ratcheting down gas deliveries to several European countries.

Across the continent, countries are preparing blueprints for emergency rationing that involve caps on sales, reduced speed limits and lowered thermostats.

As is usually the case with crises, the poorest and most vulnerable will feel the harshest effects. The International Energy Agency warned last month that higher energy prices have meant an additional 90 million people in Asia and Africa do not have access to electricity.

Expensive energy radiates pain, contributing to high food prices, lowering standards of living and exposing millions to hunger. Steeper transportation costs increase the price of every item that is trucked, shipped or flown — whether it’s a shoe, cellphone, soccer ball or prescription drug.

“The simultaneous rise in energy and food prices is a double punch in the gut for the poor in practically every country,” said Eswar Prasad, an economist at Cornell University, “and could have devastating consequences in some corners of the world if it persists for an extended period.”

Group of 7 this past week discussed a price cap on exported Russian oil, a move that is intended to ease the burden of painful inflation on consumers and reduce the export revenue that President Vladimir V. Putin is using to wage war.

Price increases are everywhere. In Laos, gas is now more than $7 per gallon, according to GlobalPetrolPrices.com; in New Zealand, it’s more than $8; in Denmark, it’s more than $9; and in Hong Kong, it’s more than $10 for every gallon.

Leaders of three French energy companies have called for an “immediate, collective and massive” effort to reduce the country’s energy consumption, saying that the combination of shortages and spiking prices could threaten “social cohesion” next winter.

increased coal production to avoid power outages during a blistering heat wave in the northern and central parts of the country and a subsequent rise in demand for air conditioning.

Germany, coal plants that were slated for retirement are being refired to divert gas into storage supplies for the winter.

There is little relief in sight. “We will still see high and volatile energy prices in the years to come,” said Fatih Birol, the executive director of the International Energy Agency.

At this point, the only scenario in which fuel prices go down, Mr. Birol said, is a worldwide recession.

Reporting was contributed by José María León Cabrera from Ecuador, Lynsey Chutel from South Africa, Ben Ezeamalu from Nigeria, Jason Gutierrez from the Philippines, Oscar Lopez from Mexico and Ruth Maclean from Senegal.

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Retail Workers Increasingly Fear for Their Safety

Assaults at stores have been increasing at a faster pace than the national average. Some workers are tired of fearing for their safety.


There was the customer who stomped on the face of a private security guard. Then the one who lit herself on fire inside a store. The person who drank gasoline and the one who brandished an ax. An intoxicated shopper who pelted a worker with soup cans. A shoplifter who punched a night manager twice in the head and then shot him in the chest.

And there was the shooting that killed 10 people, including three workers, at the King Soopers supermarket in Boulder, Colo., in March 2021. Another shooting left 10 more people dead at a Buffalo grocery store last month.

In her 37 years in the grocery industry, said Kim Cordova, a union president in Colorado, she had never experienced the level of violence that her members face today.

F.B.I. said, more than half the so-called active shooter attacks — in which an individual with a gun is killing or trying to kill people in a busy area — occurred in places of commerce, including stores.

“Violence in and around retail settings is definitely increasing, and it is a concern,” said Jason Straczewski, a vice president of government relations and political affairs at the National Retail Federation.

Tracking retail theft is more difficult because many prosecutors and retailers rarely press charges. Still, some politicians have seized on viral videos of brazen shoplifting to portray left-leaning city leaders as soft on crime. Others have accused the industry of grossly exaggerating losses and warned that the thefts were being used as a pretext to roll back criminal justice reforms.

“These crimes deserve to be taken seriously, but they are also being weaponized ahead of the midterm elections,” said Jonathan Simon, a professor of criminal justice at the University of California, Berkeley, Law School.

While the political debate swirls about the extent of the crime and its causes, many of the people staffing the stores say retailers have been too permissive of crime, particularly theft. Some employees want more armed security guards who can take an active role in stopping theft, and they want more stores to permanently bar rowdy or violent customers, just as airlines have been taking a hard line with unruly passengers.

Kroger, which owns Fred Meyer, did not respond to requests for comment.

Some unions are demanding that retailers make official accommodations for employees who experience anxiety working with the public by finding them store roles where they don’t regularly interact with customers.

it was revealed that the retailers were hounding falsely accused customers.

The industry says it is putting much of its focus on stopping organized rings of thieves who resell stolen items online or on the street. They point to big cases like the recent indictment of dozens of people who are accused of stealing millions of dollars in merchandise from stores like Sephora, Bloomingdale’s and CVS.

