On June 23, Iran launched a missile barrage at Israel, causing air raid sirens to ring across the nation and forcing millions into shelters.

• About 10 missiles were fired in four volleys, with three striking Israeli territory.
• Significant damage occurred to a strategic infrastructure facility of the Israel Electric Corporation, resulting in power disruptions.
• No injuries were reported, but the missiles included cluster warheads, which are designed to cause widespread damage.

The US Secretary of State Marco Rubio urged China to intervene and prevent Iran from closing the Strait of Hormuz, a vital shipping route, following a report of Iranian parliamentary approval for such a move.

• Approximately 20% of the world’s oil transits through the Strait of Hormuz.
• Marco Rubio emphasized that closing the strait would harm the economies of many countries, including China, which imports over 1.8 million barrels of oil from Iran daily.
• Global oil prices surged to $78.89 a barrel after US airstrikes on Iranian nuclear sites escalated tensions in the region.

Despite facing unprecedented sanctions following its illegal invasion of Ukraine in 2022, Russia's economy showed unexpected resilience, reportedly growing by 4.3% in 2024, outpacing all G7 nations.

• Russian rouble became the best-performing global currency in 2024, gaining over 40%.
• Economist Yevgeny Nadorshin claims the downturn will be “mild” with the unemployment rate projected to peak at 3.5%.
• Inflation remains high at 9.9%, with significant worker shortages and disruptions in key industries due to sanctions.