Putin Takes Fifth term Oath amid Government Reshuffles; Western Nations Skip Inauguration

Vladimir Putin has been inaugurated as Russia's president for the fifth time, with his allies praising his leadership and the country's unity behind him.

Following the ceremony at the Kremlin, the Russian government will resign, leading to anticipation of a reshuffle in the coming days and weeks. Observers of Russian politics are keen to see which long-standing allies will retain their positions and who may be sidelined.

Notably, Western nations, including the U.S. and U.K., boycotted the event due to Russia's ongoing conflict in Ukraine, opting not to send diplomatic representatives.

Putin set to be sworn in as president for fifth time

1. Vladimir Putin is poised to undertake his fifth presidential inauguration in Russia, marking a significant milestone in his political career.

2. Ahead of the inauguration ceremony scheduled at the Kremlin on Tuesday, allies of Putin have extolled his leadership qualities, emphasizing his strong grip on power and the societal unity he represents. Putin, who assumed office 24 years ago, continues to command admiration from his supporters.

3. Vyacheslav Volodin, the State Duma Chairman, joined other Russian officials in lauding Putin's contributions, asserting that he has played a pivotal role in the nation's progress. Volodin emphasized Putin's role in revitalizing the country, strengthening governmental institutions, and fostering social and economic growth. According to him, Putin remains a crucial asset for Russia, and the prevailing unity among the populace will propel the country towards further achievements.

4. The imminent resignation of the Russian government, led by Prime Minister Mikhail Mishustin, signals forthcoming changes in the political landscape. Speculation surrounds the anticipated government reshuffle, expected to unfold in the ensuing days and weeks.

5. Observers of Russian politics are keenly awaiting the outcome of Putin's alliances, particularly regarding the retention or reshuffling of ministerial positions. The decisions made will provide insights into Putin's strategic vision and the direction his administration intends to pursue.

West largely boycotts Putin’s inauguration ceremony due to war

1. Western nations are opting out of attending Russian President Vladimir Putin’s inauguration ceremony on Tuesday due to Russia's ongoing invasion of Ukraine. The U.S., Canada, and the U.K. are among those abstaining from sending officials to the event.

2. Despite winning the March election with approximately 87% of the vote, Putin is set to serve another six years in office. However, Western countries have criticized the election, labeling it as neither free nor fair.

3. The inauguration coincides with Russia’s 27th month of the invasion of Ukraine, further exacerbating tensions.

4. U.S. State Department spokesperson Matthew Miller announced on Monday that the United States would not be represented at Putin's inauguration. He emphasized that although they do not recognize the election as fair, Putin remains the president of Russia.

5. Most European Union (EU) nations are also expected to abstain from sending officials. However, France, Slovakia, and Hungary are exceptions and plan to have representatives present. According to Reuters, an unnamed EU spokesperson confirmed that the bloc's ambassador to Russia would not attend the ceremony.

6. Russia's Foreign Ministry spokesperson, Maria Zakharova, responded to the Western boycott by stating that Moscow does not hold elections or inaugurations to seek approval or disapproval from the West.

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U.S. soldier arrested in Russia on theft charges, Russian news agency reports​​​​​​​

1. Legal Proceedings in Vladivostok:

   • A United States serviceman, identified as Gordon Black by a Vladivostok court, faced legal action on theft charges, as reported by Russia's RIA state news agency.
   • According to RIA, the Pervomaisky District Court in Vladivostok ordered the detention of Gordon Black until July 2 under the "Theft" article of Russia's criminal code, as stated by the court's spokeswoman.

2. Identity and Allegations:

   • The U.S. Army, having been informed of the detention, refrained from officially disclosing the soldier's identity.
   • An anonymous U.S. official disclosed that the soldier was stationed in South Korea and allegedly involved in theft, particularly from a woman.

3. Alleged Incident Details:

   • According to a report by the Russian newspaper Izvestia, sourced anonymously, the accused Army sergeant, stationed in South Korea, purportedly met a woman from Vladivostok online.
   • Izvestia's report suggests that the couple cohabitated for a period during which the soldier allegedly stole 200,000 roubles (approximately $2,196) from the woman.
   • Notably, Reuters was unable to independently corroborate the details provided in the Izvestia report.

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China says Russia should be included in upcoming Ukraine peace summit

1. Ambassador Zhang Hanhui conveyed China's stance to Russian media, advocating for Moscow's involvement in the upcoming Ukraine peace summit scheduled in Switzerland.