But it’s not clear how much of the crime is organized. Matthew Fernandez, 49, who works at a King Soopers in Broomfield, Colo., said he was stunned when he watched a thief walk out with a cart full of makeup, laundry detergent and meat and drive off in a Mercedes-Benz S.U.V.

“The ones you think are going to steal are not the ones doing it,” he said. “From high class to low class, they are all doing it.”

Ms. Barry often gives money to the homeless people who come into her store, so they can buy food. She also knows the financial pressures on people with lower incomes as the cost of living soars.

When people steal, she said, the company can write off the loss. But those losses mean less money for workers.

“That is part of my raise and benefits that is walking out the door,” she said. “That is money we deserve.”

Ella Koeze contributed reporting.

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Russia’s Putin to make first foreign trips since launching Ukraine war

Russian President Vladimir Putin attends a BRICS+ meeting during the BRICS summit via a video link in the Moscow region, Russia June 24, 2022. Sputnik/Mikhail Metzel/Kremlin via REUTERS

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LONDON, June 26 (Reuters) – Vladimir Putin will visit two small former Soviet states in central Asia this week, Russian state television reported on Sunday, in what would be the Russian leader’s first known trip abroad since ordering the invasion of Ukraine.

Russia’s Feb. 24 invasion has killed thousands of people, displaced millions more and led to severe financial sanctions from the West, which Putin says are a reason to build stronger trade ties with other powers such as China, India and Iran.

Pavel Zarubin, the Kremlin correspondent of the Rossiya 1 state television station, said Putin would visit Tajikistan and Turkmenistan and then meet Indonesian President Joko Widodo for talks in Moscow.

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In Dushanbe, Putin will meet Tajik President Imomali Rakhmon, a close Russian ally and the longest-serving ruler of a former Soviet state. In Ashgabat, he will attend a summit of Caspian nations including the leaders of Azerbaijan, Kazakhstan, Iran and Turkmenistan, Zarubin said.

Putin also plans to visit the Belarus city of Grodno on June 30 and July 1 to take part in a forum with Belarusian President Alexander Lukashenko, RIA news agency citedValentina Matviyenko, the speaker of Russia’s upper chamber of parliament, as telling Belarus television on Sunday.

Putin’s last known trip outside Russia was a visit to the Beijing in early February, where he and Chinese President Xi Jinping unveiled a “no limits” friendship treaty hours before both attended the opening ceremony of the Olympic Winter Games.

Russia says it sent troops into Ukraine on Feb. 24 to degrade its neighbour’s military capabilities, keep it from being used by the West to threaten Russia, root out nationalists and defend Russian-speakers in eastern regions. Ukraine calls the invasion an imperial-style land grab.

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Reporting by Guy Faulconbridge and David Ljunggren; Editing by Peter Graff and Mark Porter

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Ukraine News: Mariupol’s Mayor Describes Grim Russian Rule

Credit…Clemens Bilan/EPA, via Shutterstock

BRUSSELS — European leaders meeting in Brussels this week were eager to focus on granting Ukraine E.U. candidate status, but have also had to address a pressing problem linked to the war: Russia has slowly been turning off the gas tap.

The tapering of gas to Germany in recent days has forced the country, Europe’s economic engine, to escalate its energy emergency protocol and urge Germans to save power. The next step is rationing.

E.U. leaders on Friday asked the European Commission, the bloc’s executive branch, to come up with policy proposals to collectively handle the possibility that Russia, using Europe’s enduring dependence on its gas supplies to inflict pain on Ukraine’s supporters, could further reduce the gas flow or even cut off countries completely.

“We have seen the pattern not only of that last weeks and months, but looking back in hindsight, also the pattern of last year, when you look at Gazprom filling the storage — or I should say not filling the storage, because last year they were at a 10 years low,” the commission’s president, Ursula von der Leyen, said on Friday.

“Now it’s 12 member states that have either been totally cut off or partially,” she added.

Ms. von der Leyen said she would ask her experts to propose an emergency plan to tackle possible shortages going into the winter. The commission has already promoted joint purchasing and storing of gas by E.U. members as a safety measure, should one nation get disconnected. After gas supplies were cut off to Bulgaria, for example, Greece stepped up to help supply its neighbor and fellow E.U. member.

But if Russia decides to hurt Europe for its support of Ukraine by further slashing supplies from its energy giant, Gazprom, it is far from clear that such ad hoc solidarity would work in the winter, when the bloc’s energy demands are much higher.

The E.U. has imposed sanctions on Russian fossil fuels, including a broad ban on Russian oil imports that will come into effect at the end of the year. But it has not been able to do the same with Russian gas, on which it is hugely reliant, because it has not yet lined up sufficient alternatives. Gas prices, meanwhile, have surged, costing European buyers dearly and softening the effect of the sanctions on Russia.

