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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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Powerful 7.6 earthquake hits northern Japan, tsunami warnings issued

At Kuji Port in Iwate, a 70-centimeter tsunami was recorded, while Hokkaido observed waves of 50 centimeters in Urakawa Town and 40 centimeters at Mutsuogawara Port.

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A powerful magnitude 7.6 earthquake struck northern Japan late Monday night, prompting tsunami advisories and an unprecedented alert for a potential “mega quake” along the country’s Pacific coast.

The quake occurred at 11:15 p.m. off the eastern coast of Aomori Prefecture at a depth of 54 kilometers. Authorities initially issued tsunami warnings for Iwate Prefecture as well as coastal areas of Hokkaido and Aomori.

USGS has recorded the quakes magnitude at 7.6. However, Japanese officials have stated it was a 7.5 magnitude quake. 

At Kuji Port in Iwate, a 70-centimeter tsunami was recorded, while Hokkaido observed waves of 50 centimeters in Urakawa Town and 40 centimeters at Mutsuogawara Port.

As of 1:00 a.m., officials confirmed six injuries in Aomori, with residents hurt by falling objects or during attempts to evacuate. More than three hours after the quake, the tsunami warnings were downgraded to advisories, though authorities continue to urge residents to stay clear of the shoreline.

Japan’s Meteorological Agency has issued a rare alert warning that a much larger earthquake could follow. A potential mega quake—magnitude 8 or higher—could generate tsunamis along the Pacific coast from Hokkaido down to Chiba.

Residents in the affected areas have been urged to review evacuation routes, prepare emergency supplies, secure household furniture, and ensure access to food, water, and portable toilets. Officials say people along the Pacific coastline should remain on high alert for the next week, although no formal evacuation recommendation is currently in place.

This is the first time Japan has issued an alert under this category since it was created in 2022.

Morikubo Tsukasa, a disaster preparedness official with the Cabinet Office, said: “Based on global earthquake statistics, there is a possibility that a large-scale earthquake with a magnitude of 8 or higher could occur as a follow-up along the Japan Trench or Chishima Trench off Hokkaido. It is unclear whether such an event will happen, but everyone should take precautions to protect their lives.”

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Ukraine to share revised peace plan with US on Tuesday, Zelenskiy says

Zelenskiy pointed to the delicate balancing act the European powers need to strike as they try to negotiate better terms to the proposed U.S. plan:

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Ukraine will share a revised peace plan with the U.S. on Tuesday that is aimed at ending Russia’s war, after talks in London between President Volodymyr Zelenskiy and the leaders of France, Germany and Britain.

As the war nears its four-year mark, Kyiv, under pressure from the White House to agree quickly to a peace settlement, wants to balance out a U.S.-backed draft that was widely seen as favourable to Moscow.

Monday’s hastily arranged meeting among British Prime Minister Keir Starmer, French President Emmanuel Macron, German Chancellor Friedrich Merz and Zelenskiy was aimed to strengthen Ukraine’s hand.

Zelenskiy told reporters after the meeting that the revised plan comprised 20 points, but that there was still no agreement on the issue of giving up territory – which Moscow has pushed for.

“The mood of the Americans, in principle, is for finding a compromise,” he said. “Of course, there are complex issues related to the territory, and a compromise has not yet been found there.”

He repeated his oft-stated position that Ukraine cannot give up any part of its land.

Zelenskiy later flew to Brussels, where European Commission President Ursula von der Leyen and European Council President Antonio Costa said in social media posts that any peace deal had to respect Ukraine’s sovereignty and guarantee its long-term security.

Zelenskiy, writing on Telegram, described his meeting with the two EU institution chiefs, as well as NATO Secretary-General Mark Rutte, as “good and productive. We are acting in a coordinated and constructive manner.”

Earlier, a British government source had said Monday’s meeting would focus on using the value of Russian assets frozen in the West.

Leaders from Estonia, Finland, Ireland, Latvia, Lithuania, Poland and Sweden urged the European Union to move quickly with a stalled proposal to use those assets to provide funds for Ukraine.

Starmer, Macron, Merz and Zelenskiy are also aiming to get U.S. security guarantees to help deter any further attacks from Russia, which launched its full-scale invasion of Ukraine in February 2022.

The publication of a U.S. ceasefire plan last month has gone some way to focus the minds of European leaders, who fear that Kyiv could be forced to accept many Russian demands, which some say could destabilise the continent.

But although U.S. officials said they were in the final stage of reaching an agreement, there has so far been little sign that either Ukraine or Russia is willing to sign the framework deal drawn up by Trump’s negotiators.

“We stand with Ukraine and, if there was to be a ceasefire, it has to be a just and lasting ceasefire,” Starmer said after welcoming the leaders to his Downing Street residence.

Macron and Merz also expressed their determination to press on with a firm plan, at a time the German chancellor described as “decisive … for all of us”.

Zelenskiy pointed to the delicate balancing act the European powers need to strike as they try to negotiate better terms to the proposed U.S. plan:

“There are some things we can’t manage without the Americans, things we can’t manage without Europe; that’s why we need to make some important decisions.”

Zelenskiy told Ukrainians in a video address late on Sunday that a “new diplomatic week” was starting.

“First and foremost, security issues, support for our resilience, and support packages for our defence. First and foremost, air defence and long-term funding for Ukraine. Of course, we will discuss a shared vision and common positions in the negotiations,” he said.

Ukraine is enduring one of its toughest periods of the war. Russian troops are grinding forward in the east, and Ukrainian cities and towns are suffering hours of power cuts due to intensified Russian strikes on the energy grid and other crucial infrastructure.

U.S. President Donald Trump’s envoy Steve Witkoff and son-in-law Jared Kushner brought a revised plan to Moscow last week, then held several more days of talks with Ukrainian officials in Miami, which ended on Saturday with no breakthrough.

Zelenskiy called the discussions constructive but not easy. Trump said on Sunday he was “disappointed” with Zelenskiy, accusing him of not having read the latest proposals backed by the U.S.

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Shooting at South African bar leaves 11 dead, including a young child, police say

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At least 11 people were killed on Saturday including a three year old boy, after gunshots were fired at an illegal bar in the South African city of Pretoria, police said, adding that a manhunt was launched for three suspects who were not identified.

Another 14 people were wounded during the incident in the Saulsville township, they said in a statement, Reuters reported.

Police didn’t say whether the shooting occurred inside or outside the illegal bar, known locally as a ‘shebeen.’

“Three minors are among those deceased, which include 3- and 12-year-old boys (and a) 16-year-old female,” the South African Police Service said.

South Africa has one of the highest murder rates in the world, averaging about 60 a day.

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