The Securities and Exchange Commission has delayed making a decision on Invesco Galaxy’s application for an Ether ETF, with the next deadline on July 5.
Russian companies have been using cryptocurrencies like Bitcoin and USDt to facilitate trade with China and India amid international sanctions, according to a Reuters report.
Russian oil companies have used crypto assets including Bitcoin (BTC) and Tether’s USDt (USDT) for international trade, Reuters reported on March 14, citing four sources with direct knowledge of the matter.
One Russian oil trader reportedly conducts tens of millions of dollars worth of monthly transactions using digital assets, according to a source who spoke on condition of anonymity due to a non-disclosure agreement.
While the Russian finance minister publicly declared in late 2024 that Russia is free to use assets like Bitcoin in foreign trade, the use of crypto in oil transactions with China and India had not been previously reported.
Russia’s oil trade in crypto: How does it work?
According to Reuters, Russia’s foreign oil trade in crypto involves intermediaries who manage offshore accounts and facilitate transactions in the buyer’s local currency. One example includes a Chinese buyer of Russian oil that pays a trading company acting as a middleman in yuan into an offshore account.
The middleman then converts payments into crypto assets and transfers it to another account, which then sends it to a third account in Russia and converts it to Russian rubles, sources said.
Crypto will be used no matter of sanctions
According to one of Reuters’ sources, crypto will likely continue to be used in Russia’s foreign oil trading regardless of whether any sanctions are in place and even if the sanctions are lifted and Russia is free to use the dollar.
“It is a convenient tool and helps run operations faster,” the report said, citing the source.
Bitcoin remains highly restricted in mainland China
While Russia has been increasingly open to Bitcoin, including its use in foreign trade, mainland China has maintained a cautious and restrictive approach toward cryptocurrency.
Reform UK’s most senior woman has told Sky News the Rupert Lowe row “doesn’t look great” and she doesn’t “want to see it in the news any more days”.
Dame Andrea Jenkyns, who defected to Reform last year, accepted it was “clearly a big falling out” but suggested these spats do not always cut through to the public.
She insisted she was concentrating on winning as she looks to become the party’s first ever mayor in May.
In an interview with Sky News, Dame Andrea also spoke for the first time about her experience of domestic abuse, denying Reform has a “woman problem” but accepted “we need to start talking more about issues, what women are interested in”.
Having lost her seat as a Conservative in the 2024 election, Dame Andrea briefly quit politics only to return earlier this year as Reform’s newest recruit.
She is now standing as the party’s candidate to become the first Greater Lincolnshire mayor, in a race that psephologists think could be Reform’s best hope of turning itself from a party of protest into one that is governing.
That’s because Reform is on the march in Lincolnshire, which is a key battleground between the Conservatives and Reform in the local and mayoral elections in May.
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Richard Tice, Reform’s deputy leader, took the Conservative seat of Boston and Skegness in the last election as Reform came second in a further two of the county’s eight constituencies.
Image: Dame Andrea spoke to Sky News’ Beth Rigby
This farming country has long been part of the patchwork of Conservative England and it is in these heartlands that Reform hopes it can land a significant blow to its political rivals in the coming weeks.
“It’s a worry,” admits one Labour insider who doesn’t much relish the prospect of having to deal with a newly minted Reform party mayor should Dame Andrea win in May against Labour candidate Jason Stockwood, the Conservative Rob Waltham and independent Marianne Overton.
There is also the Lincolnshire council race, which Reform is targeting. All 70 seats are up for grabs and the Conservatives, which have a 38-seat majority, are defending 53 seats. The only way is up for Reform here, while the Conservatives, who have held this council for 10 of the past 13 elections, are bracing for a drubbing.
Tories say Jenkyns is from Yorkshire
The Conservatives make the point that they have a “strong local candidate who is born and bred in Lincolnshire, whereas Dame Andrea is from Yorkshire” when I ask them about the race.
“We are fighting hard, we have a proven track record of delivery in charge of local services whereas Reform aren’t tried and tested,” the Conservatives said.
“And if they’re anything like Reform nationally, who don’t turn up on important votes, then they won’t show up for people locally.”
Dame Andrea is still based in Yorkshire where she used to be an MP, as this is where her son attends school. But she rents a place in Lincolnshire and has vowed to move to the county should she win the mayoralty.
She also points out that she grew up in Lincolnshire and was a local councillor before moving to Yorkshire after her shock victory over Ed Balls in the 2015 general election.
Image: Dame Andrea is hoping to become Reform’s first mayor
‘Fed up’ farmers eyeing Reform
When we meet her on the road in Lincolnshire, she takes us to meet some farmers whose livelihoods are under intense pressure – be it over local flooding and flood defences or changes to inheritance tax and farming subsidies that are affecting their farms.
