FirstFT: Russia’s military dealings with North Korea

Russia is buying millions of rockets and artillery shells from North Korea to re-energise its offensive in Ukraine, based on not too long ago declassified US intelligence, as western sanctions start to choke Moscow’s provide of weapons.

The Russian ministry of defence was “within the course of of buying thousands and thousands of rockets and artillery shells from North Korea to be used on the battlefield in Ukraine”, a US official mentioned, citing intelligence not too long ago cleared for public dissemination.

“This buy signifies that the Russian navy continues to endure from extreme provide shortages in Ukraine, due partially to export controls and sanctions,” the official added.

Moscow’s navy dealings with North Korea come after latest disclosures that it’s also counting on one other pariah nation, Iran, to help its struggle in Ukraine. Russia obtained its first cargo of Iranian fight drones final week and was prone to obtain extra, US officers mentioned.

Iran and North Korea are extensively seen as comparatively unreliable suppliers of navy gear. US officers mentioned a number of the drones bought by Russia from Iran had skilled mechanical failures.

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The day forward

Australia GDP figures Australia’s economy is expected to have grown 1.1 per cent quarter-on-quarter and three.6 per cent year-on-year when second-quarter figures are launched right this moment. (Forexlive)

Apple launch occasion Apple holds its annual occasion to launch its newest merchandise, together with a brand new sequence of iPhones. Late final week Apple formally overtook Android devices to account for greater than half of smartphones used within the US.

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US Federal Reserve Beige Ebook The Fed will publish its report of financial situations right this moment. Federal Reserve vice-chair Michael Barr may also focus on the way to make the monetary system safer and fairer on the Brookings Establishment, his first public feedback since taking the position.

Be a part of us on September 7-8 on-line or in particular person at The Westin, Singapore, for our Ethical Cash Summit: Accelerating ESG Integration to Unlock Worth and Drive Progress. Register here

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