Connect with us

World

Russian court seizes two European banks’ assets amid Western sanctions

Published

on

Russian court seizes two European banks’ assets amid Western sanctions

Freezing hundreds of billions of dollars in lenders’ assets was part of dispute over gas project halted by sanctions.

A Russian court has ordered the seizure of the assets, accounts, property and shares of Deutsche Bank and Commerzbank in the country as part of a lawsuit involving the German banks, court documents showed.

The banks are among the guarantor lenders under a contract for the construction of a gas processing plant in Russia with the German company Linde. The project was terminated due to Western sanctions.

European banks have largely exited Russia after Moscow launched its offensive on Ukraine in 2022.

A court in St Petersburg ruled in favour of seizing 239 million euros ($260m) from Deutsche Bank, documents dated May 16 showed.

Advertisement

Deutsche Bank in Frankfurt said it had already provisioned about 260 million euros ($283m) for the case.

“We will need to see how this claim is implemented by the Russian courts and assess the immediate operational impact in Russia,” the bank added in a statement.

The court also seized the assets of Commerzbank, another German financial institution, worth 93.7 million euros ($101.85m) as well as securities and the bank’s building in central Moscow.

The bank is yet to comment on the case.

In a parallel lawsuit on Friday, the Russian court also ordered UniCredit’s assets, accounts and property, as well as shares in two subsidiaries, to be seized. The ruling covered 462.7 million euros ($503m) in assets.

Advertisement

UniCredit said it “has been made aware” of the decision and was “reviewing” the situation in detail. The bank was one of the most exposed European banks when Moscow launched its invasion of Ukraine, with a large local subsidiary operating in Russia.

It began preliminary discussions on a sale last year, but the talks have not advanced. Chief executive Andrea Orcel said UniCredit wants to leave Russia, but added that gifting an operation worth three billion euros ($3.3bn) was not a good way to respect the spirit of Western sanctions on Moscow over the conflict.

Russia has faced heavy Western sanctions, including on its banking sector, since the start of the war in Ukraine. Dozens of US and European companies have also stopped doing business in the country.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

World

The fate of the latest cease-fire proposal hinges on Netanyahu and Hamas’ leader in Gaza

Published

on

The fate of the latest cease-fire proposal hinges on Netanyahu and Hamas’ leader in Gaza

TEL AVIV, Israel (AP) — The fate of the proposed cease-fire deal for Gaza hinges in many ways on two men: Israeli Prime Minister Benjamin Netanyahu and Hamas’ leader in Gaza, Yahya Sinwar.

Each leader faces significant political and personal pressures that may be influencing their decision-making. And neither seems to be in a rush to make concessions to end the devastating eight-month-long war and free hostages taken by Hamas in its Oct. 7 attack.

Hamas has accepted the broad outline of the plan but requested “amendments.” Netanyahu has publicly disputed aspects of it, even though the U.S. has framed it as an Israeli plan.

Among the major sticking points is how to move from an initial temporary truce in the deal’s first phase to a permanent cease-fire that includes an end to the fighting and full withdrawal of Israeli troops from Gaza.

Here is a look at what may be driving the two leaders:

Advertisement

Netanyahu is ‘buying time’

Throughout the war, the long-serving Israeli leader has been criticized for letting political considerations get in the way of his decision-making.

His government is buoyed by two ultranationalist parties that oppose cease-fire deals. Instead, they prefer continuous military pressure to try to defeat Hamas and free the hostages. They also talk about “encouraging” Palestinians to leave and reestablishing Israeli settlements, which were dismantled when Israel withdrew from Gaza in 2005 after a 38-year occupation.

Netanyahu himself has taken a tough line on the cease-fire, saying he will not end the war until Hamas’ military and governing capabilities are destroyed.

But with his hard-line partners pledging to topple the government if a cease-fire is struck, Netanyahu has been pushed even farther into the corner. His reliance on them to remain in power recently intensified after a centrist member of his war Cabinet, former military chief Benny Gantz, quit over frustrations with Netanyahu’s handling of the conflict.

