. While the Economy

The Kyiv IndependentDominic Culverwell

Ukraine's Cabinet of Ministers rejected a nominee to lead the economic crimes agency, drawing swift criticism from lawmakers and businesses over alleged interference in the selection process.

The agency, the Bureau of Economic Security, was created in 2021 to investigate economic crimes. It has since faced accusations of being used to pressure — and in some cases extort — businesses, prompting multiple calls and efforts to overhaul it.

Selecting a new director of the agency by the end of July is one of Ukraine's obligations to the EU and International Monetary Fund as part of international financing packages extended to the war-torn country by the institutions.

As part of a recent attempt to relaunch the bureau, Oleksandr Tsyvinsky on June 30 was officially nominated by the bureau's selection commission that consists of six members — three from the government and three international experts. Tsyvinsky is known for exposing schemes involving illegal land seizures in Kyiv..

But Ukraine's government on July 8 said it had rejected Tsyvinsky following alleged concerns raised by the country's intelligence service of potential Russian connections.

The government unanimously decided to ask the commission to submit two new candidates who meet all security requirements, the government press service wrote on its official Telegram channel, a move it claims aligns with the law.

Following Tsyvinsky's nomination, it was revealed that his father holds a Russian passport. He has said he hasn't spoken to his father, who lives in Russia, in years.

Tsyvinsky holds clearance for state secrets and has passed special vetting, backed by over 20 years in law enforcement, including nearly a decade at the National Anti-Corruption Bureau of Ukraine (NABU).

Opposition lawmaker Yaroslav Zhelizniak, said the government had no grounds to reject a properly nominated candidate, claiming President Volodymyr Zelensky's office is behind the blocking of the nomination.

"The (bureau's) legislation provides no legal grounds for the cabinet to demand a new shortlist or impose additional, undefined requirements such as 'security criteria.' The term itself is absent from any statute and therefore has no legal force," Zhelizniak said.

"The SBU letter in this case is nothing more than an indicator of the winner's disloyalty to the President's Office and a desire to block the appointment," said Olena Shcherban, deputy executive director of the AntAC in a statement following the news.

Major business associations have called on Zelensky, Parliament Speaker Ruslan Stefanchuk, and Prime Minister Denys Shmyhal to reverse the government's decision.

The business groups warned that failing to reform the agency will harm investment decisions, particularly as Ukraine's wartime economy needs to attract capital.

"War is a time for radical changes in the rule of law and business climate, otherwise the economy cannot ensure the country's survival," the businesses wrote in an open letter.

‘Neither side wasted time’ — Ukraine’s economy minister on minerals deal negotiations with Trump’s ‘business-oriented’ administration

Ukraine’s Economy Minister Yuliia Svyrydenko says her task is simple — to get the investment fund behind the closely watched minerals deal with the U.S. off the ground, and prove its detractors wrong. “There are so many criticisms from different parties that this fund is just a piece of paper we can put on the shelves — that it won’t be operational,” Svyrydenko, who is also Ukraine’s first deputy prime minister, tells the Kyiv Independent at Ukraine’s Cabinet of Ministers on July 4, the morning

The Kyiv IndependentLiliane Bivings

Russia's crude oil production in June fell below its agreed-upon OPEC+ target, according to individuals familiar with the data interviwed by Bloomberg.

Russian producers reportedly pumped 9.022 million barrels per day last month, a figure 28,000 barrels per day below the required level, including compensation cuts. This marks the largest gap between Russia's output and its monthly quota this year, based on Bloomberg's calculations.

Historically, Russia, which co-leads the OPEC+ alliance with Saudi Arabia, has faced criticism for poor compliance with production quotas. However, the nation has shown improved adherence for most of 2025, often pumping below its required levels, according to analysis of Russian data. This increased focus on production discipline follows earlier critiques from Riyadh.

Under the terms of the OPEC+ agreement, Russia's daily production quota for June had increased by 78,000 barrels to 9.161 million barrels. However, Moscow had also committed to a 111,000 barrel-a-day compensation cut for the month, bringing its actual output target to 9.050 million barrels per day.

On July 5, eight OPEC+ nations collectively agreed to raise production by 548,000 barrels per day in August, aiming to capitalize on strong summer consumption. Analysts suggest these additional barrels may be quickly absorbed but could contribute to a crude surplus later in the year.

