World
EU vows to tax Russia’s immobilised assets for Ukraine reconstruction

Ursula von der Leyen gave more details on Friday about the delayed plan to use the immobilised assets of the Russian Central Bank to pay for Ukraine’s reconstruction.
“We’re currently working on a proposal to initially focus on the so-called windfall profits,” the European Commission president said at the end of a leaders’ summit in Brussels.
“In other words, we will present a proposal to find a way how to use the proceeds from those assets that are currently benefiting a limited number of financial institutions in the European Union,” she went on, without saying when the legal text will be released.
“These windfall profits are already quite substantial.”
The assets have been frozen since February last year when Western allies introduced a raft of sanctions to cripple Russia’s ability to finance the war against Ukraine, most notably by blocking the Central Bank’s access to its foreign-exchange reserves.
These deposits are worth €211 billion across EU territory, with over €180 billion reportedly held by Euroclear, a Brussels-based financial services company.
Euroclear is entitled to manage the assets but cannot benefit from them. In the first nine months of this year, the Russian-sanctioned assets in the firm’s portfolio generated €3 billion in interest and caused €34 million in management costs.
As the proceeds keep growing due to higher interest rates, pressure is mounting on Brussels to take action and divert the money to pay for rebuilding Ukraine, an endeavour the World Bank estimates will require at least €411 billion.
“Politically we agreed that ultimately Russia must pay for the long-term reconstruction of Ukraine,” von der Leyen said.
The Commission’s proposal, she explained, will pool together the tax revenues obtained from the Russian assets and then channel them through the bloc’s common budget to Kyiv.
During Friday’s press conference, von der Leyen did not address the multiple concerns the unprecedented project has raised among legal scholars, financial experts and even the European Central Bank (ECB), who worry the initiative could damage the euro’s credibility as the world’s second reserve currency, raise borrowing costs for European companies, and damage trade relations around the world.
Unlike private property owned by oligarchs, such as mansions, yachts, and artworks, the assets of the Russian Central Bank are considered sovereign and therefore protected under international law from confiscation and expropriation.
If the sanctions are one day lifted, the West will have to hand them back to the Russian state.
While most EU countries are determined to use the assets one way or the other, the concerns raised by the ECB have weighed heavily on the closed-door debate, fuelling calls for extra caution and diligence.
“Russia is responsible for the massive damage caused by its war of aggression against Ukraine,” EU leaders said in their joint conclusions released after the summit.
“Decisive progress is needed, in coordination with partners, on how any extraordinary revenues held by private entities stemming directly from Russia’s immobilised assets could be directed to support Ukraine and its recovery and reconstruction, consistent with applicable contractual obligations, and in accordance with EU and international law.”
Mindful of the concerns, the Commission has promised to adopt a prudent approach and has delayed several times the presentation of the legislative proposal, which von der Leyen originally promised to unveil before the summer break. Reframing the idea as a windfall tax is seen as a less risky path forward, even if many doubts remain.
Von der Leyen underlined the need to coordinate the measure with the G7, which has set up a task force to examine possible ways to tap into the extraordinary revenues.
Also on Friday, von der Leyen announced the next round of sanctions against Russia, number 12 since February 2022, will seek to ban imports of Russian diamonds and crack down on circumvention. The penalties are still in the early stage of consultations.

World
Richard Linklater on Trump’s Film Tariff Threat: ‘That’s Not Going to Happen, Right? That Guy Changes His Mind Like 50 Times in One Day’

Richard Linklater sounded off on Trump’s tariff threat on foreign-made films during the Cannes press conference for his new film “Nouvelle Vague,” saying: “That’s not going to happen right?”
Linklater shot “Nouvelle Vague,” which chronicles the making of Jean-Luc Godard’s “Breathless,” in France. When asked if he had any thoughts on Trump’s recent threat to impose a 100% tax on films made outside of the U.S., the director doubted the viability of the proposal.
“The tariff thing, that’s not going to happen right? That guy changes his mind like 50 times in one day,” Linklater said. “It’s the one export industry in the U.S., it would be kind of dumb to… Whatever, we don’t have to talk about that.”
On if it has become more expensive to make films in the U.S., Linklater said: “I think the true indie film, the no-budget film, has cost the same for the last 60 years. It’s always about how much you have, so that doesn’t change much.”
Zoey Deutch, who plays “Breathless” leading lady Jean Seberg in the film, then chimed in to say that “it would be nice to make more movies in Los Angeles.”
“The history and the studios and the culture and the crews, it would be so beautiful,” she said. “I just finished doing a movie there and it was magical in the same way that Paris is magical and has this history. I would love for there to be more movies in Los Angeles.”
Linklater agreed and added that he “really admires” the French for “taking care” of their film industry. “They make sure it’s healthy and they nurture it and they help it. The government, everyone is all in,” he said. “From production to distribution, they care. And our country, the U.S., could use a little bit of that.”
“Nouvelle Vague” premiered at Cannes on Saturday night to an enthusiastic ovation. Guillaume Marbeck stars as Godard in “Nouvelle Vague,” with Aubry Dullin playing “Breathless” star Jean-Paul Belmondo. The movie is Linklater’s first project shot in French. Variety’s Owen Gleiberman called the movie a highlight of the 2025 festival, writing: “Guillaume Marbeck is so perfect as Jean-Luc Godard he’s uncanny. And so is the whole movie.”
Elsewhere in the conference, Linklater reflected on the current state of cinema, saying that he’s “optimistic” due to the passion he’s seen from young people, who he called the “Letterboxd generation.”
“Cinema is optimistic — it has to be,” Linklater said. “It always feels under attack, you know? I’ve had movies out for over 30 years now and it’s always, ‘Things are terrible, it’s tough.’ And it is tough, it’s a struggle — but it always has been.”
He continued: “There’s new threats, but there’s something perpetual. We like stories told to us, we like the format of feature films. There’s more films than ever being made, indie films, it’s just harder to get them seen. But we adapt.”
World
Pope Leo says family based on ‘union between a man and a woman,’ defends dignity of unborn

