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MOSCOW – Russian President Vladimir Putin on Tuesday vowed to continue with his countrys year-long war in Ukraine and accused the United States-led Nato military alliance of fanning the flames of the conflict in the mistaken belief that it could defeat Moscow in a global confrontation.

He updated Russias political and military elite on the war nearly one year to the day since ordering the invasion that has triggered the biggest confrontation with the West since the depths of the Cold War.

He said the events leading to Moscows special military operation on Feb 24, 2022, were forced upon Russia.

We did everything possible, genuinely everything possible, in order to solve this problem (in Ukraine) by peaceful means. We were patient, we were negotiating a peaceful way out of this difficult conflict, but a completely different scenario was being prepared behind our backs, he said from Russias Parliament.

Flanked by four Russian tricolour flags, Mr Putin said Russia would carefully and consistently resolve the tasks facing us.

Mr Putin said Western countries, led by the US, were seeking unlimited power in world affairs and that Kyiv was speaking to the West about weapon supplies even before the beginning of the invasion.

The President added that Russia had done everything it could to avoid war, but that Western-backed Ukraine had been planning to attack Russian-controlled Crimea, annexed by Russia in 2014.

The West, he said, had let the genie out of the bottle in a host of regions across the world by sowing chaos and war.

The people of Ukraine have become the hostage of the Kyiv regime and its Western overlords, who have effectively occupied this country in the political, military and economic sense, Mr Putin said.

They intend to translate the local conflict into a global confrontation, we understand it this way and will react accordingly.

Defeating Russia, the 70-year-old said, was impossible.

Mr Putin said Russia would never yield to Western attempts to divide its society, adding that a majority of Russians supported the war.

He warned the West may incite a backlash over money flows to the war that were not diminishing.

Mr Putin said: The more long-range Western systems are being delivered to Ukraine, the farther we will be forced to move the threat from our borders. Russian National Guard officers patrol on Red Square prior to Mr Putin’s annual state address, in central Moscow, on Feb 21. PHOTO: AFP When he spoke about the annexation of four Ukrainian territories in 2022, he got a standing ovation at the Gostiny Dvor exhibition centre, just a few steps from the Kremlin.

Towards the end of the speech, Mr Putin said Russia was suspending its participation in the New Start treaty with the US that limits the two sides strategic nuclear arsenals.

Together, Russia and the US hold around 90 per cent of the worlds nuclear warheads enough to destroy the planet many times over.

Mr Putin asked the audience, which included lawmakers, soldiers, spy chiefs and state company bosses, to stand to remember those who had lost their lives in the war.

He promised a special fund for the families of those killed in the war.

He said the West was supporting traitors who opposed Russias actions, and thanked Russians for their courage and resolution in supporting Moscows operation in Ukraine.

Mr Putin said he understood how difficult it was for relatives of Russian soldiers who had died fighting in Ukraine. Mr Vladimir Putin arrives to deliver his annual address to the Federal Assembly in Moscow, on Feb 21, 2023. PHOTO: REUTERS We all understand, I understand how unbearably hard it is now for the wives, sons, daughters of fallen soldiers, their parents, who raised worthy defenders of the Fatherland, he said.

The Ukraine conflict is by far the biggest bet by a Kremlin chief since at least the 1991 fall of the Soviet Union and a gamble Western leaders such as US President Joe Biden say Mr Putin must lose.

Russian forces have suffered three major battlefield reversals since the war began, but still control around one-fifth of Ukraine.

Tens of thousands of men have been killed, and Mr Putin has said Russia is locked in an existential battle with an arrogant West, which he says wants to carve up Russia and steal its vast natural resources.

The West and Ukraine reject that narrative, and say Nato expansion eastwards is no justification for what they say is an imperial-style land grab doomed to failure.

White House National Security Advisor Jake Sullivan described Mr Putins accusations that Russia had been threatened by the West as justification for invading Ukraine as absurdity.

