Venezuela, US strike historic $100 billion oil investment deal

Venezuela has announced that it has reached a “historic agreement” with the US government aimed at restoring and rebuilding strategic infrastructure in the country’s hydrocarbon industry and promoting investment in the sector.

Venezuelan acting President Delcy Rodríguez said the agreement would strengthen bilateral relations and help attract large-scale investment into the country’s energy sector.

According to the statement, the deal will allow Venezuela to significantly increase oil production with the participation of private operators. The agreement provides for the development of 17 strategic oil fields with proven reserves of 65 billion barrels, more than $100 billion in investment, and over $209 billion in tax revenues for the Venezuelan state.

Earlier, reports emerged that a major oil deal between Venezuela and the United States would give US companies a greater role in the development and management of Venezuela’s vast oil reserves. The agreement includes the development of the 17 fields and is expected to substantially increase oil production through private investment.

Rodríguez described the agreement as historic, saying it could have a significant impact on Venezuela’s economic recovery and the revival of its energy industry.

Meta’s US teen restrictions put child safety under spotlight

Meta’s decision to restrict teenagers’ use of its social media platforms in the United States shows that the company has the tools to provide stronger protections for young people online, Australian officials said as the country continues to face uneven enforcement of its own social media restrictions.

According to foreign media, Meta has agreed to pay up to $18 billion in compensation over 10 years as part of a settlement with nearly all U.S. states over allegations concerning the impact of its social media platforms on teenagers.

The agreement has opened a new front in governments’ efforts around the world to protect children online and address concerns over potentially addictive use of platforms such as Facebook and Instagram.

Governments in several countries have been seeking to restrict children’s exposure to harmful online content. Australia introduced the world’s first nationwide ban on social media use by children under 16 late last year.

A similar proposal is also being considered in Azerbaijan. Under a draft bill, children under 16 would be prohibited from creating accounts on certain social media platforms, while users aged 16 to 18 would require parental consent and face additional safeguards.

Under the U.S. settlement, Meta has agreed to pay up to $18 billion over a decade and introduce restrictions on how teenagers use Facebook and Instagram. The agreement seeks to resolve lawsuits alleging that the company designed its platforms in ways that encouraged addictive use among children. Meta has denied wrongdoing but agreed to settle the cases.

The agreement would bring significant changes to the operation of Facebook and Instagram in the United States. Among the measures is a default two-hour daily usage limit for users under the age of 18.

Previously, 29 U.S. states had sought penalties against Meta and demanded changes to the way Facebook and Instagram operate, accusing the company of encouraging social media addiction among young people. Meta estimated that losing the case could have resulted in fines of up to $1.4 trillion.

It should be noted that thousands of lawsuits have been filed against Meta, alleging that the company prioritized business growth over the safety of underage users.

Iran accuses rivals of using media to influence energy prices

Iranian Foreign Minister Abbas Araghchi said intelligence gathered by Tehran indicates attempts to manipulate energy markets amid the ongoing conflict.

According to Araghchi, Iran’s adversaries are using the media to influence energy prices and shape the information environment in an effort to advance their own interests. Similar allegations have previously been made by Iranian authorities.

Araghchi also said such efforts would not change the course of the conflict or prevent the United States from becoming involved in what he described as a “losing war.”

Earlier, U.S. President Donald Trump announced the launch of an “economic war and isolation” campaign against Iran on an unprecedented scale.

The U.S. president also warned that countries whose financial institutions, businesses, airports or government bodies provide support to Tehran would face serious economic consequences from Washington.

Can international law still prevent a nuclear catastrophe?

Every year on 29 August, the world observes the International Day against Nuclear Tests. Established by the United Nations General Assembly in December 2009, the day is more than a symbolic entry in the international calendar. In today’s increasingly uncertain geopolitical environment, its significance has become particularly pronounced. Rising tensions between major powers and renewed debates over nuclear deterrence have once again brought the risks associated with nuclear weapons and testing to the forefront of international attention.

A nuclear weapon is capable of destroying a city within minutes, killing or injuring hundreds of thousands of people and leaving environmental consequences lasting for generations. Radiation does not recognize borders, distinguish between villains and victims, or disappear when a war is over. The effects of nuclear weapons extend far beyond the moment of detonation. For decades, the relative absence of nuclear war created a dangerous sense of familiarity. Humanity became accustomed to living under the shadow of weapons capable of ending civilization. Yet survival should not be confused with safety. The fact that nuclear weapons have not been used in war since 1945 does not prove that the international system is secure. It may demonstrate the effectiveness of deterrence and the influence of international norms.

