Politics

Fresh UK sanctions on Russia announced – as Putin procrastinates on ceasefire talks

Published

12 hours ago

May 20, 2025

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The UK has placed fresh sanctions on Russia as the Kremlin refused to put a timeline on ceasefire talks with Ukraine.

A total of 100 further sanctions will target Russia’s military, energy and financial sectors, the Foreign Office said.

The new measures will target the supply chains of Russian weapons systems, including Iskander missiles, Kremlin-funded information operations, financial institutions that help Russia evade sanctions and ships in the Kremlin’s “shadow fleet” of oil tankers.

Ukraine war latest: Trump has ‘red line’ for peace talks

The Foreign Office said Vladimir Putin had repeatedly fired Iskander missiles into crowded civilian areas “with a callous disregard for life”, including on 13 April in Sumy when 34 civilians, including children, were killed as some headed to Palm Sunday services.

These new sanctions are being imposed to ratchet up pressure on Mr Putin after Russia fired 273 drones at Ukrainian cities on Saturday, the biggest drone attack since it invaded Ukraine in February 2022.

Foreign Secretary David Lammy said: “Putin’s latest strikes once again show his true colours as a warmonger.

“We urge him to agree a full, unconditional ceasefire right away so there can be talks on a just and lasting peace.

“We have been clear that delaying peace efforts will only redouble our resolve to help Ukraine to defend itself and use our sanctions to restrict Putin’s war machine.”

Following Donald Trump’s two-hour call with Mr Putin on Monday, the US president said Russia and Ukraine will immediately start negotiations for a ceasefire – however, the Kremlin gave no timeline despite Ukrainian President Volodomyr Zelenskyy agreeing to one months ago.

The call prompted the UK’s new sanctions, and the EU are also placing more sanctions on Russia as a result.

New British sanctions have also been placed on 14 more members of the Social Design Agency (SDA), which carries out Kremlin-funded information operations to undermine sovereignty, democracy and the rule of law in Ukraine and across the world.

The UK had previously sanctioned the SDA and several of its leaders last year, but all levels of the organisation are now being targeted.

Another 46 financial institutions that help Russia evade sanctions have also been targeted.

Sanctions have also been placed on a further 18 ships, following 110 earlier this month, in Russia’s “shadow fleet”, which carry Russian oil under different flags (often Liberian) to continue shipping oil around the world despite sanctions that have placed a price cap on Russian oil.

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John Ormerod, a British national who procured ships for Russia’s shadow fleet has been sanctioned, and two Russian captains of shadow fleet tankers.

The UK and Western allies are looking to lower the price cap of Russian crude oil from $60 a barrel to prevent profits from being used to fund the war.

The Foreign Office said UK and other Western sanctions have severely hit Russia’s economy, with its GDP shrinking in the first quarter of the year and the non-defence economy in recession for some time.

It said security and defence spending now accounts for more than 40% of Russia’s federal budget, with Mr Putin raising taxes and cutting social spending to continue the war.

Politics

Justin Sun to attend Trump’s dinner with memecoin backers

Published

1 hour ago

May 20, 2025

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<div>Justin Sun to attend Trump's dinner with memecoin backers</div>

After weeks of speculation among crypto enthusiasts and news outlets, Tron founder Justin Sun has claimed he owns the wallet that purchased the largest amount of Donald Trump’s memecoin, allowing him to qualify for a dinner and reception with the US president.

In a May 19 X post, Sun said he had received an invitation to attend Trump’s dinner at his golf club outside Washington, DC, as part of a reward for the top 220 memecoin holders. The Tron founder claimed he controlled the top wallet on the TRUMP token leaderboard under the username “Sun,” which held roughly $19 million worth of the memecoin at a price of $13.20.

According to Sun, he plans to network at the May 22 memecoin dinner, “talk crypto,” and “discuss the future” of the industry. It’s unclear why the Tron founder chose to announce his planned presence at the event now, when the leaderboard was finalized on May 12.

Cointelegraph reached out to a spokesperson for Sun for comment, but had not received a response at the time of publication.

Politics, Donald Trump, Corruption, Justin Sun, Memecoin — *Source:* *Justin Sun*

Though not a surprise to many who speculated that Sun was the individual behind the memecoin purchases, his attendance at the dinner only deepens his ties to the Trump administration and the president’s family. In addition to the dinner for the 220 tokenholders, Trump said he would hold a reception and “VIP tour” for the top 25 wallets on the leaderboard.

