Newsflash

Russian gasoline prices hit record high amid Ukrainian strikes on oil refineries, Russian media reports

Russian gasoline prices have reached unprecedented levels, with Ai-95 gasoline prices on the St. Petersburg International Mercantile Exchange (SPIMEX) soaring to over 77,000 rubles ($946.6) per ton. This surge is attributed to recent Ukrainian drone strikes on Russian oil refineries, which have disrupted production and supply chains. On August 2, Ukraine targeted industrial sites in Ryazan, Penza, Samara, and Voronezh oblasts, damaging refineries that process approximately 40,000 tons of crude oil daily. These attacks have the potential to cause repair delays ranging from one to six months, further exacerbating the fuel supply issues.

The price hike follows Russia's recent ban on gasoline exports, effective until the end of August, aimed at stabilizing the domestic market. This is not the first time Russia has implemented such a ban; previous measures have been taken to address fuel shortages and high prices. Despite producing over 40 million metric tons of gasoline annually, Russia has been grappling with supply constraints, particularly due to ongoing Ukrainian drone strikes. These attacks are part of Ukraine's strategy to undermine Russia's energy revenues, which fund its military operations, and to limit fuel availability for the Russian military. The situation highlights the ongoing economic and strategic challenges faced by Russia due to the conflict. 💥🛢️

Netherlands to deliver $579 million in US weapon systems to Ukraine, including Patriot missiles

The Netherlands has pledged a substantial military aid package worth approximately $579 million to Ukraine, consisting of U.S.-made weapon systems, including components for Patriot missile systems. This announcement comes as Russian air attacks on Ukraine intensify, underscoring the urgent need for enhanced air defense capabilities. Dutch Defense Minister Ruben Brekelmans highlighted the importance of bolstering Ukraine's defenses, stating that the aid will help protect both Ukraine and Europe from Russian aggression. President Volodymyr Zelenskyy expressed gratitude for the Netherlands' contribution, noting it as a significant step among NATO countries.

The aid package is part of a broader initiative revealed by U.S. President Donald Trump, where NATO countries purchase advanced arms from the U.S. and deliver some of them to Ukraine. This move aligns with discussions from the June NATO summit in The Hague, where leaders emphasized the need for collective defense and support for Ukraine. The Netherlands' decision follows a series of devastating Russian drone attacks, including a record 6,129 drones launched in July, which resulted in significant civilian casualties. U.S. Ambassador to NATO Matthew Whitaker indicated that more NATO allies are expected to follow suit, pooling resources to provide essential armaments and munitions to Ukraine.

Germany has also committed to sending additional Patriot launchers and components to Ukraine, ensuring that its own defense capabilities remain intact through quick replenishment from U.S. manufacturers. This coordinated effort among NATO allies aims to strengthen Ukraine's air defenses and demonstrate a united front against Russian aggression. 🇺🇦🛡️

Libya, Turkey, and the battle of maps in the East Med

The geopolitical tensions in the Eastern Mediterranean are intensifying, with Libya and Turkey playing pivotal roles in the region's complex dynamics. Greece finds itself in a challenging position, grappling with the implications of Turkey's involvement in Libya and the broader East Med. The intricate web of alliances and rivalries in the region has led to a "battle of maps," where competing territorial claims and maritime boundaries are at the heart of the conflict.

Turkey's support for the Government of National Accord (GNA) in Libya has raised concerns in Athens, as Ankara's actions are seen as a direct threat to Greece's interests. The dispute centers around maritime boundaries and exclusive economic zones (EEZs), with Turkey asserting claims that overlap with Greece's own assertions. This has led to a standoff, with both countries conducting military exercises and deploying naval assets to assert their positions.

Greece's strategy towards Turkey is under scrutiny, with some advocating for a rethink in light of Ankara's assertive foreign policy. The situation is further complicated by the presence of other regional and international actors, each with their own interests and alliances. As the battle of maps continues, the potential for escalation remains high, making diplomatic efforts and strategic reassessments crucial for maintaining stability in the Eastern Mediterranean. 🌊🗺️

Ukrainian Drone Strike Damages Russian Jets at Crimean Airbase

Ukraine's Security Service (SBU) has revealed that a drone attack on Monday night targeted the Saky airbase on the annexed Crimean peninsula, specifically aiming at an aircraft depot. The operation resulted in the complete destruction of a Su-30 aircraft and damage to another. Additionally, three Su-24 aircraft and an ammunition depot were struck, causing significant damage to a key facility in the Black Sea region.

