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Putin Admits Fuel Shortages From Ukrainian Strikes Are ‘Not Critical’ in Rare Public Acknowledgment

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Self-Exiled Chinese Billionaire Guo Wengui Sentenced to 30 Years in

MOSCOW — Russian President Vladimir Putin offered an unusually candid public acknowledgment over the weekend of widespread fuel shortages gripping the country, conceding that Ukrainian missile and drone strikes on energy infrastructure have created real difficulties for Russian motorists, businesses and the agricultural sector, even as he insisted the situation remained under control.

The shortages have been visible across Russia for months, with long lines forming at petrol stations, fuel rationing spreading to dozens of regions, and refineries repeatedly damaged by Ukrainian strikes reaching from Moscow to the Black Sea coast. In Crimea, the Russian-annexed Ukrainian peninsula, drivers have been barred from filling their tanks altogether so that available fuel can be redirected to military vehicles. Despite the visible strain, Putin had largely avoided addressing the crisis directly in public until a weekend meeting with senior officials and oil executives.

Speaking candidly at that meeting, Putin acknowledged the toll the shortages have taken on ordinary Russians.

“You’re well aware that problems persist for both motorists and businesses,” Putin told the assembled officials. “Unfortunately, there are still queues at petrol stations, and finding the right grade of petrol isn’t always easy.”

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Putin also pointed to the strain on Russia’s agricultural sector, noting that the country’s harvest depended on fuel supply schedules being met on time, an acknowledgment that ties the energy crisis directly to broader concerns about food production and the domestic economy heading into the back half of the year. According to independent Russian outlet Mediazona, 56 Russian regions are currently enforcing some form of fuel restriction, underscoring how widespread the disruption has become.

In a subsequent interview with Russian state television, Putin went further, offering what diplomatic observers described as an even more open assessment of the crisis than his earlier remarks to officials.

“We are currently seeing a certain shortage, but it’s not critical,” Putin said, while acknowledging that Ukraine’s attacks were “obviously creating problems.”

He pledged to ramp up production of air defense systems to better protect Russian energy infrastructure from further strikes, and said authorities would work to accelerate repairs at refineries that have already sustained damage from Ukrainian attacks. Regarding Crimea specifically, Putin admitted the peninsula currently had only “a few days’ supply” of fuel remaining, though he expressed confidence that additional fuel would be brought in to address the shortfall soon.

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The directness of Putin’s comments marks a notable departure from his typical public posture on the war’s domestic costs. BBC diplomatic correspondent James Landale, reporting from Moscow, noted that the scale of the shortages and the resulting public awareness had likely left Putin with little choice but to acknowledge the reality on the ground, even as he continued to insist, as he has throughout the conflict, that Russia’s broader war effort was making progress.

Putin’s admission regarding Crimea’s fuel difficulties carries particular symbolic weight given the peninsula’s outsized importance both to ordinary Russians and to Putin personally. Since Moscow’s occupation of Crimea began in 2014, the Kremlin has transformed the peninsula into a major military base and a strategic anchor for controlling the Black Sea, using it as a launching point for Russia’s full-scale invasion of Ukraine in 2022. Any sign of strain there carries political resonance well beyond its immediate practical impact.

During the televised interview, Putin offered an explanation for why he chose to address the issue so openly, framing Ukraine’s strategy as an attempt to fracture Russian society and erode public support for the war effort, while pushing more Russians toward favoring negotiations to end the conflict.

“We won’t give them that chance,” Putin said, adding that Ukraine’s long-range strikes were having “absolutely no impact on the situation at the front line.”

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That assessment is directly disputed by officials in Kyiv, who argue that Ukraine’s deep strikes inside Russian territory serve a dual purpose: bringing the tangible costs of the war home to ordinary Russian citizens while also forcing Russian military commanders to divert air defense resources and personnel away from the front lines in eastern Ukraine to protect domestic energy infrastructure instead.

