FirstFT: Vladimir Putin accuses Wagner leaders of betraying Russia

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We continue to follow the fallout from Yevgeny Prigozhin’s weekend insurrection in Russia. President Vladimir Putin yesterday condemned the organisers, saying they had betrayed their country and the fighters in their command.

In his first public comments since the armed uprising, an angry Putin told Wagner paramilitaries to sign contracts with Russia’s defence ministry, go home or leave the country for Belarus.

Putin, seen by many analysts to have been weakened by Wagner’s revolt, tried to appeal to rank-and-file fighters, saying most of them were “patriots of Russia” who had been “used” by their leaders.

Meanwhile, Prigozhin, Wagner’s leader, has vehemently denied trying to overthrow the Russian government. In a voice recording posted on Telegram yesterday, the warlord continued to criticise the country’s defence establishment and said his goal had been to protest against a recent decision to disband his militia group and to demonstrate the weakness of Russia’s domestic defences.

“We didn’t have the goal of toppling the existing regime, which is lawfully elected, as we have said many times,” said Prigozhin, who did not refer to Putin by name.

Here are some recommended reads about the most serious threat to Putin’s rule since he took office.

Here’s what else I’m keeping tabs on today:

• Economic data: Italy has business and consumer confidence reports, and the US releases new home sales and consumer confidence figures.

• Results: Accsys Technologies, Prosus, Telecom Plus, Walgreens Boots Alliance and Wise report.

Five more top stories

1. HSBC’s decision to leave Canary Wharf for a more central location in London reflects the business district’s waning allure after a shift in working habits. Barclays, Citigroup and Société Générale have closed ancillary offices and sublet floors, while another landmark tenant, Credit Suisse, is in flux. Without the banks, what does the future hold for the east London financial district?

2. Exclusive: The UK’s projected windfall tax take from the North Sea levy has dropped almost 40 per cent to £26bn, reflecting a sharp fall in the price paid for oil and gas in wholesale energy markets. When Chancellor Jeremy Hunt increased an existing windfall tax and extended it until 2028, the government expected the levy to raise as much as £41.6bn. Read more on the Treasury’s updated forecast.

3. The far-right Alternative for Germany party has scored its first local victory in Sonneberg, triggering intense soul-searching over the group’s rise. With inflation, recession, an uptick in refugee numbers and dissatisfaction with Chancellor Olaf Scholz’s government, there is fear that voters are turning away from mainstream parties — or turning their backs on Germany’s democratic system altogether.

4. Exclusive: Vitol and Gunvor, two of the world’s largest independent energy traders, remain significant buyers of refined oil from Russia, according to an analysis of January-April export records filed with Russian customs. Trading refined fuels from Moscow is not prohibited by western sanctions, but the challenge of complying with price caps, and the reputational risk of continuing to trade with Russia, has led many European traders to cease dealing with Russian flows entirely.

5. Interview: The Democratic Republic of Congo has failed to leverage its dominance in cobalt production, Guy Robert Lukama, the new head of state mining company Gécamines, told the Financial Times, citing Indonesia’s sudden emergence as a rival cobalt supplier. Read more about Lukama’s plans for a turnround at the company and a review of joint venture arrangements.

The Big Read

From filling British taps with water to transporting gas across the southern US, Macquarie has become quietly ubiquitous in global infrastructure, stepping in as governments privatise assets. Now, with chief executive Shemara Wikramanayake focused on climate change, renewable energy and digital infrastructure investments, few expect the Australian company’s influence to diminish.

We’re also reading and listening to . . .

Number of the day

An economic impact report released by the UK government yesterday showed the savings from not providing accommodation to asylum seekers and not processing them through the UK’s migration system would be about £106,000, making the total net cost per deported person about £63,000.

Take a break from the news

From a soundbar that tracks your head’s movement and adjusts the output to a bicycle that provides more power when you need it based on cycling conditions and your technique, here are five AI gadgets making the most of machine learning.

Additional contributions by Benjamin Wilhelm and Gordon Smith