Independent verification of Russia's oil output data has become challenging since Moscow classified official figures after Western sanctions targeting the nation's energy industry following its full-scale invasion of Ukraine. Consequently, market watchers now largely rely on indicators such as seaborne exports and domestic refinery runs to track trends in Russia's oil production.

Russia striking NATO while China invades Taiwan ‘plausible’ scenario, experts say

If Beijing moves against Taiwan, NATO might soon find itself in a two-front war with China and Russia — or so the alliance’s secretary general believes. “If Xi Jinping would attack Taiwan, he would first make sure that he makes a call to his very junior partner in all of this, Vladimir Vladimirovich Putin… and telling him, ‘Hey, I’m going to do this, and I need you to to keep them busy in Europe by attacking NATO territory,’” Secretary General Mark Rutte said in a July 5 interview with the New

The Kyiv IndependentMartin Fornusek

The European Bank for Reconstruction and Development (EBRD) will enable Ukrainian banks to provide up to 900 million euros ($1.05 billion) in new loans by sharing credit risks, the EBRD announced in a press release on July 7.

The loans will target companies in agribusiness, manufacturing, pharmaceuticals, transport and logistics, as well as energy security projects.

The mechanism will be announced at the Ukraine Recovery Conference (URC) in Rome on July 10-11. This represents the largest risk-sharing facility implemented in Ukraine since the war began, according to the EBRD's press release.

Due to destructive Russian attacks on Ukrainian energy infrastructure, the EBRD will also focus on supporting distributed generation and renewable energy projects.

Russian forces have damaged most of Ukraine's thermal power plants and about 30% of power stations, disrupting nearly two-thirds of the country's total electricity generation, the bank says.

The EU, together with other EBRD donors, has developed plans to de-risk renewable energy investments to attract more private capital, which they will announce at the URC.

Nearly one-third of EBRD's wartime financing to Ukraine — 2.4 billion euros ($2.8 billion) — has gone to the energy sector. This includes support for state-owned electricity transmission and gas companies, as well as financing for hydropower and small-scale distributed generation.

In a pre-URC press release, the EBRD also expressed interest in supporting the development of a natural graphite deposit in Ukraine following the U.S.-Ukraine minerals agreement. Graphite is a strategic material used in batteries and defense applications.

The bank will launch the second phase of digitizing Ukraine's paper-based geological data archive to make information about mineral deposits more accessible, the EBRD reports.

Since Russia's full-scale invasion in 2022, the EBRD has invested over 7.2 billion euros ($8.4 billion) in Ukraine's economy.

Zelensky, Trump discussed replacement of Ukraine’s US ambassador, source says

Oksana Markarova has held the post since April 2021, and played a central role in coordinating U.S. military and financial support during the early phases of Russia’s full-scale invasion.

The Kyiv IndependentTim Zadorozhnyy

Major shutdowns at Russia's key airports on July 5–6 caused by Ukrainian drone attacks could cost Russian airlines around 20 billion rubles ($254 million), the pro-Kremlin outlet Kommersant reported on July 7, citing airline representatives and industry experts.

Since the start of mass disruptions on July 5, a total of 485 flights were canceled, 88 were diverted to alternate airports, and another 1,900 were delayed across major hubs, according to Russia's aviation agency Rosaviatsiya.

The drone attacks prompted operational shutdowns that triggered widespread logistical and economic consequences. Over 94,000 passengers were housed in hotels, 43,000 refunds were processed, and hundreds of thousands of vouchers for food and drinks were issued.

The estimated financial toll includes direct airline losses from canceled Boeing 737-800 flights, which can run between 15 million and 23 million rubles ($190,000–$292,000) each depending on the route, as well as costs for delays, diversions, and passenger care.

Experts say the true cost could be far higher. Dmitry Datsykov of EXPO.UAV estimated tens of billions of rubles in additional indirect losses, including missed connections, taxi and hotel losses, and supply chain disruptions.

Ukraine has not publicly claimed responsibility for the disruptions but has acknowledged that its drone strategy aims to undermine Russian logistics and force the war's consequences closer to the Russian public.

The economic fallout comes amid growing scrutiny of Russia's transport sector. On July 7, President Vladimir Putin dismissed Transport Minister Roman Starovoit following the aviation chaos and a high-profile ammonia leak at the Ust-Luga port.