2. Despite not receiving an invitation from the Swiss organizers, Russia's participation is deemed crucial by Zhang, aligning with Moscow's insistence on its involvement for meaningful peace negotiations.

3. Zhang emphasized China's endorsement of the proposed peace conference, emphasizing equal participation from all stakeholders and a comprehensive discussion of potential peace solutions.

4. While China attempts to position itself as a mediator in the Russia-Ukraine conflict, its alliance with Moscow raises questions about its neutrality. Despite this, both countries assert a strong partnership, complicating China's role in the mediation efforts.

5. China's previous attempt at mediation through a 12-point peace plan was met with criticism for its perceived lack of substance. The proposal was not actively promoted by China, diminishing its impact on the conflict resolution process.

6. Zhang reiterated China's readiness to contribute to a political resolution of the Ukrainian crisis, expressing willingness to utilize Chinese expertise and influence in the mediation efforts.

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What comes next after Putin’s inauguration?

1. Vladimir Putin is on the brink of commencing his fifth term as the President, extending his tenure until 2030.

2. Following the inauguration, Prime Minister Mikhail Mishustin's government will tender its resignation, adhering to the constitutional mandate in Russia.

3. While the Cabinet's resignation is a routine procedure, there is anticipation regarding the officials who will retain their positions, as well as those who might be promoted or demoted.

4. Andrius Tursa, an advisor specializing in Central and Eastern Europe at the risk consultancy Teneo, highlighted the expected continuity of Prime Minister Mishustin in his role amid the forthcoming cabinet reshuffle.

5. The formation of the new cabinet is anticipated to undergo approval processes within approximately two weeks, involving both parliamentary chambers and the president.

6. The imminent priorities for the "Mishustin 2.0" cabinet are expected to include tax reforms aligning with Putin's emphasis on redistributing the tax burden towards individuals and corporations with higher incomes.

7. Putin's initial foreign trip following the inauguration is projected to be to China later this month, indicating the significance of diplomatic engagements in his upcoming term.

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Putin says Russia won’t shut door on dialogue with the West

1. Vladimir Putin, the recently re-inaugurated President of Russia, emphasized the importance of maintaining dialogue with Western nations while underlining the necessity for decisive actions from Western allies.

2. Addressing officials in his fifth-term inaugural speech, extending his tenure until 2030, Putin expressed Russia's willingness to engage in diplomatic relations with other nations.

3. Putin highlighted the possibility of discussions on "strategic stability" but stressed the importance of conducting such talks on a basis of equality, as reported and translated by Reuters.

4. Furthermore, Putin emphasized the importance of fortifying Russia's state system to withstand various threats and challenges.

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Russia court allows seizure of $13M of JPMorgan and Commerzbank assets

1. Legal Authorization of Asset Seizure:

   • A Moscow court recently issued a preliminary ruling authorizing the seizure of assets totaling approximately 12.4 million euros ($13.34 million) in Russia.
   • These assets belong to the European subsidiaries of JPMorgan and Commerzbank, major financial institutions based in Europe.

2. Litigation Background:

   • The ruling stemmed from a case filed by Transkapitalbank, a Russian lender, against the European subsidiaries.
   • Transkapitalbank had been subjected to sanctions by the U.S. Treasury on April 20, 2022, in connection to geopolitical events, prompting the legal action.

3. Context of Economic Tensions:

   • The onset of the conflict between Russia and Ukraine in 2022 led to widespread economic repercussions, including sanctions imposed by Western nations on Russian entities.
   • Western banks and companies have been concerned about the safety of their assets and operations in Russia due to these geopolitical tensions and subsequent retaliatory measures by Russia.

4. Impact on Western Companies:

   • In response to the sanctions, Russia has undertaken measures such as asset seizures, management changes in Western-owned subsidiaries, and compelling departing firms to sell assets at significant discounts.
   • The business environment in Russia has become increasingly challenging, leading to the departure of numerous companies, although some, like Auchan and Benetton, continue operations or have temporarily suspended activities.

5. Response from Involved Parties:

   • Transkapitalbank, JPMorgan, and Commerzbank have been approached for comments regarding the ruling, with Transkapitalbank yet to respond, and JPMorgan and Commerzbank declining to provide statements.
   • Reports of the court ruling have been covered by media outlets such as Interfax and German publications like Handelsblatt, indicating the significance of the legal development within financial and legal spheres.​​​​​​​

With inputs from agencies

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