Netanyahu has had to balance internal pressures against demands from the Biden administration, which is promoting the latest cease-fire proposal, and from families of hostages who believe only a deal can set their loved ones free. Tens of thousands of Israelis have joined mass protests in support of the hostage families.

Advertisement

Netanyahu appears to be siding with his far-right governing partners for the moment, knowing they hold the key to his immediate political survival, although he says he has the country’s best interests in mind.

Their departure from the government could lead to new elections, which would open him up to a vote that could end his rule and likely the start of investigations into the failures of Oct. 7.

Netanyahu is also on trial for corruption, proceedings that have continued throughout the war yet have faded from the public consciousness. A cease-fire deal could refocus attention on the charges, which have dogged the Israeli leader for years and which he adamantly denies.

Netanyahu’s political fortunes appear to have improved over the course of the war. His public support plummeted in the aftermath of Hamas’ surprise attack on southern Israel. But over time it has gradually ticked up. While he would still face a tough path toward reelection, he isn’t a write-off.

“He runs the war as he wants, which means very slowly. He’s buying time,” said Gideon Rahat, a senior fellow at the Israeli Democracy Institute, a Jerusalem think thank, and chairman of the political science department at Jerusalem’s Hebrew University.

Advertisement

Rahat said Netanyahu is also keen to push on with the war in the hopes that former U.S. President Donald Trump returns to office, possibly giving Israel more leeway in its fight against Hamas.

“I don’t see any cease-fire that really comes close to being something he adopts,” Rahat said. “But he’s not the only one that controls reality.”

Sinwar’s mission is to survive

Hamas’ leader in Gaza also appears to be in no rush to sign on to a deal.

The militant group’s exiled leadership is somewhat varied in its opinion on how to approach a cease-fire agreement. But Sinwar — the mastermind of the Oct. 7 attacks — has particular weight on the matter.

As a Hamas stalwart who spent decades in Israeli prisons, he has incentives to keep the war going.

Advertisement

On a personal level, his life may be on the line. Israel vowed to kill him in response to the October assault, and Sinwar is believed to be hiding deep within Gaza’s underground tunnels surrounded by Israeli hostages.

If a cease-fire takes hold, Sinwar will be taking a great risk stepping out in public.

“I think he understands that he’s kind of a dead man walking. But it’s a matter of how long can he hold out?” said Khaled el-Gindy, a senior fellow at the Washington-based Middle East Institute think tank.

But Sinwar is motivated by more than just his own personal fate. Steeped in Hamas’ radical ideology, Sinwar seeks Israel’s destruction and has made political gains by watching the war harm Israel’s international standing and boost support for the Palestinian cause.

Israel has faced surging international criticism — from its Western allies, from the international justice system, from protesters around the world — over its conduct during the war. That has deepened Israel’s global isolation, brought accusations that it is committing genocide against Palestinians and driven the prosecutor at the International Criminal Court to seek the arrests of Israeli leaders.

Advertisement

Ahmed Fouad Alkhatib, a senior fellow at the Atlantic Council think tank, wrote on the social platform X that Sinwar was also “counting on the sustained global outcry due to the horrendous killing of Gazans to force Israel to stop the war eventually,” on his own terms.

But Sinwar could face some difficult questions of his own when the war ends — not only over his personal role in the atrocities of Oct. 7 but also from the Palestinian public as the full extent of the wartime devastation and the years-long process of reconstruction sink in.

El-Gindy said Sinwar wasn’t deterred by the high price Palestinian civilians in Gaza are paying in the war, seeing it as an unavoidable sacrifice on the road toward liberation.

From Sinwar’s perspective, continuing to fight Israel’s powerful army, even if only through pockets of resistance, denies Israel a victory, el-Gindy said.

“Their whole mission is to survive,” he said. “If they survive, they win.”

Advertisement

___

Associated Press writers Julia Frankel and Jack Jeffery contributed from Jerusalem.