The Kremlin has increasingly struggled to protect critical infrastructure from Kyiv's deep-strike drone campaign, which in recent months has expanded to include refineries, radar plants, and now Russia's busiest airports.

Russian transport minister fired by Putin reportedly shoots himself dead

According to Russian media, ex-Transport Minister Roman Starovoit’s body was found near Moscow. Preliminary findings suggest that the suicide may be linked to a possible criminal case.

The Kyiv IndependentTim Zadorozhnyy

Ukraine on July 6 imposed sanctions aimed at countering Russian financial schemes, including those involving cryptocurrency, President Volodymyr Zelensky announced in his evening address.

Restrictions were imposed on 60 legal entities and 73 Russian citizens.

The latest sanctions package includes Ukrainian-led initiatives and must also align with restrictions imposed by international partners, according to Zelensky.

Ukraine will continue working with its partners to coordinate sanctions across different jurisdictions in the future, he added.

Zelensky also announced that the Ukrainian government is set to unveil new measures next week, aimed in part at aligning with European Union sanctions against Russia.

"All European packages against Russia should be implemented in the Ukrainian jurisdiction. Just like Ukrainian sanctions in the European Union," Zelensky said.

At the end of June, Zelensky imposed sanctions on 52 Russian citizens, 34 Russian companies, and one Chinese entity involved in the production of Shahed drones and chip manufacturing machinery.

Drones have become one of the defining tools of the full-scale war, used extensively by both Ukraine and Russia for surveillance, long-range strikes, and tactical battlefield advantage.

Ukraine’s artillery braces for shell shortage as US halts aid

The Kyiv Independent’s Francis Farrell and Olena Zashko spent a day with an artillery crew from the 28th Mechanized Brigade in the front-line city of Kostiantynivka. Following the recent decision by the Pentagon to halt shipments of certain weapons to Ukraine, a looming shell shortage is once again on the horizon for Ukrainian forces.

The Kyiv IndependentFrancis Farrell

BlackRock, a U.S. investment firm, suspended work on a multibillion-dollar Ukraine recovery fund following U.S. President Donald Trump's election victory, prompting France to work on a replacement, Bloomberg reported on July 5.

The plan nearly secured the initial support of institutions backed by the governments of Germany, Italy, and Poland, people familiar with the matter told Bloomberg.

Kyiv has sought to secure investment in Ukraine's reconstruction as Russia's war continues to destroy infrastructure across the country.

BlackRock halted its search for institutional investors in January, causing the planned funding that sought to secure $500 million from governments, development grants, and investment banks, and another $2 billion from private investors, to fall through.

The investment firm halted talks with institutional investors in January due to a lack of interest amid perceived uncertainty in Ukraine.

The fund was set to be unveiled by BlackRock at the upcoming Ukraine Recovery Conference on July 10-11 in Rome, Bloomberg reported.

A spokesperson for BlackRock said the investment firm completed advisory work for the recovery fund pro bono in 2024 and no longer has "any active mandate."

France is working on a proposal to replace the recovery fund led by BlackRock, people familiar with the matter told Bloomberg, adding that it remains uncertain how effective the plan will be without Washington's backing.

President Volodymyr Zelensky and Italian Prime Minister Giorgia Meloni are expected to attend the Ukraine Recovery Conference next week.

Despite a partial rebound from a 30% economic slump in 2022, foreign investment in Ukraine remains underwhelming.

As US aid to Ukraine dries up, new platform connects Americans investors with Ukrainian startups

Ukraine’s startup ecosystem has tripled in five years, even during Russia’s full-scale invasion, to become the second most valuable in Central and Eastern Europe at $28 billion.

The Kyiv IndependentDominic Culverwell

Three Democratic Senators have launched an investigation into U.S. President Donald Trump's refusal to impose new sanctions against Russia, the legislators announced in a joint statement on July 3.

Since taking office in January, Trump has passed no new sanctions against Moscow. In some cases, he has even eased restrictions, even as Russia intensifies its full-scale war against Ukraine.

Senate Democrats Jeanne Shaheen, Elizabeth Warren, and Chris Coons called on the administration to impose new penalties on the Kremlin and said they planned to investigate Trump's "five-month pause" on sanctions.

