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G7 agrees $50bn loan for Ukraine from Russian assets

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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]



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More than 5,000 flights cancelled as US east coast digs out of record snow

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A major storm hit the US east coast on Monday, bringing record-breaking snow that caused disruptions for millions and thousands of flight cancellations.

Parts of Rhode Island and Massachusetts have seen nearly 37in (94cm) of snowfall, with more than 19in in New York City’s Central Park, the National Weather Service (NWS) said.

Weather warnings stretched from North Carolina to northern Maine, with some in place further north in parts of eastern Canada.

More than 600,000 properties on the US east coast endured power outages, while the Boston Globe – a major US newspaper – said it will not go to print for the first time in its 153-year history due to the storm.

(BBC)

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Pakistan bat vs unchanged England with Afridi back

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Salman Agha and Harry Brook shake hands at the toss (Cricinfo)

Pakistan  have recalled Shaheen Shah Afridi for their Super Eight fixture against England in Pallekle at the expense of Faheem Ashraf, and will bat first after Salman Agha won the toss on a fresh pitch.

Afridi’s nine overs at the T20 World Cup have cost 101 runs and he has been left out for consecutive matches after Pakistan’s heavy defeat to India in Colombo, including their no-result against New Zealand to start the Super Eight stage. But he has been recalled to face England, perhaps due to their top order’s perceived vulnerability against left-arm seam.

Ashraf rescued Pakistan in their opening group-stage match against the Netherlands, hitting 29 not out off 11 balls to secure a three-wicket win. But he has only bowled two overs in the tournament and has been batting down the order.

“It looks like a good pitch,” Agha said at the toss. “We want to put up an above-par score and defend that total.”

England will qualify for the semi-finals if they win either of their remaining Super Eight fixtures, but Brook said that he would rather get the job done this evening than face a must-win match against New Zealand on Friday. “That would be lovely, wouldn’t it? But you never know in T20 cricket, it’s such a fickle game,” he said.

Brook said that he would have chosen to bat first if he had won the toss, but expects a better surface than the one that England played on at Pallekele two days ago in their low-scoring win over Sri Lanka. “Hopefully, it’s going to be a little bit better,” he said. “We haven’t had our perfect game yet. Hopefully, it’s just around the corner.”

England have picked the same team for the fifth consecutive match at this World Cup, and have carded their batting line-up in the same order despite some calls for Brook to be promoted from No. 5.

The fixture is a rematch of the 2022 T20 World Cup final, which England won by five wickets at the MCG, and there are nine survivors across the two teams.

England:  Phil Salt,  Jos Buttler (wk),  Jacob Bethell,  Tom Banton,  Harry Brook (capt),  Sam Curran,  Will Jacks,  Jamie Overton,  Liam Dawson,  Jofra Archer,  Adil Rashid.

Pakistan:  Sahibzada Farhan,  Saim Ayub,  Salman Agha (capt), Babar Azam,  Fakhar Zaman, Shadab Khan,  Usman Khan (wk), Mohammad Nawaz,  Shaheen Shah Afridi,  Salman Mirza,  Usman Tariq.

(Cricinfo)

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Navy seize an Indian fishing boat poaching in Mannar seas

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During an operation conducted in the dark hours of 22 Feb 26, the Sri Lanka Navy seized an Indian fishing boat and  apprehended  twelve (12) Indian fishermen while they were poaching in Sri Lankan waters, in the sea area south of Mannar.

The seized boat  and the Indian fishermen were handed over to the Fisheries Inspector of Dikovita for onward legal proceedings.

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