The Russian Ministry of Defense, however, disputes the claims, asserting that 61 Ukrainian drones were intercepted, with 18 reportedly flying over the Black Sea. Independent verification of the events remains pending. The strategic importance of the Saky airbase underscores the potential impact of the attack on Russian military capabilities in the area. 🛩️💥

US envoy Witkoff is expected to visit Russia

The United States is preparing for a significant diplomatic move in the ongoing Ukraine conflict. President Donald Trump has announced that his special envoy, Steve Witkoff, will soon visit Russia. This visit comes as Trump has set a deadline for Russia to agree to a ceasefire in Ukraine or face new sanctions. Witkoff is anticipated to arrive in Moscow mid-week, signaling a crucial phase in U.S.-Russia diplomatic efforts to resolve the conflict. The outcome of this visit could significantly impact the geopolitical landscape and the future of the war in Ukraine. 🇷🇺🇺🇸

Russia abandons moratorium on deployment of short, intermediate-range missiles

Russia has officially ended its unilateral moratorium on the deployment of short- and intermediate-range missiles, a decision announced by the Russian Foreign Ministry. This move comes in response to perceived U.S. actions, particularly the potential deployment of American land-based medium- and short-range missiles in Europe and the Asia-Pacific region. The shift in Russia's stance marks a significant escalation in tensions between Moscow and Washington, as U.S. President Donald Trump's deadline for a peace deal in Ukraine approaches.

The Intermediate-Range Nuclear Forces (INF) Treaty, which previously banned such missiles, was abandoned by the U.S. in 2019 due to alleged Russian violations and concerns over China's growing military capabilities. Russia had maintained a moratorium on deploying these missiles as long as the U.S. did not, but recent developments have led Moscow to reconsider this stance. The U.S. has responded by moving nuclear submarines closer to Russia and imposing tariffs on Russian exports if the Kremlin does not cease its military actions in Ukraine. This escalating tit-for-tat underscores the deepening rift between the two superpowers, with both sides accusing the other of destabilizing actions. The world watches as the geopolitical landscape grows increasingly volatile. 🌍💥

China rejects US demands to halt Russian, Iranian oil imports

China is firmly resisting U.S. demands to halt oil purchases from Russia and Iran, prioritizing its national energy security interests. Despite threats of secondary sanctions from the U.S., Beijing maintains that it will secure its energy supplies independently and will not yield to coercive tactics. This stance was reiterated by China's Foreign Ministry, which emphasized the country's commitment to defending its sovereignty and development interests.

The U.S. aims to cut off revenue streams for Moscow and Tehran, but China appears unwilling to compromise on its energy needs. This firm position contrasts with other countries, such as India, which have begun to reduce Russian oil imports under U.S. pressure. The U.S. has threatened increased tariffs on countries continuing to purchase Russian energy, with legislation proposing tariffs as high as 500% gaining bipartisan support.

China's defiance is backed by a strong strategic partnership with Russia, with both countries vowing to deepen mutual trust and support on international forums. Despite claims of neutrality in the Russia-Ukraine conflict, China has become a crucial economic and technological ally for Moscow, supplying dual-use components for Russian weapons. This support has drawn criticism from Ukraine, which has sanctioned several Chinese companies involved in drone parts supply. China's Foreign Minister has also reportedly expressed concerns about Russia's potential defeat in the war, underscoring the depth of its alliance with Moscow. The geopolitical tensions highlight China's unwavering stance on its energy security and strategic interests, even in the face of U.S. pressure. 🛢️🇨🇳🇷🇺

Russia to start trial of suspects in Moscow concert hall attack

The trial of 19 individuals accused of involvement in a deadly attack on a Moscow concert hall is set to commence on August 3. The assault, which occurred last year, resulted in the tragic loss of 149 lives. The proceedings will take place in Moscow, marking a significant step in the legal process following one of Russia's most devastating terrorist incidents. The attack has left a profound impact on the nation, and the upcoming trial is expected to shed light on the circumstances surrounding the event and bring a measure of justice to the victims and their families. 🎭💔

Middle class not feeling so ‘middle’ anymore

The traditional Greek summer holiday, once accessible to most, is becoming an elusive luxury for many. Historically, Greeks, including the middle class, could enjoy extended vacations, often in inherited or owned homes in the countryside or on islands. However, rising costs and stagnant wages are shrinking vacation durations and making popular destinations unaffordable. Public sector workers and minimum-wage employees may manage a week-long break, but the dream of island getaways is fading due to high ferry fares, expensive accommodations, and inflated restaurant prices. Even city beach outings are becoming costly, with lounger and umbrella rentals out of reach for some. For young families, owning or maintaining a holiday home is increasingly unattainable.

