Russian President Vladimir Putin has approved a significant increase in military spending for 2025, marking a record allocation of 13.5 trillion rubles (over $145 billion).

This figure represents approximately 32.5% of the overall national budget, an increase from 28.3% in the previous year.

The Russian parliament recently endorsed these plans amid ongoing conflict with Ukraine, which has been intensifying since the beginning of the full-scale invasion in February 2022.

European Council President Antonio Costa and EU foreign policy chief Kaja Kallas have visited Kyiv

Meanwhile, European leaders, including new European Council President Antonio Costa and EU foreign policy chief Kaja Kallas, have visited Kyiv, reaffirming the EU’s commitment to support Ukraine. They pledged financial assistance, including €4.2 billion for Ukraine’s budget and €1.5 billion in monthly support derived from frozen Russian assets.

During a press conference with Ukrainian President Volodymyr Zelenskyy, Costa emphasized the EU’s determination to stand by Ukraine, regardless of potential changes in U.S. administration.

Zelenskyy asserted that any future negotiations with Russia should involve EU and NATO representatives, emphasizing the importance of these alliances for Ukraine’s security.

U.S. President-elect Donald Trump has issued a warning to BRICS nations regarding the potential creation of a new currency that could replace the U.S. dollar.

During a recent statement on his social media platform, Trump signaled that member countries must commit to avoiding the establishment of a BRICS currency or any other currency intended to supplant the dollar.

Failure to comply with this demand could result in significant economic consequences, including the imposition of 100% tariffs on goods sold to the United States, according to Trump.

He conveyed a strong message that nations attempting to shift away from using the dollar in international trade would be unwelcome in the U.S. market.

Dollar’s dominance

The statement underscores Trump’s position on maintaining the dollar’s dominance in global trade.

He expressed confidence in the dollar’s continued status, asserting that there is no chance for the BRICS nations to replace it.

Trump’s remarks reflect the ongoing tensions surrounding global currency dynamics and the influence of the U.S. economy.

The BRICS countries, which include Brazil, Russia, India, China, and South Africa, have been exploring alternatives to the dollar in recent years, aiming to strengthen their economic ties.

Apple Pay could soon be available for banks, while Google may have to ensure competing services are displayed more prominently alongside its own products.

Meta is also expected to be required to allow cross-platform communication between messaging services, according to the AFR.

The Australian government plans to enhance the powers of the Australian Competition and Consumer Commission (ACCC) to designate platforms posing significant competition risks.

This designation will inform which companies are included under competition laws, targeting their necessary compliance.

Misinformation enforcement

Social media companies like Facebook, Instagram, and TikTok will not be subjected to misinformation enforcement.

Once designated, these platforms must fulfill new obligations, similar to regulations in the European Union, promoting easier app use and greater algorithm transparency.

Assistant Treasurer Stephen Jones indicated that many platforms unfairly favor their own products, making it difficult for consumers to switch to alternatives.

Examples of enforcement may include changes in app store payment policies and the prominence of owned apps in search results.

Google currently faces a lawsuit regarding such practices with its payment systems.