World, media react to election of Pope Leo XIV
OutKick writer Mary Katharine Ham and Democratic strategist Kevin Walling join MediaBuzz to discuss the election of Pope Leo XIV, the first American pope in history, and the U.S. trade deal with the U.K.
Pope Leo XIV has affirmed traditional Catholic doctrine regarding marriage, saying that it is founded on the “stable union between a man and a woman.”
The pope, who was elected to lead the Catholic Church on May 8, was making his first major remarks as pontiff during a private audience with the Vatican’s diplomatic corps on Friday, where he also stressed the inherent dignity of the frail and vulnerable, including the unborn, elderly and immigrants.
“It is the responsibility of government leaders to work to build harmonious and peaceful civil societies,” the pope said. “This can be achieved above all by investing in the family, founded upon the stable union between a man and a woman.”
While Pope Francis also said the Church could not accept same-sex marriage, conservatives accused the late pontiff of sowing confusion among the faithful by being more welcoming than his predecessors to LGBTQ people and approving the blessing of individuals in same-sex relationships.
Pope Leo XIV speaking with members of the Diplomatic Corps on a number of topics including family (Vatican Media)
FOOTBALL LEGEND LOU HOLTZ CALLS ON CATHOLICS TO ‘DEFEND AND ENCOURAGE’ POPE LEO XIV
Pope Leo, the first American to lead the Catholic Church and a member of the Augustinian order, reaffirmed the Church’s position against abortion, called for protection of religious freedom and said he would continue to pursue inter-religious dialogue.
“No one is exempted from striving to ensure respect for the dignity of every person, especially the most frail and vulnerable, from the unborn to the elderly, from the sick to the unemployed, citizens and immigrants alike,” Leo said.
The gathering with the Vatican’s diplomatic corps is standard protocol following the election of a new pope and allows him to greet representatives of world governments ahead of his formal installation Mass on Sunday. Vice President JD Vance, Secretary of State Marco Rubio and Ukrainian President Volodymyr Zelenskyy, along with many other world leaders, will attend the mass, the Vatican said.
In emphasizing dignity for immigrants, Pope Leo noted that his own family had immigrated to the United States. His remarks could lead to friction with President Donald Trump, who seeks to deport millions of illegal immigrants from the U.S. Trump and Pope Francis also publicly clashed on immigration.

Pope Leo XIV meets with the Diplomatic Corps prior to his inaugural mass. (Vatican Media)
MEDIA POSITIONS POPE LEO XIV AS POTENTIAL ‘COUNTERWEIGHT’ TO TRUMP
“My own story is that of a citizen, the descendant of immigrants, who in turn chose to emigrate,” Pope Leo told ambassadors at the Vatican.
“All of us, in the course of our lives, can find ourselves healthy or sick, employed or unemployed, living in our native land or in a foreign country, yet our dignity always remains unchanged. It is the dignity of a creature willed and loved by God,” he added.
Pope Leo’s father was of French and Italian descent, while his mother was of Spanish descent.

Pope Leo XIV appears at the balcony of St. Peter’s Basilica at the Vatican, on May 8, 2025. (Andrew Medichini/AP)
Pope Leo called on attendees to keep in mind three essential words – “peace,” “justice” and “truth” – and said that they represent the pillars of the church’s missionary activity and the aim of the Holy See’s diplomacy.
Truth, for instance, he said, “does not create division, but rather enables us to confront all the more resolutely the challenges of our time, such as migration, the ethical use of artificial intelligence and the protection of our beloved planet Earth.”
“These are challenges that require commitment and cooperation on the part of all, since no one can think of facing them alone.
Reuters and The Associated Press contributed to this report.
World
Severe storms kill at least 21 across US Midwest and South

Severe weather sweeping across the American Midwest and South has left at least 21 people dead, with officials warning that the death toll may rise.
In Kentucky, at least 14 people were confirmed dead, with local authorities saying nine people were killed after what appeared to be a powerful tornado touched down in the south-eastern part of the state.
Structures collapsed, and a car was flipped on a motorway as the storm ripped through the largely rural area. Authorities said there were also multiple reports of serious injuries.
While the US’s National Weather Service has not yet confirmed that it was a tornado which struck Kentucky, meteorologist Philomon Geertson said it was likely.
“Lives have been changed forever here tonight. This is a time we come together, and we pray for this community,” said the mayor of London, Kentucky, Randall Wendle. “I have never personally witnessed what I’ve witnessed here tonight.”
Only two months ago, severe weather caused at least 24 deaths and widespread damage in Kentucky. Hundreds had to be rescued during that storm.
Missouri pounded by storms
At least seven people were killed in neighbouring Missouri and tornadoes were also triggered in Wisconsin by the severe weather.
More than 600,000 homes and businesses across a dozen states lost power as of Saturday, with Missouri and Kentucky among the hardest hit.
St. Louis mayor Cara Spencer confirmed the deaths of at least five people in the city and said more than 5,000 homes were damaged.
“This is truly, truly devastating,” she said. “The loss of life and the destruction is truly, truly horrendous.”
The city’s fire department said three people had to be rescued after part of a nearby church collapsed, but one of these people died. A curfew was imposed Friday night in the neighbourhoods damaged the most.
The US National Weather Service said tornadoes also hit Illinois, with more severe weather conditions expected all the way to the Atlantic coast.
The total number of injured was not immediately available. However, hospitals in area reported receiving dozens of injured – some in serious condition.
Additional sources • AP
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