Latest news with #Western-owned
Yahoo
19-05-2025
- Business
- Yahoo
Finland to send ammunition to Ukraine using proceeds from frozen Russian assets
Finland will supply heavy ammunition to Ukraine using proceeds from frozen Russian assets, the country's Ministry of Defence said on May 19. The move is part of a broader European Union initiative to channel profits from immobilized Russian assets into support for Ukraine's defense. Finland has reached an agreement with the European Commission to implement the measure through the European Peace Facility (EPF), the ministry said in a statement. Under the agreement, Finland will provide 90 million euros (approximately $100 million) worth of heavy ammunition procured from domestic suppliers. The Finnish government says the deal not only reinforces its support for Ukraine but also benefits its national defense industry. "We were able to negotiate additional funding for Finland's support for Ukraine. The funds come from frozen Russian assets," said Finnish Defense Minister Antti Hakkanen. "The products are purchased from Finnish industry to boost employment at home and sent to Ukraine to help its defense. I am very pleased with the outcome." The Finnish Defense Ministry did not provide details on the timeline, type of ammunition, or delivery logistics due to operational security concerns. In March, Finland announced its 28th military aid package for Ukraine, valued at approximately 200 million euros (now $225 million). Since Russia launched its full-scale invasion in 2022, Western countries have frozen approximately $300 billion in Russian sovereign assets, with two-thirds held in the EU. In October 2024, the Group of Seven (G7) approved nearly $50 billion in loans for Ukraine to be repaid from the proceeds of those frozen funds. The EU has also launched a separate initiative on funneling military aid to Ukraine by similarly using the funds. Kyiv has consistently urged allies to formalize mechanisms for seizing frozen Russian assets to finance Ukraine's defense and reconstruction. Western governments have primarily relied on reallocating interest income generated by the frozen funds to support Kyiv rather than confiscating the assets outright. The Kremlin has warned of retaliation if Russian assets are confiscated for Ukraine's benefit. In early 2024, Moscow amended its legislation to allow counter-seizure of Western-owned property in response to asset seizures abroad. Read also: EU to send extra $1 billion from frozen Russian asset profits for Ukraine's defense We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
02-05-2025
- Business
- Yahoo
Belgium's Euroclear to redistribute $3,4 billion from frozen Russian assets, media reports
Euroclear, the Belgian financial services giant, plans to confiscate and redistribute 3 billion euros ($3.4 billion) from frozen Russian funds to compensate Western investors whose assets were seized by Moscow, Reuters reported on May 2, citing sources familiar with the matter. The payout, drawn from a pool of 10 billion euros ($11.3 billion) in cash frozen under EU sanctions since Russia's full-scale invasion of Ukraine, comes in response to Russia's confiscation of billions in Western-held assets over the past year, the sources said. The move marks an escalation in Europe's financial pressure on Moscow. This is the first instance of direct redistribution of Russian frozen funds to offset Western investor losses. Until now, the West has relied on reallocating interest income generated from frozen Russian assets to support Ukraine. In October 2024, the Group of Seven (G7) approved nearly $50 billion in loans for Ukraine, to be repaid with proceeds from these frozen assets. Euroclear reportedly obtained approval from Belgian authorities in March to proceed with the payments. The company informed clients about the disbursements in an April 1 document reviewed by Reuters. Crucially, the redistribution will not impact the more than 200 billion euros ($226.9 billion) in Russian central bank reserves frozen within the European Union, two sources told Reuters. Still, the move will reduce the bloc's stockpile of frozen Russian cash, stocks, and bonds — assets widely viewed as leverage over Moscow and a potential funding source for Ukraine's reconstruction. The Kremlin has previously warned of retaliation if Western countries confiscate Russian assets for use in Ukraine. In early 2024, Russia amended its legislation to facilitate counter-seizures of Western-owned property. A draft law approved in February outlines the procedure for Moscow to seize foreign assets in response to Western sanctions. Ukraine has urged its allies, particularly the U.S. Treasury, to formalize mechanisms for using frozen Russian funds to finance Ukrainian defense and reconstruction. Read also: Ukroboronprom posts $33 million profit as production triples We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
NZ Herald
21-04-2025
- NZ Herald
Is Oman in the Middle East safe for female travellers?
