Russia’s economy minister says the country is on ‘the brink of recession’

Russia’s economy minister says the country is on ‘the brink of recession’
Maxim Reshetnikov, minister of economic development of the Russian Federation, attends a plenary session of the St. Petersburg International Economic Forum in St. Petersburg, Russia, on June 19, 2025. (Roscongress Foundation via AP)
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Updated 20 June 2025
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Russia’s economy minister says the country is on ‘the brink of recession’

Russia’s economy minister says the country is on ‘the brink of recession’
  • Minister delivers warning at the St. Petersburg International Economic Forum
  • Economy ministry also sees export losses due to trade wars at $9 billion

ST. PETERSBURG, Russia: Russia’s economy is “on the brink of going into a recession,” the country’s economy minister said Thursday, according to Russian media reports.
Economy Minister Maxim Reshetnikov delivered the warning at the St. Petersburg International Economic Forum, the annual event in Russia’s second largest city designed to highlight the country’s economic prowess and court foreign investors.
Russian business news outlet RBC quoted the official as saying “the numbers indicate cooling, but all our numbers are (like) a rearview mirror. Judging by the way businesses currently feel and the indicators, we are already, it seems to me, on the brink of going into a recession.”
The economy, hit with a slew of sanctions after the Kremlin sent troops into Ukraine in February 2022, has so far outperformed predictions. High defense spending has propelled growth and kept unemployment low despite fueling inflation. At the same time, wages have gone up to keep pace with inflation, leaving many workers better off.
Large recruiting bonuses for military enlistees and death benefits for those killed in Ukraine also have put more income into the country’s poorer regions. But over the long term, inflation and a lack of foreign investments remain threats to the economy, leaving a question mark over how long the militarized economy can keep going.
Economists have warned of mounting pressure on the economy and the likelihood it would stagnate due to lack of investment in sectors other than the military.
Speaking at a forum session, Reshetnikov said Russia was “on the brink,” and whether the country would slide into a recession or not depends on the government’s actions.
“Going forward, it all depends on our decisions,” Reshetnikov said, according to RBC.
RBC reported Russia’s Finance Minister Anton Siluanov and Central Bank Gov. Elvira Nabiullina gave more optimistic assessments.
Siluanov spoke about the economy “cooling” but noted that after any cooling “the summer always comes,” RBC reported.
Nabiullina said Russia’s economy was merely “coming out of overheating,” according to RBC.

Export losses

On the issue of exports, Russia estimates potential losses due to global trade wars at $9 billion, but expects a gradual stabilization of flows and a possible expansion of supplies to China, Deputy Economy Minister Vladimir Ilyichev said.
President Trump has upended longstanding trade relations since returning to the White House, using erratic tariff threats and aggressive negotiating tactics in a bid to secure better deals from trading partners.
“Overall, we estimate the impact on Russia of this reorientation at $33 billion, of which about $9 billion is the potential loss of Russian exports in third-country markets,” said Ilyichev.


Iran’s judiciary says at least 71 killed in Israel’s attack on Tehran’s notorious Evin prison

Iran’s judiciary says at least 71 killed in Israel’s attack on Tehran’s notorious Evin prison
Updated 17 sec ago
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Iran’s judiciary says at least 71 killed in Israel’s attack on Tehran’s notorious Evin prison

Iran’s judiciary says at least 71 killed in Israel’s attack on Tehran’s notorious Evin prison

