عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Kremlin Envoy Proposes a 'Putin-Trump Tunnel' to Link Russia and US 

US President Donald Trump shakes hand with Russian President Vladimir Putin, as they meet to negotiate for an end to the war in Ukraine, at Joint Base Elmendorf-Richardson in Anchorage, Alaska, US, August 15, 2025. (Reuters)
US President Donald Trump shakes hand with Russian President Vladimir Putin, as they meet to negotiate for an end to the war in Ukraine, at Joint Base Elmendorf-Richardson in Anchorage, Alaska, US, August 15, 2025. (Reuters)
TT
TT

Kremlin Envoy Proposes a 'Putin-Trump Tunnel' to Link Russia and US 

US President Donald Trump shakes hand with Russian President Vladimir Putin, as they meet to negotiate for an end to the war in Ukraine, at Joint Base Elmendorf-Richardson in Anchorage, Alaska, US, August 15, 2025. (Reuters)
US President Donald Trump shakes hand with Russian President Vladimir Putin, as they meet to negotiate for an end to the war in Ukraine, at Joint Base Elmendorf-Richardson in Anchorage, Alaska, US, August 15, 2025. (Reuters)

Russia and the United States should build a "Putin-Trump" rail tunnel under the Bering Strait to link the two countries, unlock joint exploration of natural resources and "symbolize unity", a Kremlin, a Kremlin envoy has suggested.

The proposal by Kirill Dmitriev, President's Vladimir Putin's investment envoy and head of Russia's RDIF sovereign wealth fund, envisages a construction project costing 8 billion dollars funded by Moscow and "international partners" to build a 70-mile (112-km) rail and cargo link in under eight years.

Dmitriev, who has helped spearhead a Russian charm offensive designed to revive US-Russia ties, floated the tunnel idea late on Thursday after Putin spoke to US President Donald Trump by phone and agreed to meet in Budapest to try to find a way to stop the war in Ukraine.

PROPOSAL TO INVOLVE COMPANY OWNED BY MUSK

"The dream of a US–Russia link via the Bering Strait reflects an enduring vision — from the 1904 Siberia–Alaska railway to Russia’s 2007 plan. RDIF has studied existing proposals, including the US–Canada–Russia–China railroad, and will support the most viable," Dmitriev wrote on X.

The Bering Strait, which is 51 miles (82 km) wide at its narrowest point, separates Russia's Chukotka region from Alaska. Ideas to link the two points have been around for at least 150 years, with various projects drawn up but never implemented.

Dmitriev, who has forged ties with Steve Witkoff, Trump's special envoy, and spoken of the possibility of US energy majors taking minority stakes in Russian projects in the Arctic, suggested the tunnel could be built by The Boring Company, a US tunnel construction company owned by Elon Musk.

"Imagine connecting the US and Russia, the Americas and the Afro-Eurasia with the Putin-Trump Tunnel - a 70-mile link symbolizing unity. Traditional costs are $65B+, but @boringcompany's tech could reduce it to <$8B. Let's build a future together," Dmitriev wrote to Musk on X.

There was no immediate public response to the idea from Musk or Trump.

Dmitriev said a similar idea - to build a "Kennedy-Khrushchev World Peace Bridge" - had been floated during the Cold War and published a sketch from that era of the route it might have taken, along with a graphic showing the route the new tunnel could take between Chukotka and Alaska.

"RDIF has already invested in and built the first ever Russia-China railroad bridge. The time has come to do more and connect the Continents for the first time in human history. The time has come to connect Russia and the US," said Dmitriev.

Most Viewed

 
 
Business

Spain's Repsol Reportedly Wins Back Control of Venezuelan Oil Operations

FILE PHOTO: Logo of the Spanish oil company Repsol at a gas station in Vecindario, on the island of Gran Canaria, Spain, January 9, 2026. REUTERS/Borja Suarez/File Photo
FILE PHOTO: Logo of the Spanish oil company Repsol at a gas station in Vecindario, on the island of Gran Canaria, Spain, January 9, 2026. REUTERS/Borja Suarez/File Photo
TT
TT

Spain's Repsol Reportedly Wins Back Control of Venezuelan Oil Operations

FILE PHOTO: Logo of the Spanish oil company Repsol at a gas station in Vecindario, on the island of Gran Canaria, Spain, January 9, 2026. REUTERS/Borja Suarez/File Photo
FILE PHOTO: Logo of the Spanish oil company Repsol at a gas station in Vecindario, on the island of Gran Canaria, Spain, January 9, 2026. REUTERS/Borja Suarez/File Photo

Spanish energy group Repsol is poised to take back operational control of its Venezuelan oil assets and boost production following a deal signed with the South American government, the Financial Times reported on Thursday.

Repsol is expected to announce the agreement as early as Thursday, FT added, citing a person familiar with ⁠the matter.

The agreement ⁠will include plans to triple production from its Venezuelan oil operations within three years and establish a "guaranteed" payment system that will avoid previous pitfalls under which the capital city ⁠of Caracas failed to pay up, according to the report.

Reuters could not immediately verify the report. Repsol did not immediately respond to Reuters' request for a comment.

Venezuela holds one of the largest oil reserves in the world but has dilapidated energy infrastructure.

In 2023, Repsol reached an agreement with Venezuela to continue operating its ⁠facilities ⁠there. The deal later lapsed after US President Donald Trump revoked licenses granted to Repsol and other Western companies to operate in the country.