"Americans should be asking why a president who says he wants to end a major war is instead letting the aggressor run rampant," the senators said in a joint statement issued July 3.

The statement followed an analysis by the New York Times (NYT), published July 2, which found that Washington's slowed momentum on sanctions created more opportunities for shell companies to funnel sanctioned goods into Russia.

Former U.S. President Joe Biden imposed an average of 170 new sanctions per month on entities tied to Moscow between 2022-2024, according to the NYT. Overall, the Biden administration slapped 6,200 penalties on individuals, businesses, ships, and aircraft connected to Russia.

Without new sanctions to maintain pressure on Moscow, the effects of the Biden sanctions regime have begun to erode, the NYT reported. An analysis of trade records and other data. showed that over 130 companies in China and Hong Kong are advertising sales of sanctioned computer chips to Russia. Despite this illegal activity, none of the companies have been sanctioned.

Ukraine scrambles to clarify extent of US military aid pause and ‘whether everything will continue’

When the U.S. Department of Defense (DOD) halted the transfer of critical air defense missiles and other weapons to Ukraine, Kyiv and its partners were caught off-guard and are now left scrambling for clarity on the scope and length of the Trump administration’s decision. The White House confirmed the halt after a July 1 report by Politico said shipments were paused due to concerns over the size of domestic stockpiles. The decision “was made to put America’s interests first following a DOD rev

The Kyiv IndependentAndrea Januta

"On top of halting key assistance to Ukraine, President Trump has blocked regular updates to our sanctions and export controls for five months and counting—enabling a growing wave of evaders in China and around the world to continue supplying Russia's war machine," Senators Shaheen, Warren, and Coons said in their statement.

The senators called on Trump to "actively enforce the existing sanctions against Russia" and urged the administration to partner with EU and G7 nations to mount pressure on Moscow.

"Instead of taking clearly available steps to pressure the aggressors, President Trump is doing nothing and we will be investigating this missed opportunity to push for an end to this war," they said.

Along with letting U.S. sanctions on the Kremlin go stagnant, the Trump administration has removed sanctions on Karina Rotenberg, the wife of a key ally of Russian President Vladimir Putin, and notably exempted Russia from its sweeping "Liberation Day" tariffs.

reportedly obstructed bipartisan congressional efforts to target the Russian economy.  Trump has asked Republican senators to weaken a proposed sanctions bill and has urged delays in a vote on the legislation.

The bipartisan sanctions bill, introduced by Republican Senator Lindsey Graham and Senate Democrat Richard Blumenthal, seeks to impose a 500% tariff on imports from countries that continue purchasing Russian oil and raw materials.

Ukraine war latest: Putin tells Trump Russia won’t back down from its war aims in Ukraine

Key developments on July 3: * Putin tells Trump Russia won’t back down from its war aims in Ukraine * Deputy commander of Russian Navy killed in Ukrainian strike in Kursk, Russian official confirms * Ukraine signs major drone co-production deal with US Swift Beat, Zelensky announces * Russia targets Ukrainian conscription offices to disrupt mobilization, military spokesperson says after Poltava attack * ‘One of Russia’s most critical targets’ — Ukraine confirms strike on missile battery pl

The Kyiv IndependentThe Kyiv Independent news desk

Ukraine’s Oschadbank won an appeal against Russia on July 1 after the Paris appeals court rejected Moscow’s challenge to a 2018 arbitration ruling ordering compensation for losses due to Russia's annexation of Crimea, the bank announced in a press release on July 3.

The Paris Court of Appeal upheld the November 2018 arbitration tribunal decision requiring Russia to compensate Oschadbank for damages incurred when Moscow annexed the Ukrainian peninsula in 2014.

The ruling orders Russia to pay more than $1.5 billion in damages and an additional 300,000 euros ($330,000) in legal costs to Ukraine's largest state-owned bank, according to a press release.

"The victory proves that efforts to force the aggressor state to answer legally for damages caused by the occupation of part of Ukraine's territory have good prospects," said Rosa Tapanova, a member of Oschadbank's supervisory board.

Oschadbank Chairman Serhii Naumov said it's the first Ukrainian bank to win such a case against Russia.

The decision follows Oschadbank's recent seizure of over 87 million euros ($102 million) in Russian assets in France as part of its campaign to recover war-related losses. The bank has been pursuing Russian assets across multiple jurisdictions to enforce the arbitration award.