While some suggest accepting that certain destinations are now beyond the reach of average Greeks, the shrinking list of affordable options and reduced vacation time are eroding the sense of belonging to the middle class. Social tourism vouchers offer some relief but do not address the core issue. The stark reality is that Greece's economic recovery, driven by tourism, has led to soaring land values and living costs, outpacing wage growth. To alleviate the situation, large resorts could be mandated to provide employee accommodation, freeing up affordable rooms in the market. However, substantial changes require wage increases and reduced taxes and social security contributions for those who bear the burden. It is crucial to acknowledge the true economic landscape and not confuse personal comfort with the broader societal experience. 🏝️💸

Japan Heatwave: Over 40 Degrees Sets Multiple Records

Japan is experiencing unprecedented heat, with June and July marking the warmest months on record. On a recent Monday, the city of Komatsu in central Japan recorded a scorching 40.3°C, while nearby Toyama reached 39.8°C. The Japan Meteorological Agency (JMA) reported that 15 additional locations set new temperature records on the same day. The country's highest temperature this year, 41.2°C, was recorded on July 30.

The extreme heat has been deadly, with over 60 fatalities attributed to the soaring temperatures. Experts warn of more severe consequences of ongoing climate change, including threats to drinking water supplies and agricultural productivity. Additionally, the iconic cherry blossoms, a symbol of Japan's natural beauty, may face extinction as winters become too mild to support their lifecycle. The persistent heatwave underscores the urgent need for climate action and adaptation strategies to mitigate its impacts on public health, the environment, and the economy. 🌡️🍒

Operation Vistula – Expulsion of Ukrainians from post-war Poland

Following World War II, Poland forcibly expelled approximately 700,000 Ukrainians from their homes in the southeastern regions of Subcarpathia, Lublin, and Lesser Poland. This mass deportation, which took place between 1944 and 1951, was part of a broader effort to redraw borders and create ethnically homogeneous states. The culmination of these expulsions was Operation Vistula, launched in 1947, which saw around 140,000 to 150,000 Ukrainians forcibly resettled under the pretext of combating Ukrainian nationalist insurgents.

The Ukrainian parliament condemned this operation in 2025, labeling it an unlawful deportation. This move came after Polish authorities recognized July 11 as a day of remembrance for the victims of the Volyn Massacre, perpetrated by the Ukrainian Insurgent Army (UPA) against Poles in 1943-1944. The historical grievances stemming from these events continue to influence Polish-Ukrainian relations, with Polish leaders using them to justify opposition to Ukraine's EU membership.

The Soviet-Polish population exchange, initiated in 1944, was initially voluntary but quickly turned violent. Polish authorities, backed by military and security forces, began arresting and attacking Ukrainians who refused to leave. The UPA's retaliatory attacks further escalated the conflict, leading to widespread violence and the destruction of Ukrainian communities. Operation Vistula, launched in 1947, was the most brutal phase of these expulsions, with thousands of Ukrainians forcibly removed from their homes and their villages destroyed. The operation effectively ended UPA activities in Poland but left a lasting legacy of ethnic cleansing and cultural destruction.

The legacy of these expulsions is complex and contentious. While Ukraine denounces Operation Vistula as ethnic cleansing, Poland has varying narratives, some justifying the expulsions as a response to the Volyn Massacre. Efforts at reconciliation have been made, with Polish presidents expressing regret and jointly condemning the operation with Ukrainian counterparts. However, recent political developments have reignited historical tensions, with both countries using historical grievances to shape their current political stances. The Ukrainian parliament's condemnation of the expulsions and the recognition of victims' rights to seek compensation mark a significant step in addressing this painful chapter of history.

All Greek banks in one ATM

Greek banks are exploring a collaborative model to share ATM infrastructure, aiming to reduce costs and strengthen their position against new competitors. This initiative involves co-locating all banks in shared ATMs under a unified brand, a strategy successfully implemented in Portugal, Germany, Austria, and the Netherlands. The Portuguese model, known as Multibanco, allows customers of participating banks to access a wide range of services, including cash withdrawals, bill payments, and money transfers, all through a shared network.

