Erdogan Accuses Top Turkish Business Group of Political Meddling

Turkish President Tayyip Erdogan delivers a statement during the United Nations climate change conference COP29, in Baku, Azerbaijan November 12, 2024. REUTERS/Maxim Shemetov/File Photo
Turkish President Tayyip Erdogan delivers a statement during the United Nations climate change conference COP29, in Baku, Azerbaijan November 12, 2024. REUTERS/Maxim Shemetov/File Photo
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Erdogan Accuses Top Turkish Business Group of Political Meddling

Turkish President Tayyip Erdogan delivers a statement during the United Nations climate change conference COP29, in Baku, Azerbaijan November 12, 2024. REUTERS/Maxim Shemetov/File Photo
Turkish President Tayyip Erdogan delivers a statement during the United Nations climate change conference COP29, in Baku, Azerbaijan November 12, 2024. REUTERS/Maxim Shemetov/File Photo

President Tayyip Erdogan accused Türkiye's top business association, TUSIAD, of meddling in politics and undermining the government on Wednesday, piling pressure on a group already being investigated over an executive's remarks on democracy. Speaking to his ruling AK Party in the parliament, Erdogan said TUSIAD had "overstepped" and he dismissed it as a remnant of the past that had thrived on economic privilege and political influence.

"TUSIAD's mentality is a symbol of weak governments in Türkiye's past (and it is) full of businessmen who have grown under the shadow of unfair profits and privileges at the expense of the nation," he said.

"They once dictated politics through newspaper headlines. We put an end to that. We did not recognize any power above the will of the people," he said, accusing the group of fueling political instability and attempting to pressure the government. TUSIAD executive Omer Aras, who is the chairman of QNB's Turkish banking unit, last week criticized a government crackdown on dissenting figures, saying the probes into opposition leaders and journalists had shaken trust and damaged democracy. In response, a prosecutor's office opened an investigation into his remarks, prompting a drop in Istanbul-listed stocks. On Wednesday, Istanbul's prosecutors' office expanded the probe to include TUSIAD President Orhan Turhan, citing his statements at the group's general assembly as "misleading and disruptive to public order."

A statement on Wednesday from the Istanbul prosecutor's office said Aras and Turhan were under investigation for "attempting to influence a fair trial" and "publicly spreading misleading information," and that authorities had ordered them to appear for questioning. TUSIAD, whose members account for 85% of Türkiye's foreign trade and 80% of the country's corporate tax revenue, said on Tuesday it was working for national interests.

It did not address the investigation into Aras directly and did not immediately comment on Erdogan's remarks.

Erdogan said his government has raised per-capita income, built roads and spread prosperity since coming to power more than two decades ago. "As long as we are in power, no one will bring back the old system where a handful of elites siphoned off state resources," he said.

Opposition lawmakers have faced a wave of arrests, detentions and probes in the last few months that critics say aim to silence dissent and weaken Erdogan's rivals' electoral prospects. The government dismisses this accusation and says the judiciary is independent.



US Quietly Allows Waiver on Russian Oil to Expire

A French Maritime Gendarmerie boat patrols around the Mozambique-flagged oil tanker named Deyna, which France says is part of Russia's shadow fleet, off the port of Marseille-Fos in the Gulf of Fos-sur-Mer, near Martigues, France, March 23, 2026. (Reuters)
A French Maritime Gendarmerie boat patrols around the Mozambique-flagged oil tanker named Deyna, which France says is part of Russia's shadow fleet, off the port of Marseille-Fos in the Gulf of Fos-sur-Mer, near Martigues, France, March 23, 2026. (Reuters)
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US Quietly Allows Waiver on Russian Oil to Expire

A French Maritime Gendarmerie boat patrols around the Mozambique-flagged oil tanker named Deyna, which France says is part of Russia's shadow fleet, off the port of Marseille-Fos in the Gulf of Fos-sur-Mer, near Martigues, France, March 23, 2026. (Reuters)
A French Maritime Gendarmerie boat patrols around the Mozambique-flagged oil tanker named Deyna, which France says is part of Russia's shadow fleet, off the port of Marseille-Fos in the Gulf of Fos-sur-Mer, near Martigues, France, March 23, 2026. (Reuters)

The US Treasury on Wednesday did not publish an extension of its waiver of sanctions on Russian seaborne oil that ran out at midnight, but President Donald Trump and administration officials did not say whether that meant the measures would be re-imposed.

