Amid growing uncertainty surrounding US–Ukraine relations, a steadfast commitment to the war-torn nation remains in the form of informal ties forged over three years of conflict with Russia.

Leading this charge is Howard G. Buffett, a Republican philanthropist and son of legendary investor Warren Buffett, who is making his 18th visit to Ukraine since Russia’s full-scale invasion in 2022.

This visit comes as the new US administration led by President Donald Trump explores a potential temporary ceasefire between Russia and Ukraine, casting a shadow over the future of US support for the country.

“We’re on Track”: Buffett’s billion-dollar commitment to Ukraine

“It doesn’t change anything we do. We’re on track,” Buffett told The Associated Press, underscoring his unwavering dedication. He stated that his foundation is on track to surpass $1 billion in aid to Ukraine this year.

Buffett also expressed skepticism about the prospect of a lasting peace deal, stating the prospect is “impossible.”

“Putin doesn’t want it, and he won’t respect it,” he said.

There’s no easy way to end the war. So, we’ll stick with it as long as we need to.

Buffett’s partnership with Ukraine’s economy minister

The Associated Press caught up with Buffett aboard a train alongside Ukraine’s Economy Minister Yuliia Svyrydenko on Saturday.

Their shared focus on humanitarian demining brought them together in 2023, and they have maintained close contact since. Svyrydenko lauded Buffett as “one of the greatest friends of Ukraine.”

Buffett stands alongside numerous Americans from across the US political spectrum who support Ukraine’s war effort, be it through financial assistance or volunteer military service.

These individuals believe that the US has not done enough to help Ukraine defeat Russia over the past few years.

During this visit, Buffett and Svyrydenko traveled to the country’s northern Sumy region, where the situation has significantly deteriorated following Ukrainian forces’ loss of ground in Russia’s Kursk region.

They visited the villages of Popivka and Bobryk, which, like much of the region, lie within a high-risk zone for land mines. Parts of the area were occupied by Russian forces in 2022 and are now considered potentially contaminated.

They also visited a local school that had been relocated to a basement, where children now study during extended air raid alerts, bearing witness to the realities of life in a war zone.

Focus on humanitarian needs: demining and infrastructure

Buffett’s foundation, which concentrates on addressing humanitarian needs such as agriculture, infrastructure and mine clearance, has contributed approximately $800 million to Ukraine since the start of the full-scale invasion, including $175 million dedicated to humanitarian demining.

Svyrydenko’s ministry is responsible for overseeing Ukraine’s humanitarian demining infrastructure, making the partnership between the two a vital one.

“He understands very well that if a country that can feed 400 million people cannot clear its fields and loses at least $12 billion of GDP every year due to mined land, it’s a major challenge,” Svyrydenko said of Buffett, emphasizing the long-term impact of landmine contamination.

The scars of war: landmines and economic losses

According to Ukraine’s Ministry of Economy, the country’s agricultural sector has lost 20.5% of its farmland since the invasion as a result of land mines, occupation and ongoing fighting.

A staggering 139,000 square kilometers (53,670 square miles) of Ukrainian land — an area roughly the size of the state of New York — are potentially mined.

Two-thirds of that territory consists of fertile farmland where generations of Ukrainians have cultivated wheat.

Since the beginning of the war, 335 people have been killed and 823 wounded in mine-related incidents, underscoring the immediate danger posed by these deadly remnants of war.

An estimated 6.1 million people live in areas considered at risk of landmine contamination, a constant reminder of the conflict’s enduring impact.

Despite rocky relations and growing uncertainty within the United States, Buffett expressed his belief that many US lawmakers still uphold the principles of freedom and democracy and will not abandon Ukraine as it fights for its sovereignty.

“At the end of the day, I think the US will do the right thing, but it may be a painful process and there may be a lot more Ukrainians that die,” he said.

The Buffett Foundation funded several bipartisan US congressional delegations to Ukraine in 2023 and plans to bring another group in May, aiming to foster a deeper understanding of the situation among American lawmakers.

Buffett, whose foundation has worked in conflict zones for over two decades, emphasized the importance of witnessing the conditions firsthand to fully grasp the war’s scale.

He recalled a particularly impactful drive from Kharkiv to Borova, near the front line, where he passed through village after village flattened by Russian attacks.

He added that atrocities committed in towns like Bucha, Borodyanka and Irpin, where Russian forces were accused of torturing, raping and executing civilians, are often forgotten outside Ukraine.