The Greek banks' concern stems from an upcoming law that abolishes fees for cash withdrawals and limits commissions to €1.5 when using third-party ATMs. This regulation, effective from August 11, aligns with EU rules on cross-border payments, which prohibit charging European tourists more for ATM withdrawals. Additionally, the new law opens the door for foreign banks, like Revolut, to enter the Greek market and potentially exploit the shared ATM network without incurring significant costs. By adopting a shared ATM model, Greek banks hope to mitigate these challenges, reduce operational expenses, and enhance geographical coverage, ensuring a more competitive and efficient banking infrastructure. 🏦💳

Etla: EU's joint defence procurements may threaten Finnish firms

The EU's ambitious plans for joint defense procurement, aimed at consolidating defense production across the bloc, may inadvertently disadvantage smaller Finnish companies. A recent report by the Research Institute of the Finnish Economy (Etla) highlights concerns that the EU's proposed shared purchasing system could favor large European defense contractors, leaving smaller or medium-sized firms, which dominate Finland's defense industry, at a competitive disadvantage.

The EU's Security Action For Europe (SAFE) defense loan instrument, approved earlier this year with a €150 billion budget, allows member states to finance joint defense purchases using EU-backed loans. However, Etla's forecasting director, Päivi Puonti, warns that the loan conditions may not be beneficial for all member states. While the SAFE instrument offers attractive financing for countries like Italy, France, and Spain, it may not be the most cost-effective option for Finland and other nations. The success of Finnish companies in this new landscape will depend on their ability to deliver competitive products quickly in a highly competitive environment. If not, larger European players could strengthen their positions, while smaller firms risk losing ground. 🇫🇮💼💥

Unexpected Nordic heatwave catches tourists off guard

The Nordic countries have recently experienced an unprecedented heatwave that disrupted tourism and shattered local climate records. This unexpected surge in temperatures, with some regions experiencing over 22 consecutive days above 30°C, has left tourists disillusioned and local authorities scrambling to provide relief. The Finnish Meteorological Institute reported that July was the third hottest month on record in Norway, with temperatures 2.8°C above the seasonal average. Similarly, Sweden and Finland saw record-breaking heatwaves, with some areas experiencing "tropical nights" where temperatures did not drop below 20°C. Tourists, expecting cooler climates, were surprised by the intense heat, with some comparing it to southern Spain. The heatwave has strained healthcare services, leading to the opening of ice rinks and cooling facilities in cities like Rovaniemi and Helsinki. Climate scientists attribute the increased frequency and intensity of these heatwaves to global warming, warning that such events will become more common in the future. The Arctic region, heating faster than other parts of the planet, is particularly vulnerable to these changes. 🌡️🌳

Greece to extend Evros border fence by 5 kilometers

Greece is set to bolster its border security by extending the Evros border fence by an additional 5 kilometers. This announcement was made by Minister for Citizen Protection Michalis Chrysochoidis during a visit to the Soufli area of Evros, where he was briefed on recent developments in border security and migration flows. The extension aims to seal critical gaps along the border, reinforcing Greece's commitment to national security.

The minister highlighted the fence's role as a key deterrent, noting that enhanced border control measures have already shown significant results. Data presented during the briefing revealed a notable decrease in arrests for illegal entry, from 3,421 in the first seven months of 2024 to 2,518 in the same period of 2025. This decline is attributed to the completion of key fence sections, the deployment of an advanced electronic surveillance system, and an increase in police personnel. The extension of the fence is expected to further strengthen Greece's border protection efforts. 🇬🇷🔒

The 109-year-old pact that looms over European moves to recognize a Palestinian state

The recent decisions by Britain and France to recognize a Palestinian state have reignited historical tensions and highlighted the enduring impact of colonial-era agreements. Both countries invoked historical justifications for their moves, with Britain referencing the Balfour Declaration and France citing its long-standing calls for an end to the Israeli-Palestinian conflict. However, the shadow of the Sykes-Picot Agreement, a secret 1916 treaty that carved up the Middle East between British and French spheres of influence, looms large over these decisions.

The Sykes-Picot Agreement is widely criticized for its role in creating borders that ignored religious, ethnic, and tribal communities, sowing the seeds of conflict in the region. While the immediate crisis in Gaza, marked by humanitarian suffering and Israeli restrictions, was a significant factor in the decisions by British Prime Minister Keir Starmer and French President Emmanuel Macron, the historical context cannot be ignored. These moves underscore the complex and often contentious roles that Britain and France have played in the Middle East, from their colonial ambitions to their shifting alliances and interventions.

