Sir Keir Starmer has said that Russia started the Ukraine war and “could end the conflict straight away”.
The prime minister has arrived in Washington DC for talks with President Joe Biden at the White House over the ongoing conflict.
Sir Keir has backed Kyiv’s right to defend itself after Russian leader Vladimir Putin suggested his country would be “at war” with NATO if the West allows long-range weapons to be used against it.
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Putin: ‘It will mean the direct participation of NATO’
The PM said the UK does not “seek any conflict with Russia”, before adding: “That’s not our intention in the slightest.”
The UK has been providing Ukraine with Storm Shadow cruise missiles since last year but, like the US, it does not allow the country to launch the weapons against sites in Russia amid fears of escalation.
Ukrainian President Volodymyr Zelenskyy has been calling for restrictions to be lifted on the use of such missiles against targets in Russia, which launched a full-scale invasion of his country in February 2022.
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On Thursday, President Putin said allowing long-range strikes “would mean that NATO countries, the US, and European countries are at war with Russia… if this is so, then, bearing in mind the change in the very essence of this conflict, we will make appropriate decisions based on the threats that will be created for us”.
Responding to his remarks, Sir Keir told reporters on the flight to the US: “Russia started this conflict. Russia illegally invaded Ukraine. Russia could end this conflict straight away.
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“Ukraine has the right to self-defence and we’ve obviously been absolutely fully supportive of Ukraine’s right to self-defence – we’re providing training capability.”
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‘We need more’, Zelenskyy tells allies
UK Foreign Secretary David Lammy and US secretary of state Antony Blinken held talks with President Zelenskyy in Kyiv earlier this week as Ukraine continued to appeal to the two countries to change their stance – especially in light of American intelligence that Russia had received a shipment of weapons from Iran.
But while neither politician would reveal any decision, both Mr Lammy and Mr Blinken confirmed they would pass on the message to their respective leaders before they met at the end of the week, with the latter telling Sky News that President Biden was “not ruling out” moving his position.
Image: Antony Blinken (l) and David Lammy (r) met President Volodymyr Zelenskyy (c) for talks this week. Pic: Reuters
It will also be the first time Sir Keir and President Biden meet after the UK government chose to ban some weapons export licences to Israel amid the ongoing conflict in Gaza.
Mr Lammy announced the decision in the Commons last week after legal advice to the government said there was a “clear risk” they might be used to commit “a serious violation of international humanitarian law”.
But he faced a backlash, both from MPs who thought the move undermined the UK’s support for Israel and from MPs who wanted the ban to cover all weapons export licences.
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On the same day, President Biden said a final hostage deal between Israel and Hamas was “very close” – but that Prime Minister Benjamin Netanyahu was not doing enough to secure an agreement.
Taiwanese lawmaker Ko Ju-Chun has called on the government to consider adding Bitcoin to its national reserves, suggesting it could serve as a hedge against global economic uncertainty.
Ko, a legislator at-large in Taiwan’s legislative body, the Legislative Yuan, took to X on Friday to report that he had advocated Bitcoin (BTC) investment by the Taiwanese government at the National Conference on May 9.
In his remarks, Ko cited Bitcoin’s potential to become a hedge amid global economic risks and urged Taiwan to recognize the cryptocurrency alongside gold and foreign exchange reserves to boost its financial resilience.
Ko highlighted that Taiwan is an export-driven economy that has experienced significant fluctuations in its national currency, the New Taiwan dollar, amid global inflation and intensifying geopolitical risks.
“We currently have a gold reserve of 423 metric tons, and our foreign exchange reserves amount to $577 billion, including investments in US Treasury bonds,” the lawmaker stated.
In a scenario of more intense currency volatility or potential regional conflicts, Taiwan may “very likely be unable to ensure the security and liquidity,” Ko continued, adding that Bitcoin could be a great addition to Taiwan’s reserves for several reasons.