After the US captured President Nicolas Maduro in January, Washington eased sanctions on Venezuela's energy sector, issuing general licenses that allow global energy companies to operate oil and gas projects in the OPEC member.

Business

China's Economy Beats Forecasts, but War Darkens Outlook

China's exports have helped support the economy but there are concerns about the impact on trade from the Middle East crisis. CN-STR/AFP
China's exports have helped support the economy but there are concerns about the impact on trade from the Middle East crisis. CN-STR/AFP
TT
TT

China's Economy Beats Forecasts, but War Darkens Outlook

China's exports have helped support the economy but there are concerns about the impact on trade from the Middle East crisis. CN-STR/AFP
China's exports have helped support the economy but there are concerns about the impact on trade from the Middle East crisis. CN-STR/AFP

China's economy expanded more than expected in the first three months of the year, with official data Thursday indicating resilience in the face of a Middle East crisis that threatens to hit global growth.

The figures came despite a surge in world energy prices caused by the US-Israel war on Iran, which has stymied shipping through the crucial Strait of Hormuz, through which a fifth of the world's oil and natural gas passes.

Analysts say China's diversified energy supply shields it from immediate shocks, though a potential global downturn caused by the war could weaken demand for its exports, which have been propping up the country's economy.

Gross domestic product in the world's second-largest economy expanded 5.0 percent year-on-year in January-March, according to the National Bureau of Statistics (NBS).

The reading was slightly higher than an AFP forecast of 4.8 percent based on a survey of economists.

During the first quarter, China's economy "achieved a strong start to the year, further demonstrating its resilience and vitality", the NBS said in a statement announcing the data.

The reading came days after the International Monetary Fund cut its 2026 global growth projection, warning that the world economy could be "thrown off course" by the Middle East war.

It also reduced its forecast for China to 4.4 percent growth, from a previous estimate of 4.5 percent.

"The global economy is facing this next test of resilience as signs of unevenness lie beneath the surface," it said, noting that China's "domestic activity -- especially in the housing sector -- lags behind exports".

Beijing has set a 2026 target of 4.5-5.0 percent growth -- the lowest in decades.

A years-long crisis in the property sector and a persistent slump in domestic spending have left leaders reliant on exports to meet growth targets.

- Trade headwinds -

Outbound shipments have boomed, exemplified by the country's whopping $1.2 trillion trade surplus last year.

But data this week showed export growth slowed sharply in March, indicating that war in the Middle East was already taking a toll.

Thursday's NBS data also showed retail sales grew 1.7 percent on-year in March, well short of a Bloomberg forecast of 2.4 percent.

Industrial production rose 5.7 percent, the NBS said, beating a Bloomberg estimate of 5.3 percent but well down from the 6.3 percent seen in January and February combined.

The first-quarter acceleration in growth was fueled by exports, Zichun Huang of Capital Economics wrote in a note.

"We think growth will soften a bit over the rest of the year," she said.

"While the Chinese economy is holding up well, it is becoming ever more dependent on external demand," she said, noting that the Iran war "is likely to add to this trend".

A major international trade fair kicked off this week in Guangzhou -- a metropolis in China's southern manufacturing heartland -- where attendees told AFP the war is impacting their business.

Chinese exporters and Middle Eastern buyers at the opening day of the Canton Fair on Wednesday gloomily told AFP the Iran war had pummeled orders and led to price hikes.

Wang Jun, the deputy head of China's customs administration, this week acknowledged "many uncertainties and instabilities in the external environment".

"The impact of international geopolitical conflicts on global industrial and supply chains is still evolving in a complex manner," he said.

Business

Saudi Arabia, US Sign Tax Information Exchange Agreement

Al-Jadaan and Bessent shake hands after signing the Tax Information Exchange Agreement in Washington. (X)
Al-Jadaan and Bessent shake hands after signing the Tax Information Exchange Agreement in Washington. (X)
TT
TT

Saudi Arabia, US Sign Tax Information Exchange Agreement

Al-Jadaan and Bessent shake hands after signing the Tax Information Exchange Agreement in Washington. (X)
Al-Jadaan and Bessent shake hands after signing the Tax Information Exchange Agreement in Washington. (X)

Saudi Minister of Finance Mohammed Al-Jadaan has held a series of meetings in Washington, D.C. to discuss strengthening bilateral economic cooperation and addressing challenges facing the global economy.

Al-Jadaan began his meetings on Wednesday by holding talks with US Treasury Secretary Scott Bessent. They discussed the latest developments in the global economy and financial issues of common interest.

They signed a Tax Information Exchange Agreement to enhance tax cooperation, as well as facilitate the exchange of knowledge and technical expertise between the two sides.

As part of strengthening European economic relations, Al-Jadaan met with French Minister of the Economy, Finance, and Industrial, Energy, and Digital Sovereignty Roland Lescure.

The two sides discussed economic developments in the world, focusing on exploring new ways to deepen financial and industrial cooperation between the Kingdom and France, in a way that serves common interests.

Regarding relations with Pakistan, the Minister of Finance discussed with both his Pakistani counterpart, Muhammad Aurangzeb, and the Governor of the State Bank of Pakistan, Jameel Ahmad, prospects for financial and economic cooperation.

The discussions addressed ways to support financial stability and enhance joint work between financial institutions in both countries.