And whatever solutions European leaders devise for the growing problem would take effect in months. For now, member states have to tackle possible shortages largely on their own.

Ms. von der Leyen said that she had been asked to present her proposals at the next E.U. leaders’ summit in October, and that she expected her staff to finish drafting them in September.

In the meantime, she urged people to use less power.

“We should not only replace the gas, but also always take the opportunity of the energy savings. I cannot emphasize that enough,” she said, adding that Europeans could save greatly if they turned down their air-conditioners in the summer and their heaters as the temperature drops.

Gas is not the only urgent question facing world leaders. Diplomats also gathered in Berlin on Friday, ahead of a G-7 summit in Germany on Sunday, to discuss the growing global food crisis set off by the inability of Ukraine to export its grain. Earlier this week, the United Nations said that the war had pushed tens of millions of people into food insecurity.

Germany’s foreign minister, Annalena Baerbock, welcomed Secretary of State Antony Blinken; Italy’s foreign minister, Luigi di Maio; and other officials to discuss possible solutions.

Before the war, Ukraine exported millions of metric tons of grain monthly, mostly via seaports that are now blockaded. Officials weighed the possibility of moving the grain by land, a far slower and more complicated endeavor.

Speaking to reporters after the meeting, Mr. Blinken said that while the food crisis would continue for some time, it was important to not let Russia get away with violating fundamental human rights of the Ukrainian people.

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Russia’s Blockade of Ukraine Is ‘War Crime,’ Top E.U. Official Says

LONDON — The Russian blockade that has stopped Ukraine from exporting its vast storehouses of grain and other goods, threatening starvation in distant corners of the globe, is a “war crime,” the European Union’s top foreign policy official declared Monday.

The remarks by the official, Josep Borrell Fontelles, were among the strongest language from a Western leader in describing the Kremlin’s tactics to subjugate Ukraine nearly four months after it invaded, and with no end to the conflict in sight.

Before Russian forces began pounding Ukraine in February, it was a major exporter of grain, cooking oil and fertilizer. But the Black Sea blockade — along with Russia’s seizure of Ukrainian farmland and its destruction of agricultural infrastructure — has brought exports to a near standstill. The latest blow came Monday, when, Ukrainian regional authorities said, a Russian missile razed a food warehouse in Odesa, Ukraine’s biggest Black Sea port.

arriving in Luxembourg for a meeting of E.U. foreign ministers. “Millions of tons of wheat remain blocked in Ukraine while in the rest of the world, people are suffering hunger. This is a real war crime, so I cannot imagine that this will last much longer.”

President Volodymyr Zelensky of Ukraine made the same point in a remote address to the African Union on Monday. Moscow has deep ties to many African countries, which have been reluctant to criticize the invasion.

similar announcement on Sunday by Germany, Europe’s biggest economy. Denmark said it was also activating a plan to deal with looming shortages of gas that had been supplied by Russia.

The developments came as Russia, far from feeling the pain of lost fuel sales, found a savior in China, which reported on Monday that it was now the biggest buyer of Russian oil.

considering a suspension of fuel taxes to ease the strain on consumers.

NBC News, Dmitri S. Peskov, the Kremlin’s spokesman, said that the two Americans, Alex Drueke, 39, and Andy Tai Ngoc Huynh, 27, were “soldiers of fortune” who had been engaged in shelling and firing on Russian forces and should be “held responsible for the crimes they have committed.”

The sanctions imposed on Russia also played a role on Monday in an escalating confrontation with Lithuania, a member of both the European Union and NATO.

The Russian authorities threatened Lithuania with retaliation if the Baltic country did not swiftly reverse its ban on the transportation of some goods to Kaliningrad, the Russian exclave between Lithuania and Poland. Citing instructions from the European Union, Lithuania’s railway on Friday said it was halting the movement of goods from Russia that have been sanctioned by the European bloc.

Mr. Peskov told reporters the situation was “more than serious.” He called the new restrictions “an element of a blockade” of the region and a “violation of everything.”

small town of Toshkivka in Luhansk Province, part of the eastern region known as Donbas. That is where Russian forces have concentrated much of their military power as part of a plan to seize the region after having failed to occupy other parts of the country, including Kyiv, the capital, and Kharkiv, the second-largest city, in northern Ukraine.

Reports over the weekend suggested that Russian forces had broken through the Ukrainian front line in Toshkivka, about 12 miles southeast of the metropolitan area of Sievierodonetsk and Lysychansk. Those are the last major cities in Luhansk not to have fallen into Russian hands. As of Monday, it remained unclear whether Russia had made any further advance there.

