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
Putin visits India for first time since 2022 Ukraine invasion
Russian President Vladimir Putin will begin a two-day trip to India on Thursday, his first since launching the full-scale invasion of Ukraine, as Moscow seeks to reinforce defense and trade ties with New Delhi amid rising pressure from the Trump administration over India’s continued purchases of Russian oil.
Putin will travel with a high-level delegation that includes Defense Minister Andrei Belousov.
Media reports suggest the two countries may revisit a long-delayed fighter jet agreement during the visit.
India’s Prime Minister Narendra Modi is scheduled to host Putin for a private dinner on Thursday, followed by a summit meeting and business engagements on Friday.
Kremlin spokesman Dmitry Peskov said Russia’s S-400 air defense systems would be a “significant” point of discussion, underscoring the central role of military cooperation in the relationship. India has so far received three of the five S-400 units ordered in 2018, with remaining shipments delayed by Western sanctions and supply disruptions linked to the war in Ukraine.
Reports also indicate that Moscow may propose jointly manufacturing its Su-57 fighter jet in India. Russia remains a major source of India’s defense equipment, though its share of India’s arms imports has declined as New Delhi expands domestic production.
The visit comes shortly after U.S. President Donald Trump imposed 50% tariffs on most Indian exports, arguing that India’s reliance on discounted Russian crude indirectly supports Moscow’s war effort. India has emerged as a major buyer of Russian oil since 2022, saving billions of dollars, though it has recently scaled back purchases as Washington tightened sanctions on producers such as Rosneft and Lukoil.
Indian officials worry that new defense or energy deals with Moscow could trigger additional retaliation from Washington at a sensitive moment in U.S.–India trade talks.
Speaking to Indian media, Peskov dismissed concerns over U.S. measures. “What matters to us is maintaining and increasing our business with India without interference,” he said.
Analysts say neither country is likely to abandon the relationship. Even if India further reduces its intake of Russian crude, Moscow remains indispensable as a supplier of parts for India’s large stock of Russian-made military platforms.
“There may be some reduction in energy purchases under U.S. pressure,” said Nandan Unnikrishnan of the Observer Research Foundation in New Delhi, “but the overall direction of the ties will be maintained because both countries need each other at the strategic level.”
Bilateral trade reached $68.7 billion in 2024–25, nearly six times the pre-pandemic figure, though Indian exports accounted for less than $5 billion. New Delhi has been pressing Moscow to open more space for Indian pharmaceuticals, automobiles and service-sector companies.
Analysts say the visit gives both leaders an opportunity to assess the geopolitical landscape, including the war in Ukraine, and signal continuity in the partnership.
“For India, the optics underscore its commitment to strategic autonomy, and for Putin—who rarely travels—the trip highlights the importance he places on the relationship,” said Harsh V. Pant of King’s College London.
A senior Indian Foreign Ministry official, speaking anonymously, described Russia–India ties as among the “most stable relationships in modern times,” urging observers to view the visit in its bilateral context.
“This is just another annual summit between two countries with a steady relationship,” the official said.
World
Russia says no Ukraine compromise after five-hour Putin meeting with Trump envoys
The late-night meeting at the Kremlin brought together Putin, Trump’s special envoy Steve Witkoff, and Trump’s son-in-law Jared Kushner.
Russia and the United States failed to reach a compromise on a potential peace deal to end the war in Ukraine following five hours of talks between President Vladimir Putin and U.S. President Donald Trump’s top envoys, the Kremlin said on Wednesday.
The late-night meeting at the Kremlin brought together Putin, Trump’s special envoy Steve Witkoff, and Trump’s son-in-law Jared Kushner. The discussions stretched past midnight but produced no breakthrough, according to Kremlin foreign policy aide Yuri Ushakov.
“Compromises have not yet been found,” Ushakov told reporters. “There is still a lot of work to be done.”
He said Putin reacted negatively to some U.S. proposals and that the two sides remained divided on key issues, including the “territorial problem” — Russia’s claim to the entire Donbas region.
Ukraine continues to control roughly 5,000 square kilometers of territory that Moscow asserts as its own, although almost all countries recognize Donbas as part of Ukraine.
Witkoff later visited the U.S. Embassy in Moscow to brief the White House, Ushakov said.
While describing the talks as “constructive,” Ushakov stressed that no meeting between Putin and Trump is planned at this stage. He added that both sides had agreed not to disclose further details of the discussions.
Trump, speaking earlier in Washington, called the conflict “a mess” and said his envoys were in Moscow to explore whether a settlement was possible. He cited casualty estimates of 25,000 to 30,000 per month in the ongoing war.
Russia launched its full-scale invasion of Ukraine in February 2022, triggering the most severe confrontation between Moscow and the West since the Cold War.
Concerns Among European Allies
The talks come amid unease in European capitals after a leaked set of 28 draft U.S. peace proposals appeared in November, prompting fears that Washington was leaning too far toward Moscow’s demands. European powers subsequently drafted counter-proposals, and U.S. and Ukrainian officials said they had produced an “updated and refined peace framework” during follow-up discussions in Geneva.
Ukrainian President Volodymyr Zelenskiy, speaking in Dublin, said he feared the U.S. might lose interest in the peace process and warned against negotiations taking place “behind Ukraine’s back.”
“There will be no easy solutions,” he said. “It is important that everything is fair and open.”
Just hours before meeting Witkoff and Kushner, Putin said Russia did not seek war with Europe but warned that any conflict would end “so swiftly” that negotiations afterward would be meaningless. He also threatened to cut Ukraine’s access to the sea in response to recent drone attacks on Russia’s “shadow fleet” in the Black Sea.
Ukraine’s foreign minister, Andrii Sybiha, said Putin’s remarks showed he was not prepared to end the war.
World
Pope Leo: Palestinian state ‘only’ solution to Israeli conflict
Leo, who usually prefers using careful, diplomatic language, ramped up criticism earlier this year of Israel’s military campaign in Gaza.
Pope Leo said on Sunday that the only solution in the decades-long conflict between Israel and the Palestinian people must include a Palestinian state, reaffirming the Vatican’s position.
“We all know that at this time Israel still does not accept that solution, but we see it as the only solution,” Leo, the first U.S. pope, told journalists on a flight from Turkey to Lebanon during his first in-flight press conference.
“We are also friends with Israel and we are seeking to be a mediating voice between the two parties that might help them close in on a solution with justice for everyone,” added the pope, speaking in Italian.
Israel’s Prime Minister Benjamin Netanyahu has reaffirmed opposition to a Palestinian state after even its biggest ally the U.S. indicated support for Palestinian independence.
Leo spoke in a brief eight-minute press conference focused on his visit to Turkey, which he visited from Thursday to Sunday on his first overseas trip since election in May as leader of the 1.4 billion-member Catholic Church.
The pope said he and Turkish President Tayyip Erdogan discussed both the Israel-Palestinian and Ukraine-Russia conflicts. Turkey has an important role to play helping end both wars, Leo said.
During his visit to Turkey, the pope warned that humanity’s future was at risk because of the world’s unusual number of bloody conflicts and condemned violence in the name of religion.
Leo, who usually prefers using careful, diplomatic language, ramped up criticism earlier this year of Israel’s military campaign in Gaza.
Turkey is predominantly Muslim but is also home to Ecumenical Patriarch Bartholomew, spiritual leader of the world’s 260 million Orthodox Christians.
Leo praised Turkey as an example of religious co-existence.
“People of different religions are able to live in peace,” said the pope. “That is one example of what I think we all would be looking for throughout the world.”
Leo is visiting Lebanon until Tuesday, when he returns to Rome.
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