The recognition of a Palestinian state is seen by some as a chance for historical actors to rectify past mistakes and promote a sustainable form of cohabitation. However, critics argue that these moves may prolong the conflict by giving Hamas less incentive to agree to a ceasefire. The decisions by Britain and France, along with Canada and Malta, mean that more than three-quarters of the UN's member states will have recognized a Palestinian state, a significant shift in international diplomacy. This move carries political risks, particularly for France, which has both the largest Jewish and Muslim communities in Western Europe and has faced a series of Islamist terrorist attacks. 🌍🏛️🇬🇧🇫🇷

Lithuanian President meets with Israeli counterpart, anticipates closer security cooperation

During a meeting with Israeli President Isaac Herzog in Vilnius, Lithuanian President Gitanas Nausėda emphasized the importance of strengthening defense and security cooperation between the two countries. Nausėda highlighted Israel's leadership in defense technologies and the potential for innovation in biotechnology and life sciences. This meeting comes at a time of heightened international scrutiny of Israel's military operations in Gaza, which have led to a severe humanitarian crisis.

Protests erupted in Vilnius throughout the day, with demonstrators gathering outside the Presidential Palace, the Grand Hotel Vilnius, and the Government building. Protesters called for an end to cooperation with Israel, chanting slogans like "Food for Gaza" and "Stop the occupation, stop the genocide." They criticized the use of starvation as a military tactic and expressed concern over the humanitarian situation in Gaza, where malnutrition has reached alarming levels. The protests underscored the growing international concern over the conflict and the humanitarian impact on the Palestinian population. 🇱🇹🇮🇱🕊️

Secure payment firm Wise fined €3.7 million over AML regulations violations

A subsidiary of Wise, a secure money transfer service founded in Estonia, has been fined $4.2 million (approximately €3.7 million) by U.S. authorities for violating anti-money laundering (AML) regulations. The penalty comes after regulators discovered that Wise had not adequately complied with key AML requirements, including insufficient customer due diligence and inadequate monitoring for suspicious activities. These lapses exposed the company to risks that its services could be misused for money laundering, terrorist financing, or other illegal activities.

As part of the settlement, Wise is mandated to rectify the deficiencies in its AML and anti-terrorism financing programs and pay the fine. Additionally, the company must appoint an independent third party to verify the implementation of necessary changes and submit quarterly reports for the next two years to demonstrate compliance with the identified issues. This enforcement action underscores the importance of robust AML measures in the financial sector and the consequences of non-compliance. 💸🚨

German environmental challenge to planned Polish deepwater port rejected

A Polish court has upheld the environmental approval for a deepwater shipping terminal in Świnojuście, near the German border, rejecting challenges from a German environmental group, Lebensraum Vorpommern, and a Polish NGO, Zielone Wyspy Świnoujście. The court ruled that all legal procedures were followed, allowing the project to proceed as a priority for the Polish government. The terminal, to be built within a protected nature reserve, aims to boost Poland's competitiveness in the Baltic Sea transport market. Despite environmental concerns, the government asserts that the terminal will significantly increase Poland's share of the regional transport market, with construction set to be completed by 2029. The project, valued at approximately €12.9 billion, will be operated by a consortium of Qterminals from Qatar and Deme Concessions from Belgium. The new terminal is designed to accommodate large container ships and handle up to 2 million TEU per year, positioning Poland as a major player in the Baltic Sea's shipping industry. 🇵🇱🚢

Paluckas cabinet to resign

The Lithuanian government, led by Prime Minister Gintautas Paluckas, is poised to announce its resignation during a Cabinet meeting. This decision follows growing scrutiny over Paluckas' past, prompting his decision to step down. According to the Constitution, the entire Cabinet must also resign. President Gitanas Nausėda will then accept the resignation and appoint an interim prime minister, with the government continuing in a caretaker role until a new Cabinet is formed. The Social Democratic Party, holding the most seats in parliament, will nominate a new prime minister, who must be approved by the Seimas and President Nausėda. The new government will take office once its program is endorsed by parliament. The coalition agreement between the Social Democratic Party, the Democrats “For Lithuania,” and Nemunas Dawn may also be amended, with potential changes to its composition. Paluckas will also step down as party leader, with Jonava Mayor Mindaugas Sinkevičius temporarily assuming leadership. The LSDP is considering several candidates for the prime ministerial post, including Sinkevičius, Social Security and Labor Minister Inga Ruginienė, First Deputy Speaker of the Seimas Juozas Olekas, and Vilnius District Mayor Robert Duchnevič. Additional nominations may be submitted by LSDP branches until the deadline. 🇱🇹🏛️