During the war on Iran, Trump's administration waived US sanctions on the Russian oil to help vulnerable economies deal with the ‌energy crisis. That ‌could change after Washington and Tehran reached a memorandum ‌of ⁠understanding to end ⁠the war that would allow oil from the Middle East to reach global markets.

Trump on Wednesday was noncommittal about a US re-imposition of sanctions on Russia.

"We are looking at that. We're seeing how far the price of oil comes down, it's, it's really tumbling," he told reporters during the G7 summit in France.

On Tuesday, Trump suggested the US could allow re-imposition of the sanctions ⁠by ending the waiver. "Soon we'll be able to do ‌that, because the oil is now ‌flowing," out of the Middle East, he said.

The Trump administration last year slapped sanctions ‌on Russian oil majors Rosneft and Lukoil to pressure Russia to end ‌its war in Ukraine by depriving Moscow of oil revenue. Russia is one of the world's top oil exporters, along with the United States and Saudi Arabia.

The US has allowed the waiver to expire in recent months only to extend it ‌days later. The White House and Treasury Department's Office of Foreign Assets Control did not immediately respond to requests ⁠for comment.

Tehran ⁠can immediately sell oil after a ceremony expected later this week for signing of the deal, a senior US official said on Tuesday. But it could take months to bring oil and gas flows to normal levels. International Energy Agency head Fatih Birol has said the Iran war has led to the biggest disruption to global energy markets in history.

Russian President Vladimir Putin's special envoy Kirill Dmitriev, who was involved in talks with the US on previous extensions, said on June 4 that US officials understood the waivers' role in stabilizing markets.

US envoys Steve Witkoff and Jared Kushner, who have led US-brokered negotiations aimed at ending the war in Ukraine, will visit Russia soon, the Kremlin said on Sunday.


China Tells Iran ‘All Parties’ Must Adhere to Deal to End War

Chinese Foreign Minister Wang Yi speaks with the media at the UN headquarters in New York City, US, May 26, 2026. (Reuters)
Chinese Foreign Minister Wang Yi speaks with the media at the UN headquarters in New York City, US, May 26, 2026. (Reuters)
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China Tells Iran ‘All Parties’ Must Adhere to Deal to End War

Chinese Foreign Minister Wang Yi speaks with the media at the UN headquarters in New York City, US, May 26, 2026. (Reuters)
Chinese Foreign Minister Wang Yi speaks with the media at the UN headquarters in New York City, US, May 26, 2026. (Reuters)

China's top diplomat told his Iranian counterpart on Wednesday it was "key" for all sides to "genuinely implement" their commitments after Tehran and Washington reached a memorandum of understanding to end their war, Beijing's foreign ministry said.

"The dawn of peace has already emerged, the key part of the next step is for all parties to genuinely implement their commitments and eliminate interference from various sides," Wang Yi told Abbas Araghchi in a phone call.

"China has consistently supported Iran's reasonable and legitimate claims and Iran's efforts in safeguarding its own sovereignty and security," Wang added.

The Chinese foreign minister also called for navigation through the Strait of Hormuz to be "properly handled, responding prudently to the widespread concerns of the international community".

China is a net importer of oil and one of several major Asian economies that depend on the key waterway for energy, with Beijing repeatedly calling for safe passage there since the war began in late February.

In a phone call on Tuesday with his counterpart from Pakistan -- a key mediator between the United States and Iran -- Wang warned the following stage of negotiations would be "more difficult".

Pakistani officials have previously said China, Islamabad's close ally and Iran's top trading partner, played a key role in supporting its mediation efforts.