But Ukrainian officials said Russian forces had intensified shelling in and around Kharkiv, weeks after the Ukrainians had pushed them back, suggesting that Moscow still had territorial ambitions beyond Donbas.

“We de-occupied this region,” Mr. Zelensky said in an address to a conference of international policy experts in Italy. “And they want to do it again.”

Matthew Mpoke Bigg reported from London, Andrew Higgins from Warsaw, Thomas Gibbons-Neff from Druzhkivka, Ukraine, and Rick Gladstone from New York. Reporting was contributed by Valerie Hopkins and Oleksandr Chubko from Kyiv; Dan Bilefsky from Montreal; Monika Pronczuk from Brussels; Austin Ramzy from Hong Kong; Stanley Reed from London; and Zach Montague from Rehoboth Beach, Del.

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Dutch Government Activates ‘Early Warning’ Because of Russian Cutbacks on Gas

The Dutch government said on Monday that Russia’s tightening of gas supplies to Europe had prompted it to declare an “early warning” stage of a natural gas crisis, a move that will allow more electric power to be generated by burning coal.

Russia’s actions in recent days — chiefly the reduction of flows by about 60 percent through the Nord Stream 1 pipeline to Germany — have markedly darkened the mood in Europe on energy. Governments and industry in Europe are now convinced that Moscow plans to use gas as a political weapon against the largest European economies in the coming months. This means that major European nations, not just a handful like Bulgaria and Poland, are likely to see gas supplies trimmed or cut completely and need to take steps to reduce their vulnerability.

Already gas flows have been cut not only to Germany but to other countries, including Italy and France, analysts and government officials say. The Dutch government said there were as yet “no acute gas shortages” in the Netherlands but that declining supplies “could have consequences.”

the German government took similar steps with regard to coal, and Austria said it would allow the conversion of a gas-fired power plant to coal.

Groningen gas field, a major provider in the north of the country that officials have scheduled to close because of earthquakes triggered by the extraction of the fuel. The government appears to be trying to keep its options open on Groningen, which is operated by a joint venture owned by Shell and Exxon Mobil.

The government said in its statement that it had decided not to shut “any wells definitively this year” because of what it called “uncertain geopolitical developments.”

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Russian gas flows to Europe fall, hindering bid to refill stores

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  • Nord Stream 1 pipeline capacity down to 40%
  • Europe’s gas price jumps up to 30% after disruption news
  • Gazprom blames cuts on equipment delays from Canada
  • Freeport LNG terminal in U.S. offline until September

LONDON, June 16 (Reuters) – Russian gas supply to Europe via the Nord Stream 1 pipeline fell further on Thursday and Moscow said more delays in repairs could lead to suspending all flows, putting a brake on Europe’s race to refill its gas inventories.

The faltering flows came as the leaders of Germany, Italy and France visited Ukraine, which is pressing for swifter weapons deliveries to battle invading Russian forces and wants support for Kyiv’s bid to join the European Union. read more

Russia’s state-controlled Gazprom said it was reducing gas supply for a second time in as many days via Nord Stream 1, which runs under the Baltic to Germany. The latest move cuts supply to just 40% of the pipeline’s capacity.

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Kremlin spokesperson Dmitry Peskov said reductions in supply were not premeditated and related to maintenance issues, a reference to earlier comments saying Russia was unable to secure the return of equipment sent to Canada for repairs. read more

Germany said Russia’s excuse was technically “unfounded” and was instead aimed at driving up gas prices. Italy said Moscow might be use the issue to exert political pressure. read more

Dutch wholesale gas prices , the European benchmark, jumped around 30% on Thursday afternoon.

Russia’s ambassador to the European Union told state news agency RIA Novosti flows via the pipeline could be completely suspended because of problems in repairing turbines in Canada.

Alexey Miller, the chief executive of Gazprom, the state-controlled company with a monopoly on Russian gas exports by pipeline, said Western sanctions made it impossible to secure the return of equipment from Canada for the pipeline’s Portovaya compressor station. read more

EUROPE RACES TO REFILL STORAGE

Nord Stream 1 has capacity to pump about 55 billion cubic metres (bcm) a year to the European Union, which last year imported about 140 bcm of gas from Russia via pipelines.

Germany, like other European countries, is racing to refill its gas storage facilities so they are 80% full by October and 90% by November before winter arrives. Stores are 52% full now.

Cutting flows through Nord Stream 1 would make that job harder, the head of the Germany energy regulator said.

