Sir Keir Starmer to sign 100-year ‘friendship’ deal with Ukraine in first Kyiv visit since becoming PM
Keir Starmer will sign a century-long partnership with Ukraine today, as the prime minister makes his first visit to the war-torn country in an effort to shore up support for Kyiv – just days ahead of the arrival of Donald Trump in the White House.
Sir Keir said the 100-year agreement underpinned Britain’s “steadfast support” for Ukraine as he reiterated European unity in the face of Russian aggression. The treaty and political declaration will be laid in parliament in the coming weeks.
“Putin’s ambition to wrench Ukraine away for its closest partners has been a monumental strategic failure. Instead, we are closer than ever and this partnership will take that friendship to the next level,” said the prime minister.
“The power of our long-term friendships cannot be underestimated. Supporting Ukraine to defend itself from Russia’s barbaric invasion and rebuild a prosperous, sovereign future, is vital to the government’s security and Plan for Change.”
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The PM’s visit is part of a wider effort on the part of European leaders to shore up support for Kyiv as they ramp up discussions over regional security ahead of the handover of power in Washington. President Volodymyr Zelenskyy met with Prime Minister Donald Tusk of Poland on Wednesday.
The flurry of diplomatic activity comes as the conflict between Ukraine and Russia has intensified ahead of the inauguration of president-elect Trump, with Vladimir Putin trying to take as much territory as possible ahead of expected peace talks.
On Wednesday, Ukraine’s state energy company was forced into emergency cuts after a massive Russian military attack.
Russia controls around a fifth of Ukraine after nearly three years of war and says any deal to end the conflict must take that into account.
In September 2022, it proclaimed four regions that it only partly controls as part of its own territory, which was condemned by the United Nations General Assembly (UNGA) as an “attempted illegal annexation”.
While President Joe Biden was steadfast in the US’s continuing support of Ukraine’s military effort, Trump has made it clear he wants to end the conflict quickly, hastening discussions about what a settlement might look like between Kyiv and Moscow.
In November, President Zelenskyy said for the first time in an interview with Sky News that Ukraine was prepared to temporarily cede territory to Russia to end the war if the conflict was frozen along current lines.
He added after a ceasefire was agreed, Kyiv could negotiate for the return of seized territory.
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Volodymyr Zelenskyy spoke to Sky’s Stuart Ramsay in Kyiv back in November about how a ceasefire could work.
Sir Keir has also changed his tone, from insisting allies must “double down” on support for Ukraine for “as long as it takes” at the November G20 summit, to saying British policy was now “to put Ukraine in the strongest possible position for negotiations”.
The prime minister will want to reiterate to President Zelenskyy that nothing is off the table, as the duo discuss the ongoing conflict, the impending Trump presidency and what a settlement could look like.
As part of the partnership deal, the UK will bolster military collaboration on maritime security through a new framework to strengthen the Baltic, Black and Azov seas.
President Zelenskyy has reportedly told journalists the two leaders will discuss the possibility of British troops joining a post-war peacekeeping force, as other European leaders such as French President Emmanuel Macron – who visited the PM at his Chequers country residence last week – and Tusk have similar conversations.
Ukraine relies on US support to continue the conflict, given it provides the bulk of military aid. But Trump has made it clear he is reluctant to keep funding the war, saying during the election campaign he would end it “within 24 hours” of taking office.
Ukrainian President Volodymyr Zelensky visited Downing Street back in October.
He has subsequently acknowledged that ending the conflict will be more difficult, but his administration is keen to press ahead: Trump has said he will arrange a call with Putin soon after his inauguration on 20 January, while the new US envoy to Ukraine, retired lieutenant General Keith Kellogg, said last week he wanted a solution to the war in the first 100 days of office.
The discussion around peacekeeping forces is part of a wider conversation among European allies about what security guarantees should be put in place for Ukraine, including buffer zones and the threat of more weapons for Ukraine in the absence of NATO membership.
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President Zelenskyy has said any guarantees must be backed up by the US as the prospect of a NATO membership invitation fades from view.
Ukraine becoming a member of NATO is a clear red line for Moscow, with Putin describing Kyiv joining the security alliance as “an unacceptable threat”.
Last week, Trump acknowledged Moscow’s longstanding opposition to Ukraine’s ambition to join NATO, given it would mean “Russia has somebody right on their doorstep, and I can understand their feeling about that”.
European leaders are concerned Trump will force Ukraine into an unjust peace deal, and they will be shut out of the negotiations which will shape the security of the continent for many years.
NATO chief Mark Rutte last month cautioned Trump over his plans for a peace deal, warning it would lead to the West’s enemies “high fiving” and would only serve to embolden China, North Korea and Iran.
The PM has come under criticism from Conservative rivals for not visiting Ukraine sooner, with former defence secretary Grant Shapps saying he was “astonished” is has taken the PM six months in power to visit the country.
However, Sir Keir has met the Ukrainian leader six times, as well as hosting him twice at Number 10 since taking office in July.
PayPal says the US Securities and Exchange Commission has abandoned its investigation into the payment giant’s US-dollar stablecoin.
PayPal said in an April 29 regulatory filing that the SEC concluded its investigation into PayPal USD (PYUSD) and wouldn’t be taking any action.
The company said it received a subpoena from the SEC’s Division of Enforcement over its stablecoin in November 2023.
“The subpoena requests the production of documents. We are cooperating with the SEC in connection with this request,” PayPal stated at the time.
