Putin, facing Trump deadline, signals no change in Russia's stance on Ukraine
US President Donald Trump has said he will impose new sanctions on Moscow and countries that buy its energy exports - of which the biggest are China and India - unless Russia moves by Aug 8 to end the three-and-a-half-year war.
He has expressed mounting frustration with Putin, accusing him of "bullshit" and describing Russia's latest attacks on Ukraine as "disgusting".
Putin, without referring to the Trump deadline, said three sessions of peace talks with Ukraine had yielded some positive results, and Russia was expecting negotiations to continue.
"As for any disappointments on the part of anyone, all disappointments arise from inflated expectations. This is a well-known general rule," he said.
"But in order to approach the issue peacefully, it is necessary to conduct detailed conversations. And not in public, but this must be done calmly, in the quiet of the negotiation process."
He said Russian troops were attacking Ukraine along the entire front line and that the momentum was in their favour, citing the announcement by his Defence Ministry on Thursday that Moscow's forces had captured the Ukrainian town of Chasiv Yar after a 16-month battle.
Ukraine denied that Chasiv Yar is under full Russian control.
Ukraine for months has been urging an immediate ceasefire but Russia says it wants a final and durable settlement, not a pause. Since the peace talks began in Istanbul in May, it has conducted some of its heaviest air strikes of the war, especially on the capital Kyiv.
The Ukrainian government has said the Russian negotiators do not have the mandate to take significant decisions and President Volodymyr Zelenskyy has called on Putin to meet him for talks.
"We understand who makes the decisions in Russia and who must end this war. The whole world understands this too," Zelenskyy said on Friday on X, reiterating his call for direct talks between him and Putin.
"The United States has proposed this. Ukraine has supported it. What is needed is Russia's readiness."
Russia says a leaders' meeting could only take place to set the seal on agreements reached by negotiators.
Ukraine and its European allies have frequently said they do not believe Putin is really interested in peace and have accused him of stalling, which the Kremlin denies.
"I will repeat once again, we need a long and lasting peace on good foundations that would satisfy both Russia and Ukraine, and ensure the security of both countries," Putin said, adding that this was also a question of European security.
Putin was speaking alongside his ally Alexander Lukashenko, the president of Belarus, at talks on an island in Lake Ladoga that is the site of a famous Russian monastery.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
an hour ago
- Business Times
Opec+ makes another large oil output hike in market share push
[LONDON] Opec+ agreed on Sunday (Aug 3) to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia. The move marks a full and early reversal of Opec+'s largest tranche of output cuts plus a separate increase in output for the United Arab Emirates amounting to about 2.5 million bpd, or about 2.4 per cent of world demand. Eight Opec+ members held a brief virtual meeting, amid increasing US pressure on India to halt Russian oil purchases – part of Washington's efforts to bring Moscow to the negotiating table for a peace deal with Ukraine. President Donald Trump said he wants this by Aug 8. In a statement after the meeting, Opec+ cited a healthy economy and low stocks as reasons behind its decision. Oil prices have remained elevated even as Opec+ has raised output, with Brent crude closing near US$70 a barrel on Friday, up from a 2025 low of near US$58 in April, supported partly by rising seasonal demand. 'Given fairly strong oil prices at around US$70, it does give Opec+ some confidence about market fundamentals,' said Amrita Sen, co-founder of Energy Aspects, adding that the market structure was also indicating tight stocks. The eight countries are scheduled to meet again on Sep 7, when they may consider reinstating another layer of output cuts totalling around 1.65 million bpd, two Opec+ sources said following Sunday's meeting. Those cuts are currently in place until the end of next year. Opec+ in full includes 10 non-Opec oil producing countries, most notably Russia and Kazakhstan. The group, which pumps about half of the world's oil, had been curtailing production for several years to support oil prices. It reversed course this year in a bid to regain market share, spurred in part by calls from Trump for Opec to ramp up production. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The eight began raising output in April with a modest hike of 138,000 bpd, followed by larger-than-planned hikes of 411,000 bpd in May, June and July, 548,000 bpd in August and now 547,000 bpd for September. 'So far the market has been able to absorb very well those additional barrels also due to stockpiliing activity in China,' said Giovanni Staunovo of UBS. 'All eyes will now shift on the Trump decision on Russia this Friday.' As well as the voluntary cut of about 1.65 million bpd from the eight members, Opec+ still has a 2-million-bpd cut across all members, which also expires at the end of 2026. 'Opec+ has passed the first test,' said Jorge Leon of Rystad Energy and a former Opec official, as it has fully reversed its largest cut without crashing prices. 'But the next task will be even harder: deciding if and when to unwind the remaining 1.66 million barrels, all while navigating geopolitical tension and preserving cohesion.' REUTERS
