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
White House declares ‘Trump is still your president’ after Republicans suffer sweeping midterm defeats
The White House has issued a defiant message following a crushing performance by Republicans in the US midterm elections, declaring that Donald Trump remains president despite significant gains by the Democrats.
In a post on X on Wednesday, the White House shared an image of Trump bearing the words: “TRUMP IS STILL YOUR PRESIDENT.” The accompanying message added: “Thank you for your attention to this matter.”
The statement came after Democrats secured a Senate majority and made major gains in traditionally Republican strongholds, including Texas, Kansas, South Carolina and Ohio.
The midterm elections, which determine control of Congress, were widely viewed as a referendum on Trump’s presidency. All 435 seats in the House of Representatives and 35 of the 100 Senate seats were contested.
The war in Iran and mounting cost-of-living pressures were among the issues believed to have contributed to the Republican setbacks.
Trump acknowledged that the conflict with Iran had affected the election results, particularly through its impact on fuel prices, but defended his decision to pursue the war.
Speaking to Politico, he said the conflict had pushed gasoline prices higher in the short term, but maintained that military action was necessary in the long run.
Iranian officials welcomed the election outcome. Parliament Speaker and chief negotiator Mohammed Bagher Ghalibaf wrote on X that American voters had rejected war, saying: “Conscience or the cost of living, Americans said NO TO WAR.”
Trump also reflected on his campaign rallies, saying the enthusiasm surrounding his appearances had failed to translate into support for Republican candidates.
“They just couldn’t transfer that love,” he said.
Although Trump indicated he was prepared to work with Democrats, he warned that political gridlock could follow, threatening to use his presidential veto to block their legislative agenda.
World
Democrat Abdul El-Sayed becomes first Muslim elected to US Senate
Democrat Abdul El-Sayed has won Michigan’s US Senate race, defeating former Republican lawmaker Mike Rogers and becoming the first Muslim elected to the US Senate, according to US television networks.
“Michigan, we did it!” El-Sayed declared at his victory celebration in Detroit, where hundreds of supporters gathered to celebrate.
“I am so proud and honoured to stand here as your senator-elect from the great state of Michigan,” the 42-year-old said.
El-Sayed secured the victory despite a late campaign setback when Democratic Congresswoman Haley Stevens, whom he defeated in the party primary, endorsed Rogers shortly before election day.
A former medical administrator, El-Sayed campaigned on progressive promises, including universal healthcare, reducing the influence of money in politics and tackling the rising cost of living.
He replaces retiring Democratic Senator Gary Peters and held a lead of nearly six percentage points over Rogers when US networks called the race.
His campaign attracted large crowds across Michigan, including in traditionally Republican areas, while drawing support from labour unions, activists and younger voters.
Republicans had launched a fierce campaign against El-Sayed, portraying him as a radical and questioning his patriotism. He also faced Islamophobic attacks and mockery over his Arabic name from President Donald Trump and Vice President JD Vance.
Addressing Vance during his victory speech, El-Sayed said the vice president was constitutionally obligated to swear him into office in January.
The victory came amid a strong showing by Democrats in several races, prompting jubilant supporters at El-Sayed’s headquarters to chant: “Tsunami! Tsunami!”
World
Democrats seize control of Congress in major setback for Trump
The Democrat’s gains extended to the House of Representatives, where the party overturned Republican advantages in several states, including Iowa, Florida, Pennsylvania and Texas.
Democrats have stormed to victory in the US midterm elections, capturing control of both chambers of Congress in a stunning political reversal that delivers a major blow to President Donald Trump and his Republican Party.
The results of Tuesday’s elections saw Democrats break through in traditionally Republican strongholds, flipping key Senate seats in Texas, South Carolina and Kansas, where Republicans had expected to hold their ground.
Among the biggest upsets was James Talarico’s Senate victory in Texas, where Democrats had not won a statewide office in more than 30 years. In South Carolina, Annie Andrews defeated Republican Senator Darline Graham, while Troy Jackson unseated Republican Senator Susan Collins in Maine.
The Democratic gains extended to the House of Representatives, where the party overturned Republican advantages in several states, including Iowa, Florida, Pennsylvania and Texas.
Trump faces two difficult years
The scale of the defeat is a serious setback for Trump, who spent much of the final campaign stretch rallying supporters and backing Republican candidates. Several of those candidates went down to defeat despite his personal endorsements.
Voters appeared to deliver a clear message, with rising living costs, economic frustration, the war in Iran and concerns over government corruption emerging as major issues.
Trump sought to play down the results, insisting he had not been on the ballot and blaming the defeat on the candidates rather than his own leadership.
Democratic leaders, meanwhile, celebrated what they described as a historic political shift, promising tougher oversight of the administration and investigations into senior officials.
With Democrats now controlling both chambers, Trump’s legislative agenda faces a formidable obstacle. The party has also signalled that investigations into the administration, including questions surrounding the president’s personal interests and the conduct of senior officials, will be a priority.
The outcome marks one of the most significant political setbacks of Trump’s presidency, transforming the balance of power in Washington and setting the stage for two turbulent years ahead.
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