G7 Leaders Welcome Trump ‘Change’ on Ukraine

German Chancellor Friedrich Merz, British Prime Minister Keir Starmer, US President Donald Trump, French President Emmanuel Macron, Ukrainian President Volodymyr Zelenskyy and Japan’s Prime Minister Sanae Takaichi during a working session at the G7 summit in Evian-les-Bains, France, June 16, 2026. (Reuters)
German Chancellor Friedrich Merz, British Prime Minister Keir Starmer, US President Donald Trump, French President Emmanuel Macron, Ukrainian President Volodymyr Zelenskyy and Japan’s Prime Minister Sanae Takaichi during a working session at the G7 summit in Evian-les-Bains, France, June 16, 2026. (Reuters)
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G7 Leaders Welcome Trump ‘Change’ on Ukraine

German Chancellor Friedrich Merz, British Prime Minister Keir Starmer, US President Donald Trump, French President Emmanuel Macron, Ukrainian President Volodymyr Zelenskyy and Japan’s Prime Minister Sanae Takaichi during a working session at the G7 summit in Evian-les-Bains, France, June 16, 2026. (Reuters)
German Chancellor Friedrich Merz, British Prime Minister Keir Starmer, US President Donald Trump, French President Emmanuel Macron, Ukrainian President Volodymyr Zelenskyy and Japan’s Prime Minister Sanae Takaichi during a working session at the G7 summit in Evian-les-Bains, France, June 16, 2026. (Reuters)

G7 leaders on Wednesday hailed a newly-found unity on increasing pressure on Russia to end its war against Ukraine, sensing a shift by President Donald Trump to take a tougher line against Moscow.

The three-day meeting of the leaders of Britain, Canada, France, Germany, Italy, Japan and the United States has focused intensely on Trump's deal to end the war with Iran and efforts to pressure Russia into brokering peace with Ukraine through ramped up sanctions.

In contrast to last year's G7, when Trump walked out early, the leaders agreed on a final statement involving key geopolitical issues including Ukraine and Russia.

"It was tough work but worth it," said German Chancellor Friedrich Merz, describing the statement as a "success".

As well as increasing supplies of air defense equipment to Ukraine more than four years into the war launched by Russia, the leaders agreed to "increase the pressure on the Russian war economy" by strengthening sanctions, including on Moscow's fossil fuel revenues, the statement said.

President Emmanuel Macron hailed a "very deep change in the US approach" towards Ukraine, saying Trump had understood that Russian President Vladimir Putin was not interested in peace.

"President Trump, like all of us, simply acknowledged that there was no serious willingness on Russia's part today to discuss peace."

Canadian Prime Minister Mark Carney said he had noted a US "change in tone with respect to Ukraine".

Throughout the summit, which was attended by Ukrainian President Volodymyr Zelensky, Trump took a harder line against Moscow, saying Russia had to seek a deal and showing impatience over the casualty toll on both sides.

G7 leaders also agreed to grant licenses for Ukraine-based companies to produce long-range missiles and air defense systems, a diplomatic source said.

- 'Smack in head' -

At a lunch on Wednesday the digital sphere took center stage, with some European G7 members pushing for more security to protect minors in a fast-changing world, moves that have irked the United States.

Sam Altman, head of artificial intelligence giant OpenAI, Anthropic chief Dario Amodei, the founder of Google's AI lab DeepMind Demis Hassabis, and Arthur Mensch of their European rival Mistral AI were all attending.

G7 leaders called on tech firms "to develop and apply technology and systems that ensure safe, secure and age-appropriate experiences," according to a joint statement.

Macron called for "better regulation" of artificial intelligence, warning of the risk of "non-cooperation between democracies."

Trump has been the center of attention throughout his stay at the summit in the lakeside resort of Evian.

French officials were thrilled that the mercurial US president has stayed for the entire event and signed on to the G7 communique.

In an unusual gesture, Macron invited Trump to dinner at the Palace of Versailles outside Paris after the summit winds down on Wednesday afternoon.

Trump said Tuesday that he had accepted Macron's offer because Louis XIV's former palace was "not gold leaf" but the "real deal".

Macron, under pressure to show he is not fawning over Trump, has already said the evening at Versailles will not be a "gala" dinner.

Yet it promises to be a relatively regal affair with dozens of guests set to attend the dinner inside the palace -- preceded by a concert and followed by a fireworks display -- before Trump flies back to the United States.

Trump emphasized that the Iran agreement was only a memorandum of understanding and said he was ready to resume military action if Tehran did not abide by its obligations.

"If they don't behave, we'll go right back to dropping bombs right smack in the middle of their head," he said.

While Macron was formally chairing the summit, the US president made clear who he believed was in charge as he arrived for the third and final day.

"I'm the boss," Trump said before taking his seat.