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G7 will seek to seize assets of key Russian elites -Yellen

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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.

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North Korea’s Kim Jong Un reappointed as president of state affairs, KCNA says

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North Korean leader ​Kim Jong Un was reappointed as president of state affairs, ‌state media KCNA reported on Monday, after the isolated nation convened the first session of its Supreme People’s Assembly a day earlier.

The meeting in Pyongyang will discuss amendments ​and supplements to the socialist constitution, as well as the ​election of the chairman of the State Affairs Commission and ⁠other state leadership bodies, Reuters reported.

The assembly, North Korea’s rubber-stamp legislature that formally approves ​state policy, typically meets following a ruling Workers’ Party Congress to turn ​party decisions into law.

The meeting will also review the country’s economic five-year plan announced at the ninth party congress held in February, KCNA said.

Attention has been focused on whether ​Pyongyang will revise its constitution to formalise leader Kim Jong Un’s “two ​hostile states” policy toward South Korea.

In recent years, Kim has abandoned Pyongyang’s long-standing goal ‌of peaceful ⁠reunification and redefined the South as a hostile state.

Kim’s powerful sister, Kim Yo Jong, was notably absent from KCNA’s list of members of the State Affairs Commission, the country’s highest leadership body, on which she ​had served since ​2021.

South Korea’s ⁠Unification Ministry said it was looking into why she was no longer listed, but analysts said the move ​did not necessarily signal a loss of influence.

“Her absence ​suggests not ⁠a decline in status but a strategic division of roles,” said Lim Eul-chul, a professor at Kyungnam University, adding that the younger Kim continues to ⁠wield ​real power as a department director in ​the ruling Workers’ Party, where she may play a higher-level, party-centred role coordinating policy.

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Trump threatens Iran with power plant strikes over Hormuz oil blockade

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U.S. President Donald Trump on Saturday threatened to “obliterate” Iran’s power plants if Tehran does not fully reopen the Strait of ​Hormuz within 48 hours, a significant escalation barely a day after he talked about “winding down” the war.

“If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from ‌this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!” Trump said on social media, Reuters reported.

Trump’s ultimatum would expand the scope of U.S. strikes to infrastructure that affects daily civilian life in Iran.

The threat of Iranian attacks has kept most ships from getting through the strait, a narrow waterway that serves as the conduit for around a fifth of global oil and liquefied natural gas supplies, threatening a global energy shock. Its near-closure sent European gas prices ​surging as much as 35% last week.

Iran’s Khatam al-Anbiya military command headquarters said Sunday that if the U.S. attacks Iran’s fuel and energy infrastructure, then Iran would target all U.S. energy, information technology and ​desalination infrastructure in the region.

Energy prices spiked last week after Iran responded to an Israeli attack on its major gas field by hitting Qatar’s Ras Laffan Industrial City, ⁠which processes around a fifth of the world’s liquefied natural gas, causing damage that will take years to repair.

The threats to Gulf infrastructure came as the conflict entered dangerous new territory.

Israeli officials said Iranian forces had for the first ​time fired long-range missiles, expanding the risk of attacks beyond the Middle East, even as an Iranian strike injured dozens of people not far from Israel’s nuclear site.

Iran launched two ballistic missiles with a range of 4,000 km (2,500 ​miles) at the U.S.-British military base at Diego Garcia in the Indian Ocean, Israeli military chief Eyal Zamir said. The Israeli military said it was the first time Iran had used long-range missiles since the United States and Israel began attacking Iran on February 28.

“These missiles are not intended to strike Israel. Their range reaches European capitals – Berlin, Paris, and Rome are all within direct threat range,” Zamir said in a statement on Saturday.

A source at Britain’s defense ministry said the attack had occurred before the government gave specific authorization on ​Friday for the U.S. to use British military bases to carry out strikes on Iranian missile sites.

More than 2,000 people have been killed during the war. In Israel, 15 people have been killed in Iranian strikes.