DUBAI: At least 71 people were killed in Israel’s attack on Tehran’s Evin prison, a notorious facility where many political prisoners and dissidents have been held, Iran’s judiciary said on Sunday.
Judiciary spokesperson Asghar Jahangir posted on the office’s official Mizan news agency website that those killed on Monday included staff, soldiers, prisoners and members of visiting families. It was not possible to independently verify the claim.
The June 23 attack, the day before the ceasefire between Israel and Iran took hold, hit several prison buildings and prompted concerns from rights groups about the safety of the inmates.
It remains unclear why Israel targeted the prison, but it came on a day when the Defense Ministry said it was attacking “regime targets and government repression bodies in the heart of Tehran.”
The news of the prison attack was quickly overshadowed by an Iranian attack on a US base in Qatar later that same day, which caused no casualties, and the announcement of the ceasefire.
Jahangir did not break down the casualty figures but said the attack had hit the prison’s infirmary, engineering building, judicial affairs and visitation hall, where visiting family members were killed and injured.
On the day of the attack, New York-based Center for Human Rights in Iran criticized Israel for striking the prison, seen as a symbol of the Iranian regime’s repression of any opposition, saying it violated the principle of distinction between civilian and military targets.
At the same time, the group said Iran was legally obligated to protect the prisoners held in Evin, and slammed authorities in Tehran for their “failure to evacuate, provide medical assistance or inform families” following the attack.
Jahangir said some of those injured were treated on site, while others were sent to hospitals.
Iran had not previously announced any death figures, though on Saturday confirmed that top prosecutor Ali Ghanaatkar — whose prosecution of dissidents, including Nobel Peace Prize winner Narges Mohammadi, led to widespread criticism by human rights groups — had been killed in the attack.
He was one of about 60 people for whom a massive public funeral procession was held on Saturday in Tehran, and he was to be buried at a shrine in Qom on Sunday.
Israel attacked Iran on June 13 in a bid to destroy the country’s nuclear program.
Over 12 days before a ceasefire was declared, Israel claimed it killed around 30 Iranian commanders and 11 nuclear scientists, while hitting eight nuclear-related facilities and more than 720 military infrastructure sites. More than 1,000 people were killed, including at least 417 civilians, according to the Washington-based Human Rights Activists group.
In retaliation, Iran fired more than 550 ballistic missiles at Israel, most of which were intercepted, but those that got through caused damage in many areas and killed 28 people.


UK police studying Glastonbury performances after anti Israel chants

UK police studying Glastonbury performances after anti Israel chants
Updated 28 min 53 sec ago
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UK police studying Glastonbury performances after anti Israel chants

UK police studying Glastonbury performances after anti Israel chants
  • Irish hip hop group Kneecap and punk duo Bob Vylan made anti Israeli chants in separate shows on the West Holts stage
  • Prime Minister Keir Starmer said earlier this month it was “not appropriate” for Kneecap to appear at Glastonbury

GLASTONBURY: British police said they were considering whether to launch an investigation after performers at Glastonbury Festival made anti-Israel comments during their shows.
“We are aware of the comments made by acts on the West Holts Stage at Glastonbury Festival this afternoon,” Avon and Somerset Police, in western England, said on X late on Saturday.
Irish hip-hop group Kneecap and punk duo Bob Vylan made anti-Israeli chants in separate shows on the West Holts stage on Saturday. One of the members of Bob Vylan chanted “Death, death, to the IDF” in a reference to the Israel Defense Forces.
“Video evidence will be assessed by officers to determine whether any offenses may have been committed that would require a criminal investigation,” the police statement said.
The Israeli Embassy in Britain said it was “deeply disturbed by the inflammatory and hateful rhetoric expressed on stage at the Glastonbury Festival.”
Prime Minister Keir Starmer said earlier this month it was “not appropriate” for Kneecap to appear at Glastonbury.
The band’s frontman Liam Óg Ó hAnnaidh was charged with a terrorism offense last month for allegedly displaying a flag in support of Iran-backed militant group Hezbollah at a concert in November. He has denied the charge.
A British government minister said it was appalling that the anti-Israel chants had been made at Glastonbury, and that the festival’s organizers and the BBC broadcaster — which is showing the event — had questions to answer.
Health Secretary Wes Streeting said he was also appalled by violence committed by Israeli settlers in the occupied West Bank.
“I’d also say to the Israeli Embassy, get your own house in order in terms of the conduct of your own citizens and the settlers in the West Bank,” Streeting told Sky News.
“I wish they’d take the violence of their own citizens toward Palestinians more seriously,” he said.


Taiwan VP says not intimidated after alleged China plot

Taiwan VP says not intimidated after alleged China plot
Updated 55 min 59 sec ago
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Taiwan VP says not intimidated after alleged China plot

Taiwan VP says not intimidated after alleged China plot
  • Vice President Hsiao Bi-khim’s motorcade was followed, surveilled and nearly hit by a car during a visit to the Czech Republic in 2024

