World
US sanctions Russian oil companies as Moscow holds nuclear drills
The U.S. Treasury Department said Russia’s two largest oil companies, Rosneft and Lukoil, were targeted in a bid to damage Moscow’s ability to fund its war machine.
The United States hit Russia’s major oil companies with sanctions on Wednesday and accused the Russians of a lack of commitment toward ending the war in Ukraine, as Moscow conducted a major training exercise involving nuclear arms, Reuters reported.
The new sanctions were unveiled one day after plans for a summit between U.S. President Donald Trump and Russian President Vladimir Putin fell apart. Trump told reporters he cancelled the meeting because “it didn’t feel right to me.”
The U.S. Treasury Department said Russia’s two largest oil companies, Rosneft and Lukoil, were targeted in a bid to damage Moscow’s ability to fund its war machine.
The move marked a sharp turnaround for the White House, which has veered between pressuring Moscow and taking a more conciliatory approach aimed at securing peace in Ukraine. Only last week Trump appeared ready to hold off on new actions targeting Moscow.
“Now is the time to stop the killing and for an immediate ceasefire,” U.S. Treasury Secretary Scott Bessent said. Oil prices extended gains after Bessent’s comments, rising by more than $2 a barrel.
For months, Trump has resisted pressure from U.S. lawmakers to impose energy sanctions, hoping that Putin would agree to end the fighting. But with no end in sight, he said he felt it was time.
Trump said he was still not ready to provide Ukraine with long-range Tomahawk missiles, which Kyiv has requested. Talking to reporters as he met NATO Secretary General Mark Rutte, Trump said it would take the Ukrainians at least six months to learn how to use them.
Ahead of a meeting next week with Chinese President Xi Jinping in South Korea, Trump said he would like to see Xi use his influence on Putin to halt the fighting. Xi and Putin have formed a strategic alliance between their countries, read the report.
In a fresh show of force, the Kremlin released video showing General Valery Gerasimov, head of the General Staff, reporting to Putin on the drills. Russia said it fired missiles from ground launchers, submarines and aircraft, including intercontinental ballistic weapons capable of striking the United States.
Russia’s Defence Ministry said its long-range Tu-22M3 strategic bombers flew over the Baltic Sea, escorted at various points by fighter jets from foreign – presumably NATO – states.
At key moments in the war in Ukraine, Putin has issued reminders of Russia’s nuclear might as a warning to Kyiv and its Western allies. NATO has also been conducting nuclear deterrence exercises this month.
EU countries also approved a 19th package of sanctions against Russia for its war against Ukraine, which includes a ban on Russian liquefied natural gas imports, the Danish rotating presidency of the EU said on Wednesday.
The Wall Street Journal said the United States lifted a restriction on Ukraine’s use of some long-range missiles provided by Western allies, which would allow Ukraine to increase attacks on targets inside Russia. In a social media post, Trump denied the report.
On Wednesday, Sweden said it had signed a letter of intent to export Gripen fighter jets to Ukraine, as European governments act to boost Kyiv’s defences in a war that has ground on for three years and eight months since Russia’s full-scale invasion, and shows no sign of ending soon, Reuters reported.
Ukrainian pilots have been in Sweden to test the Gripen, a rugged and relatively low-cost option compared to aircraft such as the U.S. F-35.
Kyiv aimed to receive and start using Gripens next year and expected to acquire at least 100, President Volodymyr Zelenskiy said during a visit to Swedish defence manufacturer Saab.
Russia and Ukraine pounded each other with heavy overnight missile attacks as renewed uncertainty enveloped the U.S.-led peace effort.
After months of stalled diplomacy, Putin and Trump spoke last week and unexpectedly announced they would hold a summit in Hungary soon.
But following a phone call on Monday between the two countries’ top diplomats, the White House said the next day that Trump had no plans to meet Putin “in the immediate future”. Trump said he did not want to have a wasted meeting – something the Kremlin said Putin also wanted to avoid.
U.S. Secretary of State Marco Rubio, departing Washington for the Middle East on Wednesday, told reporters the United States would still like to meet with Russia, Reuters reported.
Russian officials said that preparations continued for a summit. “The dates haven’t been set yet, but thorough preparation is needed before then, and that takes time,” Kremlin spokesperson Dmitry Peskov told reporters.
The summit delay came after Russia reiterated to the U.S. its previous terms for reaching a peace deal, including that Ukraine cede control of the whole of the southeastern Donbas region, three sources told Reuters.
That amounted to a rejection of Trump’s statement last week that both sides should stop at the current front lines.
Russian Deputy Foreign Minister Sergei Ryabkov was quoted by state news agency RIA as saying he could not confirm that Moscow had conveyed its position as reported by Reuters.
Through the first nine months of his second term, Trump has pressed for an end to the conflict, the deadliest in Europe since World War Two.