"We understand that the Russian Federation will never voluntarily comply with the court's decision, and we are prepared for a long struggle," said Arsen Miliutin, deputy chairman of Oschadbank's management board.

"At the same time, we are confident that we will win, and Russia will pay not only the amount of damages caused, but also interest for all this time."

The Oschadbank victory adds to a growing list of Ukrainian legal wins against Russia. On June 23, Naftogaz CEO Serhii Koretskyi announced that an international arbitration tribunal in Switzerland had ordered Russia's Gazprom to pay the Ukrainian state energy company $1.37 billion after the Russian firm stopped fulfilling contract obligations in May 2022.

As Trump ‘loses interest’ in Ukraine, Kyiv scrambles to clarify extent of U.S. military aid pause

When the U.S. Department of Defense (DOD) halted the transfer of critical air defense missiles and other weapons to Ukraine, Kyiv and its partners were caught off-guard and are now left scrambling for clarity on the scope and length of the Trump administration’s decision. The White House confirmed the halt after a July 1 report by Politico said shipments were paused due to concerns over the size of domestic stockpiles. The decision “was made to put America’s interests first following a DOD rev

The Kyiv IndependentAndrea Januta

Ukraine signed a major deal with U.S. company Swift Beat to co-produce hundreds of thousands of drones this year, President Volodymyr Zelensky announced on July 3 during his visit to Denmark.

The long-term strategic partnership agreement was signed by Ukraine's Defense Minister Rustem Umerov and Eric Schmidt, the CEO of Swift Beat, in Denmark on the same day.

Under the deal, the company will produce various kinds of unmanned aerial vehicles for Ukraine, including those designed to intercept Russian drones and missiles, reconnaissance, attack, and other drones, Zelensky said in a statement published on the website of the President's Office.

"The key priority is interceptor drones that have already proven effective in Ukraine," Zelensky said. "We've tested models from several companies, and now we're signing serious contracts."

Swift Beat will increase its production capacity, aiming to produce hundreds of thousands of drones for Ukraine this year, with plans to scale up production in 2026, according to Zelensky.

"Modern drones will be supplied to Ukraine as a priority, on special terms and at cost," Zelensky said.

The announcement comes just a day after the U.S. Defense Department (DOD) has halted shipments of some air defense missiles and other weapons previously promised to Kyiv. Ukraine has been trying to negotiate buying U.S. weapons for months after U.S. President Donald Trump, who has opposed military aid to Kyiv, took office in January.

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Swift Beat has a significant presence in Ukraine, according to Zelensky's office. It specializes in autonomous AI-powered drones and cooperates with Ukrainian engineers and the military, conducting drone testing on Ukrainian territory, the statement reads.

Zelensky arrived in Denmark on July 3 to mark the country's assumption of the rotating presidency of the Council of the European Union.

Zelensky also said that during his visit, he plans to raise the issue of political blockages hindering Ukraine's path to joining the European Union.

"We're ready to open three accession clusters and want to start with one now, in the very near future. But political blockages remain, purely political," he said.

While EU member states agreed to take into account the European Commission's assessment that Ukraine is ready to open the first, Fundamentals cluster, the process remains stalled due to Hungary's refusal to grant unanimous support.

Ukraine applied for EU membership in 2022 and was granted candidate status shortly thereafter, but full negotiations require the approval of all 27 EU member states.

Denmark has been a key backer of Ukraine since the start of Russia's full-scale invasion in 2022. In February 2024, Copenhagen signed a 10-year bilateral security agreement with Kyiv, pledging long-term defense cooperation until Ukraine secures NATO membership.

Zelensky said he expects Denmark to expand its financial support for Ukraine's drone and missile production initiatives.

"What we've just signed requires significant funding. I'm counting on our relationship with Denmark," the president said.

The Ukrainian president will also participate in official events commemorating Denmark's presidency of the Council. According to Danish broadcaster DR, the events will be attended by Denmark's royal family, government officials, and EU leaders.

‘One of Russia’s most critical targets’ — Ukraine confirms strike on missile battery plant in Lipetsk

The Energia plant in Yelets produces parts for ballistic and cruise missiles, as well as batteries for drones and glide bombs. The factory was previously targeted multiple times this past May.