“We could perhaps get through the summer as the heating season is over. But it is imperative that we fill the storage facilities to get through the winter,” Klaus Mueller told Thursday’s edition of Rheinische Post daily.

Uniper (UN01.DE), Germany’s biggest importer of Russian gas, said supplies were down a quarter on agreed volumes but it could fill missing volumes from other sources. Power producer RWE (RWEG.DE) said it had seen restrictions in the past two days.

Slovakia’s state-owned gas importer SPP said it expected Thursday’s Russian gas deliveries to be reduced by about 30%, while Czech power utility CEZ (CEZP.PR) said it had seen a similar fall but was filling the gap from other sources.

The European Union aims to ensure gas storage facilities across the 27-nation bloc are 80% full by November. read more

The latest reduction in supply could mean northwest European storage only 88% full by the end of October – 1 bcm less than planned – instead of 90%, analysts at Goldman Sachs said.

DRAWING UP CONTINGENCY PLANS

Germany is not alone in facing falling supplies.

Austria’s OMV (OMVV.VI) said Gazprom informed it of reduced deliveries, France’s Engie (ENGIE.PA) said flows had down but clients were not affected, while Italy’s Eni (ENI.MI) said it would receive 65% of the volumes it had requested from Gazprom.

The Italian government said all possible measures were in place to deal with the situation if gas supply cuts from Russia continued in coming days. Other European countries have also drawn up contingency plans.

Adding to the challenge, Nord Stream 1 will shut completely during the pipeline’s annual maintenance on July 11-21.

Norway, Europe’s second biggest exporter behind Russia, has been pushing up production to help the European Union towards it target of ending reliance on Russian fossil fuels by 2027.

Britain’s Centrica (CNA.L) signed a deal with Norway’s Equinor (EQNR.OL) for extra gas supplies to the United Kingdom for the next three winters. Britain does not rely on Russian gas and can also export to Europe via pipelines.

European states have also boosted liquefied natural gas (LNG) imports but Europe has limited LNG import capacity and the already tight LNG market has faced additional challenges with disruptions to U.S. LNG production. read more

A fire last week at a U.S. LNG export plant in Texas, operated by Freeport LNG, means the plant will be offline until September and will operate only partially from then until the end of 2022.

The facility, which accounts for about 20% of U.S. LNG exports, has been a major supplier to European buyers.

“There is risk of further delay, in our view,” analysts at investment bank Jefferies said, adding that regulators need to approve the restart while two investigations were ongoing into the cause of the LNG leak at the plant.

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Reporting by Reuters, Giuseppe Fonte in Rome, Alexandra Schwarz-Goerlich in Vienna, Jan Lopatka in Prague, Madelaine Chambers in Berlin, Nina Chestney in London; Writing by Nina Chestney; Editing by Jason Neely and Edmund Blair

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Crypto Firms Quake as Prices Fall

SAN FRANCISCO — No one wanted to miss out on the cryptocurrency mania.

Over the last two years, as the prices of Bitcoin and other virtual currencies surged, crypto start-ups proliferated. Companies that market digital coins to investors flooded the airwaves with TV commercials, newfangled lending operations offered sky-high interest rates on crypto deposits and exchanges like Coinbase that allow investors to trade digital assets went on hiring sprees.

A global industry worth hundreds of billions of dollars rose up practically overnight. Now it is crashing down.

After weeks of plummeting cryptocurrency prices, Coinbase said on Tuesday that it was cutting 18 percent of its employees, after layoffs at other crypto companies like Gemini, BlockFi and Crypto.com. High-profile start-ups like Terraform Labs have imploded, wiping away years of investments. On Sunday, an experimental crypto bank, Celsius, abruptly halted withdrawals.

dropped by about 65 percent since autumn, and analysts predict the sell-off will continue. Stock prices of crypto companies have cratered, retail traders are fleeing and industry executives are predicting a prolonged slump that could put more companies in jeopardy.

stocks crashing, interest rates soaring and inflation high, cryptocurrency prices are also collapsing, showing they have become tied to the overall market. And as people pull back from crypto investments, the outflow is exposing the unstable foundations of many of the industry’s most popular companies.

OpenSea, the largest marketplace for the unique digital images known as nonfungible tokens, reached a staggering $13 billion valuation. And Wall Street banks such as JPMorgan Chase, which previously shunned crypto assets, and Fortune 500 companies like PayPal rolled out crypto offerings.

confidence evaporated in the early 2000s, many of the dot-coms went bust, leaving just the biggest — such as eBay, Amazon and Yahoo — standing.

