Russia's deadliest strike on Ukraine in months collides with a Belgian veto on frozen Russian assets, while Washington extends its reach from Caracas to Beijing's chipmakers.

Ukraine's War Economy Under Strain

  • A Russian strike on a Kyiv-area munitions depot killed at least 37 people overnight, one of the deadliest single attacks on Ukraine this year; prosecutors are probing why the shells and drones were stored near housing (more).
  • Belgium refused to back the EU's plan to use frozen Russian central-bank assets for Ukraine, leaning on its position as host of Euroclear and the bloc's unanimity rule on sanctions decisions (more).
  • Ukraine's new defense minister inherits shell shortages and stalled contracts, part of a wider scramble — the Pentagon's munitions rebuild, the EU's SAFE fund, India's rewritten arms-export rules — to secure a place in defense supply chains before the next prolonged conflict (more).

Washington Widens Its Reach

  • The US and Venezuela agreed Washington will take control of a fifth of the world's largest oil reserves, a deal struck between Trump and acting president Delcy Rodríguez as sanctions on Iran already squeeze oil markets (more).
  • Chinese memory-chip maker CXMT sued the Pentagon over its designation as a 'Chinese military company,' joining other blacklisted firms that have sought removal through US courts (more).