Connect with us

Latest News

G7 agrees $50bn loan for Ukraine from Russian assets

Published

on

The G7 Summit was held in Puglia Italy [Pic BBC]

The G7 has agreed to use frozen Russian assets to raise $50bn (£39bn) for Ukraine to help it fight invading Russian forces.

US President Joe Biden said it was another reminder to Russia “that we’re not backing down”, but Moscow has threatened “extremely painful” retaliatory measures.

The money is not expected to arrive until the end of the year but is seen as a longer-term solution to support Ukraine’s war effort and economy.

Also at the G7 summit in Italy, Ukrainian President Volodymyr Zelensky and Mr Biden signed a 10-year bilateral security deal between Ukraine and the US, hailed by Kyiv as “historic”.  The agreement envisages US military and training aid to Ukraine – but it does not commit Washington to send troops to fight for its ally.

Some $325bn worth of assets were frozen by the G7, alongside the EU, following Russia’s full-scale invasion of Ukraine in 2022. The pot of assets is generating about $3bn a year in interest.  Under the G7 plan, that $3bn will be used to pay off the annual interest on the $50bn loan for the Ukrainians, taken out on the international markets.

Speaking at a joint news conference at the summit’s venue in Puglia, southern Italy, President Biden said the $50bn loan would “put that money to work for Ukraine and send another reminder to [Russian President Vladimir] Putin that we’re not backing down”. The US leader stressed that the Mr Putin “cannot wait us out, he cannot divide us, and we’ll be with Ukraine until they prevail in this war”.

President Zelensky thanked his American and other allies for their unwavering support.

And referring to the new security deal, he said: “It’s a truly historic day and we have signed the strongest agreement within Ukraine and the US since our independence [in 1991]”.

The G7 group of rich nations, Canada, France, Germany, Italy, Japan, the UK and US, have been important financial and military supporters of Ukraine as it battles to contain occupying Russian forces.

Other G7 leaders also hailed the $50bn loan deal, with UK Prime Minister Rishi Sunak describing it as “game changing”.

Most of the frozen assets of the Central Bank of Russia are being held in Belgium.  Under international law, countries cannot confiscate those assets from Russia and give them to Ukraine.

Several hours before the G7 decision was announced, Russian Foreign Ministry spokeswoman Maria Zakharova warned that there would be “extremely painful” retaliatory measures.

[BBC]



Latest News

Hope holds firm as West Indies drag New Zealand into fifth-day battle

Published

on

By

Shai Hope scored his fourth Test hundred (Cricinfo)

A depleted New Zealand attack – effectively reduced to just two-and-a-half frontline bowlers – was made to toil as a defiant West Indies rearguard stretched the contest into a fifth day on an increasingly docile Hagley Oval surface.

Forced off the field on day three by an eye infection, Shai Hope returned with sunglasses under his helmet to compile an unbeaten 116. It followed his first-innings 56 and marked his second century in three innings, a seamless extension of the defiance he showed while stonewalling India for long periods in New Delhi in October.

If Hope was the fulcrum, Justin Greaves  was the anchor beside him. He reined in his instincts to play a composed, almost uncharacteristically restrained hand to finish 55 not out off 143 balls. His unbroken fifth-wicket partnership with Hope was worth 140 as New Zealand’s attack toiled under the blazing Christchurch sun.

Nathan Smith did not come out to bat and spent the entire innings off the field with a side strain. When Matt Henry left the field after the 35th over – later heading to hospital next door for scans – with West Indies 92 for 4, New Zealand may have hoped to finish off the game quickly.

But with his bowling resources rapidly thinning, Tom Latham – already standing in with the gloves due to Tom Blundell’s torn hamstring that ruled him out of not just this Test but the next – was left to lean heavily on Rachin Ravindra and Michael Bracewell’s part-time spin around pacer Jacob Duffy. On a surface that only got easier to bat on against the old ball, Hope and Greaves settled in and applied themselves admirably.

Having begun with positive intent, Hope was tested periodically with the short ball, Duffy setting a square leg halfway to the rope along with a short leg and fine leg for the pull. Hope mostly swayed and ducked out of harm’s way, and on the rare occasions he was tempted into the shot, he did well to keep it down. He brought up his fourth Test century off 139 deliveries.

Duffy employed a similar plan to Greaves, whose natural game is far more instinctive. But to his credit, Greaves appeared to take a cue from Hope, choosing restraint instead. He played only when the ball was at his body, using his height to ride the bounce and fend safely. While he was a lot more enterprising against spin, the fundamental of his knock was crease occupation.

Hope and Greaves laid down the template for those who perished prior to their arrival. Tagenarine Chanderpaul and John Campbell were put through a stern new ball test by Foulkes and Henry as they repeatedly tested both their edges in an engaging first spell. Chanderpaul’s propensity to shuffle across got him into trouble more often than not, and was out to a short ball that he inside-edged to the keeper for 6 off 45 balls.

Campbell – out an over earlier – was taken out by Foulkes as he jabbed at an away-swinger with no feet movement as Bracewell took a superb low catch at second slip. In the overs prior to his dismissal, Campbell wore a blow on his boot as he smashed one back off an inside-edge, making him groan in discomfort. This may have eventually had a hand in his dismissal.

Alick Athanaze never got going, and the frustration of being unable to score had him attempt a pull, only to be rushed into the stroke by Bracewell. He only managed to toe-end a pull to mid-on. And when Roston Chase fell in eerily similar fashion to his dismissal in the first innings – nibbling at a Henry away-swinger while being rooted to the crease – West Indies were collapsing swiftly and were 72 for 4.