After the Cold War ended and the Soviet Union collapsed, many believed that the nuclear danger had sharply diminished. The theory of nuclear deterrence rests on a simple but terrifying proposition that no rational state will launch a nuclear attack if it knows that the response will guarantee its own destruction. During the Cold War, this logic became known as mutually assured destruction. Nuclear weapons were presented not as instruments to be used, but as weapons whose very existence would prevent their use.

History contains numerous episodes in which nuclear escalation was avoided not because deterrence operated perfectly, but because individual people questioned an alarm or refused to follow the logic of the moment. A security system that depends on permanent technical perfection and uninterrupted human factors cannot be described as completely safe. Deterrence is therefore a paradox. The use of nuclear weapons can lead to even more serious problems, and policymakers are well aware of this.

Since the beginning of the nuclear age in 1945, nearly 2,000 nuclear tests have been conducted around the world. Many took place in deserts, on remote islands, underground or high in the atmosphere. Governments often described these locations as empty spaces, as if distance from the capitals meant absence of human life. But the map of nuclear testing is also a map of marginalized communities. Indigenous peoples and residents of remote regions were frequently exposed to risks they neither understood nor accepted.

French nuclear testing in Algeria is one of the clearest examples. On 13 February 1960, France detonated its first atomic bomb, Gerboise Bleue, near Reggane in the Algerian Sahara. With a yield of approximately 70 kilotons, the explosion was more than four times as powerful as the bomb dropped on Hiroshima. French authorities portrayed the Sahara as a vast and largely empty testing ground. Many people were not adequately informed about the dangers of radioactive exposure. The legacy did not end when the tests stopped because contaminated material, radioactive particles and unresolved health concerns remained.

The most important testimony of Hiroshima and Nagasaki is not found in abstract calculations of military advantage. It is found in burned streets, destroyed hospitals, families that disappeared just in a second. On 6 August 1945, the United States dropped an atomic bomb on Hiroshima. Tens of thousands were killed immediately, and the total number of deaths rose dramatically in the following months as people succumbed to burns, injuries and radiation-related illnesses. Three days later, another atomic bomb was dropped on Nagasaki, killing tens of thousands more. Exact casualty estimates differ because wartime records were incomplete and many victims died after the explosions.

Today, the global nuclear order remains shaped by the Treaty on the Non-Proliferation of Nuclear Weapons, which entered into force in 1970. It is one of the most widely adopted international security agreements, with 191 participating states committed to preventing the spread of nuclear weapons and promoting disarmament. The treaty recognizes five official nuclear-weapon states: the United States, Russia, China, France, and the United Kingdom. However, several other countries outside the treaty framework – India, Pakistan, Israel, and North Korea – also possess nuclear weapons, adding complexity to global non-proliferation efforts.

The expiration of the New Strategic Arms Reduction Treaty (New START) in February 2026, signed by the United States and Russia in 2010, marked another major turning point. For the first time in more than half a century, Washington and Moscow found themselves without legally binding limits on their strategic nuclear forces. At the same time, other important multilateral arms-control arrangements have also come under pressure. The United States and Russia have withdrawn from the Treaty on Open Skies, while the Comprehensive Nuclear-Test-Ban Treaty (CTBT), despite its provisions being broadly observed in practice, has still not entered into full legal force because the required ratifications have not been completed.

To date, 187 countries have signed the CTBT and 178 have ratified it. For the treaty to enter into force, however, it must be ratified by specific states whose participation is considered essential because of their nuclear capabilities. Although the CTBT has never formally entered into force, nearly all nuclear-armed states have established voluntary unilateral moratoriums on nuclear testing. In May 2010, all NPT states parties reaffirmed their commitment to working toward a safer world free of nuclear weapons and described achieving a ban on nuclear testing as a “vital task.”

The geographic scope of nuclear-weapon-free zones has also expanded significantly. Much of the Southern Hemisphere is now effectively covered by regional treaties establishing nuclear-weapon-free zones, including the Treaty of Rarotonga covering the South Pacific, the Treaty of Pelindaba covering Africa, the Bangkok Treaty covering Southeast Asia, and the Treaty of Tlatelolco covering Latin America and the Caribbean. These agreements demonstrate that regional cooperation can play an important role in reducing the presence and potential deployment of nuclear weapons.

According to widely cited estimates, the global nuclear stockpile stands at roughly 12,000 warheads. Approximately 90 percent of them are held by Russia and the United States alone. China, France, and the United Kingdom maintain smaller but still significant arsenals. Because nuclear programs are highly classified, however, precise figures remain uncertain and are based largely on publicly available intelligence.