Sun spent $75 million on tokens through World Liberty Financial, the crypto platform backed by Trump’s three sons, including a $30 million investment a few weeks after the 2024 election. The Tron founder is also an adviser to the company.

Before Trump won the November election, Sun had been facing a lawsuit from the US Securities and Exchange Commission (SEC) filed in 2023 over the alleged “orchestration of the unregistered offer and sale, manipulative trading, and unlawful touting of crypto asset securities.” In February, roughly a month after Trump took office and appointed Commissioner Mark Uyeda as acting chair of the SEC, the regulator and Sun jointly filed a motion for a federal judge to stay the case, which was granted.

Memecoin’s potential conflicts of interest are affecting Congress

Sun’s and others’ involvement in Trump’s crypto ventures has prompted calls for investigations and oversight among many Democratic lawmakers, who argued that some individuals could use digital assets to essentially purchase influence with the president. The concerns initially slowed progress on a bill to regulate stablecoins in the Senate, the GENIUS Act, complicated by World Liberty Financial’s own stablecoin, USD1. The chamber voted to move forward on the bill on May 19, a few hours before Sun’s announcement.

“How convenient: the day after the Senate advances the GENIUS Act, Justin Sun — a major investor in the Trump family crypto venture — announces he’s getting a private dinner as the president’s top crypto buyer,” said Massachusetts Senator Elizabeth Warren, according to Bloomberg. “It’s critical that everyone understands the GENIUS Act doesn’t stop this type of corruption — it greenlights it.”

At a May 20 oversight hearing, Maryland Representative Glenn Ivey questioned SEC Chair Paul Atkins on Sun’s case being stayed, as well as his investments in World Liberty Financial and Trump’s memecoin. Though the case was stayed before Atkins was sworn in as chair, Ivey expressed concern about the timeline between Sun’s investments and the SEC not pursuing its own enforcement action.

The memecoin dinner applicants are likely still subject to background checks before meeting Trump in person. As of May 20, those planning to attend included Kronos Research chief investment officer Vincent Liu, Hyperithm co-CEO Oh Sangrok, Synthetix founder Kain Warwick, a consultant named Vincent Deriu, crypto user Morten Christensen, a World Liberty Financial adviser going by the pseudonym “Ogle,” and a representative from the startup MemeCore.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Politics

Shouts of ‘genocide’ in Commons as David Lammy denounces Israel’s ‘intolerable’ actions in Gaza

Published

4 hours ago

May 20, 2025

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Shouts of 'genocide' in Commons as David Lammy denounces Israel's 'intolerable' actions in Gaza

The foreign secretary has denounced Israel’s actions in Gaza as “intolerable” but stopped short of saying it had committed genocide.

MPs could be heard shouting “genocide” in the Commons chamber as David Lammy announced the government was suspending its trade negotiations with Israel and summoning Tzipi Hotovely, Israel’s ambassador to the UK, to the Foreign Office.

The UK has also sanctioned a number of individuals and groups in the West Bank which it says have been linked with acts of violence against Palestinians – including Daniella Weiss, a leading settler activist who was the subject of Louis Theroux’s recent documentary The Settlers.

Politics latest: Starmer says sorry for being ‘overly rude’ at PMQs

Israel immediately criticised the UK government actions as “regrettable” and said the free trade agreement talks, which ministers have now backed out of, were “not being advanced at all by the UK government”.

Oren Marmorstein, a spokesperson for the Israeli foreign affairs ministry, said: “If, due to anti-Israel obsession and domestic political considerations, the British government is willing to harm the British economy – that is its own prerogative.”

Mr Lammy’s intervention came in response to Israel ramping up its latest military offensive in Gaza and its decision to limit the amount of aid into the enclave.

Tom Fletcher, head of the UN Office for the Coordination of Humanitarian Affairs, accused Israel of “deliberately and unashamedly” imposing inhumane conditions on Palestinians by blocking aid from entering Gaza more than 10 weeks ago.

He also told the UN’s security council last week that it must “act now” to “prevent genocide” – a claim that Israel has vehemently denied.

Speaking in the Commons, the foreign secretary said the threat of starvation was “hanging over hundreds of thousands of civilians” and that the 11-week blockade stopping humanitarian aid reaching Gaza was “indefensible and cruel”.