A four-day defeat loomed until Greaves and Hope dug in to give West Indies some hope even as New Zealand’s tired attack wheeled away in the hope of a mistake. That wasn’t to come, as West Indies took the fight into the final day even though hopes of scaling down the 531-run target they were set seem just a pipe dream for now.

Earlier in the morning, New Zealand surprised many by choosing to bat on. Perhaps this was to give their bowlers more rest on a placid surface, considering the slew of injuries. Kemar Roach  picked up three of the four wickets to fall, finishing with figures of 5 for 78 to take his wickets tally to 290.

Brief scores:

West Indies 167 and 212 for 4 (Shai Hope 116*, Justin Greaves 55*;  Jacob Duffy 2-60) trail New Zealand 231 and 466 for 8 dec (Rachin Ravindra 176, Tom  Latham 145; Kemar Roach 5-78) by 319 runs

(Cricinfo)

Continue Reading

Latest News

Putin says Russia will take Donbas by force or Ukraine’s troops will withdraw

Published

on

By

President Vladimir Putin has warned again that Ukrainian troops must withdraw from Ukraine’s eastern Donbas region or Russia will seize it, rejecting any compromise over how to end the war in Ukraine.

“Either we liberate these territories by force, or Ukrainian troops will leave these territories,” he told India Today. Moscow controls around 85% of Donbas.

Ukrainian President Volodymyr Zelensky has ruled out ceding territory.

Putin’s comments come after President Donald Trump said his negotiators discussing a US peace plan believed Russia’s leader “would like to end the war” after Tuesday’s talks in Moscow.

Trump’s envoy Steve Witkoff, who was in Moscow, is due to meet Ukraine’s team in Florida.

Trump said Tuesday’s talks in the Kremlin were “reasonably good”, adding it was too soon to say what would happen as “it does take two to tango”.

The original iteration of the US peace plan proposed to hand over areas of the Donbas still under Ukrainian control to the de facto control of Putin – but the Witkoff team presented a modified version in Moscow.

In his India Today interview ahead of a state visit to Delhi, Putin said he had not seen the new version before his talks with Witkoff and Jared Kushner, Trump’s son-in-law.

“That’s why we had to go over every point, that’s why it took so long,” the Kremlin leader said.

He also said Moscow disagreed with parts of the US plan.

“At times we said that yes, we can discuss this, but to that we can’t agree,” Putin said.

He did not name the sticking points. At least two significant points of contention remain – the fate of Ukrainian territory seized by Russian forces and security guarantees for Ukraine.

Putin’s senior foreign policy adviser and key negotiator Yuri Ushakov earlier said straight after the talks that they produced “no compromise” on ending the war.

Ushakov also implied that the Russian negotiating position had been strengthened thanks to what Moscow said were its recent successes on the battlefield.

Ukraine has repeatedly accused Russia of stalling any ceasefire agreements, saying Moscow is seeking to seize more Ukrainian territory.

Commenting on the Kremlin talks, Ukrainian Foreign Minister Andrii Sybhia said Putin was “wasting the world’s time”.

Ukraine has long insisted on firm security guarantees for Ukraine in any deal.

On Wednesday, Zelensky said “the world clearly feels that there is a real opportunity to end the war” – but negotiations must be “backed by pressure on Russia”, which Kyiv and its European allies accuse of deliberately stalling any ceasefire agreements.

The Ukrainian president said last week his top negotiators had managed to make some key changes in the original US peace plan – seen as strongly favouring Moscow – during talks with an American delegation in Geneva on 23 November.

In a joint statement, US and Ukrainian negotiators said at the time they had drawn up an updated and refined peace framework – but provided no further details.

Top negotiators from Europe – who had voiced concern over the original US plan – were also in the Swiss city last week, meeting separately with the Ukrainian and the US teams.

In a separate development on Thursday, Germany’s Der Spiegel news website said it had obtained a confidential transcript of a conference call in which European leaders expressed concern over the US negotiations.

“There is a possibility that the US will betray Ukraine on the issue of territory without clarity on security guarantees,” French President Emmanuel Macron reportedly said, according to an English transcript of Monday’s conference call.

Meanwhile, German Chancellor Friedrich Merz was quoted as warning that Zelensky had to be “extremely careful in the coming days”.

“They are playing games, both with you and with us,” Merz reportedly said.

Finnish President Alexander Stubb was also quoted as saying: “We mustn’t leave Ukraine and Volodymyr alone with these guys.”

The BBC has not seen the reported transcript.

In response to a Der Spiegel inquiry, France’s Élysée Palace stated that “the president did not express himself in those terms”. The presidential office declined to provide details on how Macron expressed himself, citing confidentiality.

Stubb declined to comment to Der Spiegel, and Merz has not commented on the issue.

In a statement to the BBC, the White House said: “Secretary [Marco] Rubio, Special Envoy Witkoff, Mr Kushner, and the President’s entire national security team are working tirelessly to stop the killing between Russia and Ukraine.”

“They have held productive meetings to gather feedback from both sides on a plan that can foster a durable, enforceable peace,” the statement read.

Russia launched a full-scale invasion of Ukraine in February 2022, and Moscow currently controls about 20% of Ukrainian territory.

In recent weeks, Russian troops have been slowly advancing in south-east Ukraine, despite reported heavy combat casualties.

[BBC]

Continue Reading

Latest News

486 dead, 341 missing, 171,778 displaced as at 0600hrs today [05]

Published

on

By

The situation report issued by the Disaster Management Center at 0600hrs today [5th December] confirms that 486 persons have died and another 341 persons are missing after the devastating weather conditions in the past week.

171,778 persons have been displaced and have taken refuge at 1,231 safety centers established by the government.

 

Continue Reading

Trending