US Pushes For Ukraine Aid, United Front Against China's Trade Practices at G7 Finance Meeting

US Secretary of the Treasury Janet Yellen addresses the audience as she attends a press conference in Stresa on May 23, 2024, on the eve of the G7 finance ministers meeting. (Photo by GABRIEL BOUYS / AFP)
US Secretary of the Treasury Janet Yellen addresses the audience as she attends a press conference in Stresa on May 23, 2024, on the eve of the G7 finance ministers meeting. (Photo by GABRIEL BOUYS / AFP)
TT

US Pushes For Ukraine Aid, United Front Against China's Trade Practices at G7 Finance Meeting

US Secretary of the Treasury Janet Yellen addresses the audience as she attends a press conference in Stresa on May 23, 2024, on the eve of the G7 finance ministers meeting. (Photo by GABRIEL BOUYS / AFP)
US Secretary of the Treasury Janet Yellen addresses the audience as she attends a press conference in Stresa on May 23, 2024, on the eve of the G7 finance ministers meeting. (Photo by GABRIEL BOUYS / AFP)

The US sought to build support for squeezing more money for Ukraine out of frozen Russian assets and for uniting against China’s aggressive trade practices as finance ministers from the Group of Seven rich democracies opened a two-day meeting on Friday on the shores of northern Italy’s scenic Lago Maggiore.
US Treasury Secretary Janet Yellen is pushing at the meeting in Stresa for “more ambitious options” to unlock money from some $260 billion in Russian central bank reserves frozen in Europe and the US after the Feb. 24, 2022, invasion. Aid for Ukraine has become more urgent as Kyiv’s finances look shakier against the prospect of an even longer conflict, and as Russia steps up its destruction of civilian infrastructure such as power stations, The Associated Press said.
European officials have balked at outright confiscating the funds and handing them to Ukraine as compensation for the destruction caused by Russia. Instead they plan to use the interest accumulating on the assets, but that’s only around $3 billion a year — about one month’s financing needs for the Ukrainian government.
Proposals include borrowing against the future interest income from the frozen assets, so that Ukraine could be given as much as $50 billion immediately.
Ukraine spends almost all its tax revenue on the military and needs another $40 billion a year to continue paying pensions and the salaries of doctors, nurses and teachers. Support from allies and a $15.4 billion loan from the International Monetary Fund was initially thought to have secured the budget for four years, but the prospects of an extended conflict have darkened the outlook.
Yellen has also called for a clear united front against China’s state subsidies for manufacturing of solar panels, semiconductors and electric cars, saying that China’s production capacity exceeds the needs not only of China but of the global economy as a whole and threatens the existence of competing companies in both Group of Seven and developing countries. Ahead of the meeting she said that countries needed to take a common stance so that China’s leaders understand that “they face a wall of opposition to this strategy that they are pursuing.”
The finance ministers are working to set up final decisions at the summit of G7 leaders that will take place June 13-15 in Fasano, in southern Italy’s Puglia region.
The G7 is an informal forum that holds an annual summit to discuss economic policy and security issues. The member countries are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. Representatives of the European Union also take part, but the EU does not serve as one of the rotating chairs.



Assange Heads to Australia after US Guilty Plea

WikiLeaks founder Julian Assange leaves the US Federal Courthouse in the Commonwealth of the Northern Mariana Islands in Saipan, Northern Mariana Islands, on June 26, 2024. (Photo by Yuichi YAMAZAKI / AFP)
WikiLeaks founder Julian Assange leaves the US Federal Courthouse in the Commonwealth of the Northern Mariana Islands in Saipan, Northern Mariana Islands, on June 26, 2024. (Photo by Yuichi YAMAZAKI / AFP)
TT

Assange Heads to Australia after US Guilty Plea

WikiLeaks founder Julian Assange leaves the US Federal Courthouse in the Commonwealth of the Northern Mariana Islands in Saipan, Northern Mariana Islands, on June 26, 2024. (Photo by Yuichi YAMAZAKI / AFP)
WikiLeaks founder Julian Assange leaves the US Federal Courthouse in the Commonwealth of the Northern Mariana Islands in Saipan, Northern Mariana Islands, on June 26, 2024. (Photo by Yuichi YAMAZAKI / AFP)

WikiLeaks founder Julian Assange walked free on Wednesday from a court on the US Pacific island territory of Saipan after pleading guilty to violating US espionage law in a deal that allowed him to head straight home to Australia.
His release ends a 14-year legal saga in which Assange spent more than five years in a British high-security jail and seven years in asylum at the Ecuadorean embassy in London battling extradition to the US, where he faced 18 criminal charges, Reuters reported.
During the three-hour hearing, Assange pleaded guilty to one criminal count of conspiring to obtain and disclose classified national defense documents but said he had believed the US Constitution's First Amendment, which protects free speech, shielded his activities.
"Working as a journalist I encouraged my source to provide information that was said to be classified in order to publish that information," he told the court.
"I believed the First Amendment protected that activity but I accept that it was ... a violation of the espionage statute."
Chief US District Judge Ramona V. Manglona accepted his guilty plea and released him due to time already served in a British jail.
"We firmly believe that Mr. Assange never should have been charged under the Espionage Act and engaged in (an) exercise that journalists engage in every day," his US lawyer, Barry Pollack, told reporters outside the court.
WikiLeaks' work would continue, he said.
His UK and Australian lawyer, Jennifer Robinson, thanked the Australian government for its years of diplomacy in securing Assange's release.
"It is a huge relief to Julian Assange, to his family, to his friends, to his supporters and to us and to everyone who believes in free speech around the world that he can now return home to Australia and be reunited with his family," she said.
Assange, 52, left the court through a throng of TV cameras and photographers without answering questions, then waved as he got into a white SUV.
He left Saipan on a private jet to the Australian capital Canberra.

Assange had agreed to plead guilty to a single criminal count, according to filings in the US District Court for the Northern Mariana Islands.

The US territory in the western Pacific was chosen due to his opposition to travelling to the mainland US and for its proximity to Australia, prosecutors said.