The acknowledgment comes amid a period of growing confidence in Kyiv that battlefield momentum may be shifting in Ukraine’s favor. In recent months, Ukrainian forces have launched deep strikes against targets in both St. Petersburg and Moscow, intensified attacks on Crimea, and pursued a more aggressive strategy aimed at inflicting maximum casualties along the front line. Despite that shift in tactics, the Kremlin reaffirmed Monday that its core territorial objectives remain unchanged. Kremlin spokesman Dmitry Peskov said Russia’s position continues to be that Ukrainian forces must withdraw from four southeastern regions that Moscow claims as its own, territorial claims that Kyiv categorically rejects.

In the same interview, Putin claimed that Ukraine had signaled willingness to limit hostilities and begin negotiations, though he dismissed any such overture as a tactical maneuver designed to give Kyiv time to regroup and rearm rather than a genuine push toward peace.

“It is clear why this proposal is being made, because our counter-strikes deep into Ukrainian territory are much stronger, have greater impact and are, frankly, more destructive,” Putin said.

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He went on to characterize Ukraine’s own strikes against Russia as an attempted “salvation” for what he described as a Ukrainian military that has been “catastrophically” depleted by years of fighting, while making clear that Moscow had no interest in offering Kyiv’s leadership any reprieve.

“But saving the Kyiv regime is not part of our plans,” Putin said.

The rare public airing of Russia’s fuel crisis offers one of the clearest signals yet of how Ukraine’s sustained campaign against Russian energy infrastructure is registering domestically, even as both sides continue to offer starkly different assessments of how much that pressure is actually shaping the broader trajectory of the war.

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Business

World Cup boom falters as US hospitality jobs fall in June

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A woman with shoulder-length blonde hair talks into a microphone

A World Cup jobs boom in the US has failed to materialise, with employment in restaurants, bars and hotels falling in June.

Analysts had expected the tournament, being hosted jointly by the US, Canada and Mexico, to lead to an increase in leisure and hospitality jobs.

But the sector saw a decline of 61,000 jobs last month, the Bureau of Labor Statistics (BLS) said on Thursday.

Overall employment in the US rose by 57,000 in June, which was lower than expected, while the unemployment rate dipped slightly to 4.2%.

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The BLS’s previous release reported early signs of a jobs boom in May, with bars and restaurants ramping up hiring to prepare for the World Cup.

And a report by Goldman Sachs analysts expected June’s figures to show the competition boosting employment by around 40,000 jobs.

But, despite reports of travelling football fans drinking bars across the US dry, the growth went into reverse in June.

ING’s chief US economist James Knightley said leisure and hospitality was a “real area of weakness” in Thursday’s figures.

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He added that the decline was “a major surprise given the World Cup is on and bars and venues are busy”.

“Admittedly, this sector had seen a 44,000 jump in May, but even so that is a surprising outcome,” he told the BBC.

Thursday’s jobs report included significant downward revisions to increases reported in previous months, with the number of jobs created in April and May now 74,000 lower than the BLS thought.

Knightley said June’s lower-than-expected overall increase, combined with the downward revisions, suggest “the decent uptick in jobs over the previous three months is not necessarily the start of a new trend”.

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He added the figures make an interest rate hike later this month less likely.

Susannah Streeter, chief investment strategist at Wealth Club, said the slowdown in jobs growth opens the door to a “Goldilocks scenario” for the US economy, in which it could stay “not too hot, but not too cold”.

“Expectations of multiple rate hikes are fading away, with only one hike now fully priced in, and not until next year,” she added.

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Nestle testing Kit Kats with regeneratively farmed wheat

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Nestle testing Kit Kats with regeneratively farmed wheat

Company part of partnership with Wildfarmed in the UK.

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Business

How to bag a bargain flight

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How to bag a bargain flight

Is your holiday booked yet?

Finance expert Laura Pomfret shares her top tips for finding cheaper flights, from spotting rare error fares to knowing the best time to book. Plus, why airline bundles aren’t always the bargain they seem.