TRUMP SENDS ​MIXED SIGNALS

Trump and his administration have sent mixed messages about U.S. goals throughout the war, now in its fourth week, leaving U.S. allies struggling to respond.

Trump’s ultimatum on Saturday was the most abrupt shift yet. Trump’s rhetoric pivoted from a drawdown to an ‌explicit 48-hour countdown ⁠to strike Iran’s power infrastructure, even as U.S. Marines and heavy landing craft continue heading to the region.

Iran’s largest power plants include the Damavand power plant near Tehran (2,868 megawatts of capacity), the Kerman plant in southeastern Iran (1,910 MW), and the Ramin steam power plant in Khuzestan province (1,890 MW), according to industry and energy databases.

The country’s sole nuclear plant at Bushehr on Iran’s southern coast produces about 1,000 MW.

Earlier this month, Trump raised the idea of destroying Iran’s power grid even while downplaying the notion. “We could take apart their electric capacity within one hour, and it would take them 25 years to rebuild,” Trump told reporters on March 11. “So ideally, we’re not going to be doing that.”

U.S. ​voters appear increasingly concerned that the war could expand. ​Energy price shocks are fuelling inflation, hitting consumers and businesses hard, ⁠a major political liability for Trump as he seeks to justify the war to the public before November elections in which control of Congress is at stake.

Trump had also accused NATO allies of cowardice over their reluctance to help open the strait. Some allies have said they will consider it, but most say they are reluctant to join ​a war that Trump started without consulting them.

IRANIAN STRIKES HIT SOUTHERN ISRAEL

The Israeli military said on Sunday that it is conducting strikes in Tehran, hours after attacks ​on southern Israel.

Late on Saturday, ⁠Iranian missiles hit the southern Israeli cities of Dimona and Arad, injuring dozens of people, including children, in separate strikes. Iran’s Revolutionary Guards said in a statement early Sunday that they targeted “military installations” and security centers in southern Israel.

Israeli military spokesperson Brigadier General Effie Defrin said in a post on X that the country’s air defenses were functioning but did not intercept the strikes. “We will investigate the incident and learn from it,” he said.

Israel’s secretive nuclear reactor is about 13 km (8 miles) ⁠southeast of Dimona. ​Both cities lie near several military sites, including Nevatim Air Base, one of the country’s largest.

“This has been a very difficult evening ​in the battle for our future,” Israeli Prime Minister Benjamin Netanyahu said in a statement released by his office following the strike on Arad.

“We are determined to continue striking our enemies on all fronts,” the statement said.

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Trump compares Iran strikes to Pearl Harbor in meeting with Japan’s leader

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U.S. President Donald Trump on Thursday compared recent U.S. strikes on Iran to Japan’s 1941 attack on Pearl Harbor, as he defended his administration’s military actions during a meeting with Japanese Prime Minister Sanae Takaichi at the White House.

Responding to a question about why allies were not informed in advance, Trump said the element of surprise was intentional. “We wanted surprise. Who knows better about surprise than Japan?” he said, referencing the attack on Attack on Pearl Harbor.

The remark appeared to catch Takaichi off guard, as she reacted visibly during the Oval Office meeting.

Japan’s 1941 attack on the U.S. naval base in Hawaii killed more than 2,300 Americans and led the United States to enter World War II. Then-President Franklin D. Roosevelt famously described the day as “a date which will live in infamy.”

The war ended in 1945 after U.S. atomic bombings of Atomic bombings of Hiroshima and Nagasaki.

Trump’s comments drew mixed reactions in Japan. Some observers said the comparison was inappropriate given its historical sensitivity, while others downplayed it as a joke.

Speaking in Tokyo, engineer Yuta Nakamura said Takaichi had been placed in a difficult position but handled the moment carefully. Meanwhile, retiree Tokio Washino said the reference made him feel uneasy, given Japan’s wartime history.

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