My trip coincides with Ramadan, however, the holy month experience enhances it and furthers my understanding of a region that is much maligned. A couple of friends pointedly advise that 'the Middle East isn't safe' when I mention our plans to travel. Sure, parts are off-limits - there are wars and conflicts – but Oman is as safe as its stone houses and we two women travellers view our trip as an adventure, not something to fear. While Doha has its intriguing old quarter, much of the city is playing desperate catch-up with nearby Dubai, which can't help itself when it comes to creating structures to qualify for the Guinness Book of Records. Muscat is a delight: little high-rise, no man-made islands populated with expensive villas and the only edifices are the hills that touch the coast in several places. The city spreads from west to east along the Sea of Oman, forming a thin white line moving subtly from brilliant white to soft beige, a palette that works beautifully against the dark ragged backdrop. I book a hotel in the west, not too far from the airport, but discover the location isn't ideal. Next time I'll book digs near the Mutrah Souk further east, where we can easily walk in the old town and along the Corniche to observe Omani life. Public transport is rare, necessitating taking taxis, but by week's end we've worked out how to get the best deal. On the plus side, we stay in a Western-owned hotel and can order room-service dinner with wine, despite Ramadan. On my first morning, I walk to a corner shop, only to find it's closed but a local man offers to take me to the nearby Lulu Hypermarket (which sells everything imaginable and soon becomes a second home). I hop in his car with his wife and am happy for the ride and the intel. A trip on the hop-on-hop-off Big Bus puts Muscat in perspective on day one. There's hardly a soul on the top deck, so I can move from side to side to view one of the most dramatic cities I've seen. We alight at Al Alum Palace fashioned in an unusual Indian design and the accompanying array of ministerial buildings so pristine they dazzle under a perfect blue sky, and after rounding a coastal bend come face to face with two magnificent forts. Built by the Portuguese during their 150-year rule in the 16th and 17th centuries, they flank the rocky outcrops at the harbour's entrance. A few kilometres further there's Mutrah Fort, standing sentinel above the port where the Sultan's private yacht lies at anchor and is a stroll to the souk with its trinkets and frankincense of many colours. We learn a lot after striking up conversations with young Bangladeshi men queuing for takeaway meals of chicken biriyani and Laban yoghurt drink to enjoy when the Ramadan fast concludes an hour later. Some 30% of Oman's population of five million are immigrant workers drawn from the subcontinent and the Philippines. Day two and we're on a 4WD tour to Wahiba Sands Desert and Wadi Bani Khalid, a waterhole perfect for swimming where we don our shorts over one-piece swimsuits. We share the day with a German mother-of-three, who is about to embark on a two-week solo driving trip down the Omani coast and into its interior. Her only trepidation is working out which of Muscat's motorways will take her out of town! Another day, our guide, who insists his name is 'Sultan', takes us to the former capital of Nizwa and its imposing fort, the biggest in the land. He later steers us expertly up a precipitous road to Jebel Akhdar, or the Green Mountain, with unending views of peaks and canyons. The highlight is a downhill hike past terraced orchards, or hanging gardens, planted with pomegranates, apricots, and damask roses, the latter to make the prized rosewater. On our last day, we adopt the required dress code, covered head-to-ankle in opaque clothing, to visit Sultan Qaboos Grand Mosque. It's named for the late ruler who opened Oman to the outside world, gave women equal rights, and preserved the country's allure, which had wooed me all those years before.