To watch this with subtitles go to BBC iPlayer and search for Morning Live from 02/07/2026

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Wall St opens higher after June jobs report eases rate-hike bets

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Wall St opens higher after June jobs report eases rate-hike bets


Wall St opens higher after June jobs report eases rate-hike bets

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113% returns in 13 days! How Vedanta Iron and Steel shares made investors richer since listing

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113% returns in 13 days! How Vedanta Iron and Steel shares made investors richer since listing
Vedanta Iron and Steel shares have delivered massive returns for investors, more than doubling in just 13 trading sessions since their market debut following the mega demerger from Vedanta.

Shares of the company were listed at Rs 20 apiece on NSE on June 15, as four new Vedanta companies debuted on the stock market to conclude what was one of the biggest corporate restructurings in India’s metals and mining space. The company’s market capitalisation at the time of debut stood at Rs 7,821 crore.

While analysts screamed ‘Buy’ on Vedanta Aluminium shares after the debut, the smallcap counter of Vedanta Iron and Steel quietly began to surge. The sharp rally in Vedanta Iron and Steel shares intensified after Azim Premji-backed Premji Invest’s PI Opportunities AIF V LLP bought shares worth Rs 102 crore after the stock’s market debut. PI Opportunities AIF V LLP, an investment arm of Premji Invest, which is owned by Indian billionaire businessman and Wipro Chairman Azim Premji, bought nearly 4.84 crore shares worth Rs 101.68 crore at Rs 21.02 apiece through a bulk deal.

Also read: Vedanta Iron & Steel shares list at Rs 22 on BSE as mega demerger concludes

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Vedanta Iron and Steel shares hit the 5% upper circuit in nine out of its first 10 sessions on Dalal Street. The stock hit the 10% upper circuit for the second consecutive session today to trade at Rs 42.65 apiece on NSE.


This marks a whopping 113% surge from its listing price in just 13 sessions since market debut. The company’s market capitalisation has also more than doubled to Rs 16,677.81 crore.
Also read: Vedanta demerger unlocks 20% value; Aluminium arm becomes most valuable

About Vedanta Iron and Steel

Vedanta Iron and Steel has operations spanning India and Africa, and is focused on iron ore exploration, mining and processing. It also produces high-quality steel, wire rods, TMT bars, pig iron, ductile iron (DI) pipes, ferro-silicon, cement and metallurgical coke.The company on Tuesday said that stock exchanges have asked to clarify any reason for the significant price movement seen in the counter. The company responded by saying that there is no material event, information, or announcement in this regard.

How are the other demerged Vedanta stocks performing?

Vedanta Aluminium Metal shares jumped 4% today, but have declined nearly 10% since listing. Vedanta Oil and Gas shares meanwhile jumped nearly 11%, extending sharp gains after the firm received ICRA AA+ (Stable) rating.

Vedanta Power shares, meanwhile, jumped over 5% today.

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Also read: Vedanta Aluminium vs Power vs Oil & Gas vs Iron & Steel | Which stock should you buy?

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Sentinel strikes $26m Capricorn deal

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Sentinel strikes $26m Capricorn deal

Capricorn Metals has sold its Big Springs gold project in Nevada to Mark Williams-chaired Sentinel Metals, in a cash and scrip deal worth up to $26 million.

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Positives for North East firms though cost pressures still loom

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The North East Chamber of Commerce has published the findings of its latest quarterly economic survey

Welders working on a huge steel jacket for Scottish Power's East Anglia TWO offshore windfarm at Smulders yard in Wallsend

Welders working on a huge steel jacket for Scottish Power’s East Anglia TWO offshore windfarm at Smulders yard in Wallsend(Image: Simon Greener/Newcastle Chronicle)

There are encouraging signs for North East businesses with rising sales and hiring intentions, research from a top regional group suggests.

Firms were questioned as part of the established North East Chamber of Commerce’s quarterly economic survey (QES), which pointed to improvements in sales, recruitment and investment in workers. But despite the confidence markers, the Q2 research also showed firms were wary of increased energy costs, wider inflation and weaker profit forecasts.

Business activity was shown to have broadly strengthened with increases in UK sales, UK orders and exporting, while the proportion of firms operating at full capacity also increased. Training investment plans rose strong, up 13.2%, but plant investment declined by 7.6% Profitability expectations were also weakened.