That’s why showing up matters. Hearing it from the people living it is the only way to truly understand.

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China loosened its grip on the yuan by setting the daily reference rate past the closely watched 7.20 per dollar mark, as the escalating trade war with the United States forces Beijing into difficult policy decisions.

The yuan, which is tightly controlled by the People’s Bank of China, dropped to 7.3363 to the dollar, the weakest level since September 2023 after the PBOC lowered its target rate for the yuan to 7.2038/dollar (it can then move up or down by 2%).

It marks the first time the fixing breached 7.20 since President Donald Trump’s election victory last November, a threshold that had been viewed by investors as an unofficial red line signalling China’s tolerance for a weaker currency.

The move prompted an immediate sell-off in the spot yuan, before recovering some ground.

While broader market sentiment showed some improvement, the weaker fixing unsettled currency traders already nervous about the deepening US-China standoff.

Stephen Innes, managing partner at SPI Asset Management, says the yuan has slipped past the ‘line in the sand’.

“This isn’t a warning shot, it’s Beijing quietly signalling that something much bigger could be coming. We flagged this yesterday, even as certain anti-Trump media corners tried to spin a weaker yuan as some kind of export booster. Let’s be honest: devaluation isn’t stimulus — it’s desperation. And it comes with serious tail risk,” he warned.

Currency strategy caught between trade support and capital flight fears

The timing of the adjustment reflects growing urgency in Beijing to support its faltering export sector, now under heightened strain from Washington’s aggressive tariff hikes.

A weaker yuan would make Chinese goods more competitive overseas, potentially offsetting some of the damage from American duties.

However, the decision to loosen currency controls is fraught with risks.

A rapid depreciation could stoke capital outflows, unsettle financial markets, and further antagonise Washington at a time when the prospects for any trade negotiations have dimmed sharply.

Source: Forexlive

“China devalued the yuan back in 2015 to respond to an economic slowdown and boost exports. That move surprised the markets and sent them into risk-off mode as people feared China’s economy was worse than expected,” said Giuseppe Dellamotta, macro and technical analyst at Forexlive.

“The US stock market reacted by falling more than 10% back then.”

Dellamotta said if China pursues the strategy of yuan devaluation, it could lead to an escalation in the trade war as Trump won’t be happy as he’s dubbed China a “currency manipulator” for a long time.

“The markets will likely expect something worse in response and the fear and uncertainty will likely weigh on the stock market further,” he said.

Keeping the exchange rate artificially strong also carries downsides, potentially curbing exports and risking a sharper correction later if pent-up depreciation pressures are unleashed all at once.

Becky Liu, head of China macro strategy at Standard Chartered Bank, noted: “The fixing could mean China’s foreign-exchange regime is now changed to managed depreciation rather than a firm cap under 7.35 for the spot yuan.”

Escalating tariffs raise pressure on Beijing

On Monday, President Trump threatened to impose an additional 50% tariff on Chinese imports if Beijing does not step back from its retaliatory plans.

In response, China’s Ministry of Commerce vowed to “fight to the end,” while announcing countermeasures including tariffs on all US goods and export controls on critical rare earth minerals.

Traders had been anticipating a potential recalibration of China’s currency strategy since the start of Trump’s second term, but policymakers had consistently pledged to maintain yuan stability and avoid excessive swings in the exchange rate.

Now, in the wake of tariff hikes that jolted global markets, investors are watching closely for fresh signals from the central bank on its stance toward the yuan — and whether Beijing is poised to restart monetary easing.

“The developments from the past week illustrate very clearly why we have argued for the past half year that intentional yuan depreciation to offset tariffs was a heavily flawed argument,” said Lynn Song, chief economist for Greater China at ING Think.

She added that a large devaluation would harm domestic purchasing power and market confidence, outweighing any gains in trade competitiveness.

Analysts see room for gradual yuan flexibility

A growing cohort of analysts sees room for the yuan to fall further, though most expect the PBOC to proceed cautiously.

Wells Fargo & Co. sees risks of up to a 15% deliberate depreciation over a two-month period.

“There’s a 75% chance Beijing will devalue the yuan and should the PBOC decide to do so, it’s likely to “go big, like 20 or 30%,” said Brad Bechtel, global head of FX at Jefferies Financial Group Inc.

However, most expect any move to be more measured, as a sharp devaluation could accelerate capital outflows and further erode investor confidence in Chinese assets.

Even if bearish sentiment gathers momentum, the PBOC has a broad toolkit to manage market volatility.

In the past, it has used measures like tweaking foreign-exchange liquidity and issuing offshore bills to curb the yuan’s decline.

“We reckon that the PBOC will allow more two-way FX flexibility gradually to adjust the choppy market after the tariff day, but a sharp yuan depreciation is unlikely due to capital outflow risks,” said Ken Cheung, chief Asia FX strategist at Mizuho Bank Ltd.

The PBOC will also opt to preserve FX stability to gain room to resume monetary easing.

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European equity markets experienced a welcome respite on Tuesday, opening higher after a four-day losing streak had battered investor sentiment worldwide.

The gains, however, come with a strong dose of caution, as the ongoing global tariff dispute and uncertainty surrounding US President Donald Trump’s next move continue to weigh heavily on market confidence.

As of 09:11 CET, the Stoxx 600 index was trading approximately 1% higher, with nearly every sector back in positive territory.

Major regional indexes also saw gains, including Germany’s Dax (up 1.09%), France’s CAC 40 (up 1.66%), and Italy’s FTSE MIB (up 1.66%).

In Spain, the IBEX 35 opened up 0.52%, while in London, the FTSE 100 also returned to positive territory, climbing 1.03%.

This calmer start on European markets follows a brutal trading session on Monday, although investor sentiment remains cautious as the global tariff spat and uncertainty over US President Donald Trump’s next move continues to weigh on confidence.

“Investors need to take each day as it comes, and Tuesday got off to a good start… Crude oil also increased by 1.2% to $61.45 a barrel, while gold edged 1.8% higher to $3,028 per ounce,” noted Russ Mould, investment director at AJ Bell, in an email to Euronews.

These are small wins in terms of asset movements but big wins for the state of the broader market given the bloodbath we’ve endured since ‘Liberation Day’ last week. The stabilising of markets will be welcomed with open arms.

Mould also suggested that these price movements should inject some much-needed positivity into markets, helping investors to alleviate some of the anxiety surrounding the damage to their portfolios over the past week.

“Markets could stay fragile for days and weeks to come. It would only take a new sign of aggression from Trump or a trading partner fighting back hard to cause upset again. Market recoveries can quickly lose momentum if investors lose faith in a remedy to the situation that caused the original sell-off,” Mould cautioned.

Asian markets stage a rebound, but the tension persists

Meanwhile, early Tuesday, China’s Commerce Ministry declared that it would “fight to the end” and implement unspecified countermeasures against the United States to safeguard its own interests after President Donald Trump threatened an additional 50% tariff on Chinese imports.

By early afternoon Tokyo time, the Nikkei 225 was up 5% at 32,691.34, recovering some of its recent losses.

Hong Kong also managed to regain some ground, although not nearly enough to offset Monday’s devastating 13.2% plunge, which marked the Hang Seng’s worst day since the Asian financial crisis of 1997.

The Hang Seng gained 1.6% to 20,140.78, while the Shanghai Composite index jumped 0.9% to 3,124.77.

South Korea’s Kospi edged 0.1% higher to 2,331.80, while the S&P/ASX 200 in Australia climbed 1.7% to 7,471.10.

Markets in New Zealand and Australia also saw gains.

US futures point to gains: a glimmer of hope or a false dawn?

US stock futures also climbed, with the three main benchmarks – the S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite – all up more than 1%.

This follows a mixed performance in the US session on Monday evening, where the Nasdaq managed a very small gain, while the S&P 500 was only down 0.2%.

However, analysts remain wary, questioning the sustainability of the current rebound. “I wouldn’t exactly be betting the house on a durable bounce, unless and until we get a decisive policy pivot,” Michael Brown, a senior research strategist at Pepperstone, told Euronews.

Inflection point or dead cat bounce? The market’s uncertain future

Richard Hunter, head of markets at Interactive Investor, echoed Brown’s sentiments, noting that investor skittishness and volatility remain high.

“The moves were relatively benign compared to the experience of recent days, but underneath the bonnet there were wild gyrations, with the Dow Jones index posting its largest ever intraday swing. Early reports apparently emanating from social media suggested that a pause on tariffs was imminent, which sent markets higher, only for this to be followed by a swift rebuttal from the White House which reversed any potential gains. Later comments from the President threatening to escalate tariffs even further against China kept global investors on high alert,” Hunter said in an email note to Euronews.

