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EU foreign ministers and US announce sanctions against Russian banks and individuals

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US President Joe Biden has described the ongoing situation around Ukraine as “the beginning of a Russian invasion” but he says there is still time for diplomacy.

US Imposes harsh sanctions

Biden says America will sanction Russian oligarchs in retaliation for the country’s action against Ukraine, while also warning of further measures if a full-scale war does break out.

According to the president, the sanctions on Russia will be “far beyond” anything ever imposed in the past.

When Putin made his address, he called Ukraine a US colony with a “puppet regime” and now Biden has an unmistakable message to send back.

Biden says this is “the beginning of a Russian invasion of Ukraine” as he announced harsh new sanctions to punish Moscow.

Biden says he will be full blocking sanctions on two large Russian financial institutions, cutting off Russia’s government from Western financing.

He says the US will target some members of the nation’s elite and block a vital European gas pipeline.

A Biden administration official says that the White House was “quite deliberate” on minimalising the disruption of US energy prices.

“The pain of our sanctions is targeted at the Russian economy, not ours,”

he says.

Biden called Russian President Vladimir Putin’s speech on Monday a “twisted rewrite of history”.

The US will be deploying a thousand troops and several F-35 fighter jets to the Baltic members of NATO.

Biden says Putin “explicitly threatened war” and the President said that there’s no question that Russia is “the aggressor” against Ukraine. 

He wrapped his address by telling the world that there is “still time” for diplomacy to “avert the worst-case scenario” in Ukraine.

Foreign ministers unite

The European Union foreign ministers agreed on Tuesday to a sanction package to include “351 members of the Russian State Duma who voted for the recognition of the so-called LPR and DPR” and 27 Russian individuals and entities, according to High Representative Josep Borell Fontelles.

US President Joe Biden announced a “first tranche” of sanctions against two financial institutions, in addition to existing sanctions.

He also said the US will be sending troops to the Baltic states to assist NATO allies.

Ukrainian Foreign Minister Dmytro Kuleba welcomes the latest US sanctions against Russia and says that Ukraine believes the time for sanctions is now.

“The world must respond with all its economic might to punish Russia for the crimes it has already committed, and ahead of the crimes it plans to commit,”

he says.

What you need to know:

– The Russian Foreign Ministry announced on Tuesday that it is pulling its diplomatic staff from Ukraine “to protect their lives and safety”. 

– G7 foreign ministers agreed to a “strong package” of sanctions against Russia, UK Foreign Minister Liz Truss said on Tuesday.

– Chancellor Olaf Scholz also announced that Germany is halting the certification of the Nord Stream 2 gas pipeline from Russia.

– Prime Minister Boris Johnson said the UK is imposing sanctions on five Russian banks and three wealthy individuals.

– On Tuesday, Ukrainian President Volodymyr Zelenskyy said he is considering breaking off diplomatic relations with Russia, according to the BBC.

Savannah Pocock contributed to this report

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Trump’s “very productive” deal: What’s behind the U.S.-China agreement?

US and China agree to new terms amid trade war, following productive talks between Treasury Secretary Bessent and Vice Premier He.

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US and China agree to new terms amid trade war, following productive talks between Treasury Secretary Bessent and Vice Premier He.


The United States and China have reached a new agreement amid an intensifying trade war between the world’s two largest economies. This comes after US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng held their first in-person talks since the imposition of heavy tariffs on both sides.

President Trump has described the discussions as “very productive,” signaling cautious optimism as financial markets remain volatile and American consumers feel the pinch of rising prices. Secretary Bessent addressed reporters after long negotiations, underlining the urgency both sides felt to de-escalate the stalemate.

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U.S. and China strike surprise trade deal

US and China reach a significant trade deal amid tensions, signaling thawing relations, while the UK secures symbolic concessions; insights from economist Tim Harcourt.

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US and China reach a significant trade deal amid tensions, signaling thawing relations, while the UK secures symbolic concessions; insights from economist Tim Harcourt.


In a stunning development amid rising tensions, the United States and China have agreed on a new deal as part of their ongoing trade war.

US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng held the first in-person meetings in years, signaling a potential thaw in relations.

President Trump called the talks “very productive.”

Meanwhile, the UK has managed to score key trade concessions from the US, including on autos, jet engines, and steel—although the benefits may be more symbolic than substantial. Could this deal impact Australia’s trade position?

We unpack the details with Professor Tim Harcourt, Chief Economist at UTS and host of The Airport Economist.

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Inflation data, earnings reports, and market trends to watch

Investors focus on inflation data, trade meetings, Fed remarks, retail sales, and key earnings reports this week.

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Investors focus on inflation data, trade meetings, Fed remarks, retail sales, and key earnings reports this week.

In Short:
Inflation data will be a key focus this week, alongside trade meeting results and important earnings reports. Investors will monitor Fed Chair Jerome Powell’s remarks and various economic indicators, including retail sales and sentiment surveys.

Inflation data set for Tuesday is expected to be a focal point this week.

Investors will also assess the results of recent U.S. and Chinese trade meetings following a quiet Friday that saw stock declines for the week.

On Thursday, remarks from Fed Chair Jerome Powell will be closely monitored as he faces pressure from President Donald Trump regarding interest rate decisions.

Retail sales figures will also be released on Thursday, coinciding with Walmart’s earnings report.

Key earnings announcements this week include those from Cisco Systems, Alibaba Group, Deere & Co., Applied Materials, and Take-Two Interactive.

In addition, consumer and small business sentiment surveys, along with data from the homebuilding and manufacturing sectors, may also draw interest.

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