Russian President Vladimir Putin has proposed that China, India, and Brazil could play key roles as mediators in future peace negotiations between Russia and Ukraine. Putin highlighted that a preliminary agreement reached early in the conflict during talks in Istanbul could serve as a foundation for potential discussions.

Despite severe economic sanctions imposed by Western nations, Russia's economy has not collapsed, thanks in part to continued trade with China, India, Brazil, South Africa, and other Global South countries. These nations view the war as a troubling issue but believe that it should be addressed through ceasefires and diplomatic compromises. India’s foreign minister recently remarked that while Europe views its problems as global concerns, it does not equally consider the world's issues.

This perspective has caught many Western leaders and commentators off guard, revealing a perceived decline in U.S. global influence. The ongoing conflict has notably affected global food and energy prices. Western nations' decision to freeze Russian assets was seen as a strong stance but has raised concerns about the reliability of holding assets in U.S. dollars. This action has impacted the dollar's reputation as a secure currency, particularly as China emerges as a leading global trading power.

In response, there has been a growing shift towards using the Yuan in international trade. For example, Algeria recently updated its gas export contracts to allow for currency choice every six months. Such developments indicate a gradual decline in the dominance of the U.S. dollar, although the Yuan is not expected to replace the dollar in the near future.

Death Toll Rises to 54 in Russian Missile Strike on Poltava, Ukraine

Kyiv has reported that the death toll from a Russian missile attack on the Ukrainian city of Poltava has risen to 54, with nearly 300 others injured. The strike, which targeted the Poltava military communications institute, has left significant devastation.

Ukrainian officials confirmed that up to five people might still be trapped under the rubble following the attack, which occurred two days ago when two ballistic missiles struck the central city. This incident marks one of the deadliest single attacks in the ongoing conflict.

The assault has drawn widespread condemnation, including from Washington, which labeled it as a “horrific reminder of President Vladimir Putin’s brutality.” Additionally, there has been criticism within Ukraine after unverified reports suggested the missiles may have struck an outdoor military ceremony. Some have accused officials of negligence for holding the event amid ongoing threats of attacks.

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