Ko Ju-Chun advocated for the adoption of Bitcoin by the Taiwanese government before the Legislative Yuan. Source: Ko Ju-Chun
“Bitcoin has been operating for over 15 years. It has a fixed total supply, is decentralized, and is resistant to censorship. Many countries are focusing on its hedging attributes. At the same time, in intense situations, it may not face the risk of embargo,” he said.
Instead, the legislator suggested adding a “small proportion of Bitcoin” into the diversified assets as tools for sovereign asset allocation and risk hedging, and backup capacity of Taiwan’s financial system.
“When exchange rate risk and regional uncertainty increase, it is time to introduce new tools to construct a more flexible financial strategy framework,” Ko said, adding:
“As former Dean Chen Chong said, Bitcoin is the gun of the digital era. It may also be the gold of the digital era, the silver of the digital era. Or it could be gunpowder. A wise nation will not let weapons be in others’ hands.”
German law enforcement seized 34 million euros ($38 million) in cryptocurrency from eXch, a cryptocurrency platform allegedly used to launder funds stolen after Bybit’s record-breaking $1.4 billion hack.
The seizure, announced on May 9 by Germany’s Federal Criminal Police Office (BKA) and Frankfurt’s main prosecutor’s office, involved multiple crypto assets, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Dash (DASH). The move marks the third-largest crypto confiscation in the BKA’s history.
The authorities also seized eXch’s German server infrastructure with over eight terabytes of data and shut down the platform, the announcement added.
eXch exchanged crypto without AML
In the statement, the BKA described eXch as a “swapping” service that allowed users to exchange various crypto assets without implementing Anti-Money Laundering (AML) measures.
The platform had operated since 2014 and reportedly facilitated about $1.9 billion in crypto transfers, some of which were believed to be of “criminal origin,” including assets laundered during the Bybit hack.
Example of flow of Bybit exploit funds moving through eXch and bridging back and forth between Ether and Bitcoin. Source: TRM Labs
“Among other things, a portion of the $1.5 billion stolen from the Bybit crypto exchange, which was hacked on Feb. 21, 2025, is said to have been exchanged via eXch,” the authorities wrote.
Multisig, FixedFloat among laundering cases
According to a post by crypto sleuth ZachXBT, eXch was also involved in laundering millions of funds from other crypto thefts and exploits, including Multisig, FixedFloat and the $243 million Genesis creditor theft.
Those were in addition to “countless phishing drainer services over the past few years with refusal to block addresses and freeze orders,” ZachXBT said.
Source: ZachXBT
ZachXBT was among the first security analysts to report on eXch’s links to laundering $35 million of crypto assets stolen from Bybit soon after the hack was confirmed.
“Lazarus Group transferred 5K ETH from the Bybit Hack to a new address and began laundering funds via eXch (a centralized mixer) and bridging funds to Bitcoin via Chainflip,” ZachXBT wrote in a Telegram post on Feb. 22.
“Even though we have been able to operate despite some failed attempts to shut down our infrastructure […], we don’t see any point in operating in a hostile environment where we are the target of SIGINT [Signals Intelligence] simply because some people misinterpret our goals,” it wrote.
Addressing the seizure, senior public prosecutor Benjamin Krause stressed the importance of action against “quick and anonymous opportunities for money laundering for any amount.”
“Crypto swapping is an essential component of the underground economy, used to conceal incriminated funds from illegal activities such as hacking or trading in stolen payment card data, thus making them available to perpetrators,” he said.
With Ruth away, Beth and Harriet are joined by Salma Shah, a former Conservative special adviser from 2014-2018 and now a political commentator.
They unpack Donald Trump’s surprise UK trade deal announcement and what it means for Sir Keir Starmer, who’s also landed a deal with India and is gearing up for key EU negotiations.
But while the global optics look strong, the domestic mood is tense. Harriet has some advice for the Labour backbenchers who are unhappy over welfare cuts and the winter fuel allowance policy.