Israeli Prime Minister Benjamin Netanyahu has agreed to allow a limited amount of aid into the besieged enclave in response to global concern at reports of famine.

Mr Lammy said Mr Netanyahu’s govenrment was “isolating Israel from its friends and partners around the world, undermining the interests of the Israeli people and damaging the image of the state of Israel in the eyes of the world”.

“We are now entering a dark new phase in this conflict,” Mr Lammy added.

“Netanyahu’s government is planning to drive Gazans from their homes into a corner of the strip to the south and permit them a fraction of the aid that they need.”

Referring to one of the far-right ministers in Mr Netanyahu’s government, he said Bezalel Smotrich “even spoke of Israeli forces cleansing Gaza, destroying what’s left of residents, Palestinians being relocated, he said, to third countries”.

MPs from across the house shouted “genocide” as Mr Lammy said: “We must call this what it is. It is extremism. It is dangerous. It is repellent. It is monstrous and I condemn it in the strongest possible terms.”

In the Commons, a number of Labour MPs urged the government to go further against Israel.

Yasmin Qureshi, the Labour MP for Bolton South and Walkden, said there needed to be a “full arms embargo” and said: “Can I ask the foreign secretary what additional steps he’s going to be taking in order to stave off this genocide?”

Another Labour MP told Sky News that while the statement was “better than previously…without a concrete timeline and a sanctioning of responsible ministers, it’s hard to know what tangible difference it will make.”

Israeli officials have said its plans to seize all of Gaza and hold it indefinitely. – which would move the civilian population southward – will help it achieve its aim of defeating Hamas.

Israel also believes the offensive will prevent Hamas from looting and distributing humanitarian aid, which it says strengthens the group’s rule in Gaza.

Mr Netanyahu has defended Israel’s actions in Gaza and reacted angrily to a joint statement penned by the leaders of the UK, France and Canada, in which they urged Israel to end its military offensive in Gaza and lift restrictions on humanitarian aid allowed into the enclave.

The Israeli prime minister said: “By asking Israel to end a defensive war for our survival before Hamas terrorists on our border are destroyed and by demanding a Palestinian state, the leaders in London, Ottawa and Paris are offering a huge prize for the genocidal attack on Israel on October 7 while inviting more such atrocities.

“No nation can be expected to accept anything less and Israel certainly won’t. This is a war of civilisation over barbarism. Israel will continue to defend itself by just means until total victory is achieved.”

Politics

SEC crypto task force to release first report ‘in the next few months’

Published

5 hours ago

May 20, 2025

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<div>SEC crypto task force to release first report 'in the next few months'</div>

US Securities and Exchange Commission (SEC) Paul Atkins appeared before lawmakers in one of his first hearings since becoming chair of the financial regulator, addressing questions about his plans for the cryptocurrency industry.

In a May 20 hearing discussing oversight of the SEC, Atkins reiterated his pledge to make regulating digital assets a “key priority” while chair. In response to questions from North Carolina Representative Chuck Edwards, the SEC chair did not directly answer how much of the regulator’s funds were used to support the crypto task force headed by Commissioner Hester Peirce, and said its findings were “still under development.”

“We should be having something here in the next few months with proposed steps forward,” said Atkins in response to the task force’s first report.

Cryptocurrencies, Government, SEC, United States — *Paul Atkins at a May 20 SEC oversight hearing. Source:* *House Appropriations Committee*

The SEC chair’s appearance at the oversight hearing was one of his first since being sworn into office in April. Nominated by Donald Trump, Atkins, also a former commissioner, was seen by many lawmakers and those in the digital asset industry as someone who could radically change the SEC’s approach to crypto.

Looking to Congress for help with regulatory clarity

Atkins’ remarks came less than 24 hours after US Senators voted to move forward on consideration of a bill to regulate stablecoins, the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act. The bill is one of many related to aspects of digital assets that could affect how the SEC regulates the industry alongside agencies like the Commodity Futures Trading Commission (CFTC).

“Whatever happens in Congress […] that will help undergird what we do,” said Atkins.

Since being sworn into office in April, the SEC chair has given opening remarks and overseen the commission’s roundtable events on digital assets. The next event, scheduled for June 9, will have SEC commissioners and industry leaders discuss issues related to decentralized finance.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered