Bloomberg: Sanctions push Russia to first foreign default since 1918.

Ukrainians on July 25 participated in mass protests against a controversial new law impacting anti-corruption agencies for the fourth day in a row. President Zelensky earlier addressed criticism of the law, saying there should have been a dialogue between parliament and society before its adoption.

EU member states will not likely agree to push the ban up a year, but officials could use the demand as leverage in the upcoming negotiations, European diplomats told Reuters.

While Turkish media earlier reported that Erdogan was arranging a meeting between Putin and Trump, the president's office later clarified that he was referring to an in-person meeting with Putin and President Volodymyr Zelensky.

While Belgrade has not joined EU sanctions against Moscow, the decision reflects economic pragmatism rather than political alignment, Serbian European Integration Minister Nemanja Starovic said.

Ukraine needs to cover a $40 billion annual deficit, while domestic military production – namely missiles, drones, and electronic warfare systems – requires $25 billion yearly to operate properly, the president told journalists in Kyiv.

"We're looking at that whole situation. It could be that we'll have to impose secondary sanctions on you," he said, adding "maybe" when asked whether they could come sooner than 50 days.

Interceptors are designed to detect, track, and neutralize other drones or aerial threats — a capability Ukraine sees as increasingly vital to defend cities from Russian barrages.

Ukraine had aimed to receive 4.5 billion euros ($5.2 billion) in the fourth installment, the largest so far, but will instead receive 3.05 billion euros ($3.5 billion).

The strike occurred at around 11:40 a.m. local time, targeting the Industrialnyi district of the city.

The move reportedly caused front-line units to lose connectivity, disabling drones and disrupting artillery coordination.

Ukraine’s Western allies have imposed sweeping sanctions on Russia since its full-scale war, but its economy has not crashed yet – why?