He further noted that the earlier falls in the prices of bonds and gold on the day were, “attributed to investors needing to raise funds for margin calls to cover their losses elsewhere.

This rotation has been seen before and can turn out to be a self-perpetuating cycle and is one which could put further pressure, if it were needed, on markets globally,”

Hunter also emphasized the difficulty in determining whether the reduced market falls represent a genuine inflection point or simply a classic “dead cat bounce.”

“The volatility within the US trading session in particular suggest that either is possible, especially since further tariff announcements will follow which could move sentiment in either direction. Indeed, many investors have noted – with some exasperation – that unlike previous crises where a confluence of factors came together to cause extreme market weakness, this set of events is largely due to the actions of just one person. To some extent, global indices are at the mercy of the President, and the growing backlash which the US is beginning to experience in terms of retaliatory tariffs and increasingly aggressive rhetoric are not even near the end of the beginning,” he cautioned.

Finally, despite finishing marginally higher on the day, the Nasdaq remains down by 19.2% so far this year and firmly in bear market territory with a decline of 23% since its relatively recent record high, further evidence the recovery may be short-lived.

Meanwhile, the S&P 500 and Dow Jones have fallen by 14% and 10.8% respectively in the year to date.

Global impact: commodities and trade relations under pressure

The analyst highlighted the ongoing reliance that Asian markets have on talks with the US to progress successfully stating, “the rally seems to be based on hopes that the talks with the US over the coming days will result in some concessions, with the economy largely dependent on exports with the States being a major and important trade partner.”

He also added, “China also ramped up its own retaliatory rhetoric and is showing little sign of succumbing to the President’s threats. It has promised its own as yet unspecified countermeasures in addition to the tariffs already announced, alongside which there is the possibility of further state stimulus to underpin the domestic economy. In any event, the outcome as it stands will be ugly and the potential for reduced demand has hit commodity prices in general, with the likes of oil already having declined by 13% this year.”

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Nigerian authorities have postponed legal proceedings against Binance as tensions persist over the crypto exchange’s role in the country’s economic troubles.

According to a recent report, a court in Nigeria has pushed back the tax evasion case to April 30. 

The delay gives the Federal Inland Revenue Service (FIRS) more time to respond to Binance’s request to cancel a previous court order that allowed legal documents to be served to the company via email. 

The FIRS initially filed the lawsuit in February, claiming Binance owes the country a whopping $2 billion in taxes along with an additional $79.5 billion in economic damages.

Related court filings reveal that the agency is pushing for the exchange to pay corporate income taxes for the years 2022 and 2023.

On top of that, FIRS has demanded a 10% annual penalty on the unpaid taxes and nearly 27% interest on the outstanding amounts. 

The agency has argued that Binance’s level of business activity qualifies as a “significant economic presence” in Nigeria, thereby making it liable for taxation under local law.

Binance, however, has challenged the court’s earlier decision to allow the order to be served via email. 

According to Binance’s attorney Chukwuka Ikwuazom, the order should be annulled, as Binance is registered in the Cayman Islands, has no physical office in Nigeria, and was served without proper court authorisation for cross-border delivery.

Binance’s history of legal troubles in Nigeria

Since expanding its services to Nigeria on October 24, 2019, with the addition of Naira, Binance’s journey in the West African country has been marred with regulatory pushback.

Things came to a head in February 2024 when two Binance executives, Tigran Gambaryan, a US citizen, and Nadeem Anjarwalla, a British-Kenyan national, were unexpectedly detained by Nigerian authorities. 

The executives had travelled to Abuja for what was supposed to be a series of meetings with government officials to address concerns around Binance’s local operations.

Instead, they were arrested and charged with tax evasion and money laundering.

The situation took a dramatic turn when Anjarwalla escaped custody in March and fled the country, reportedly making his way to Kenya, where he remains at large.

Gambaryan, however, stayed behind bars for months.

As previously covered on Invezz, reports soon started to surface that Gambaryan was suffering from pneumonia, malaria, and a herniated spinal disc, all while allegedly being denied proper medical attention. 

His detention caught the attention of US lawmakers, which even led Representative Rich McCormick to introduce a resolution in July 2024 that classified his arrest as a hostage situation. 

By October, the Nigerian government dropped the money laundering charges against Gambaryan, leading to his release on October 23, 2024.

He returned to the US the same month, bringing an end to a nearly seven-month-long detention.

In between, Binance officially halted all naira-related services and exited the Nigerian market in March 2024.

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