G7 finalize $50bn Ukraine loan backed by Russian assets profits

G7 leaders have finalized details surrounding a $50 billion loan to aid Kyiv, backed by profits from Russian sovereign assets frozen after its invasion of Ukraine. Above, Ukrainian president Volodymyr Zelensky. (AFP file photo)
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Updated 26 October 2024
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G7 finalize $50bn Ukraine loan backed by Russian assets profits

  • G7: ‘The loan proceeds will be disbursed through multiple channels to support Ukraine’s budgetary, military and reconstruction assistance’
  • G7 finance ministers called on Moscow to end its war and pay for damage caused to Ukraine

WASHINGTON: G7 leaders have finalized details surrounding a $50 billion loan to aid Kyiv, backed by profits from Russian sovereign assets frozen after its invasion of Ukraine, according to a statement released Friday.
Leaders of the Group of Seven wealthy democracies said they “have reached a consensus on how to deliver” the loans of approximately $50 billion, with an aim to start disbursing funds by the end of this year.
“The loan proceeds will be disbursed through multiple channels to support Ukraine’s budgetary, military and reconstruction assistance,” G7 leaders added.
Their announcement came as world financial leaders gathered in Washington this week for meetings hosted by the International Monetary Fund and World Bank.
Finance ministers have “agreed on a technical solution ensuring consistency, coordination, fair distribution of lending, and solidarity among all G7 partners,” the statement said.
“We will not tire in our resolve to give Ukraine the support it needs to prevail,” the leaders added.
They called on Moscow to end its war and pay for damage caused to Ukraine.
This week, US President Joe Biden said that as part of the G7 package, the United States would provide $20 billion in loans to Ukraine, to be paid back by the interest earned from immobilized Russian sovereign assets.
This is aimed at supporting Ukraine now, “without burdening taxpayers.”
“Our efforts make it clear: tyrants will be responsible for the damages they cause,” Biden said.
US Treasury Secretary Janet Yellen signed a statement Wednesday with her Ukrainian counterpart Sergii Marchenko marking their intent to enter into the loan.
The move also committed that new United States or Ukrainian tax dollars would not be the source of repayment.
Economic concerns remain top-of-mind for US voters, with just over a week to go before the country’s presidential election on November 5.
Washington aims to provide at least $10 billion of the loans for economic support, with the other half expected to take the form of military aid.
But this will require additional authorization from Congress.
The remaining $30 billion in loans is set to come from a combination of G7 partners, including the European Union, United Kingdom, Canada and Japan, US officials said.
The EU, which has frozen roughly $235 billion of Russian central bank funds — the vast bulk of immobilized Russian assets worldwide — said it would contribute approximately EUR18 billion ($19.4 billion).
“Russia must end its illegal war of aggression and pay for the damage it has caused,” the 27-nation bloc’s chief, Ursula von der Leyen, said in a statement.
“We’re steadfast in our solidarity with Ukraine’s fight for freedom.”
Implementation of the G7 loan suffered from delays as the United States had sought guarantees from the EU that the Russian assets would remain frozen.
“We have once again made clear our unwavering commitment to stand by Ukraine for as long as it takes,” said the G7 statement on Friday.
“Time is not on President (Vladimir) Putin’s side.”


Eight killed in western Pakistan suicide bombing: police

Updated 7 min 9 sec ago
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Eight killed in western Pakistan suicide bombing: police

  • The bomber set off the blast from the back of a motorbike rickshaw
  • The attack was claimed by a little-known militant group calling itself ‘Aswad ul-Harb’

PESHAWAR, Pakistan: A suicide bomber detonated at a checkpoint in western Pakistan on Saturday, killing eight people and wounding five more, officials said.
The bomber set off the blast from the back of a motorbike rickshaw near the town of Mir Ali in Khyber Pakhtunkhwa province, a local police officer said on condition of anonymity.
Four police officers were killed alongside two members of a state paramilitary force and two civilians in the attack near the border with Afghanistan, he said.
Pakistan has seen an increase in militancy since the Afghan Taliban returned to power in 2021, with Islamabad claiming hostile groups are now using the neighboring country for shelter.
“Among the five injured personnel, the condition of three is critical, and they have been transferred to a local military hospital,” the police officer said.
A local government official who also did not want to be named confirmed the same toll of dead and wounded.
The attack was claimed by a little-known militant group calling itself “Aswad ul-Harb.”
Another checkpost near the Afghan border was raided this week by the Pakistani Taliban, killing 10 police officers.
Last year, the country saw more suicide attacks than any year since 2014, according to the Pakistan Institute for Conflict and Security Studies.
There were 29 suicide attacks registered, killing 329 people in Pakistan’s deadliest year in a decade.


