Russia has reaffirmed its commitment to Iran amid escalating tensions with Israel, emphasizing the intention to deepen their alliance despite competing regional interests. As Iran faces potential military action from Israel, both nations are expected to strengthen cooperation, particularly in defense, during the upcoming BRICS summit. This partnership reflects a tactical alliance aimed at countering Western influence and addressing mutual security concerns.
Investors are increasingly favoring emerging market funds that exclude China, driven by concerns over geopolitical tensions and the perceived risks associated with the Chinese economy. This shift has led to a surge in "ex China" funds, which have attracted $10bn in net inflows this year, as clients seek greater exposure to markets like India and Taiwan. Political motivations, particularly among US investors, are influencing this trend, with some pension funds divesting from Chinese assets due to national security concerns.
U.S. Treasury Secretary Janet Yellen announced that G7 and European Union allies are nearing the finalization of a $50 billion loan to Ukraine, which will be backed by frozen Russian assets. The United States is expected to contribute approximately $20 billion to this effort.
Treasury Secretary Janet Yellen announced that the US is close to contributing $20 billion to a G-7-led loan program aimed at supporting Ukraine. The G-7 is expected to finalize a $50 billion loan deal for Ukraine, utilizing profits from frozen Russian central bank assets.
The EU has approved a loan of up to €35 billion to Ukraine as part of a broader G7 initiative to provide $50 billion in support for the war-affected economy by year-end. The loan will be repaid using profits from over €250 billion of Russian assets frozen in Western banks since February 2022. While the U.K. and Canada have pledged $3 billion and $3.6 billion respectively, the U.S. and Japan's contributions remain unclear, with the U.S. indicating a willingness to participate despite ongoing sanctions discussions.
The U.K. has approved a £2.26 billion military loan for Ukraine, utilizing profits from frozen Russian assets. This decision follows a G7 agreement to allocate profits from approximately $280 billion in sanctioned Russian sovereign assets to support Ukraine amid ongoing conflict. The initiative aims to raise a total of $50 billion through the Extraordinary Revenue Acceleration Loans for Ukraine scheme.
Russia is hosting the BRICS summit, emphasizing its role in creating a "new world order" that challenges Western dominance. The agenda includes discussions on multilateralism, economic cooperation, and potential expansion of the group, while avoiding direct mention of the Ukraine conflict. Key leaders, including those from India, China, and Turkey, are set to engage in talks, highlighting the bloc's growing influence among developing nations.
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