This time, investors predict there will be more survivors. “You certainly have some overhyped companies that don’t have the fundamentals,” said Mike Jones, an investor at the venture firm Science Inc. “But you also have some really strong companies that are trading way below where they should.”

There have been warning signs that some crypto companies were not sustainable. Skeptics have pointed out that many of the most popular firms offered products underpinned by risky financial engineering.

Terraform Labs, for example, offered TerraUSD, a so-called stablecoin with a fixed value linked to the U.S. dollar. The coin was hyped by its founder, Do Kwon, who raised more than $200 million from major investment firms such as Lightspeed Venture Partners and Galaxy Digital, even as critics warned that the project was unstable.

The coin’s price was algorithmically linked to a sister cryptocurrency, Luna. When the price of Luna plummeted in May, TerraUSD fell in tandem — a “death spiral” that destabilized the broader market and plunged some investors into financial ruin.

drew scrutiny from several state regulators. In the end, a drop in crypto prices appeared to put the company under more pressure than it could withstand.

With the price of Bitcoin tumbling, Celsius announced on Sunday that it was freezing withdrawals “due to extreme market conditions.” The company did not respond to a request for comment.

The market instability has also triggered a crisis at Coinbase, the largest U.S. crypto exchange. Between the end of 2021 and late March, Coinbase lost 2.2 million active customers, or 19 percent of its total, as crypto prices dropped. The company’s net revenue in the first three months of the year shrank 27 percent from a year earlier, to $1.2 billion. Its stock price has plunged 84 percent since it went public last year.

This month, Coinbase said it would rescind job offers and extend a hiring freeze to battle the economic downturn. On Tuesday, it said it would cut about 1,100 workers.

Brian Armstrong, Coinbase’s chief executive, informed employees of the layoffs in a note on Tuesday morning, saying the company “grew too quickly” as crypto products became popular.

“It is now clear to me that we over-hired,” he wrote. A Coinbase spokesman declined to comment.

“It had been growth at all costs over the last several years,” said Ryan Coyne, who covers crypto companies and financial technology at the Mizuho Group. “It’s now turned to profitable growth.”

memo to staff, the Winklevoss twins said the industry had entered a “crypto winter.”

commercial starring the actor Matt Damon, who declared that “fortune favors the brave” as he encouraged investors to put their money in the crypto market. Last week, Crypto.com’s chief executive announced that he was laying off 5 percent of the staff, or 260 people. On Monday, BlockFi, a crypto lending operation, said it was reducing its staff by roughly 20 percent.

Gemini and BlockFi declined to comment. A Crypto.com spokesman said the company remains focused on “investing resources into product and engineering capabilities to develop world-class products.”

Cryptocurrencies have long been volatile and prone to boom-and-bust cycles. In 2013, a Chinese ban on Bitcoin sent its price tumbling. In 2017, a proliferation of companies creating and selling their own tokens led to a run-up in crypto prices, which crashed after regulators cracked down on so-called initial coin offerings.

These bubbles are built into the ecosystem, crypto enthusiasts said. They attract talented people to the industry, who go on to build valuable projects. Many of the most vocal cheerleaders encourage investors to “buy the dip,” or invest more when prices are low.

“We have been in these downward spirals before and recovered,” Mr. Jones, the Science Inc. investor, said. “We all believe in the fundamentals.”

Some of the companies have also remained defiant. During Game 5 of the N.B.A. finals on Monday night, Coinbase aired a commercial that alluded to past boom-and-bust cycles.

“Crypto is dead,” it declared. “Long live crypto.”

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What Happened on Day 105 of the War in Ukraine

Even as Russia hammers eastern Ukraine with heavy artillery, it is cementing its grip on the south, claiming to have restored roads, rails and a critical freshwater canal that could help it claim permanent dominion over the region.

The extension of Russian infrastructure into the occupied south could allow Moscow to fortify a “land bridge” between Russia and Crimea and build on efforts to claim control through the introduction of Russian currency and the appointment of proxy officials.

Russia’s defense minister, Sergei K. Shoigu, said on Tuesday that the military, working with Russian Railways, had repaired about 750 miles of track in southeastern Ukraine and set the conditions for traffic to flow from Russia through Ukraine’s eastern Donbas region to occupied territory in Kherson and Crimea.

Mr. Shoigu also said that water was once again flowing to Crimea through the North Crimean Canal — an important source of freshwater that Ukraine cut off in 2014 after the Kremlin annexed the peninsula. Mr. Shoigu claimed that car traffic was now open between “continental” Russia and Crimea.

Mr. Shoigu’s claims of restored roads and rails could not be immediately verified.