In its latest filing, the firm said the SEC notified it in February that the agency “was closing this inquiry without enforcement action.”
PayPal has said its stablecoin is 100% redeemable for US dollars and “fully backed” by dollar deposits, including short-term treasuries and cash equivalents.
However, the stablecoin has struggled to gain momentum in a crowded market dominated by rivals Tether and Circle. PYUSD has a market capitalization of just $880 million, less than 1% of Tether’s (USDT) $148.5 billion.
PayPal’s stablecoin has seen better growth this year with a 75% increase in PYUSD circulating supply since the beginning of 2025, according to CoinGecko. It remains down 14% from its peak supply of just over $1 billion in August 2024.
Earnings on PYUSD, Coinbase partnership
That growth could be bolstered by a company announcement on April 23 introducing rewards for PYUSD in a new loyalty offering that will enable US users to earn 3.7% annually for holding the asset on the platform.
Meanwhile, on April 24, PayPal announced a partnership with Coinbase to increase the adoption of PYUSD.
“We are excited to drive new, exciting, and innovative use cases together with Coinbase and the entire cryptocurrency community, putting PYUSD at the center,” said Alex Chriss, PayPal President and CEO.
Related: PayPal to offer 3.7% yield on stablecoin balances: Report
The payments giant also reported robust first-quarter earnings and the completion of significant share repurchase activities.
The firm beat Wall Street estimates, earning $1.33 per share in the first quarter, topping analyst expectations of $1.16. Revenue rose 1% from a year before to $7.8 billion.
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Asset manager BlackRock has filed to create digital ledger technology shares from one of the firm’s money market funds, which will leverage blockchain technology to maintain a mirror record of share ownership for investors.
The DLT shares will track BlackRock’s BLF Treasury Trust Fund (TTTXX), which may only be purchased from BlackRock Advisors and The Bank of New York Mellon (BNY), the firm said in its April 29 Form N-1A filing with the Securities and Exchange Commission.
The money market fund holds over $150 million worth of assets, invested almost entirely in US Treasury bills and cash.
BlackRock said that the shares “are expected to be purchased and held through BNY, which intends to use blockchain technology to maintain a mirror record of share ownership for its customers.”
Unlike the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), DLT shares won’t be tokenized but will instead be used as a transparency tool to verify ownership.
BlackRock will continue to maintain traditional book-entry records as the official ownership ledger.
BlackRock didn’t propose a ticker or set a management fee for the DLT shares in its filing.
A minimum initial investment of $3 million worth of DLT is required for institutions seeking to purchase the digital shares.
BlackRock follows Fidelity’s March 21 filing to list an Ethereum-based OnChain share class, which seeks to track the Fidelity Treasury Digital Fund (FYHXX) — an $80 million fund consisting almost entirely of US Treasury bills.
While the OnChain share class filing is pending regulatory approval, Fidelity expects it to take effect on May 30.
Wall Street heavyweights continue to explore blockchain use cases
Asset managers have increasingly turned to blockchain to tokenize Treasury bills, bonds and private credit over the past few years.
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The treasury tokenization market is currently valued at $6.16 billion, led by BlackRock’s BUIDL at $2.55 billion, while the Franklin Templeton-issued Franklin OnChain US Government Money Fund (BENJI) secures over $700 million worth of real-world assets, according to rwa.xyz.
Ethereum remains the chain of choice for tokenizing treasury assets, and currently houses over $4.55 billion worth, while the Stellar network and Solana round out the top three at $474.9 million and $274.5 million, respectively.
The potential of RWA tokenization has also been championed by BlackRock’s CEO, Larry Fink, who believes the technology could revolutionize investing.
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The US Treasury Department’s Office of Foreign Assets Control can’t restore or reimpose sanctions against the crypto mixing service Tornado Cash, a US federal court has ruled.
Austin federal court judge Robert Pitman said in an April 28 judgment that OFAC’s sanctions on Tornado Cash were unlawful and that the agency was “permanently enjoined from enforcing” sanctions.
Tornado Cash users led by Joseph Van Loon had sued the Treasury, arguing that OFAC’s addition of the platform’s smart contract addresses to its Specially Designated Nationals and Blocked Persons (SDN) list was “not in accordance with law.”
OFAC had sanctioned Tornado Cash in August 2022, accusing the protocol of helping launder crypto stolen by the North Korean hacking collective, the Lazarus Group.
The agency dropped the platform from the sanctions list on March 21 and argued that the matter was “moot” after a court ruled in favor of Tornado Cash in January.
This latest amended ruling prevents OFAC from re-sanctioning Tornado Cash or putting it back on the blacklist.
Initially, the court denied a motion for partial summary judgment and granted in favour of the Treasury. However, the Fifth Circuit reversed the decision and instructed the lower court to grant partial summary judgment to the plaintiffs, which led to the sanctions being revoked.
In March, the Treasury argued there was no need for a final court judgment in the lawsuit.
Crypto body petitions White House over Tornado Cash
On April 28, the DeFi Education Fund petitioned White House crypto czar David Sacks to have prosecutors drop charges against Tornado Cash co-founder Roman Storm.
Related: Samourai Wallet, feds ask for time to mull dropping crypto mixer case
Storm was charged in August 2023 with helping launder over $1 billion in crypto through the protocol, and his trial is still set for July.
The group said that the Department of Justice was attempting to hold software developers criminally liable for how others use their code, which they argued was “not only absurd in principle, but it sets a precedent that potentially chills all crypto development in the United States.”
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