A bitter tally

Ukraine celebrates independence day on Wednesday. [View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( Ukraine is showing off wrecked Russian tanks in Kyiv for this year’s Independence Day celebrations. It’s not the military display President Vladimir Putin had in mind when he launched Russia’s invasion. The war that Russia — and some of Ukraine’s allies — expected to end in days with a victory parade for Putin will hit the six-month mark on Wednesday, the day Ukrainians observe 31 years of independence from the Soviet Union. It’s a bittersweet moment for Ukrainians daily asserting their independence in the face of enormous suffering and destruction inflicted by the Russian army. Key reading: - [Putin’s War in Ukraine at a Standstill, Western Officials Say]( - [Russia Probes Car Bomb That Killed Daughter of Putin Ideologist]( - [NATO Races to Counter Russia’s Threat in Europe’s Weak Spot]( - [White House Says Zelenskiy Should Join G-20 If Putin Attends]( - Follow our rolling coverage of the Russian invasion of Ukraine [here](. For Putin, the day is a measure of how much has gone wrong in the war, with Kyiv defiant and Russian forces making little headway in eastern Ukraine after taking huge casualties. The Ukrainian army, buoyed by explosions at Russian military facilities in Crimea, sounds increasingly confident it can push back the invasion, backed by advanced weaponry from its US and European allies. Putin marked Russia’s State Flag Day today with a speech saying the emblem symbolized the “victories of our ancestors.” He’s wrapped his war in patriotism, appealing to Russians for support while hiding the scale of losses and crushing any protest. It’s worked so far — there’s no widespread dissent in Russia, where many have tuned out the war. But a car bombing outside Moscow at the weekend that killed the daughter of a far-right ideologue and advocate of the invasion may hint at tensions below the surface. While it’s unclear so far who was responsible, an exiled former Russian lawmaker claimed it was the work of anti-Putin partisans. For all the setbacks, the Russian leader hasn’t abandoned his aim of subjugating Ukraine. But the fact Ukrainian President Volodymyr Zelenskiy is delivering an Independence Day address at all symbolizes the scale of Russia’s failure after six months of war. A mural by street artist Sasha Korban depicting the hands of a military man sewing together parts of the Ukrainian flag in Kyiv. Photographer: Sergei Supinsky/AFP/Getty Images Click [here]( to sign up for The Readout with Allegra Stratton, your guide to the stories that matter for the UK. And share this newsletter with others. They can sign up [here](. Global Headlines War games | The US and South Korea today began their biggest joint [military exercise]( in about five years, after a hiatus on large-scale drills failed to draw concessions in disarmament talks from North Korea’s Kim Jong Un. Washington and Seoul have said the drills are defensive in nature and will include maneuvers to coordinate forces in response to an invasion from Pyongyang. Reliance on Russia | China’s [purchases]( of crude, oil products, gas and coal from Russia rose to $35 billion since the war in Ukraine began, from about $20 billion a year earlier. While import values have been inflated by the global spike in energy prices, China is still taking more volumes, sometimes at discounted rates, from its strategic ally. - Chinese banks lowered their benchmark lending rates while authorities stepped up support for the property market with additional loans to help [ease]( a worsening housing crisis and bolster borrowing demand. Germany may have to turn to [nuclear power]( to plug its energy gap as it struggles to replace all of its imports of Russian natural gas for the winter, Chancellor Olaf Scholz and Economy Minister Robert Habeck said. With Europe gripped by its worst energy crisis for decades, politicians are looking at all alternatives including atomic power, a technology Berlin had decided to exit permanently by the end of the year. New optimism | Democrats are increasingly [confident]( they can limit Republican gains in the House and even keep control of the Senate in the November midterm elections, as the debate on abortion crowds inflation as an issue and the tumult around former President Donald Trump hurts the GOP. While the House is almost certain to flip to Republican control, the Senate is increasingly looking like a toss-up. Best of Bloomberg Opinion - [The State of the Ukraine War After 6 Months: Lara Williams]( - [Iran’s Return Would Replace Russian Oil in Europe: Julian Lee]( - [Feminist or Not, Giorgia Meloni Has a Duty to Women: Maria Tadeo]( Iran chat | President Joe Biden spoke yesterday with the leaders of the UK, France and Germany as the US and the European Union seek to [revive]( the 2015 nuclear deal with Iran that was abandoned when the Trump administration backed out in 2018. The leaders discussed talks toward reaching a deal, including the need to strengthen support for partners in the Middle East. Explainers you can use - [Net Zero Will Make or Break One of the UK’s Wealthiest Cities]( - [Why Singapore is Abolishing a Ban on Sex Between Men]( - [The World’s Cotton Supply Keeps Shrinking, Hit by Drought, Heat]( Marriage hurdle | Singapore Prime Minister Lee Hsien Loong said the government will repeal a colonial-era law that criminalizes sex between men, but will bolster rules preventing same-sex marriages by amending the Constitution, in a [compromise]( with conservative and religious groups. “We need to find the right way to reconcile and accommodate both the traditional mores of our society, and the aspiration of gay Singaporeans to be respected and accepted,” he said. Supporters attend the annual “Pink Dot” event in support of the LGBTQ community in Singapore on June 18. Photographer: Roslan Rahman/AFP/Getty Images Bloomberg TV and Radio air Balance of Power with [David Westin]( weekdays from 12 to 1pm ET, with a second hour on Bloomberg Radio from 1 to 2pm ET. You can watch and listen on Bloomberg channels and online [here]( or check out prior episodes and guest clips [here](. News to Note - Japanese Prime Minister Fumio Kishida returned to official duties today after [testing positive]( for Covid-19 over the weekend, yet will stay in quarantine until the end of the month. - Raila Odinga, who narrowly lost last week’s Kenyan presidential election, filed a lawsuit today [challenging]( the outcome after alleging that the process was marred by rigging and counting irregularities. - China [punished]( more than two dozen education officials over a series of math-textbooks drawings that an investigation found portrayed the nation’s children as “ugly.” - Pakistan’s government is consulting on whether to open a [legal case]( against former leader Imran Khan over remarks he made about state institutions in a speech over the weekend. - Argentine Economy Minister Sergio Massa tapped veteran economist Gabriel Rubinstein as secretary of economic planning, to help craft the [policy response]( to a currency slump and the fastest inflation in three decades. - Serbia will negotiate with Kosovo over the next 10 days to try to resolve a [dispute]( affecting tens of thousands of local Serbs in Kosovo who face a Sept. 1 deadline to change their identity cards and car plates. Thanks to the 41 people who answered the Friday quiz and congratulations to Phemy Kadri, who was the first to identify Kenya as the nation whose former prime minister rejected his narrow loss in a presidential election and vowed to mount legal challenges against the result. And finally ... Saudi Crown Prince Mohammed bin Salman has centralized power and increased political repression since being elevated by his father to become the kingdom’s de facto ruler. Yet he’s also ended or relaxed restrictions on entertainment and how men and women can mix, developments being given flight by a gusher of oil revenue that means Saudi Arabia’s economy is the fastest growing in the Group of 20. As [Vivian Nereim]( reports, the resulting social and economic shift is [reshaping]( the kingdom. Revelers dance at a music festival in Riyadh. Photographer: Tasneem Alsultan/Bloomberg Like getting this newsletter? 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