Satellite imagery reviewed by The New York Times showed that water was flowing through the parts of the canal in Crimea that were dry until March. Russian engineers blew open a blockage in the canal in late February, days after Russian forces invaded Ukraine. Ukrainian officials did not immediately comment on Wednesday.

The North Crimean Canal, a 250-mile-long engineering marvel built under the Soviet Union, had channeled water from Ukraine’s Dnipro River to the arid Crimean Peninsula until President Vladimir V. Putin seized it in 2014.

Credit…Brendan Hoffman for The New York Times

After Crimea’s annexation, Ukraine dropped bags of sand and clay into the canal to prevent the Russian occupiers from benefiting from the valuable freshwater.

Instead of flowing to Crimea, the canal was used to irrigate the melon fields and peach orchards in Ukraine’s Kherson region to the north.

Ukrainian officials said that cutting off the water was one of the few levers at their disposal to inflict pain on Russia without using military force.

For the Kremlin, the blockage represented a vexing and expensive infrastructure challenge, with Crimea’s residents suffering chronic water shortages and occasional shut-offs at the tap.

When Mr. Putin massed troops on Ukraine’s border last year, some analysts speculated that the canal was one of the prizes the Kremlin wanted.

Even as Russia sought to entrench its control in the south this week, a clandestine battle has emerged inside the occupied regions, involving Kremlin loyalists, occupying Russian forces, Ukrainian partisans and the Ukrainian military.

On Tuesday, Ukrainian media posted video of what they said was an explosion at a cafe in the occupied city of Kherson that had served as a gathering place for people collaborating with Russian forces. Russian state media described it as an act of “terror.”

It was the latest in a series of attacks targeting Russian supporters and proxies. It came amid reports — most impossible to independently verify — of Ukrainian guerrillas blowing up bridges, targeting rail lines used by Russian forces and killing Russian soldiers on patrol.

Credit…Tyler Hicks/The New York Times

Oleksiy Arestovych, an adviser to the Ukrainian president, said that there was a focused guerrilla movement operating in the south. “Partisans are fighting very actively,” he said on his YouTube channel.

In the east, where both armies are fighting for control, Ukrainian officials were weighing whether to withdraw their forces in the city of Sievierodonetsk, the last major pocket of Ukrainian resistance in the Luhansk region.

Sievierodonetsk has been blasted by weeks of Russian shelling, and President Volodymyr Zelensky of Ukraine referred to the city and its neighbor, Lysychansk, on Monday as “dead cities,” physically destroyed and nearly empty of civilians.

“Fighting is still raging and no one is going to give up the city, even if our military has to step back to stronger positions,” Serhiy Haidai, the Ukrainian military governor of the Luhansk region, said on Ukrainian television, according to Reuters.

Credit…Finbarr O’Reilly for The New York Times

Moscow’s announcement that it was extending its ties to the occupied south seemed certain to be greeted in Ukraine as further evidence of Russia’s determination to break Ukraine apart and pillage its natural resources.

“Russia is trying to build infrastructure for military supply,” said Mykhailo Samus, deputy director for international affairs at the Center for Army Studies, Conversion and Disarmament, a research group in Kyiv, the Ukrainian capital.

“Maybe they try to steal the agriculture, food products from occupied territories,” he added.

The Russian authorities said that the first train had traveled from the occupied city of Melitopol to Crimea carrying grain — freight that Ukrainian officials say was stolen from Ukrainian farmers forced to hand over their crops for a pittance or nothing at all.

Russia has blockaded Ukraine’s Black Sea ports since the start of the war, trapping more than 20 million tons of grain meant for export and deepening a global food crisis. Dimming the long-term outlook, grain silos in Ukraine are still about half full, the Ukraine Grain Association said on Wednesday, raising the possibility that much of this year’s crop could be left in the fields.

On Wednesday, the Russian and Turkish foreign ministers held talks focused on allowing Ukraine’s grain to reach global markets through the Black Sea.

Credit…Nicole Tung for The New York Times

But the Russian foreign minister, Sergey V. Lavrov, minimized the issue, suggesting that a global food catastrophe caused by a Russian blockade was a Western exaggeration.

“The current situation has nothing to do with the food crisis,” Mr. Lavrov said at a news conference in Ankara, the Turkish capital. “The Russian Federation is not creating any obstacles for the passage of ships and vessels.”

He blamed Ukraine, saying that its naval mines and refusal to use humanitarian corridors offered by Russia in Black Sea shipping lanes were stalling exports.

The Turkish foreign minister, Mevlut Cavusoglu, disagreed, saying that there was a global problem, but that it involved both Russian and Ukrainian products.

