World
G7 will seek to seize assets of key Russian elites -Yellen
The Group of Seven major economies will convene a task force to focus on freezing and seizing assets of key Russian elites as it aims to put further pressure on Russia after its invasion of Ukraine, Reuters quoting U.S. Treasury Secretary Janet Yellen said on Tuesday.
The move "will inflict financial pain on the powerful individuals surrounding (Russian President Vladimir) Putin and make clear that no one is beyond our collective reach," Yellen said in a statement after a virtual G7 meeting of finance chiefs.
The G7 will also continue to endorse removing key Russian financial institutions from the SWIFT banking system, she said, adding that the group expects that sanctions imposed so far will "hamstring the Russian government's ability to fund its invasion."
Russia calls its actions in Ukraine a "special operation."
The sanctions have had an immediate impact on Russia's economy, with queues forming outside banks as Russians rush to salvage their savings. Oil company Royal Dutch Shell Plc on Tuesday became the latest big Western firm to pull out of the country, Reuters reported.
The measures limit Moscow's use of a $640 billion war chest to defend its currency but it remains to be seen whether Russia can find other channels for trade and financing of its economy.
Notably, Chinese businesses and banks are looking for ways to limit the impact of sanctions on their relations with Russia, with settlement of transactions in yuan seen rising at the expense of the dollar.
According to Reuters earlier on Tuesday, Germany's finance minister, Christian Lindner, said the G7 expected an agreement in the coming days on possible further sanctions, though he gave no details about what moves were under discussion.
"We want to isolate Russia politically, financially and economically," Lindner told reporters after the virtual meeting chaired by Germany.
"We had an exchange on the implementation of the current sanctions and we also exchanged proposals on what additional measures could be taken," he said, adding: "And in the coming days there will be an agreement on this."
Lindner said the impact of measures curbing the activities of the Russian central bank and excluding Russian banks from the SWIFT inter-bank messaging system had already exceeded expectations, read the report.
"The rouble is in free-fall," he said as the Russian currency weakened to around 112 to the dollar in trade on Tuesday.
Japanese Finance Minister Shunichi Suzuki said G7 capitals had stressed the need for tight coordination of their measures against Moscow during the talks, which Ukraine's finance minister, Sergii Marchenko, also joined.
Meanwhile, France's Bruno Le Maire declared an "all-out economic and financial war" against Russia to bring down its economy before rowing back on language he later said was inappropriate.
World
Zelenskiy says Ukraine must try to ensure war ends next year through diplomacy
President Volodymyr Zelenskiy has said Ukraine must do all it can to ensure the war with Russia ends next year through diplomacy.
In a radio interview aired on Saturday, Zelenskiy conceded that the battlefield situation in eastern Ukraine was difficult and Russia was making advances. He said his Russian counterpart Vladimir Putin was not interested in agreeing to a peace deal.
Zelenskiy said U.S. legislation prevented him from meeting President-elect Donald Trump before his inauguration next January. The Ukrainian leader said he would only talk with Trump himself rather than any emissary or advisor.
"I, as the president of Ukraine, will only take seriously a conversation with the president of the United States of America, with all due respect to any entourage, to any people."
"From our side, we must do everything so that this war ends next year, ends through diplomatic means," Zelenskiy said.
World
Sri Lankan president’s coalition wins majority in general election
Sri Lankans handed Anura Kumara Dissanayake a thumping win in a snap general election, giving its new leftist president greater legislative power to pursue policies to alleviate poverty and fight graft as the country recovers from a financial meltdown.
Dissanayake, a political outsider in a country dominated by family parties for decades, comfortably won the island’s presidential election in September, Reuters reported.
But his Marxist-leaning coalition, the National People’s Power (NPP), had just three of parliament’s 225 seats before Thursday’s election, prompting him to dissolve it and seek a fresh mandate.
The NPP won 107 seats, receiving almost 62% or 6.8 million votes in Thursday’s election, putting them past the majority mark in the parliament, latest results on the Election Commission of Sri Lanka’s website showed. A two-third majority appeared within reach of the coalition.