Russia Today
19-04-2025
- Politics
- Russia Today
‘Russia will tell our story': African experts welcome Moscow's media outreach
In a move seen as part of its broader diplomatic push across the continent, Russian news agency Sputnik has opened its first African editorial center in Addis Ababa, the capital of Ethiopia. Foreign policy analysts say the launch underscores Moscow's growing interest in deepening its engagement with Africa—both diplomatically and in the media space. Boniface Muoka, chair of the Department of Security, Diplomacy, and Peace Studies at Kenyatta University in Nairobi believes it's not just about asserting Russia's political presence, but also about reshaping how Africa is portrayed, both within the continent and globally. The editorial center is expected to serve as a hub for regional coverage, offering an alternative to Western-dominated media perspectives. 'For decades, Western-owned and controlled media coverage of Africa has been skewed, biased, and unfair. Africa's negative story has dominated Western media and the entry of Russia into this space is likely to turn the tide and show us the other side of the continent,' Muoka told RT. Muoka adds that since Russia is not interested in 'policing Africa,' its media investment will likely be focused on strengthening its relationship with the continent by telling Africa's positive story. 'Through Sputnik, we are more likely to witness a story of good deeds by both Africa and Russia and not the usual stories of hunger, corruption, conflict, poverty, and underdevelopment which have been a norm in the Western media,' Muoka adds. Sputnik's editorial center in Ethiopia is Russia's first large-scale, multi-functional media center in Africa. Muoka explains that the move to set up the editorial center in Africa's diplomatic capital demonstrates Russia's intent to cement its media presence and influence on the continent. 'To reach across the continent and win the souls of the African masses, Russia has every reason to make such media investments because it needs a voice that can tell and sell its story,' Muoka told RT. Dr. Jacinta Maweu, a media ethics and communication policy expert at the Global Center for Policy and Strategy (GLOCEPS), notes that Russia needs a strong global media influence and presence to advance its diplomatic, economic, and military strategies. 'The opening of the media center was well-timed and very strategic because Russia has made huge investments in Africa and it needs a tool to amplify that,' Maweu told RT. According to Maweu, Russia's media investment in Africa will help neutralize the continent's negative image that has long been painted by Western media. 'Russia's coverage of Africa will not be about what is not being done or what has failed but what is been achieved and efforts being made. It will help showcase the continent's potential and milestones,' she said. Alfred Otieno, a Nairobi-based independent journalist specializing in diplomacy reporting, argues that Russia's media entry into Africa provides African journalists with an opportunity to tell the African story in a positive way, with an African voice. 'Russia's strong media presence on the continent will help counter Western media's dominance in the coverage of African affairs,' says Otieno. Speaking when she officiated the opening ceremony of Sputnik's office in Addis Ababa, Valentina Matvienko, speaker of the Russian Federation Council, acknowledged that Russia and Africa have been lacking information interaction, a gap Moscow's media investment in Africa seeks to address. 'We are taking a giant step towards the emergence of a broad Russian-African interaction. First of all, of course, information interaction, which we have been sorely lacking, and which is now crucial for the formation of a truly fair multipolar world order, in which the interests of African countries will be fully taken into account,' Matvienko said. Sputnik, which has membership in the African Union of Broadcasting, already runs radio stations in several African countries, including Nigeria, Cameroon, Niger, Mali, Guinea, Botswana, and Zambia. The radio stations broadcast programs in English and French. According to Dmitry Kiselev, director general of the Rossiya Segodnya media group, which runs Sputnik, there are also plans to open other Sputnik editorial centers in South Africa and Tanzania. Muoka, however, warns that even as Russia expands its media footprint in Africa, a move that will help balance narratives, the continent must be awake to the potential shaping of public perceptions through media-led propaganda. 'Russia's media investment in Africa must solely focus on showcasing African solutions to African problems and not a tool of division and propaganda,' says Muoka. Jacinta Maweu, on the other hand, observes that Russia will not allow its media to be used to propagate negative narratives against the continent. 'Russia is presenting itself as a friend of the continent and an anti-imperialist, something which will endear it to the emerging African leadership and earn the much-needed trust the Russian media needs from the African people,' Muoka told RT.