At the same time, the question of nuclear disarmament has become considerably more complicated in recent years. One major factor is the proliferation of dual-use delivery systems, particularly ballistic and cruise missiles capable of carrying either nuclear or conventional warheads. Additional risks are emerging from the prospect of deploying weapons in outer space, the development of hypersonic systems, lethal autonomous weapons, increasingly sophisticated cyber capabilities, and the growing role of artificial intelligence in military decision-making. For many of these emerging technologies, comprehensive multilateral rules have yet to be established. In some areas, international discussions have not even reached the stage of fully developed negotiations. This creates a widening gap between the rapid development of military technologies and the ability of international law and institutions to regulate them.

This is why international law matters more than ever. A potential or actual threat involving the use of nuclear weapons is governed by a much broader body of international law than nuclear-specific treaties alone. Even as some arms-control agreements have expired or come under increasing pressure, fundamental principles remain embedded in the UN Charter and other rules of international law. These include restrictions on the threat or use of force and prohibitions on aggression across borders, subject to recognized exceptions such as lawful self-defense and actions authorized by the UN Security Council.

The history of nuclear weapons demonstrates how dangerous these capabilities can be. The destruction caused by nuclear testing and the devastating consequences of the use of nuclear weapons should serve as a warning to future generations. The lessons of the past should guide the international community toward a future in which security is built on cooperation and diplomacy.

UN: 6,000 seafarers still stuck in Strait of Hormuz

International Maritime Organization (IMO) Secretary-General Arsenio Dominguez marked on Friday six months since the start of the United States-Iran conflict, warning that up to 400 vessels carrying around 6,000 seafarers are still unable to leave the Strait of Hormuz.

He pointed out that the disruption of supply chains for fuels, fertilizers and other commodities is causing serious short- and long-term consequences for the global economy.

Dominguez called on IMO member states and the shipping industry to work with the organization and the wider United Nations to “advance practical solutions” to ensure free passage through the Strait of Hormuz. “The deterioration of maritime security around the globe – from the Black Sea to the Red Sea and Gulf of Aden – is detrimental to us all. But it is particularly distressing for the thousands of innocent seafarers affected,” he concluded.

Azerbaijan tightens import rules to protect consumer safety

Azerbaijan will strengthen controls over the compliance of imported non-food consumer goods with safety requirements. The relevant amendments were approved by law on July 13 and will enter into force on September 5.

Under the new law, when goods subject to technical regulations and referenced standards are imported into the country, documents confirming their compliance with safety requirements must be submitted to customs authorities. These documents may include a certificate of conformity, a declaration of conformity, or recognized conformity documents issued in foreign countries.

In this regard, amendments will be made to provisions of the Customs Code defining the powers of customs authorities and the forms of customs control. The changes will authorize customs officials to check whether imported goods are accompanied by the required conformity documents.

Under the requirements of the Law on Technical Regulation, the production, sale, import and use of products that do not comply with technical regulations or whose conformity has not been assessed are prohibited.

The purpose of the legislation is to prevent the import of non-food consumer goods that fail to meet technical regulations and may be considered unsafe, improve the import control mechanism and enhance consumer safety.

The new rules will ensure that the same requirements are applied to both locally produced and foreign-made products. This is expected to help protect the competitive environment and support domestic production. At the same time, the measures are aimed at preventing the import of products that could pose risks to people’s lives and health, the environment, property or state interests.

The law also provides a 24-month transition period to allow businesses involved in the import of non-food goods to adapt to the new requirements. The changes will apply to imported goods two years after the relevant technical regulations and referenced standards enter into force.

It should also be noted that a decree signed by President Ilham Aliyev on August 6 concerning the implementation of the law, as well as amendments to certain decrees and orders of the President of the Republic of Azerbaijan, will also enter into force on September 5.

Finland, Israel secretly sign memorandum on defense cooperation

Finland and Israel have secretly signed a memorandum of understanding on cooperation in defense materiel.

The agreement covers cooperation between the two countries in research, development and procurement of military equipment.

According to Yle, the memorandum was originally drawn up in 2013. Finland proposed extending the agreement in early 2024, with the new version extending its validity from five years to 10 years. The latest memorandum will remain in force until 2034, while previous agreements had been renewed at five-year intervals.

Finland already has several defense-related ties with Israel. In 2023 the government of then-Prime Minister Sanna Marin approved the purchase of Israel’s David’s Sling air-defense system in a deal worth more than pound 300 million. Finland is expected to put the system into service next year.

Yle also reported that the memorandum established a joint coordination group between Finland and Israel. The group is scheduled to meet at least once a year to discuss bilateral defense cooperation.