Commonwealth agrees ‘time has come’ for talks on legacy of slavery

Updated 47 min 42 sec ago
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Commonwealth agrees ‘time has come’ for talks on legacy of slavery

  • Leaders from Britain and dozens of former colonies held lengthy and occasionally tense talks over one of the most sensitive aspects of their shared and troubled past

APIA, Samoa: The Commonwealth’s 56 members agreed the “time has come” for talks about the legacy of the “abhorrent” transatlantic slave trade Saturday, in a landmark summit declaration that raised the prospect of future reparations.
Gathering in Samoa, leaders from Britain and dozens of former colonies held lengthy and occasionally tense talks over one of the most sensitive aspects of their shared and troubled past.
In a joint statement, Commonwealth leaders noted calls for “reparatory justice” for the “abhorrent” transatlantic slave trade and the “enduring effects” of dispossessing Indigenous people, indentureship and colonialism.
“The time has come for a meaningful, truthful and respectful conversation toward forging a common future based on equity,” a joint “Samoa Communique” said.
African, Caribbean and Pacific nations want Britain — and other colonial powers — to atone for slavery and other ills of colonization, and to start talks about compensation.
Many remain poorer than their one-time colonial masters and are still scarred by the brutal trade that saw an estimated 10-15 million enslaved people ripped from Africa over four centuries.
While Britain has expressed remorse for slavery in broad terms, London has baulked at the idea of paying financial reparations, which could come with a hefty price tag.
During the summit, London tried to avoid making explicit commitments while trying to retain some semblance of Commonwealth unity.
“I should be really clear here, in the two days we’ve been here, none of the discussions have been about money,” British Prime Minister Keir Starmer said after the meeting.
“Our position is very, very clear in relation to that,” he said, insisting talks had been “very positive.”
The meeting’s conclusion was delayed for hours as leaders and officials tried to hammer out a compromise.
The final text may be more vague and legalistic than some former colonies wanted.
During the summit, Bahamas Prime Minister Philip Davis said it was time for “a real dialogue about how we address these historical wrongs.”
“The horrors of slavery left a deep, generational wound in our communities, and the fight for justice and reparatory justice is far from over.”
But one expert said the summit could come to be seen as historic.
“The commitment to conversations on reparatory justice wedges open the door for dialogue,” said Kingsley Abbott, of the University of London’s Institute of Commonwealth Studies.
“The Commonwealth,” he said, “should see this as an opportunity to lead on a potentially historic process, and to do so with vision and courage.”
For Britain — still staking out its place in the world after empire and leaving the European Union — the summit was a high-stakes balancing act.
Starmer is under political pressure at home, and King Charles III, whose family benefited from the slave trade over centuries, had faced calls to apologize personally.
The British royal, who was attending his first summit as monarch and as head of the Commonwealth, stopped well short of an apology on Friday, asking delegates to “reject the language of division.”
“I understand, from listening to people across the Commonwealth, how the most painful aspects of our past continue to resonate,” he said.
“None of us can change the past. But we can commit, with all our hearts, to learning its lessons and to finding creative ways to right inequalities that endure.”
Charles left to return to London before the final summit communique had been agreed.
Commonwealth leaders found more common cause on the “existential” issue of climate change.
They agreed to an “Ocean Declaration,” which recognizes current national maritime boundaries even if sea levels continue to rise.
They also agreed to protect at least 30 percent of the ocean and to restore at least 30 percent of degraded marine ecosystems by 2030.
“What the ocean declaration seems to do and to say is that once your marine boundaries are fixed, they are fixed in perpetuity,” outgoing Commonwealth Secretary-General Baroness Patricia Scotland said.
Commonwealth leaders also agreed to name Ghana’s foreign minister Shirley Ayorkor Botchwey as the new secretary-general.
A former lawmaker, she has served as foreign minister for the past seven years, notably steering Ghana’s two-year tenure on the UN Security Council, ending in December 2023.
She has backed the drafting of a Commonwealth free trade agreement and has previously said she stands for reparations.
“Truly humbled by the overwhelming support of the Commonwealth Heads of Government in selecting me as the incoming Secretary-General of the Commonwealth,” she posted on social media.
“The work indeed lies ahead!”