Sharply critical at times of Zelenskiy, he has also expressed frustration with Putin.
European defence shares rose on the delay to the Putin-Trump summit. Most European governments strongly back Kyiv and have pledged to raise military spending to help Ukraine meet its defence needs.
European Union leaders are due on Thursday to discuss a proposal to use frozen Russian assets to extend a $163 billion loan to Ukraine. Moscow says the scheme amounts to theft and has vowed to retaliate.
World
Trump to hit Iran harder if Tehran does not accept defeat, White House says
Talks with Iran were still under way, Leavitt said. “Talks continue. They are productive, as the president said on Monday, and they continue to be,” she added.
President Donald Trump will hit Iran harder if Tehran fails to accept that the country has been “defeated militarily,” White House press secretary Karoline Leavitt said on Wednesday.
“President Trump does not bluff and he is prepared to unleash hell. Iran should not miscalculate again,” Leavitt told reporters in a press briefing.
“If Iran fails to accept the reality of the current moment, if they fail to understand that they have been defeated militarily, and will continue to be, President Trump will ensure they are hit harder than they have ever been hit before,” she said.
As the joint U.S.-Israeli war on Iran entered its fourth week, there have been efforts by multiple countries such as Pakistan, Turkey and Egypt to mediate.
Iran is still reviewing a U.S. proposal to end the war, despite an initial response that was negative, a senior Iranian official told Reuters on Wednesday, indicating that Tehran had so far stopped short of rejecting it outright.
Talks with Iran were still under way, Leavitt said. “Talks continue. They are productive, as the president said on Monday, and they continue to be,” she added.
Citing unnamed sources, media outlets on Tuesday reported that Washington sent Tehran a 15-point plan on ending the war. Leavitt said on Wednesday that elements of the reports were not fully accurate, but she did not provide specifics.
“The White House never confirmed that full plan. There are elements of truth to it, but some of the stories I read were not entirely factual, so I am not going to negotiate on behalf of the president here at the podium,” Leavitt said.
Global equity markets regained some ground while oil prices dipped on Wednesday after the reports about the plan, with investors hoping for an end to a war that has disrupted global energy supplies and raised inflation concerns.
World
Colombia military plane crash kills 66, four still missing
A Colombian military plane crashed in a takeoff disaster on Monday, killing 66 people as rescuers shuttled dozens of survivors to nearby hospitals and searched for four who were still missing, according to a top official.
The Lockheed Martin-built Hercules C-130 transport plane was carrying 128 people, including 11 Air Force members, 115 army personnel and two national police officers, according to Hugo Alejandro Lopez, head of the nation’s armed forces, Reuters reported.
The death toll was nearly double that of the previous figure given by authorities, who continued search and recovery efforts at the site of the deadly crash.
The accident occurred as the plane was taking off from Puerto Leguizamo, on the border with Peru, Defense Minister Pedro Sanchez said on X.
The plane was believed to have suffered an impact near the end of the runway as it was taking off, firefighter Eduardo San Juan Callejas told Caracol, with a wing of the plane later clipping a tree as it was plummeting.
The crash caused the plane to catch fire and detonate some sort of explosive devices on board, he added.
Residents of the remote area were the first to pull out survivors, with videos showing men speeding down a dirt road with wounded soldiers on the back of their motorcycles.
Military vehicles later arrived, though authorities said the crash site was difficult to reach, impeding rescue efforts.
Lopez said that 57 of the survivors had been hospitalized, with 30 of them in non-serious condition at a military clinic.
MODERNIZING THE MILITARY
President Gustavo Petro, in the twilight of his administration, on Monday criticized bureaucratic obstacles for delaying his plans to modernize the military.
“I will grant no further delays; it is the lives of our young people that are at stake,” he said in a post on X. “If civilian or military administrative officials are not up to this challenge, they must be removed.”
Several candidates in Colombia’s upcoming May 31 presidential election offered condolences and called for an investigation.
A spokesperson for Lockheed Martin said the company was committed to helping Colombia as it investigates the incident.
Hercules C-130 planes were first launched in the 1950s and Colombia acquired its first models in the late 1960s. It has more recently modernized some older C-130s with newer models sent from the U.S. under a provision that allows for the transfer of used or surplus military equipment.
Hercules C-130s are frequently used in Colombia to transport troops as part of the military’s operations amid a six-decade-long internal conflict that has claimed more than 450,000 lives.
The tail number of the plane that crashed on Monday matches that of the first of three planes delivered by the U.S. to Colombia in recent years.
At the end of February, another Hercules C-130 belonging to the Bolivian Air Force crashed in the populous city of El Alto, barely missing a residential block.
More than 20 people died in that incident and another 30 were injured, and banknotes from the plane’s cargo scattered around the crash site, prompting clashes between residents and security forces.
World
North Korea’s Kim Jong Un reappointed as president of state affairs, KCNA says
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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