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Putin Stands Firm on Ukraine at Year-End Press Conference

Russian President Vladimir Putin at his annual end-of-year press conference and phone-in in Moscow. At his annual marathon press conference in Moscow on December 19, 2025, Russian President Vladimir Putin reiterated that Russia’s conditions for ending the war in Ukraine remain unchanged from those he outlined in June 2024 . Despite ongoing diplomatic pressure from the United States and European allies to reach a settlement, Putin offered no indication of compromise. Putin emphasized that while there were “certain signals” from Kyiv suggesting a willingness to engage in dialogue, he did not see genuine readiness for a peace deal. He insisted that Russia was prepared to end the conflict peacefully, but only on the basis of principles he previously set out — including Ukraine abandoning ambitions to join NATO and addressing what he described as the “root causes” of the crisis. The press marathon, which typically lasts several hours, showcased Putin’s hardline stance. He framed the resp...
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Red Sea Tensions Delay Oil Shipments from Saudi Arabia and Iraq


Tankers carrying nearly 9 million barrels of oil from Iraq and Saudi Arabia have been forced to delay their deliveries due to Red Sea security threats. The attacks by Iranian-backed Houthis from Yemen on commercial vessels passing through the Red Sea have made some shipowners reluctant to sail via the region. The Red Sea carries an estimated 9 million barrels a day of oil shipments, representing about 10% of global demand, while the route covers almost one-third of global container traffic and around 12% of global goods trade. The diversions and delays highlight the chaos in the shipping industry that’s spilling over into the wider economy and raising the risk of inflation as flows of food and other goods get disrupted.

The diverted vessels are heading toward Africa, which is a longer voyage from the Middle East to refiners and consumers in Europe. The detour can add more than two weeks’ sailing time when compared with the trip from the Persian Gulf through the Red Sea and Suez Canal. The Middle East, which produces about a third of the world’s crude, ships most of it to Asia and those supplies aren’t affected. Crude prices in London are below $80 a barrel.

The situation is still developing, and it remains to be seen how long the threat will persist. However, the current situation has already had a significant impact on the oil industry and the global economy.

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