Nobody is attacking Russia. Theres a kind of absurdity in the notion that Russia was under some form of military threat from Ukraine or anyone else, he told reporters. People gather for Mr Vladimir Putins address to the Federal Assembly at the Gostiny Dvor conference centre in Moscow, on Feb 21. PHOTO: EPA-EFE More On This Topic US slams 'absurdity' of Putin's anti-West speech Putin set for major Ukraine war speech after Biden walks streets of Kyiv Speaking hours ahead of Mr Biden delivering his own speech in Warsaw to mark the anniversary of the war, Mr Sullivan said the Kremlin leader was the aggressor.

This was a war of choice. Putin chose to fight it. He could have chosen not to. And he can choose even now to end it, to go home, he added.

Russia stops fighting the war in Ukraine and goes home, the war ends. Ukraine stops fighting and the United States and the coalition stops helping them fight then Ukraine disappears from the map.

Mr Putin, who frequently decries Western gender and sexual freedoms as an existential danger, said on Tuesday that paedophilia had become the norm in the West.

Look at what they do to their own people: the destruction of families, of cultural and national identities and the perversion that is child abuse all the way up to paedophilia are advertised as the norm… and priests are forced to bless same-sex marriages, he said. Mr Vladimir Putin is seen on screens of a shopping mall as he delivers his annual address to the Federal Assembly in Moscow, on Feb 21. PHOTO: REUTERS Ukrainian presidential aide Mykhailo Podolyak said that Mr Putins speech showed he has lost touch with reality.

He is in a completely different reality, where there is no opportunity to conduct a dialogue about justice and international law, said the adviser to Ukraine leader Volodymyr Zelensky. Tilt to Asia?

Mr Putin, who was handed the presidency in 1999 by Boris Yeltsin, said the West had failed to destroy the Russian economy with the severest sanctions in modern history.

They want to make the people suffer… but their calculation did not materialise. The Russian economy and the management turned out to be much stronger than they thought, he added.

Russias US$2.1 trillion (S$2.8 trillion) economy is forecast by the International Monetary Fund to grow 0.3 per cent this year, far below China and Indias growth rates but a much better result than was forecast when the war began.

Russia was turning to major Asian powers, e said, and will expand ties and build economic cooperation with countries such as India, Iran and Pakistan. REUTERS More On This Topic Beijing hopes peace between Russia and Ukraine can be Made in China Zelensky: Its obvious Ukraine wont be Putins last stop

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US won’t ‘stand by and watch sanctioned vessels’, warns White House after tanker seized off Venezuela

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US won't 'stand by and watch sanctioned vessels', warns White House after tanker seized off Venezuela

The US will not “stand by and watch sanctioned vessels sail the seas”, the White House has warned, after American forces seized an oil tanker off the coast of Venezuela.

Spokeswoman Karoline Leavitt told reporters she would not speak about future ship seizures, but said the US would continue to follow Donald Trump‘s sanction policies.

“We’re not going to stand by and watch sanctioned vessels sail the seas with black market oil, the proceeds of which will fuel narcoterrorism of rogue and illegitimate regimes around the world,” she said.

White House press secretary Karoline Leavitt briefing the media. Pic: Reuters
Image:
White House press secretary Karoline Leavitt briefing the media. Pic: Reuters

The US is gearing up to intercept more ships, six sources familiar with the matter told Reuters.

One source said several more sanctioned tankers had been identified by the US for potential seizure.

Two of the people said the US Justice Department and Homeland Security had been planning the seizures for months.

American forces were monitoring vessels in Venezuelan ports and waiting for them to sail into international waters before taking action, one source added.

More on Venezuela

It comes after a crude oil tanker, named Skipper, on Wednesday was stormed by US forces executing a seizure warrant.

The ship left Venezuela’s main oil port of Jose between 4 and 5 December after loading about 1.1 million barrels of oil, according to satellite information analysed by TankerTrackers.com and internal shipping data from Venezuelan state oil company PDVSA.

A still from a video of US forces seizing a Venezuelan oil tanker, posted by Pam Bondi. Pic: X/@AGPamBondi
Image:
A still from a video of US forces seizing a Venezuelan oil tanker, posted by Pam Bondi. Pic: X/@AGPamBondi

The real reason for Donald Trump’s Venezuela exploits


Ed Conway

Ed Conway

Economics and data editor

@EdConwaySky

Donald Trump wants you to know that there is one leading reason why he is bearing down militarily on Venezuela: drugs.