Russia Today
16-04-2025
- Politics
- Russia Today
‘Russia will tell our story': African experts react to Moscow's major media move
In February, Russian news agency Sputnik opened its first African editorial center in Addis Ababa, Ethiopia's capital. Foreign policy experts opine that the move is a clear indication of Moscow's deliberate intention to intensify its engagements with the African continent. Boniface Muoka, chairperson of the Department of Security, Diplomacy, and Peace Studies at Kenyatta University in Nairobi, Kenya, observes that Russia's media investment in Africa is not only about stamping Moscow's diplomatic authority on the continent but also redefining Africa's image. 'For decades, Western-owned and controlled media coverage of Africa has been skewed, biased, and unfair. Africa's negative story has dominated Western media and the entry of Russia into this space is likely to turn the tide and show us the other side of the continent,' Muoka told RT. Muoka adds that since Russia is not interested in 'policing Africa,' its media investment will likely be focused on strengthening its relationship with the continent by telling Africa's positive story. Read more Here's what NATO really fears in Africa 'Through Sputnik, we are more likely to witness a story of good deeds by both Africa and Russia and not the usual stories of hunger, corruption, conflict, poverty, and underdevelopment which have been a norm in the Western media,' Muoka adds. Sputnik's editorial center in Ethiopia is Russia's first large-scale, multi-functional media center in Africa. 'Showcase the continent's potential and milestones' Muoka explains that the move to set up the editorial center in Africa's diplomatic capital demonstrates Russia's intent to cement its media presence and influence on the continent. 'To reach across the continent and win the souls of the African masses, Russia has every reason to make such media investments because it needs a voice that can tell and sell its story,' Muoka told RT. Dr. Jacinta Maweu, a media ethics and communication policy expert at the Global Center for Policy and Strategy (GLOCEPS), notes that Russia needs a strong global media influence and presence to advance its diplomatic, economic, and military strategies. 'The opening of the media center was well-timed and very strategic because Russia has made huge investments in Africa and it needs a tool to amplify that,' Maweu told RT. Read more Paradise of lies: How the West manipulates Africa through neocolonial media According to Maweu, Russia's media investment in Africa will help neutralize the continent's negative image that has long been painted by Western media. 'Russia's coverage of Africa will not be about what is not being done or what has failed but what is been achieved and efforts being made. It will help showcase the continent's potential and milestones,' she said. 'Counter Western media's dominance' Alfred Otieno, a Nairobi-based independent journalist specializing in diplomacy reporting, argues that Russia's media entry into Africa provides African journalists with an opportunity to tell the African story in a positive way, with an African voice. 'Russia's strong media presence on the continent will help counter Western media's dominance in the coverage of African affairs,' says Otieno. Speaking when she officiated the opening ceremony of Sputnik's office in Addis Ababa, Valentina Matvienko , speaker of the Russian Federation Council, acknowledged that Russia and Africa have been lacking information interaction, a gap Moscow's media investment in Africa seeks to address. 'We are taking a giant step towards the emergence of a broad Russian-African interaction. First of all, of course, information interaction, which we have been sorely lacking, and which is now crucial for the formation of a truly fair multipolar world order, in which the interests of African countries will be fully taken into account,' Matvienko said. Read more Dirty tactics: How the US tries to break China's soft power in Africa Sputnik, which has membership in the African Union of Broadcasting, already runs radio stations in several African countries, including Nigeria, Cameroon, Niger, Mali, Guinea, Botswana, and Zambia. The radio stations broadcast programs in English and French. According to Dmitry Kiselev, director general of the Rossiya Segodnya media group, which runs Sputnik, there are also plans to open other Sputnik editorial centers in South Africa and Tanzania. Muoka, however, warns that even as Russia expands its media footprint in Africa, a move that will help balance narratives, the continent must be awake to the potential shaping of public perceptions through media-led propaganda. 'Russia's media investment in Africa must solely focus on showcasing African solutions to African problems and not a tool of division and propaganda,' says Muoka. Jacinta Maweu, on the other hand, observes that Russia will not allow its media to be used to propagate negative narratives against the continent. 'Russia is presenting itself as a friend of the continent and an anti-imperialist, something which will endear it to the emerging African leadership and earn the much-needed trust the Russian media needs from the African people,' Muoka told RT.