The survey conducted between May 11 and June 8 found future workforce expectations rose sharply, with recruitment across all types of roles. However recruitment challenges increased across all categories but particularly semi and unskilled and clerical roles. Workforce levels also improved slightly on the previous quarter, but remained below Q2 2025 levels.

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Deborah Walton, president at the North East Chamber of Commerce, said: “This quarter’s results highlight growing confidence among North East businesses, with significant improvements in sales activity, recruitment intentions and investment in workforce development. Businesses are clearly looking ahead, with future workforce plans reaching their highest level for some time and training investment increasing strongly compared with both last quarter and a year ago.”

Less favourable were concerns about price pressures, which increased across most indicators but most notably fuel, up 23.4%, raw materials, up 18.5%, and utilities, up 9.9%. Researchers said that despite the growth, most cost pressures remained lower than a year ago as labour, finance and other overheads showed annual declines.

Concern about energy prices rose significantly over the quarter, with 58.1% of businesses saying it was an issue. More than half of firms reported taking action to reduce energy costs through efficiency measures and reduced energy usage.

Meanwhile worries around business rates, crime and taxation eased, while concerns about energy prices, inflation and exchange rates all increased.

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Rhiannon Bearne, deputy CEO at North East Chamber of Commerce, said: “As businesses and communities face further change on the national political stage, stable policy, investment in infrastructure and support for competitiveness will be critical to sustaining this cautious momentum. The North East Chamber of Commerce will continue to champion the needs of North East businesses and ensure their experiences help shape policy not just regionally but, through our strong partnership with the British Chambers of Commerce, nationally as well.”

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Leeds’ The Malthouse building acquired by tenants following landlord’s collapse

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Occupiers IMA said buying the freehold gives them the flexibility to evolve the space

The Malthouse is an 18th century building.

The refurbished Malthouse, in South Bank, Leeds.(Image: Avison Young)

Creative agency IMA has acquired The Malthouse building in a £4m deal.

The global firm has taken freehold ownership of the refurbished 18th century former maltings having acquired it from the administrators of former landlords Leaseco 23 Limited, which collapsed last year. The building, which sits opposite Leeds Dock, provides more than 24,000 sqft of office accommodation, with Leeds city centre and train station only minutes away.

IMA have been based at the Malthouse since 2020, after moving from their location in Headingley, where the company was based for more than 30 years. The Leeds office is one of six, with additional bases in London, Amsterdam, Sydney, New York and Manchester.

Avison Young acted for IMA, which Cushman & Wakefield acted for the seller. The deal is described as reflecting the ongoing momentum of Leeds’s creative and digital industries.

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A spokesperson for IMA said: “Leeds Dock has become a real hub for creative and growing industries, and it’s been an inspiring place for us to call home over the past few years. Our workspace plays a big role in shaping how we collaborate and support our clients, so having the opportunity to make it our own is incredibly important.

“Acquiring The Malthouse gives us the flexibility to evolve the space alongside our business and create an environment that truly reflects who we are. The process has been smooth throughout, and we’ve really valued the expertise and support from the Avison Young team.”

Leaseco 23 – formerly known as Leeds Dock Limited – owned 24 ground-floor commercial units at Leeds Dock, and was linked to two buildings there. The property-owning company’s finances deteriorated following the departure of a key anchor tenant in January 2024, leading to a big fall in rental income.

Despite the efforts of directors to refinance, administrators at Interpath were called in and appointed in mid December, 2025. A statement of affairs showed a total estimated deficit of more than £12m.

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WA Museum’s Warriors display called ‘most successful yet’

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WA Museum’s Warriors display called ‘most successful yet’

The Terracotta Warriors exhibit has been labelled the museum’s most successful display yet, as questions swirl around the state government’s spending on arts and culture events.

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General Mills CEO: ‘Fiscal ’27 will be a better year’

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General Mills CEO: ‘Fiscal ’27 will be a better year’

Company better-positioned to focus on growth after tough fiscal 2026.

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