___

Follow AP’s coverage at https://apnews.com/hub/israel-hamas-war

Advertisement
Continue Reading

World

Nationwide blackout reported in Ecuador

Published

on

Nationwide blackout reported in Ecuador

A failure in an energy transmission line on Wednesday produced an unexpected blackout throughout Ecuador, the government said, days after announcing that there would be power outages in the country due to production problems.

Ecuador’s Minister of Energy Roberto Luque said in a message posted on X, formerly Twitter, that the failure was reported by the country’s National Electricity Operator and caused “a cascade disconnection,” leaving the nation without energy service.

He added that efforts are being made to solve the problem and repair faulty power lines as soon as possible.

3-DIGIT TEMPERATURES TRIGGER ROLLING BLACKOUTS IN MEXICO

In some sectors of the country the outage lasted 20 minutes, but media outlets and social media users reported that the problem continued in most cities.

Advertisement

People walk outside of a metro station after a blackout affected the entire country, in Quito, Ecuador, Wednesday, June 19, 2024. In some sectors of the country the outage lasted 20 minutes, but media outlets and social media users reported that the problem continued in most cities. (AP Photo/Dolores Ochoa)

Emilia Cevallos, a waitress in a restaurant north of the capital, Quito, said the blackout was surprising.

“We thought it was only in this sector, but when we left we realized that while some stores had connected generators, the majority did not have electricity,” she said. “The traffic lights were not working either.”

The Quito municipality said on X that traffic agents were mobilized to coordinate the flow of traffic. Quito Metro, the company that operates the city’s subway system, said service was suspended as a result of the electrical failure.

Advertisement

Since last year, Ecuador has faced an electricity generation crisis that has led to rationing throughout the country. In April, the government of President Daniel Noboa began to ration electricity in the country’s main cities as a drought linked to the El Niño weather pattern depleted reservoirs and limited output at hydroelectric plants that produce about 75% of the nation’s power.

Continue Reading

World

Residents evacuated from Athens suburb as wildfire season hits Greece

Published

on

Residents evacuated from Athens suburb as wildfire season hits Greece

Over 70 firefighters and 13 planes and helicopters worked to control the blaze, which closed traffic along a main highway connecting Athens to its airport.

ADVERTISEMENT

Greece is bracing itself for what is expected to be a long wildfire season spurred by an unprecedentedly hot June, according to the country’s national meteorological service.

Firefighters were called to put out a blaze that erupted in the southern suburb of Athens, Vari, which started in an uninhabited area covered by olive trees and shrubs.

Additionally, authorities issued text message evacuation alerts to the two nearby settlements of Lambrika and Kitsi.

Although no injuries were reported, fire service spokesman Vassilis Vathrakogiannis said the blaze spread quickly due to strong winds.

“We have a new fire breaking out every 10 minutes,” Vathrakogiannis said in a televised message, adding that the situation remained “difficult”.

Advertisement

Over 70 firefighters and 13 planes and helicopters worked to control the blaze, which closed traffic along a main highway connecting Athens to its airport.

Images on local television showed a storage facility alight with flames searing across fields of olive trees.

Residents on the Cycladean island of Naxos were also issued evacuation alerts, while those living in the village of Moutsouna were told to leave their homes as a precaution.

Scores of wildfires tackled but risks remain

The Greek fire service announced it had tackled 41 wildfires in total between Monday and Tuesday evening.

According to the National Meteorological Service, winds in Greece are predicted to be as strong as 74 kilometres per hour as temperatures climb above 40C.

Advertisement

Greece’s Civil Protection Minister Vassilis Kikilias warned against accidentally triggering wildfires, which can spread rapidly due to wind.

Commenting on the arrest of a 30-year-old agricultural worker who caused a fire in the city of Nigrita, Kilkias said on X that “even the smallest fire can rapidly turn into a fiery front.”

The European Commission recorded last year’s wildfire season as one of the worst in this century, with fires leading to at least 20 deaths in Greece.

Video editor • Abby Chitty

Advertisement
Continue Reading
Advertisement

Trending