3 dead after light planes collided in Australia

Updated 26 October 2024
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3 dead after light planes collided in Australia

SYDNEY: Three men died after two light planes collided midair and crashed into a forested area southwest of Sydney on Saturday.
Australian police, fire and ambulance crews reached the two wreckage sites, located in a semirural bushland area about 55 miles southwest of Sydney, on foot. One plane had burst into flames on impact.
New South Wales Police Acting Superintendent Timothy Calman confirmed that a Cessna 182 carrying two people collided with an ultralight aircraft from a nearby airfield carrying one.
Further details of the victims have not been disclosed.
Witnesses saw “debris coming from the sky” and tried to help, but “there was probably not much that could’ve been done,” Calman said to the Australian Broadcasting Corporation . He noted both crashes, about one kilometer apart, were “not survivable.”
NSW Ambulance Inspector Joseph Ibrahim, part of the emergency response team, said to the ABC, “unfortunately, there was nothing they could’ve done.”
The cause of the crash will be investigated by the Australian Transport Safety Bureau.


Russian attacks on central Ukraine, Kyiv kill 5

Updated 26 October 2024
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Russian attacks on central Ukraine, Kyiv kill 5

KYIV: Russian missile strikes killed three people including a child in the Ukrainian city of Dnipro while a teenager and another person died in attacks on Kyiv and the surrounding region, officials said Saturday.
Overnight strikes on Dnipro wounded 19 others and damaged multiple buildings, said Sergiy Lysak, the governor of the central Dnipropetrovsk region.
A two-story residential building was destroyed, he said.
Images shared by Lysak showed rescuers working in a pile of rubble, while another showed what appeared to be a hospital room with its windows blown out.
“Three people were killed in Dnipro, including a child. Nineteen were injured, four of them children. Eight are hospitalized,” Lysak said.
Separate night attacks on the capital Kyiv and surrounding region left two people dead, including a teenage girl who was killed in a drone strike, according to regional authorities.
Ukrainian cities including Kyiv have been subjected to deadly drone and missile attacks throughout Russia’s invasion.
Kyiv has been asking for more air defenses from its allies ahead of what is likely to be its toughest winter yet, as Moscow ramps up strikes on energy infrastructure.


US, UK urge Iran not to respond to latest Israel attack

Updated 26 October 2024
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US, UK urge Iran not to respond to latest Israel attack

  • UK leader: ‘I’m equally clear that we need to avoid further regional escalation and urge all sides to show restraint’
  • The Israeli military conducted air strikes against Iran on Saturday, hitting military bases and missile sites

WASHINGTON/LONDON: The United States and UK urged Iran on Saturday to stop attacking Israel to break the cycle of violence after Israel launched strikes against the Islamic republic in retaliation for a missile barrage.

“We urge Iran to cease its attacks on Israel so that this cycle of fighting can end without further escalation,” US National Security Council spokesman Sean Savett told reporters.

“I am clear that Israel has the right to defend itself against Iranian aggression. I’m equally clear that we need to avoid further regional escalation and urge all sides to show restraint. Iran should not respond,” British Prime Minister Keir Starmer said, speaking at a press conference in Samoa, where he has been attending a Commonwealth Heads of Government Meeting.

The Israeli military conducted air strikes against Iran on Saturday, hitting military bases and missile sites, and other systems in several regions.

“Their response was an exercise in self-defense and specifically avoided populated areas and focused solely on military targets, contrary to Iran’s attack against Israel that targeted Israel’s most populous city,” he added.

Stressing that the United States did not participate in the operation, he said “it is our aim to accelerate diplomacy and de-escalate tensions in the Middle East region.”

A senior administration official said President Joe Biden and his national security team have worked with the “Israelis over recent weeks to encourage Israel to conduct a response that was targeted and proportional with low risk of civilian harm.”

“And that appears to have been precisely what transpired this evening,” the official told reporters.

President Biden had encouraged Prime Minister Benjamin Netanyahu “to design a response that served to deter further attacks against Israel while reducing risks of further escalation, and that is our objective.”