The Kyiv IndependentVolodymyr Ivanyshyn

Skyeton Prevail Solutions, a joint venture between Ukrainian drone manufacturer Skyeton and U.K.-based defense company Prevail Solutions, will manufacture and supply Raybird drones in the U.K., the two companies announced on July 2.

"Skyeton — a Ukrainian unmanned aircraft systems company with 19 years of engineering pedigree, and Prevail Partners — a leading U.K. defense and security company, announced a joint venture to fast-track the volume manufacture, supply, and support for the integration of its best-in-class drone into U.K. military applications," a statement by the two companies said.

Ukraine has developed drones that have proven to be effective amid the onset of Russia's full-scale war against Ukraine in February 2022 and Russia's initial invasion of Ukraine in 2014.

President Volodymyr Zelensky and U.K. Prime Minister Keir Starmer met in London on June 23, where the two leaders agreed to an "industrial military co-production agreement."

"The joint venture will scale the availability of Raybird with new manufacturing in the U.K. for both deployment in Ukraine and provide the necessary integration expertise from Prevail Partners for U.K. and other Western militaries," the statement said.

U.K. lawmaker Iain Duncan Smith described the move as an "important step" for U.K. drone production.

Skyeton says its Raybird drone has over 350,000 flight hours and is responsible for billions of dollars in Russian losses.

Ukraine has relied on drones to meet its own defense needs, as foreign military aid has fallen short in supplying necessary weapons and air defenses.

Ukraine’s new interceptor UAVs are starting to knock Russia’s long-range Shahed drones out of the sky

Russia’s Shahed drone swarms are pummeling Ukraine on a nightly basis, inflicting ever more death and destruction in cities that had managed to carve out some sense of normalcy amid wartime. Civilian alarm has grown. With traditional air defense stockpiles running low, the government is banking on newly created

The Kyiv IndependentKollen Post

Ukrainian President Zelensky must consider a petition to decriminalize pornography after it reached the required 25,000 signatures, according to data on the official Ukrainian government petitions website.

Pornography production and distribution are illegal in Ukraine, with broad interpretations meaning even sharing nude photos can result in jail time.

Despite being illegal, models on subscription-based site OnlyFans, known for being an adult content platform, must declare their income and pay taxes, as required for all paid content creators.

The decriminalization petition was created by Ukrainian OnlyFans model Svetlana Dvornikova, who argued that "law enforcement should focus on real crimes instead of conducting operations to buy intimate photos."

"Over five years, I've paid more than Hr 40 million ($958,062) in taxes to the state," Dvornikova wrote in the petition.

"But instead of gratitude for this money, the state opened a criminal case against me."

In January 2025, Ukraine's OnlyFans content creators declared more than $7 million in income, paying $1.5 million in personal income and military taxes, though it's unclear what specific content these users create on the platform.

Ukrainian MP Yaroslav Zhelezniak, who has initiated bills to legalize pornography, calculated that from 2020 to 2022, 5,000 Ukrainians earned $123 million on OnlyFans.

"Porn today is mostly online platforms, and those who earn on these platforms officially pay taxes. That's millions of dollars going to the armed forces," Zhelezniak said on his YouTube channel.

The latest bill to legalize pornography was registered in November 2024 and supported by parliament's law enforcement committee in December, but hasn't been brought to a vote yet.

The bill proposes decriminalizing only the creation and storage of pornographic content by consenting adults.

Criminal liability would still apply for revenge porn, deepfake porn, extreme porn, child pornography, and distribution to minors.

"We're simply changing Article 301 of the Criminal Code so that adults who film and distribute intimate videos aren't thrown in prison for 3-5 years," Zhelezniak wrote on his Telegram channel.

"Currently, under Article 301, you can be punished even for storing nude photos on your personal phone."

In July 2022, a similar petition to legalize pornography reached the required number of signatures. It didn't lead to changes, and Zelensky responded by citing existing laws about "protecting public morality."

Russia seizes Ukraine’s most valuable lithium deposits, but US minerals deal not at risk, investor says

Russian troops have taken over the site of one of Ukraine’s most valuable lithium deposits near the village of Shevchenko, Donetsk Oblast, as Russia ramps up its summer offensive. While Ukrainian troops control territories near the site, the deposit is now under Russian occupation, Roman Pohorilyi, founder of open-source

The Kyiv IndependentDominic Culverwell