CNA
4 hours ago
- CNA
Ukrainian anti-corruption agencies uncover drone procurement graft scheme
KYIV: Ukraine's anti-corruption agencies said they had uncovered a major graft scheme involving inflated military procurement contracts, just two days after Ukraine's parliament voted to restore the agencies' independence. In a joint statement published Saturday (Aug 2) on social media, the National Anti-Corruption Bureau (NABU) and the Specialized Anti-Corruption Prosecutor's Office (SAPO) said the suspects had taken bribes in a scheme that used state funds to buy drones and other military equipment at inflated prices. 'The essence of the scheme was to conclude state contracts with supplier companies at deliberately inflated prices,' the statement said, adding that offenders had received kickbacks of up to 30 per cent of the contracts' value. The anti-corruption bodies did not identify the detainees, but said a Ukrainian lawmaker, local district and city officials, and National Guard servicemen were involved. Four people have been arrested so far, they said. The Interior Ministry said the National Guard personnel implicated in the case were removed from their positions. Drones have become a crucial asset in modern warfare for both Ukraine and Russia, enhancing military reconnaissance, precision strikes, and strategic flexibility on the battlefield. The majority of Russian military assets destroyed by Ukrainian forces, including manpower and heavy weaponry, have been targeted by drones. Drone production is also a key aspect of Kyiv's hopes to expand domestic military production and export markets. Ukrainian President Volodymyr Zelenskyy addressed the development in his nightly address on Saturday, calling the graft scheme 'absolutely immoral' and thanking the anti-corruption agencies for their work. 'Unfortunately, these corruption schemes involved the procurement of electronic warfare systems and FPV drones ... There must be full and fair accountability for this,' he said in his address, posted to X. In an earlier post, which also included photos of him meeting with the agency heads, Zelenskyy said it is 'important that anti-corruption institutions operate independently', adding that 'the law passed on Thursday guarantees them all the tools necessary for a real fight against corruption'. The exposure of the graft scheme by NABU and SAPO came just two days after Ukraine's parliament voted to restore their independence. Ukraine's Parliament on Thursday overwhelmingly approved the Bill presented by Zelenskyy, reversing his earlier contentious move that curbed their power and sparked a backlash, including street protests, a rarity in wartime. Last week's measure to place the watchdogs under the oversight of the prosecutor-general prompted rebukes from Ukrainians, the European Union and international rights groups. It raised fears that the government could meddle in investigations and potentially shield its supporters from scrutiny. Fighting entrenched corruption is crucial for Ukraine's aspirations to join the European Union and maintain access to billions of dollars of vital Western aid in the all-out war, now in its fourth year. It's also an effort that enjoys broad public support.
Business Times
5 hours ago
- Business Times
As Trump's tariffs bite, investors should ensure the companies they own have strong fundamentals
[SINGAPORE] It seemed like Groundhog Day again when US President Donald Trump unveiled revised reciprocal tariffs on imports from dozens of countries last Thursday (Jul 31). The adjusted rates came just one day before the previously announced reciprocal tariffs were due to kick in; the new duties will take effect only on Aug 7. To me, it initially appeared that Trump was once again delaying the full implementation of his tariffs while maintaining pressure on America's trading partners to open their markets. Some observers think Trump might be reaching his endgame on the country-specific tariffs, though. This could be good news. The revised tariff rates for many countries are, with a few notable exceptions, below the rates announced on Apr 2. For instance, the reciprocal tariffs on the European Union, Japan and South Korea are now all down to 15 per cent, from 20 per cent, 24 per cent and 25 per cent, respectively. India is down to 25 per cent from 26 per cent. Closer to home, reciprocal tariffs on Cambodia, Indonesia and Malaysia are now all down to 19 per cent, from 49 per cent, 32 per cent, 24 per cent, respectively. The reciprocal tariff on the Philippines is now also 19 per cent, although this is up from the 17 per cent announced on Apr 2. Vietnam is down to 20 per cent, from 46 per cent previously. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The bad news, however, is that these revised tariffs would still add to the squeeze on global trade when they are implemented. By some estimates , the revised tariffs will push the average US tariff rate up to 15.2 per cent – from 13.3 per cent currently, and from only 2.3 per cent back before Trump took office. The economic impact of higher tariffs was blunted in the first half of 2025 by US importers front-loading their orders. Market sentiment has also been buoyed by massive investment in the artificial intelligence field. The remaining months of the year will probably be tougher for investors. Trump's tariffs are likely to create a demand shock in Asia, resulting in slower growth and deflation. On the other hand, the US could suffer a supply shock that results in slower growth as well as higher inflation – leading to politically charged policy dilemmas. Politics and policymaking Last week, Trump ramped up his campaign to oust Federal Reserve chair Jerome Powell for refusing to cut rates, insinuating during a visit to the Fed's headquarters that the cost of renovating its buildings was out of control. Trump also fired the commissioner of the US Bureau of Labor Statistics (BLS) last week, after US job numbers for July came in weaker than expected . The BLS said on Aug 1 that total nonfarm payroll employment increased by only 73,000 last month. Adjustments for the previous two months were also larger than normal. Revised data showed US employers added only 19,000 jobs in May and 14,000 jobs in June, versus the previously reported 144,000 jobs and 147,000 jobs, respectively, for the two months. These political overtones could make it all the more complicated for investors to navigate the markets in the months ahead, as the full impact of Trump's tariffs is felt on growth, inflation and corporate earnings. At its policy meeting on Jul 29-30, the Fed decided to hold the target range for the federal funds rates unchanged, at between 4.25 per cent and 4.5 per cent. Two members of the 12-person rate-setting committee – Michelle Bowman and Christopher Waller – preferred a 25-basis-point cut and voted against the decision. This was reportedly the first time since 1993 that two members dissented at a single meeting. A third member, Adriana Kugler, was absent and did not vote. On Aug 1, the Fed said Kugler had submitted her letter of resignation to Trump and would step down on Aug 8. She has served as a governor of the Fed since 2023. Tariff impact in 'early days' Powell said during the post-meeting press conference that the impact of the tariffs on inflation is not only uncertain, but is probably still in its 'early days'. 'What we're seeing now is substantial amounts of tariff revenue being collected, on the order of US$30 billion a month,' he said, adding that most of this is currently being paid by companies that are 'upstream from the consumer'. Powell went on to say that many companies have indicated their intention to eventually push the cost of the tariffs onto their customers. 'But, you know, the truth is they may not be able to in many cases.' The state of the US labour market is also something of a puzzle. While the pace of job creation has been weakening, the unemployment rate in July was little changed from previous months, at 4.2 per cent. 'What that's telling you is that demand for workers is slowing, but so is the supply,' Powell said. He added, 'Because of immigration policy, really, the flow into our labour force is just a great deal slower.' This suggests underlying weakness in the seemingly robust US economy. 'I think you've got downside risks in a world where unemployment is being held down because both demand and supply are declining. And, I think that it's worth paying close attention to it,' Powell said. Less forgiving markets These macro concerns do not appear to be hurting the US corporate earnings for now, though. On Aug 1, financial data provider FactSet said 82 per cent of the S&P 500 companies that have reported their results for Q2 2025 delivered positive earnings-per-share (EPS) surprises. Also, 79 per cent achieved positive revenue surprises. The market is, however, rewarding positive surprises slightly less than it has in the past, and punishing negative surprises more severely. S&P 500 companies that have reported positive earnings surprises for Q2 2025 have seen an average stock price increase of 0.9 per cent over the period spanning two days before their earnings release and two days after. This is below the five-year average of a 1 per cent increase. On the other hand, S&P 500 companies that reported negative earnings surprises for Q2 2025 have seen an average price decrease of 5.6 per cent – versus a five-year average price decline of 2.4 per cent. Among the notable losers last week was Apple, which saw its shares tumble 5.4 per cent despite reporting financial numbers that topped expectations . The S&P 500 ended last week 2.4 per cent lower. The Nasdaq 100 was down 2.2 per cent. The Singapore market was equally unforgiving last week, with the Straits Times Index suffering a 2.5 per decline. Among the notable losers was Seatrium – which ended last week 5.4 per cent lower, despite reporting sharply higher revenue and earnings for H1 2025 and drawing a line under its past involvement in a corruption scandal in Brazil. Singapore Airlines fell 9.9 per cent during the week, after reporting a steep slump in earnings for the quarter to Jun 30 that seemed to catch analysts off-guard and sparked a wave of 'sell' recommendations . Then, there was OCBC – the first of the three local banks to report financial numbers for H1 2025 – which suffered narrower net interest margins as interest rates sank. OCBC ended last week 2.3 per cent lower. DBS and UOB, which are both scheduled to report their H1 2025 numbers on Aug 7, ended last week down 3 per cent and 2.9 per cent, respectively. As Trump's tariffs begin to bite, investors should carefully parse the financial statements of companies in their portfolios to ensure their micro fundamentals are strong enough to weather the tough months ahead.