“The food crisis in the world is a real crisis,” Mr. Cavusoglu said, noting that Russia and Ukraine together supply about one-third of the world’s grain products.

Mr. Cavusoglu said that a mechanism was needed to get not just agricultural products from Ukraine out through the Black Sea, but also Russian fertilizer, which is vital for global agriculture.

He suggested that the answer lay in a United Nations proposal that the international community provide guarantees for the shipments that addressed security concerns on both sides.

Ukraine was not invited to the talks in Ankara, and its government and Russia’s each blame the other for the lack of exports.

The two countries normally supply about 40 percent of wheat needs in Africa, according to the United Nations.

Ukrainian officials are deeply skeptical of a promise by Mr. Putin, which Mr. Lavrov repeated, that if harbors were demined, Russia would not exploit them to dispatch an invasion fleet. Russian warships have also been patrolling Black Sea shipping lanes.

Oleksii Danilov, the secretary of Ukraine’s National Security and Defense Council, said on Twitter on Wednesday, “Our position on the supply of grain is clear: security first.” He accused Russia of “artificially creating obstacles to seize the market and blackmail Europe over food shortages.”

The United States has cited satellite imagery of cargo ships to accuse Russia of looting Ukrainian wheat stocks that it exported, mostly to Africa, echoing Ukrainian government allegations that Russia has stolen up to 500,000 tons of wheat, worth $100 million, since it invaded Ukraine in February.

Wheat is not the only Ukrainian resource prompting alarm. As Ukraine braces for what promises to be a difficult winter, Mr. Zelensky said that the country would not sell its gas or coal abroad. “All domestic production will be directed to the internal needs of our citizens,” he said.

Reporting was contributed by Valerie Hopkins, Ivan Nechepurenko, Malachy Browne, Neil MacFarquhar, Safak Timur and Anushka Patil.

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A Farmer Holds On, a Fraying Lifeline for a Besieged Corner of Ukraine

SIVERSK DISTRICT, Ukraine — One of the few civilians still driving on a road leading toward the battle front, Oleksandr Chaplik skidded to a stop and leaned out the car window to swap information with a villager.

He was taking supplies back to his village, one of a handful still in Ukrainian hands that lie in the path of the Russian advance.

“We are surrounded on all sides,” said Mr. Chaplik, 55, a dairy and livestock farmer. “It is the second month without light, without water, without gas, without communication, without the internet, without news. Basically, horror.”

“But people need to eat,” he said. “I am a businessman. So I am doing my job.”

Mr. Chaplik owns about 75 acres of land near the city of Sievierodonetsk, where Russian and Ukrainian troops have been battling for control in heavy street fighting in recent days. The countryside around his farm is under almost constant bombardment by Russian forces trying to encircle the easternmost Ukrainian forces and lay siege to Sievierodonetsk and Lysychansk.

street fighting raged in the contested city of Sievierodonetsk. Jens Stoltenberg, NATO’s secretary general, warned that the conflict appeared to have become a “war of attrition” and advised allies to be prepared for “the long haul.”

“My nerves are cracking,” he said, as he declined another phone call. “I am working 14 to 15 hours a day. Physically I am tired.”

So now he is arranging for his son to bring in a mobile antenna, so the villagers can be in touch with their relatives.

He sees more problems on the horizon. The war has disrupted farming and food production to such an extent that people in eastern Ukraine could go hungry in coming months, he warned.

The potatoes are already planted, which will provide food for the villagers, he said, but meat and milk will become scarce.

“If I do not prepare feed for my cows they will die this winter,” he said. “I cannot cut the hay because of the cluster bombs in the fields and I need 12,000 bales of hay and I do not have the workers.”

And as he follows the progress of the war, and the steady advance of Russian troops, he said it was likely that they would seize control of the village and he would lose the farm that he built up over more than 20 years.

Separatist forces backed by Russia seized the area in 2014 but were pushed back after a few months. But this time he said he did not expect President Vladimir V. Putin to stop. The Russian leader wants to seize a swath of the country from the city of Kharkiv in the northeast to Odessa in the southwest, he said.

“He will not calm down,” he said. “He will fight for a year, two, three, until he reaches his goal.”

Mr. Chaplik has been slaughtering his pigs, so only one remains, slumbering in his pen. The newborn calves will have to be slaughtered too, he said. “It’s a shame.”

If the Russians came, he added, he would have to leave his guard dogs, six German shepherds. “I could not bear to put them down,” he said. “I will let them loose.”

If the shells came too close, he would take his workers and leave, he said. “I will start anew,” he said. “Give me a little piece of land, in Ukraine, in the United States, wherever. I can build a great business again.”

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