Morning Brief: July 21

• China is outraged by the new EU anti-Russian sanctions. Beijing expressed strong dissatisfaction with the 18th package of sanctions, which included several Chinese companies. The Ministry of Commerce of the People's Republic of China stated that they consider the inclusion of their enterprises in the sanctions lists unjustified and are ready to take «decisive measures» in response. Beijing calls on Brussels to immediately stop putting pressure on Chinese companies and financial structures.  

• Bitcoin is back above $119k. The bitcoin exchange rate reached $119,566 amid progress in the US crypto laws. The GENIUS Act (differentiates the powers of the SEC and the CFTC) and the Anti-CBDC Act (blocks the issuance of the digital dollar without congressional consent) have been approved. However, the laws need to be finalized, and the Senate has not yet approved them definitively. A little earlier, the cryptocurrency updated its historical record at $123,153.

• French President Emmanuel Macron is facing a record low level of support among citizens. According to Le Figaro, only 19% of the French approve of him, which is the worst figure for his entire time in power since 2017. French Prime Minister Francois Bayrou received even less– with just 18% approval. As a result, their duo became the most unpopular leadership tandem in the history of the Fifth Republic.  

• The United States has increased its dependence on Russian fertilizers. The tariff wars launched by Donald Trump have led to unexpected consequences: US dependence on Russian fertilizers has increased significantly. In May, imports of carbamide from Russia accounted for 64% of the total supply of this key fertilizer for wheat, corn and rice.  

• Starting in 2026, Russians will be fined for using cryptocurrencies as a means of payment. For individuals, the fine will range from 100 to 200 thousand rubles, for legal entities – from 700 thousand to 1 million rubles. This was announced by Anatoly Aksakov, head of the State Duma Committee on the Financial Market. The cryptocurrency used for payment will be withdrawn.