D-Day snub to Putin

Putin snub at D-Day events highlights depth of cold war [View in browser]( [Bloomberg]( Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up [here](. As US President Joe Biden [joins fellow leaders in Normandy]( to mark the 80th anniversary of D-Day, there’s one notable absentee. Vladimir Putin is a past participant in the commemorations, but this year he isn’t welcome due to [his ongoing war on Ukraine](. The decision is understandable, but it risks playing into the Russian president’s hands. For all the talk of remembrance, it’s sometimes conveniently forgotten in the West that Russia is a victorious World War II Allied power along with the likes of the US, UK and France. The Soviet Union lost some 27 million people in the fight against Nazi Germany. The Battle of Stalingrad was arguably as significant a turning point on the eastern front as D-Day was in the West. It’s in that capacity that Putin attended the events in France 10 years ago, despite having just been excluded from the Group of 8 nations for his annexation of Crimea that year. A decade on, Ukrainian President Volodymyr Zelenskiy is on the guest list while the French organizers decided against issuing an invitation to Putin. That threatens to fuel Putin’s narrative that the West is ideologically aligned against Russia, and ignores its enormous WWII sacrifices — after all, even German Chancellor Olaf Scholz is invited. Source: Bloomberg Economics Aside from pictures of the few remaining veterans, the over-riding image from Normandy will be of Western leaders standing against Moscow. Yet any symbolic isolation of Putin ignores those parts of the world that continue to embrace Russia, for trade, energy, defense or historic and cultural reasons. On Monday, for instance, Russia will host foreign ministers from the ever-expanding BRICS grouping. At the height of the Cold War in 1984, US President Ronald Reagan attended the first major D-Day commemoration. No Soviet leader was present. Today’s events signify a return to those days of confrontation.—[Alan Crawford]( Putin and then US President Barack Obama on a split-screen during the D-Day commemoration ceremony in Normandy on June 6, 2014. Photographer: Christophe Ena/AFP/Getty Images Global Must Reads Once seen as invincible, Narendra Modi and his Hindu-dominant Bharatiya Janata Party are now dependent on allies for the first time since he took power in 2014. One reason is the collapse of his support in Uttar Pradesh, India’s most-populous state, in a [sign of rebellion]( from millions of people left behind in one of the world’s fastest-growing economies, which has spawned a billionaire elite. South Korean President Yoon Suk Yeol said North Korea [should be ashamed]( for sending balloons carrying trash across the border, as he stepped up pressure on Kim Jong Un’s regime. The US and South Korea yesterday conducted joint bombing drills, in a show of force after Seoul scrapped a 2018 deal this week with North Korea to reduce tensions at the border. A South Korean soldier checks the trash from a balloon on June 2. Photographer: Im Sun-suk/Yonhap/AP Photo From foreign billionaires to City of London bankers, wealthy people in the UK are rushing to [shelter their money]( after Prime Minister Rishi Sunak surprised the country by calling an election on July 4. The ruling Conservatives and the opposition Labour party have both pledged to scrap preferential tax treatment for non-domiciled residents — rich foreigners known as non-doms. The attempted assassination of Slovak Prime Minister Robert Fico is heightening tensions in the country ahead of EU parliamentary elections on Saturday, [hardening positions]( despite calls to dial back the rhetoric. The premier’s allies have pounced on Slovakia’s opposition and media as enablers of the shooter, while Fico’s critics warn that his government is exploiting last month’s attack to quash critical coverage. Israel is warning it may go to a war with Hezbollah in Lebanon following increasingly deadly attacks. Rockets and drones from the Iran-backed group [have caused significant damage]( in the past few days, including a strike on a military facility that wounded 10 Israelis and killed one soldier. Colombia’s trade ministry is calling for a restriction on coal sales to Israel in the latest bid to [isolate the Jewish state]( as the death toll rises in its war against Hamas in Gaza. The Andean nation is Israel’s biggest supplier of the fuel. The United Nations’ atomic watchdog passed a resolution of [censure against Iran]( yesterday, deepening a diplomatic rift over the Islamic Republic’s contested nuclear program. The US and 13 partner nations in Asia and the Pacific will sign agreements on two more parts of an economic pact that’s key to [Washington’s strategy to build clout]( in the region. The UN estimates about 2.9 million refugees will need to be resettled next year, a 20% increase from this year, as [conflicts, economic crises and climate change]( push millions from their homes. Washington Dispatch Former President Donald Trump said Republican messaging around abortion restrictions has hurt the party, telling Fox News yesterday that “they’ve never understood how to talk about it.” He’s urged Republicans to take a more moderate stance on the issue to aid their election prospects. That has put him at odds [with evangelical Christians]( in the party who’ve championed federal bans and restrictive state-level policies in the wake of a 2022 Supreme Court ruling to strike down the Roe v. Wade decision, which protected abortion access nationwide for nearly half a century. The presumptive Republican presidential nominee says he wants to leave the issue to the states, calling the state-level decisions a “beautiful thing to watch.” Yet he acknowledged that those led by Democrats could have differing policies from more conservative ones. One person to watch today: Treasury Secretary Janet Yellen will deliver remarks at a Financial Stability Oversight Council conference on artificial intelligence. [Sign up for the Washington Edition newsletter]( for more from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television. Chart of the Day Source: ONS, Migration Observatory Struggling to gain traction in his bid for reelection, Sunak has promised to introduce a strict annual limit on visas issued to people seeking to come to Britain. But economists warn that such curbs could reduce the flow of workers, [restraining the UK’s ability to grow]( without sparking a jump in wages and prices. And Finally King Philippe of Belgium was on the edge of the Namib desert in early May to inaugurate a project that aims to help decarbonize European industry, and which might just enable one of Africa’s smallest economies to hit the [clean-energy big time](. The royal was just the latest in a string of European dignitaries to buy into Namibia’s grandiose plans to become a hub for what’s known as green hydrogen — a technology that critics say is a commercial illusion. A marquee where King Philippe heard a presentation on plans by the Port of Antwerp-Bruges to set up a green hydrogen and ammonia terminal just outside Walvis Bay. Photographer: Waldo Swiegers/Bloomberg What’s Your View? As the developments in India and Mexico show, political events can have a significant impact on financial markets globally. The landslide victory of Claudia Sheinbaum triggered a selloff in Mexican assets. Indian stocks had a wild ride as traders reacted to doubts over the future of Modi. On July 4, British people head to the polls. Will the outcome of that vote roil the financial markets? Will it help the pound get rid of the Brexit premium? Share your views in Bloomberg’s latest MLIV [Pulse survey](. More from Bloomberg - Check out our [Bloomberg Investigates]( film series about untold stories and unraveled mysteries - [Bloomberg Opinion]( for a roundup of our most vital opinions on business, politics, economics, tech and more - [Next Africa](, a twice-weekly newsletter on where the continent stands now — and where it’s headed - [Economics Daily]( for what the changing landscape means for policy makers, investors and you - [Green Daily]( for the latest in climate news, zero-emission tech and green finance - Explore more newsletters at [Bloomberg.com](. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Want to sponsor this newsletter? [Get in touch here](. 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