Voters directly elect 196 members to parliament from 22 constituencies under a proportional representation system. The remaining 29 seats will be allocated according to the island-wide proportional vote obtained by each party.
“We see this as a critical turning point for Sri Lanka. We expect a mandate to form a strong parliament, and we are confident the people will give us this mandate,” Dissanayake said after casting his vote on Thursday.
“There is a change in Sri Lanka’s political culture that started in September, which must continue.”
Celebrations were largely muted, with the exception of a few NPP loyalists who lit fireworks in the outskirts of the capital, Colombo.
Just over 17 million Sri Lankans were eligible to elect lawmakers for a five-year term. A record 690 political parties and independent groups were contesting across 22 electoral districts.
Samagi Jana Balawegaya party of opposition leader Sajith Premadasa, the main challenger to Dissanayake’s coalition, won 28 seats and about 18% of the votes polled. The New Democratic Front, backed by previous President Ranil Wickremesinghe, won just three seats.
TENTATIVE ECONOMIC RECOVERY
Sri Lanka typically backs the president’s party in general elections, especially if voting is held soon after a presidential vote.
The president wields executive power but Dissanayake still requires a parliamentary majority to appoint a fully-fledged cabinet and deliver on key promises to cut taxes, support local businesses, and fight poverty.
He also has plans to abolish Sri Lanka’s contentious executive presidency but requires a two-third majority in parliament to implement it.
A nation of 22 million, Sri Lanka was crushed by a 2022 economic crisis triggered by a severe shortage of foreign currency that pushed it into a sovereign default and caused its economy to shrink by 7.3% in 2022 and 2.3% last year.
Boosted by a $2.9 billion bailout programme from the International Monetary Fund (IMF), the economy has begun a tentative recovery, but the high cost of living is still a critical issue for many, especially the poor.
Dissanayake also aims to tweak targets set by the IMF to rein in income tax and free up funds to invest in welfare for the millions hit hardest by the crisis.
But investors worry his desire to revisit the terms of the IMF bailout could delay future disbursements, making it harder for Sri Lanka to hit a key primary surplus target of 2.3% of GDP in 2025 set by the IMF.
World
Biden is sending aid to help Ukraine keep fighting next year, Blinken says
NATO countries must focus their efforts on ensuring that Ukraine has the money, munitions and mobilized forces to fight effectively in 2025, Blinken said
The Biden administration is determined in its final months to help ensure that Ukraine can keep fighting off Russia’s full-scale invasion next year, sending it as much aid as possible so that it might hold Russian forces at bay and possess a strong hand in any potential peace negotiations, US Secretary of State Antony Blinken said Wednesday.
“President Biden has committed to making sure that every dollar we have at our disposal will be pushed out the door between now and Jan. 20,” when president-elect Donald Trump is due to be sworn in, Blinken said.
NATO countries must focus their efforts on “ensuring that Ukraine has the money, munitions and mobilized forces to fight effectively in 2025, or to be able to negotiate a peace from a position of strength,” Blinken said during a visit to Brussels.
The US will “adapt and adjust” with the latest equipment it is sending, Blinken said, without providing details.
The almost three-year war has shown no signs of winding down.
Russia attacked the Ukrainian capital Kyiv with a sophisticated combination of missiles and drones for the first time in 73 days on Wednesday.
That came a day after the Pentagon said most of the North Korean troops sent to help Moscow’s war effort are fighting to drive Ukraine’s army off Russian soil in the Kursk border region.
-
World4 days ago
Biden is sending aid to help Ukraine keep fighting next year, Blinken says
-
Tahawol4 days ago
Tahawol: NATO’s concern over proximity of Russia & North Korea discussed
-
Latest News4 days ago
IEA committed to freedom of media within Islamic principles: Mujahid
-
Latest News4 days ago
IEA prioritizing poverty reduction and job opportunities, says deputy PM
-
4 days ago
AWCC customer in Kandahar wins 1 million AFN in ‘lucky lottery’
-
Latest News4 days ago
IEA cuts mobile phone and internet rates
-
Latest News4 days ago
Khalilzad: Turning our back on Afghanistan would not be wise
-
World4 days ago
China’s largest air show off to flying start with fighter jets and attack drones