It is, he has said repeatedly, that country’s part in the production and smuggling of illegal narcotics into America that lies behind the ratcheting up of forces in the Caribbean in recent weeks. But what if there’s something else going on here too? What if this is really all about oil?

In one respect this is clearly preposterous. After all, the United States is, by a country mile, the world’s biggest oil producer. Venezuela is a comparative minnow these days, the 21st biggest producer in the world, its output having been depressed under the Chavez and then Maduro regimes. Why should America care about Venezuelan oil?

For the answer, one needs to spend a moment – strange as this will sound – contemplating the chemistry of oil…

Read more

US attorney general Pam Bondi said on X, formerly Twitter, that the ship was “used to transport sanctioned oil from Venezuela and Iran”.

“For multiple years, the oil tanker has been sanctioned by the United States due to its involvement in an illicit oil shipping network supporting foreign terrorist organisations,” she added.

Ms Leavitt said that “the United States does intend to get the oil” that was onboard the vessel.

The government in Caracas, led by President Nicolas Maduro, branded the ship’s seizure a “blatant theft” and an “act of international piracy”.

Read more:
Analysis: Is this what the beginning of a war looks like?
US-Venezuela crisis explained
Why tanker seized by US was ‘spoofing’ its location

The US has been ramping up the pressure on Mr Maduro and is reportedly considering trying to oust him. It has piled on sanctions, carried out a military build-up in the southern Caribbean, and launched attacks on suspected drug vessels from Venezuela.

Now America has issued new sanctions targeting Franqui Flores, Efrain Antonio Campo Flores, and Carlos Erik Malpica Flores – three nephews of Mr Maduro’s wife, Cilia Flores – as well as on six crude oil tankers and six shipping companies linked to them.

Skipper. Credit: TankerTrackers
Image:
Skipper. Credit: TankerTrackers

By seizing oil tankers, the US is threatening Mr Maduro’s government’s main revenue source – oil exports.

The sources said the US was focusing on what’s been called the shadow fleet – tankers transporting sanctioned oil to China, the biggest buyer of crude from Venezuela and Iran.

They said one shipper had already temporarily suspended three voyages transporting six million barrels of Venezuelan crude oil.

“The cargoes were just loaded and were about to start sailing to Asia,” a source said.

“Now the voyages are cancelled and tankers are waiting off the Venezuelan coast as it’s safer to do that.”

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Environment

Global EV sales jump 21% in 2025 as Europe surges and the US stalls

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Global EV sales jump 21% in 2025 as Europe surges and the US stalls

EV and battery supply chain research specialists Benchmark Mineral Intelligence reports that 2.0 million electric vehicles were sold globally in November 2025, bringing global EV sales to 18.5 million units year-to-date. That’s a 21% increase compared to the same period in 2024.

Europe was the clear growth leader in November, while North America continued to lag following the expiration of US EV tax credits. China, meanwhile, remains the world’s largest EV market by a wide margin.

Europe leads global growth

Europe’s EV market jumped 36% year-over-year in November 2025, with BEV sales up 35% and plug-in hybrid (PHEV) sales rising 39%. That brings Europe’s total EV sales to 3.8 million units for the year so far, up 33% compared to January–November 2024.

France finally returned to year-to-date growth in November, edging up 1% after spending most of 2025 in the red following earlier subsidy cuts. The rebound was led by OEMs such as the Volkswagen Group and Renault, a wider selection of EV models, and France’s “leasing social” program, aimed at helping lower-income households switch to EVs.

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Italy also posted a standout month, logging record EV sales of just under 25,000 units in November. The surge followed the launch of a new incentive program designed to replace older ICE vehicles. The program earmarks €597.3 million (about $700 million) in funding for the replacement of around 39,000 gas cars.

The UK expanded access to its full £3,750 ($4,400) EV subsidy by adding five more eligible models: the Nissan Leaf (built in Sunderland, with deliveries starting in early 2026), the MINI Countryman, Renault 4, Renault 5, and Alpine A290.