TAIPEI: Taiwan’s vice president said she would not be intimidated by Beijing after the government accused Chinese embassy staff of planning to ram her car during an official visit to Europe.
Taiwan’s top China policy body, the Mainland Affairs Council (MAC), on Friday said Hsiao Bi-khim’s motorcade was followed, surveilled and nearly hit by a car during a visit to the Czech Republic in March 2024.
Citing a Czech intelligence agency report, the council said staff from the Chinese Embassy in Prague were behind the incident.
“I had a great visit to Prague & thank the Czech authorities for their hospitality & ensuring my safety,” Hsiao, who was vice president-elect at the time of the trip, posted on social media on Saturday.
“The CCP’s unlawful activities will NOT intimidate me from voicing Taiwan’s interests in the international community.”
“Taiwan will not be isolated by intimidation,” she added.
Like most countries, Prague does not have official diplomatic relations with Taipei.
China claims Taiwan as its territory and in recent years, has ramped up the deployment of fighter jets and warships around the self-ruled island. It has also sought to erase Taiwan from the international stage by poaching its diplomatic allies and blocking it from global forums.
Taipei said on Friday that “the Chinese Embassy in the Czech Republic followed, conducted surveillance on, and even attempted to ram the motorcade, seriously threatening the personal safety of Vice President Hsiao and her entourage.”
It added the incident exposed CCP’s “violent nature” and lack of “sincerity” in communication.
A Taiwan security official, speaking to AFP on condition of anonymity, said it was a “typical case” of China’s “transnational repression” against dissidents or those who criticize China.
“China uses legal grey areas to harass, threaten or oppress their targets,” the official said.
The Inter-Parliamentary Alliance on China (IPAC), an international group that has challenged Beijing’s human rights record, said in a statement signed by 51 lawmakers from nearly 30 countries that it supported Hsiao and “Taiwanese citizens who may be subject to coercion by the Chinese state while traveling abroad.”
China’s foreign ministry spokesman Guo Jiakun said Friday that Prague had violated the “One-China principle” and its political commitments to China by allowing Hsaio, who it called a diehard “Taiwan independence” activist, to visit.
“Chinese diplomats always abide by the laws and regulations of host countries,” he said. He urged other countries not to be exploited by “Taiwan independence” separatists to “stir up troubles” and undermine the relations with China.


Germany backs Israel after Iran war in first high-level visit

Germany backs Israel after Iran war in first high-level visit
Updated 29 June 2025
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Germany backs Israel after Iran war in first high-level visit

Germany backs Israel after Iran war in first high-level visit

BAT YAM: German Interior Minister Alexander Dobrindt expressed support for Israel on Sunday during a visit to the site of an Iranian missile strike near Tel Aviv, part of the destruction left by this month’s 12-day war.
It was the first visit by a senior foreign official since the war between Iran and Israel, which ended on Tuesday after a ceasefire was announced.
“We must deepen our support for Israel,” Dobrindt said, speaking amid the rubble in Bat Yam, south of the coastal hub of Tel Aviv, where an Iranian strike killed nine people including three children.
Israel launched a bombing campaign against Iran on June 13, saying it was aimed at keeping the Islamic republic from developing a nuclear weapon — an ambition Tehran has consistently denied.
Israeli Foreign Minister Gideon Saar called the German visit a gesture of “solidarity” and urged the international community to reimpose sanctions on Iran.
German Chancellor Friedrich Merz on June 17, on the sidelines of a G7 summit in Canada, said Israel was doing the “dirty work... for all of us” by targeting Iran’s nuclear infrastructure.
Israel has acknowledged being hit by more than 50 missiles during the 12-day war with Iran, resulting in 28 deaths, but the true extent of the damage may never be known due to stringent media restrictions.
In Iran, Israeli strikes killed at least 627 civilians and injured nearly 4,900, according to official figures.


Russia launches biggest aerial attack on Ukraine since the start of the war

Russia launches biggest aerial attack on Ukraine since the start of the war
Updated 29 June 2025
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Russia launches biggest aerial attack on Ukraine since the start of the war

Russia launches biggest aerial attack on Ukraine since the start of the war

KYIV: Russia launched its biggest aerial attack against Ukraine overnight, a Ukrainian official said Sunday, part of an escalating bombing campaign that has further dashed hopes for a breakthrough in efforts to end the 3-year-old war.
Russia fired a total of 537 aerial weapons at Ukraine, including 477 drones and decoys and 60 missiles, Ukraine’s air force said. Of these, 249 were shot down and 226 were lost, likely having been electronically jammed.
Yuriy Ihnat, head of communications for Ukraine’s air force, told the Associated Press that the overnight onslaught was “the most massive air strike,” on the country, taking into account both drones and various types of missiles. The attack targeted regions across Ukraine, including western Ukraine, far from the frontline.
Poland and allied countries scrambled aircraft to ensure the safety of Polish airspace, the Polish air force said Sunday.
Kherson regional Gov. Oleksandr Prokudin said one person died in a drone strike. Six people were wounded in Cherkasy, including a child, according to regional Gov. Ihor Taburets.
The war shows no signs of abating as US-led international peace efforts have so far produced no breakthrough. Two recent rounds of talks between the Russian and Ukrainian delegations in Istanbul were brief and yielded no progress on reaching a settlement.