An Israeli Defense Ministry representative told the Jerusalem Post that Finland serves as “Israel’s gateway to NATO and European markets.”

Researchers detect anomalies at site of Noah’s Ark search in Turkiye

A specialized radar system brought from the United States has detected various underground anomalies and cavities with straight edges during research into the possible remains of Noah’s Ark in Turkiye’s Agri province.

The research is being conducted in the Dogubayazit district near mount Agri Dag, where scientists are using advanced underground imaging technology to examine a geological formation long associated with claims about the biblical vessel.

Project leader and archaeology professor Cenk Atilla said the research began on June 28, 2026. Since then, the team has produced three-dimensional models of the area, recorded GPS coordinates and prepared detailed maps before moving on to underground surveys.

The research team is now examining whether the structures detected underground could be natural geological formations or possible remains associated with an ancient vessel.

Researchers used ground-penetrating radar systems to examine what lies beneath the formation. According to Atilla, the scans were aimed at identifying possible cavities, wood-like remains and other structures that could indicate the presence of a large ship-shaped object.

“We tried to understand whether there are cavities, wood remains or other fragments underground that could have formed the shape of a ship,” Atilla said, according to Turkish newspaper Milliyet.

The Durupinar formation measures approximately 164 meters in length. Supporters of the Noah’s Ark theory have pointed to its dimensions, noting that they are close to the 300 cubits given in the Old Testament for the Ark. The site has consequently become one of the most frequently discussed locations in Turkey in connection with the biblical story of Noah. According to the biblical account, Noah was instructed by God to build an ark to protect his family and representatives of the animal world from a catastrophic flood.

France maintains independent position despite US alliance, PM says

Although France is an ally of the United States, it will join military operations only when they are in line with the country’s national interests, French Prime Minister Sébastien Lecornu said in an interview with LCI.

Responding to U.S. President Donald Trump’s criticism of France for not participating in the U.S. and Israeli military operation against Iran, Lecornu emphasized that Paris remains an “independent ally.”

According to the French prime minister, France does not intend to blindly follow Washington’s policies. Instead, it assesses developments independently and prioritizes the country’s national interests.

Lecornu recalled that France also refused to participate in the U.S.-led military operation against Iraq in the early 2000s.

At the same time, he noted that Paris does join military operations when necessary, including as part of various international coalitions.

BYD overtakes Tesla in global EV market

China’s BYD has once again become the world’s largest seller of battery electric vehicles (BEVs), overtaking American rival Tesla in the second quarter of 2026.

Tesla’s sales increased by 25% year on year, but the growth was not enough to retain the top position. In the first quarter, Tesla was ahead of BYD, but the two companies switched places again in the second quarter.

At the same time, BYD’s BEV sales remained below the level recorded a year earlier, although the decline slowed. One of the most important factors behind the company’s growth strategy is its rapid international expansion. In the first half of 2026, overseas sales accounted for 44% of BYD’s total production volume, highlighting the company’s growing dependence on international markets.

China remains the world’s largest market for new energy vehicles (NEVs), but demand there is showing signs of slowing. In the second quarter, China accounted for 56% of global sales of battery electric vehicles, plug-in hybrids, and hydrogen fuel-cell vehicles, down from 66% a year earlier. According to TrendForce, this trend is making international expansion increasingly important for Chinese automakers.

Another notable development is the rise of Chinese manufacturer Leapmotor, which entered third place in the global ranking of electric vehicle manufacturers for the first time. Toyota climbed to seventh place after increasing its EV sales by 143% year on year. Meanwhile, Volkswagen dropped out of the global top 10 electric vehicle sellers for the first time.

BYD has also retained its leadership in the plug-in hybrid (PHEV) segment. Chinese automakers are expanding particularly rapidly in Europe. In the second quarter, Chinese brands, excluding Volvo Cars, which is owned by Geely, accounted for almost 30% of the PHEV market in Western Europe.

Overall, global sales of new energy vehicles reached 5.37 million units in the second quarter of 2026, representing a 10.4% increase compared with the same period a year earlier. When conventional hybrids (HEVs) are included, electrified vehicles accounted for a record 33.2% of global vehicle sales.

The latest figures show how quickly the global automotive industry is changing. What makes the competition especially interesting is that BYD is no longer relying solely on its enormous home market. The company is increasingly competing with established Western and Japanese automakers on their own territory, particularly in Europe and other international markets.

Interestingly, BYD’s rise also illustrates how the electric vehicle race has evolved. A few years ago, Tesla was widely viewed as the undisputed leader of the global EV market. Today, Chinese manufacturers are challenging that position not only through lower prices, but also through a wider range of models and rapid expansion into overseas markets.