There is little love for Labour in the gathering of farmers, who in the main seem to be lapsed Conservative voters that are now eyeing Reform, as a number of them tell me how they are fed up with how the Environment Agency and local politicians are running their area.
“We’re fed up with all of them,” said one farmer.
“We just want some action. As farmers we know drainage is so important, we just want to get it sorted.”
They are also alarmed and anxious about the inheritance tax changes introduced by Labour and are pressing for carve-outs for small farms handed down from generation to generation amid fears they will have to sell up to pay the inheritance tax bills.
But the troubles at the top of Reform hadn’t gone unnoticed by this group. Unprompted, one of the farmers raised the row between the suspended Reform MP Rupert Lowe and the party leadership, telling Dame Andrea that while he “really likes Reform” he doesn’t much like what he’s seeing at the moment.
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Reform UK row explained
‘Spat looks worse because Reform is small’
The farmer said: “I don’t follow politics avidly. But I just look and say [Rupert Lowe] is full of common sense and I really like him and I don’t know what’s happened, but it looks from outside [he has been] chucked under the bus.
“And I’m like, am I getting second thoughts about Reform? I don’t know what’s gone on, but it concerns me about what’s going on with Reform.”
Dame Andrea tries to downplay it and says the “spat” looks worse because it’s a smaller party.
“To me it’s about the movement, the right policies, to carry on. What is the alternative? This will blow over and Reform will keep getting strong,” she said.
Can Jenkyns and Farage co-exist?
Dame Andrea would clearly like the infighting to stop, but it raises questions for me about how she will fit into this very male-dominated party, in which all four MPs are male, with Dame Andrea the only senior woman beyond the former Conservative minister Ann Widdicombe.
She is, like Nigel Farage, a disrupter – Dame Andrea was one of the first Tories to call for Theresa May and Rishi Sunak to stand down, and a conviction politician who fervently backed Boris Johnson and Brexit.
If she does win this mayoral race she will be a big personality in Reform alongside Farage, which leaves me wondering if they can co-exist in a party already at war.
Image: Dame Andrea says she doesn’t think the party has a ‘woman problem’
Jenkyns was in an abusive relationship
Reform does struggle with female voters, with fewer women voting for the party against all age cohorts, young to old. Dame Andrea tells me she doesn’t think the party has a “woman problem”, but she does think it needs to talk about more issues that she thinks women are interested in, citing education, special educational needs and mental health.
When I raise the matter of violence against women and how the party has handled revelations that one of its own MPs was jailed in a youth detention centre as a teenager for assaulting his girlfriend, Dame Andrea reveals to me she has been in an abusive relationship.
“I know how it can break you. I know how you sort of start losing your identity. So I’ve been on that side,” she said.
“And I’ve also helped constituents to fight against this, so it matters, we need to do more in society because whether it’s men or women, one is too much in my view.”
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Out on the campaign trail, even in the Labour territory of Lincoln where Hamish Falconer is the local MP, Dame Andrea gets a warm welcome. She tells me she thinks she can win it: “I might be living in blind hope here. But I’ve got that feeling.”
This corner of England has become a test bed for Reform to see if it can turn from a party of protest into one that has a shot at governing in the form of a regional mayor.
If Reform can succeed in that – what might come next? It would be a remarkable comeback for Dame Andrea and a remarkable victory for Reform too.
Ministers have been priming Labour MPs and the public for cuts to a ballooning welfare bill since the start of the year.
Image: Baroness Harriet Harman said people criticising Liz Kendall should ‘shut up’
Asked what she thought of briefings against Ms Kendall as welfare cuts loom, Baroness Harman said: “I hate those sorts of briefings.
“I don’t think anybody should be briefing against Labour ministers who are trying to implement the manifesto.
“You know, she is incredibly competent and leads a really dedicated team. So I think they should just shut up and pull together.”
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Image: Work and Pensions Secretary Liz Kendall. Pic: PA
More and more Labour MPs have publicly criticised the impending benefit cuts, with many concerned they will hit people with disabilities the most.
Downing Street has taken the unusual step of calling all 404 Labour MPs into Number 10 over Wednesday and Thursday for briefings on the changes ahead of the details being released next week.
Baroness Harman said she thinks Ms Kendall is a “rising star” and is “absolutely certain” the PM and chancellor will stand behind her.
The peer was social security secretary – the equivalent of Ms Kendall’s job now – at the start of Tony Blair’s first term after Labour’s 1997 landslide win.
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‘Government’s plan to cut welfare is terrifying’
She was forced to defend benefit cuts just after they came to power and said there are “lots of parallels between what we were trying to do then, and what the government is trying to do now”.
However, she said the difference is, in 1997 she was making the argument for welfare cuts to help single parents into work by herself, but Ms Kendall is being backed by Rachel Reeves and Sir Keir Starmer.