US market slows after federal tax credit’s premature death

In North America, EV sales in the US did tick up month-over-month in November, following a sharp October drop after federal tax credits expired on September 30, 2025. Brands including Kia (up 30%), Hyundai (up 20%), Honda (up 11%), and Subaru (232 Solterra sales versus just 13 the month before) all saw gains, but overall volumes remain below levels when the federal tax credit was still available.

Policy changes aren’t helping. In early December, Trump formally “reset” US Corporate Average Fuel Economy (CAFE) standards, lowering the required fleetwide average to about 34.5 mpg by 2031. That’s a steep drop from the roughly 50.4 mpg target under the previous rule. Automakers can now meet the standard largely through gas vehicles, reducing pressure to scale BEVs and PHEVs.

Those loosened rules are already reflected in investment decisions, such as Stellantis’ $13 billion plan to expand US production by 50%, with a heavy focus on ICE vehicles. Earlier this year, Trump’s big bill set fines for missing CAFE targets to $0, further weakening the incentive for OEMs to electrify. 

That’s some foolish policymaking, considering the world reached peak gas car sales in 2017. The US under Trump will be left behind, just as it will be with its attempts to revive the coal industry.

China still dominates, exports surge

China remains the backbone of global EV sales, even as growth slows. The Chinese market grew 3% year-over-year and 4% month-over-month in November. Year-to-date, EV sales in China are up 19%, with 11.6 million units sold.

One of the biggest headlines out of China is exports. BYD reported a record 131,935 EV exports in November, blowing past its previous high of around 90,000 units set in June. BYD sales in Europe have jumped more than fourfold this year to around 200,000 vehicles, doubled in Southeast Asia, and climbed by more than 50% in South America.

Global snapshot

Global EV sales from January to November 2025 vs January to November 2024, YTD %:

  • Global: 18.5 million, +21% 
  • China: 11.6 million, +19%
  • Europe: 3.8 million, +33%
  • North America: 1.7 million, -1%
  • Rest of World: 1.5 million, +48%

The takeaway: EV demand continues to grow worldwide, but policy support – or the lack thereof – is increasingly shaping where this growth shows up.

“Overall, EV demand remains resilient, supported by expanding model ranges and sustained policy incentives worldwide,” said Rho Motion data manager Charles Lester.

Read more: EV sales *still* have not fallen, cooled, slowed or slumped. Media is lying to you.


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Technology

Trump signs executive order for single national AI regulation framework, limiting power of states

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Trump signs executive order for single national AI regulation framework, limiting power of states

U.S. President Donald Trump looks on, as he signs an executive order on AI in the Oval Office at the White House in Washington, D.C., U.S. Dec. 11, 2025.

Al Drago | Reuters

President Donald Trump signed an executive order Thursday issuing a single regulation framework for artificial intelligence, undermining the power of individual states.

The Trump administration, with the aid of AI and crypto czar David Sacks, has been pursuing a path that would allow federal rules to preempt state regulations on AI, a move meant to keep big Democratic-led states like California and New York from exerting their control over the growing industry.

There has been a growing debate over AI, specifically related to an increasing number of individual state laws that could conflict with a federal standard.

The move marks a win for tech companies, who’ve argued against states rights when it comes to regulation on artificial intelligence. 

AI companies have been ramping up lobbying, opening offices close to the Capitol and launching campaigns through a super PAC with at least $100 million to spend on the midterm elections in 2026. 

States across the country are legislating on AI. States like Colorado and California have proposed bills requiring risk assessments and disclosure related to AI. OpenAI, Andreessen Horowitz and Google are among the company lobbying to block state laws that regulate AI, arguing a patchwork of regulation across the country would prevent the U.S. ability to compete in the global AI race. 

A draft version of a proposed executive order surfaced last month, proposing a single federal standard on AI “instead of a patchwork of 50 State Regulatory Regimes.”

Sacks and fellow tech investor and podcaster Chamath Palihapitiya stood beside Trump during the signing. Following Trump’s election, Sacks was appointed as the White House AI and “Crypto Czar” to guide administration policy, while Palihapitiya maintains high-level access to White House leadership as a vocal supporter.

This is breaking news. Please check back for updates.

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